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    <title>EconStor Community: The Institute of Social and Economic Research (ISER), Osaka University</title>
    <link>https://hdl.handle.net/10419/92554</link>
    <description>The Institute of Social and Economic Research (ISER), Osaka University</description>
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        <rdf:li rdf:resource="https://hdl.handle.net/10419/311687" />
        <rdf:li rdf:resource="https://hdl.handle.net/10419/311689" />
        <rdf:li rdf:resource="https://hdl.handle.net/10419/311688" />
        <rdf:li rdf:resource="https://hdl.handle.net/10419/315160" />
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    <dc:date>2026-05-01T00:35:40Z</dc:date>
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  <item rdf:about="https://hdl.handle.net/10419/311687">
    <title>Relative risk aversion and business fluctuations</title>
    <link>https://hdl.handle.net/10419/311687</link>
    <description>Title: Relative risk aversion and business fluctuations
Authors: Hashimoto, Ken'ichi; Im, Ryonghun; Kunieda, Takuma; Shibata, Akihisa
Abstract: By applying a simple dynamic general equilibrium model without exogenous shocks inhabited by infinitely lived capitalists and workers, we show that a higher degree of relative risk aversion can destabilize an economy. In traditional real business cycle (RBC) theory, a higher degree of relative risk aversion dampens the amplitude of the consumption fluctuations caused by exogenous shocks through consumption smoothing. However, a higher degree of relative risk aversion combined with a high degree of elasticity of the marginal product of capital can also lead to the emergence of a nonlinear mechanism that causes endogenous business fluctuations. The nontrivial steady state loses stability due to the higher degree of relative risk aversion; thus, endogenous business fluctuations can occur. This result suggests that for a deeper understanding of boom-bust cycles, researchers should merge exogenous and endogenous business fluctuations when investigating economies.</description>
    <dc:date>2025-01-01T00:00:00Z</dc:date>
  </item>
  <item rdf:about="https://hdl.handle.net/10419/311689">
    <title>From pandemics to portfolios: Long-term impacts of the 2009 H1N1 outbreak on household investment choices</title>
    <link>https://hdl.handle.net/10419/311689</link>
    <description>Title: From pandemics to portfolios: Long-term impacts of the 2009 H1N1 outbreak on household investment choices
Authors: Guo, Naijia; Leung, Ka Yui; Zhang, Shumeng
Abstract: This study examines how experiencing a pandemic affects household investment behaviors. By leveraging cross-state variations in the H1N1 mortality rate in 2009, our difference-in-differences analysis reveals interesting findings. Although the pandemic does not significantly affect stock market participation, it depresses the proportion of liquid assets invested in risky assets among households who participate in the stock market. This effect persists for up to eight years after the pandemic and is particularly pronounced among households characterized by higher risk aversion and greater income volatility. Analysis conducted using different datasets consistently suggests that the pandemic primarily influences portfolio choices through a shift in risk attitudes.</description>
    <dc:date>2025-01-01T00:00:00Z</dc:date>
  </item>
  <item rdf:about="https://hdl.handle.net/10419/311688">
    <title>Pay a lot to a few instead of a bit to all! Evidence from online donation experiments</title>
    <link>https://hdl.handle.net/10419/311688</link>
    <description>Title: Pay a lot to a few instead of a bit to all! Evidence from online donation experiments
Authors: Mitani, Yohei; Hanaki, Nobuyuki
Abstract: We conduct an online donation dictator game experiment with over 1,300 participants, representative of the Japanese population, to investigate the relationship between the incentive scheme and prosocial behavior by systematically varying the stake size and probability of being paid, including those where the expected payments are controlled. We find that stake size is the main driver of donation decisions, even in the hypothetical scenario. Our result suggests that paying a large amount to a few participants incentivizes donation decisions better than paying a small amount to many in large-scale online experiments.</description>
    <dc:date>2025-01-01T00:00:00Z</dc:date>
  </item>
  <item rdf:about="https://hdl.handle.net/10419/315160">
    <title>Better the devil you know: Managers' networks, hiring decisions and team performance</title>
    <link>https://hdl.handle.net/10419/315160</link>
    <description>Title: Better the devil you know: Managers' networks, hiring decisions and team performance
Authors: Clochard, Gwen-Jirō; Gomez-Gonzalez, Carlos; Henriques Pereira, Marco
Abstract: Acquiring skilled workers can be a key comparative advantage for firms. However, this process involves much uncertainty that firms need to navigate. Leveraging managers' social networks can help reduce search frictions, improve match quality, and boost firm performance. In this paper, we investigate the role of managers' networks on three dimensions of individual and organizational outcomes: hiring, responsibilities, and performance. We do so by leveraging the availability of rich transactional data in professional football (soccer) in Europe. Our data covers both men's and women's football, comprising over 6k coaches, 80k players, and 100k movements between teams. First, we find that managers rely heavily on their networks for hiring decisions, particularly for non-star workers, and network-based recruiting can be done more cheaply than external hiring. Second, managers give their network-hired workers more responsibilities by allowing them more game time, particularly in the first season. Third, we find that increasing the number of network-recruited work- ers is associated with significantly higher team performance. These patterns hold consistently across both men's and women's football. We discuss the generalizability of our results and implications for managers in other industries.</description>
    <dc:date>2025-01-01T00:00:00Z</dc:date>
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