This paper studies contract selection between efficiency wages and subjective performance pay to motivate workers in a market setting. The optimal wage contract (which may be a combination of efficiency wages and subjective performance pay) is determined by turnover costs in labor markets. Specifically, labor markets with higher turnover costs use more subjective performance pay and less effici...

There are two fairly widespread economic beliefs in Hungary that we investigate in this study and try to confirm or reject. People mostly see poverty and marginal labour market status as indicators of laziness and own tax evasion behaviour. People believe that the actual income of the poor and of people with disadvantageous labour market status is considerably more than that they declare. Analo...

Monetary policy is conducted in an environment of considerable uncertainty. In particular, Bernanke (2007) emphasizes that monetary authority faces substantial challenges in determining the sources of variation in macroeconomic variables. What can policy-makers do when supply and demand disturbances are unobserved and indistinguishable? Is a policy rule widely conducted otherwise still appropri...

Economic Approaches to Understanding Change in Happiness Are people condemned to an inherent level of experienced happiness? A review of the economic research on subjective well-being gives reason to the assessment that happiness can change. First, empirical findings clearly indicate that people are not indifferent to adverse living conditions when reporting their subjective well-being as obser...

OBJECTIVES The aims of this study were to evaluate the prevalence of otolaryngologic diseases in Korea. METHODS We obtained data from the 2008 Korea National Health and Nutrition Examination Surveys (KNHANES), which were cross-sectional surveys of the civilian, non-institutionalized population of South Korea (n=4,930). A field survey team that included an otolaryngologist, nurses, and intervi...

Subjective happiness has been assessed in the U.S. since 1972 by the General Social Survey (GSS). We examine trends in happiness over the last 25 years, and investigate the objective causes of these trends. We present a model of how objective indicators of QOL (such as GDP/person, crime rates, etc.) affect satisfaction with domains of life, with overall happiness of citizens, and with behaviora...

Risk aversion is well established in the health and safety literature, and ambiguity is addressed in theoretical and experimental economics literature, but few theoreticallyconsistent empirical models addressing the relationship between ambiguity, risk, and preferences exist. Even fewer address ambiguity about health or mortality risks. To fill this gap, we propose a theoretical non-expected-ut...

Abstract Equivalence scales are policy parameters for inequality measurement, tax deductions and subsidies. Thus, their accuracy is relevant both budgets social cohesion; however, measurement subject to debate regarding the underlying measure of welfare. Self-assessed insecurities in terms clothing, housing food—or basic needs—imply that at least some households lower levels welfare than those ...