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Working Paper No. 1088
The National Wealth of Sweden, 1810–2014
This study presents a new database, the Swedish National Wealth Database (SNWD), which contains annual data on private, public and national wealth and sectoral saving rates in Sweden over the past two…
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Working Paper No. 1087
A Left/Right Convergence on the New Public Management? The Unintended Power of Diverse Ideas
While it might appear self-evident that the trend toward the New Public Management (NPM) in the public administration systems of many Western countries is an outgrowth of neoliberalism, the case of Sw…
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Working Paper No. 1086
Owner-Level Taxes and Business Activity
In some classes of models, taxes at the owner level are “neutral” and have no effect on firm activity. However, this tax neutrality is sensitive to assumptions and no longer holds in more complex mode…
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Working Paper No. 1085
Decomposing the Afternoon Effect: An Empirical Investigation of Sequential Train Ticket Auctions
The afternoon effect, i.e., that prices in a sequence of auctions with identical items are decreasing with the order in which the auctions are terminated, is a frequently observed phenomenon in empiri…
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Working Paper No. 1084
Subliminal Influence on Generosity
We experimentally prime subjects subliminally prior to charity donation decisions by showing words that have connotations to prosocial values for a very short duration of time (17ms). Our main finding…
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Working Paper No. 1083
Renovatio Monetae: Gesell Taxes in Practice
Gesell taxes on money holdings have received attention in recent decades as a way of alleviating the zero lower bound on interest rates. Less known is that such a tax was the predominant method used t…
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Working Paper No. 1082
The Institutional Determinants of Private Equity Involvement in Business Groups: The Case of Africa
This study examines the governance attributes of post-IPO (initial public offering) retained ownership of private equity in business group constituent firms in contrast to their unaffiliated counterpa…
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Working Paper No. 1079
The Turnaround of Swedish Industry: Reforms, Firm Diversity and Job and Productivity Dynamics
This paper examines the Swedish industrial reorganization process that took place from 1990-2009. We argue that the early adoption of information and communication technology (ICT) in Swedish industry…
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Working Paper No. 1081
Taxation of Dividend Income and Economic Growth: The Case of Europe
More recently researchers have turned to analyze how the tax structure, rather than the overall tax level, affects economic performance. For instance, several papers have investigated how taxation on…
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Working Paper No. 1080
Tolerance in the United States: Does Economic Freedom Transform Racial, Religious, Political and Sexual Attitudes?
Tolerance is a distinguishing feature of Western culture: There is a widespread attitude that people should be allowed to say what they want even if one dislikes the message. Still, the degree of tole…
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Working Paper No. 1078
Why FX Risk Management Is Broken – And What Boards Need to Know to Fix It
In this paper we challenge the role of Foreign Exchange Risk Management (FXRM) in corporate management. We believe it is fair to characterize FXRM, on the whole, as a legacy activity rather than somet…
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Working Paper No. 1077
Pushed by Poverty or by Institutions? Determinants of Global Migration Flows
The existing literature on determinants of migration flows typically claims that income differences across countries should be a pushing factor for people's movement. We suggest that institutional qua…
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Working Paper No. 1076
The Roles of Fiscal Rules, Fiscal Councils and Fiscal Union in EU Integration
EU-level fiscal rules have not been able to prevent the large-scale accumulation of government debt in many eurozone countries. One explanation was major flaws in the rules. Some of these flaws have n…
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Working Paper No. 1075
The Swedish Macroeconomic Policy Framework
The paper describes the monetary and fiscal policy frameworks in Sweden and analyses how they were established as well as current challenges. Sweden provides a good example of how deep economic crisis…
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Working Paper No. 1074
Offshoring, Total Factor Productivity and Skill-Biased Technological Change
The paper answers two questions simultaneously. What is the effect of offshoring on firms' total factor productivity? What is the effect of offshoring on skill-biased technological change? We estimate…
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Working Paper No. 1073
Swedish Lessons: How Important are ICT and R&D to Economic Growth?
We investigate to what extent ICT and R&D capital is associated with value added growth in the Swedish business sector. By estimating output elasticities based on data for 47 different industries…
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Working Paper No. 1072
Firms and Skills: The Evolution of Worker Sorting
We document a significant increase in the sorting of workers by cognitive and non-cognitive skills across Swedish firms between 1986 and 2008. The weight of the evidence suggests that the increase in…
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Working Paper No. 1071
Stress Reactions Cannot Explain the Gender Gap in Willingness to Compete
Women are often less willing than men to compete, even in tasks where there is no gender gap in performance. Also, many people experience competitive contexts as stressful and previous research has do…
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Working Paper No. 1070
Transmission Costs, Transmission Capacities and their Influence on Market Power in Wholesale Electricity Markets
The integration of electricity markets around the world has increased the importance of congestion between countries/states and has initiated a discussion of how to harmonize network tariffs. This pap…
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Working Paper No. 1069
The Making of a Manager: Evidence from Military Officer Training
We show that officer training during the Swedish military service has a strong positive effect on the probability to attain a managerial position later in life. The most intense type of officer traini…
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Working Paper No. 1068
Private Equity, Layoffs, and Job Polarization
Although private equity firms are often criticized for layoffs, little evidence exists regarding which employees lose their jobs and why. We argue that explanations for the job polarization process ca…
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Working Paper No. 1067
Measuring Innovation Using Patent Data
Firms and governments spend billions of dollars on R&D every year. To increase social welfare, the results of R&D must be commercialized so that consumers can benefit from improved products an…
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Working Paper No. 1066
Black Cat, White Cat: The Identity of the WTO Judges
WTO judges are proposed by the WTO Secretariat and elected to act as ‘judges’ if either approved by the parties to a dispute, or by the WTO Director-General in case no agreement between the parties ha…
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Working Paper No. 1065
Wind Power Volatility and the Impact on Failure Rates in the Nordic Electricity Market
Wind power generation of electricity has gained popular support because of its low environmental impact and because of its low costs relative to other renewable energy sources. However, concerns have…
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Working Paper No. 1064
Private and Public Information on the Nordic Intra-Day Electricity Market
This paper is an empirical investigation of how traders react to public news in a market where there are lots of non-scheduled announcements, often arriving simultaneously. Using detailed trade inform…
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Working Paper No. 1063
The Impact of Entrepreneurship Education in High School on Long-Term Entrepreneurial Performance
This paper studies the long-term impact of entrepreneurship education and training in high school on entrepreneurial entry, performance, and survival. Using propensity score matching, we compare three…
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Working Paper No. 1062
Are High-Growth Firms Overrepresented in High-Tech Industries?
It is frequently argued that policymakers should target high-tech firms, i.e., firms with high R&D intensity, because such firms are considered more innovative and therefore potential fast-growers…
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Working Paper No. 1061
Employment Protection and Labor Productivity
Current theoretical predictions of how employment protection affects firm productivity are ambiguous. In this paper, I study the effect of employment protection rules on labor productivity using Swedi…
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Working Paper No. 1060
Wealth, Health, and Child Development: Evidence from Administrative Data on Swedish Lottery Players
Online Appendix
We use administrative data on Swedish lottery players to estimate the causal impact of substantial wealth shocks on players' own health and their children's health and developmental ou…
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Working Paper No. 1059
Jobs Incorporated: Incorporation Status and Job Creation
Recent research has shown that entrepreneurs who start incorporated firms are fundamentally different from entrepreneurs who start sole proprietorships. This difference suggests that incorporation sta…
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Working Paper No. 1058
Norms, Incentives and Information in Income Insurance
In this paper, we ask under what conditions norms can enhance welfare by mitigating moral hazard in income insurance. We point out a particular role of norms, namely to compensate for insurers’ diffic…
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Working Paper No. 1057
Cross-Border Acquisitions and Restructuring: Multinational Enterprises and Private Equity Firms
An increasingly large share of cross-border acquisitions are undertaken by private equity-firms (PE-firms) and not by traditional multinational enterprises (MNEs). We propose a model of cross-border a…
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Working Paper No. 1056
Economic Freedom and Economic Crisis
In this paper, I explore the politically contested association between the degree of capitalism, captured by measures of economic freedom, and the risk and characteristics of economic crisis. After of…
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Working Paper No. 1055
Retail City: The Relationship between Place Attractiveness and Accessibility to Shops
This paper explores the role of retailers as an urban amenity. Using data for Swedish rural and city municipalities for 2002–2008, ‘accessibility to shops’ measures are constructed for the shops in th…
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Working Paper No. 1054
An Innovation Policy Framework: Bridging the Gap between Industrial Dynamics and Growth
This paper examines policy measures that foster the creation of innovations with high inherent potential and that simultaneously provide the right incentives for individuals to create and expand firms…
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Working Paper No. 1053
Does Social Trust Speed up Reforms? The Case of Central-Bank Independence
Many countries have undertaken central-bank independence reforms, but the years of implementation differ. What explains such differences in timing? This is of interest more broadly, as it sheds light…
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Working Paper No. 1052
Swedish Taxation since 1862: An Overview
This paper examines the development of taxation in Sweden from 1862 to 2013. The examination covers six key aspects of the Swedish tax system: the taxation of labor income, capital income, consumption…
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Working Paper No. 1051
Sickness Absence and Local Benefit Cultures
In many countries, sickness absence financed by generous insurance benefits is an important concern in the policy debate. There are strong variations in absence behavior among local geographical areas…
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Working Paper No. 1050
Does College Education Reduce Small Business Failure?
We estimate the effect of college education on business survival using the NLSY79. The endogeneity of both education and business ownership is accounted for by a competing risks duration model augment…
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Working Paper No. 1049
Superentrepreneurship and Global Imbalances: Closing Europe's Gap to Other Industrialized Regions
The overwhelming majority of self-employed individuals are not entrepreneurial in the Schumpeterian sense. To unmistakably identify Schumpeterian entrepreneurs, wefocus on self-made billionaires (in U…
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Working Paper No. 1048
The Silver Lining of Price Spikes: How Electricity Price Spikes Can Help Overcome the Energy Efficiency Gap
Studies have shown that many consumers and businesses fail to invest in energy efficiency improvements despite seemingly ample financial incentives to do so – the so called energy efficiency gap or pa…
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Working Paper No. 1047
Retail Productivity: Investigating the Influence of Market Size and Regional Hierarchy
This paper investigates the determinants of the productivity of independent retail stores in Sweden by focusing on the impact of market size and regional hierarchy while controlling for several store…
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Working Paper No. 1046
Social Capital and Health: Evidence That Ancestral Trust Promotes Health among Children of Immigrants
This paper presents evidence that generalized trust promotes health. Children of immigrants in a broad set of European countries with ancestry from across the world are studied. Individuals are examin…
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Working Paper No. 1045
Legitimacy and the Cost of Government
While previous research documents a negative relationship between government size and economic growth, suggesting an economic cost of big government, a given government size generally affects growth d…
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Working Paper No. 1044
Evasive Entrepreneurship
We argue that evasive entrepreneurship is an important, although underrated, source of innovation, and provide the first systematic discussion of the concept. We define evasive entrepreneurship as pro…
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Working Paper No. 1043
Gender Quotas and Women’s Political Leadership
Though more than 100 countries have adopted gender quotas, the impacts of these reforms on women’s political leadership remain largely unknown. We exploit a quasi-experiment – a zipper quota imposed…
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Working Paper No. 1042
Richer (and Holier) Than Thou? The Effect of Relative Income Improvements on Demand for Redistribution
We study the extent to which people are misinformed about their relative position in the income distribution and the effects on preferences for redistribution of correcting faulty beliefs. We implemen…
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Working Paper No. 1041
Foreign Direct Investment, Source Country Heterogeneity and Management Practices
This paper examines whether and, if so, why source country heterogeneity exists in foreign direct investment. Using detailed data on all Swedish firms for the period from 1996 to 2009, we find statist…
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Working Paper No. 1040
Re-Coinage in Medieval Sweden
In medieval Europe, old coins were frequently declared invalid and exchanged for new ones at fixed rates and dates. Here, the question of whether and when such re-coinage was applied in medieval Swede…
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Working Paper No. 1039
Trust Us to Repay: Social Trust, Long-Term Interest Rates and Sovereign Credit Ratings
This paper asks whether the sensitivity of market long-term interest rates and credit ratings is associated with cross-country differences in informal institutions, measured by social trust. We note a…
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Working Paper No. 1038
Initial Offer Precision and M&A Outcomes
Building on recent research in social psychology, this paper analyzes the link between the precision of initial cash offers and M&A outcomes. About one-half of the offers are made at the precision…
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Working Paper No. 1037
Pro-Competitive Rationing in Multi-Unit Auctions
In multi-unit auctions, such as auctions of commodities and securities, and financial exchanges, it is necessary to specify rationing rules to break ties between multiple marginal bids. The standard a…
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Working Paper No. 1036
Explaining Cross-Country Differences in Labor Market Gaps between Immigrants and Natives in the OECD
In most OECD-countries, immigrants have lower employment and higher unemployment than natives. This paper compares nine potential explanations of these gaps. Results are obtained for 21–28 countries u…
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Working Paper No. 1035
Firm Productivity and Carbon Leakage: A Study of Swedish Manufacturing Firms
This paper examines the intensive and extensive margins of carbon leakage. The analysis uses an increase in the Swedish electricity price to identify the impact on imports at the firm and product leve…
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Working Paper No. 1034
The Glass Ceiling in Politics: Formalization and Empirical Tests
There is a scarcity of women and minorities at the apex of political power. This paper formalizes the concept of the glass ceiling for political organizations and builds on previous research to sugges…
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Working Paper No. 1032
Inheritance Taxation in Sweden, 1885–2004: The Role of Ideology, Family Firms and Tax Avoidance
This paper studies the evolution of Swedish inheritance taxation since the late nineteenth century to its abolition in 2004. Our contribution is twofold.
First, we compute the annual effective inherit…
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Working Paper No. 1033
Inherited Wealth over the Path of Development: Sweden, 1810–2010
Inherited wealth has attracted much attention recently, much due to the research by Thomas Piketty (Piketty, 2011; 2014). The discussion has mainly revolved around a long-run contrast between Europe a…
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Working Paper No. 1031
Effects of Payroll Tax Cuts for Young Workers
In response to high and enduring youth unemployment, large payroll tax cuts for young workers were implemented in two Swedish reforms in 2007 and 2009. This paper analyses the effects of the reforms o…
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Working Paper No. 1030
Sweden’s School Choice Reform and Equality of Opportunity
This study analyses whether the Swedish school choice reform, enacted in 1992, had different effects on students from different socio-economic backgrounds. We use detailed geographical data on student…
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Working Paper No. 1029
Property Taxation, Bounded Rationality and House Prices
In 2008, the Swedish property tax was reformed and a cap on yearly tax liabilities was introduced. A large fraction of owner occupied houses was subject to a substantial decrease in the tax. When the…
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Working Paper No. 1028
Sensitivity to Shocks and Implicit Employment Protection in Family Firms
In this study I present empirical evidence that employment in family firms is less sensitive to performance and product market fluctuations, both at the industry and at the firm level. This supports t…
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Working Paper No. 1027
Swedish Stock and Bond Returns, 1856–2012
This chapter presents historical evidence about Swedish stock prices, dividends, and yields on government fixed-interest securities. Monthly returns are presented since 1901 for stocks, since 1874 for…
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Working Paper No. 1024
Are CEOs Born Leaders? Lessons from Traits of a Million Individuals
Our study combines a near-exhaustive sample of CEOs of Swedish companies with data on their cognitive and non-cognitive ability and height at age 18. Although CEOs, and large-company CEOs in particula…
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Working Paper No. 1026
Global Engagement and the Occupational Structure of Firms
Global engagement can impact firm organization and the occupations firms need. We use a simple task-based model of the firm’s choice of occupational inputs to examine how that choice varies with globa…
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Working Paper No. 1025
Employer Attitudes towards Refugee Immigrants
We present a large survey with responses from Swedish firms on their attitudes towards refugees, regarding hiring, job performance, wage setting and discrimination. Generally, firms report positive ex…
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Working Paper No. 1023
The Effect of Elections on Economic Growth: Results from a Natural Experiment in Indonesia
Does democracy increase economic growth? Previous literature tends to find a positive effect but does also suffer from possible endogeneity problems: democratization is typically not random and might…
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Working Paper No. 1022
Family Ruptures and Intergenerational Transmission of Stress
The high and rapidly increasing prevalence of mental illnesses underscores the importance of understanding their causal origins. This paper analyzes one factor at a critical stage of human development…
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Working Paper No. 1021
Long-Run Trends in the Distribution of Income and Wealth
This paper reviews the long run developments in the distribution of personal income and wealth. It also discusses suggested explanations for the observed patterns. We try to answer questions such as:…
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Working Paper No. 1020
Local Competitiveness Fostered through Local Institutions for Entrepreneurship
We review and assess the role local institutional framework conditions play in fostering local entrepreneurship. The basic premise is that entrepreneurship is a central driver of economic renewal and…
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Working Paper No. 1019
An International Cohort Comparison of Size Effects on Job Growth
The contribution of different-sized businesses to job creation continues to attract policymakers’ attention, however, it has recently been recognized that conclusions about size were confounded with t…
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Working Paper No. 1018
Taxation of Real Estate in Sweden (1862–2013)
This paper examines the development and role of the real estate taxation in Sweden during the period between 1862 and 2010. Real estate has historically been taxed at both the local and state levels i…
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Working Paper No. 1017
Minimum Wages and the Integration of Refugee Immigrants
This paper is the first to estimate the effects of minimum wages on the unemployment of refugee immigrants. The collectively agreed minimum wages raise both the incidence of unemployment and days in u…
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Working Paper No. 1016
Globalization and Child Health in Developing Countries: The Role of Democracy
Good health is crucial for human and economic development. In particular poor health in childhood seems to be of utmost concern since it causes irreversible damage and have implications later in life.…
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Working Paper No. 1015
Strategic Withholding through Production Failures
Anecdotal evidence indicates that electricity producers use production failures to disguise strategic reductions of capacity in order to influence prices, but systematic evidence is lacking. We use a…
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Working Paper No. 1014
Luck, Choice and Responsibility: An Experimental Study of Fairness Views
We conduct a laboratory experiment where third-party spectators can redistribute resources between two agents, thereby offsetting the consequences of controllable and uncontrollable luck. Some spect…
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Working Paper No. 1013
The Multi-Faceted Concept of Transparency
Transparency has become a catchword and in the economic-political debate it is often seen as a universal remedy for all sorts of problems. In this paper, we analyze and discuss the meaning and use of…
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Working Paper No. 1012
Sizing Up the Impact of Embassies on Exports
The purpose of this study is to test for the effects of trade promotion via the foreign service. We develop a Melitz-based model where firms are heterogeneous with respect to productivity and must pay…
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Working Paper No. 1011
Health Responses to a Wealth Shock: Evidence from a Swedish Tax Reform
This essay contributes in two ways to the literature on the effects of economic circumstances on health. First, it deals with reverse causality and omitted variable bias by exploiting exogenous variat…
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Working Paper No. 1010
Person-Organization Fit and Incentives: <br>A Causal Test
We investigate the effects of organizational culture and personal value orientations on performance under individual and team contest incentives. We develop a model of regard for others and in-group f…
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Working Paper No. 1009
Real-time versus Day-ahead Market Power in a Hydro-based Electricity Market
We analyse in a theoretical framework the link between real-time and day-ahead market performance in a hydro-based and imperfectly competitive wholesale electricity market. Theoretical predictions of…
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Working Paper No. 1008
The Bright but Right View? A New Type of Evidence on Entrepreneurial Optimism
Existing empirical evidence suggests that entrepreneurs are optimists, a finding researchers often interpret as evidence of a behavioral bias in entrepreneurial decision-making. We revisit this claim…
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Working Paper No. 1007
Globalization and the Transmission of Social Values: The Case of Tolerance
Tolerance – respecting those who are different – is arguably of particular importance in an era of globalization, where a potential for economic, social and personal development is increasingly a func…
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Working Paper No. 1006
Estate Division: Equal Sharing as Choice, Social Norm, and Legal Requirement
The objective of this essay is to study to what extent parents divide their estates unequally between their children and the determinants of this decision. We use a new dataset based on the estate rep…
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Working Paper No. 1005
International Network Competition
We analyse network competition in a market with international calls. National regulatory agencies (NRAs) have incentives to set regulated termination rates above marginal cost to extract rent from int…
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Working Paper No. 1004
Swedish Capital Income Taxation (1862–2013)
This paper describes the evolution of capital income taxation in Sweden between 1862 and 2013, including the taxation of corporate profits, dividends, capital gains, interest income, and wealth taxati…
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Working Paper No. 1003
Political Selection in China: the Complementary Roles of Connections and Performance
Who becomes a top politician in China? We focus on provincial leaders ‒ a pool of candidates for top political office ‒ and examine how their chances of promotion depend on their performance in office…
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Working Paper No. 1002
Preferential Voting, Accountability and Promotions into Political Power: Evidence from Sweden
Preferential voting has been introduced in a number of proportional election systems over the last 20 years, mainly as a means to increase the accountability of individual politicians. But most of the…
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Working Paper No. 1001
Payroll Taxes and Youth Labor Demand
In 2007, the Swedish employer-paid payroll tax was reduced substantially for young workers. We estimate the labor market response for different ages, and at different phases of the business cycle. The…
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Working Paper No. 1000
Swedish Wealth Taxation (1911–2007)
We study the evolution of modern Swedish wealth taxation since its introduction in 1911 until it was abolished in 2007. A thorough description of the rules concerning valuation of assets, deductions/e…
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Working Paper No. 999
Entrepreneurship, Innovation and Human Flourishing
This essay uses Edmund Phelps’ new book Mass Flourishing: How Grassroots Innovation Created Jobs, Challenge, and Change (Princeton University Press, 2013) as inspiration to discuss innovation and entr…
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Working Paper No. 998
Strategic Interaction vs. Regulatory Compliance among Regulated Utilities: The Swedish Water Sector
This study provides the first empirical test of strategic interactions in the pricing decisions of regulated utilities. Since publicly owned water utilities in Sweden are governed by a cost-of-service…
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Working Paper No. 997
More Open – Better Governed? Evidence from High- and Low-income Countries
Using World Bank data on institutional quality and the KOF Globalization Index, we examine over 100 countries from 1992 to 2010 to analyze the relationship between economic and social globalization an…
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Working Paper No. 996
Human Trafficking and Regulating Prostitution
We study sex trafficking in a marriage market model of prostitution. When traffickers can coerce women to sell sex, trafficked prostitutes constitute a non-zero share of supply in any unregulated mark…
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Working Paper No. 995
Attention Manipulation and Information Overload
When a decision-maker’s attention is limited, her decisions depend on what she focuses on. This gives interested parties an incentive to manipulate not only the substance of communication but also the…
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Working Paper No. 994
Trust, Welfare States and Income Equality: What Causes What?
The cross-country correlation between social trust and income equality is well documented, but few studies examine the direction of causality. We show theoretically that by facilitating cooperation, t…
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Working Paper No. 993
Topping up and the Political Support for Social Insurance
This paper analyzes how the possibility to complement social income insurance schemes with private insurance affects the political support for social insurance. It is shown that political support for…
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Working Paper No. 992
Effects of Compulsory Schooling on Mortality: Evidence from Sweden
Theoretically, there are several reasons to expect education to have a positive effect on health and empirical research suggests that education can be an important health determinant. However, it has…
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Working Paper No. 991
EU Trade Preferences and Export Diversification
Since at least the 1960s, the European Union (EU) has offered various kinds of non-reciprocal trade preferences for developing countries. Originally, these trade preferences had at least two policy go…
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Working Paper No. 990
A Simple Method to Account for Measurement Errors in Revealed Preference Tests
Revealed preference tests are widely used in empirical applications of consumer rationality. These are static tests, and consequently, lack ability to handle measurement errors in the data. This paper…
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Working Paper No. 989
Risking Other People’s Money: Experimental Evidence on Bonus Schemes, Competition, and Altruism
We study risk taking on behalf of others in an experiment on a large random sample. The decision makers in our experiment are facing high-powered incentives to increase the risk on behalf of others th…
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