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2013, Issue 1 (17). AbstractsA.V. Savvateev, New Economic School, Moscow, Russia
Coalitional Stability of a "Bipolar World" The model considered in the paper is devoted to the analysis of local public good provision in the economy the consumers of which are exogenously divided to a finite number of types. Each type is represented by a continuum of identical agents and is described by a certain optimal bundle of characteristics of a public good to be consumed; departure from the optimal point in the space of characteristics involves an extra cost for each individual. Masses of consumers of each type are also exogenous to the model. A solution concept is introduced which is a partition of the set of individuals into disjoint groups, a priori without correlation to the division into types. Each group has access to one and the same variety of a local public good, the latter being selected via the median principle, i.e. minimizing total «disagreement cost» of members of that group. Partition is coalitionary stable if no coalition (i.e. nonempty measurable subset) of agents can Pareto improve itself via the formation of a new jurisdiction and choosing a variety of a good according to the same median principle. The case of the two types of consumers is fully analyzed. For each configuration of parameters of the model, all stable partitions are specified. It turns out that, for certain combinations of parameters, there are no stable partitions, and which could be even more surprising, there exist economies for which the only stable partition divides one of the two types between the two groups. Such a situation is impossible if one looks for optimal, not stable, solutions. Key words: сlub goods, horisontal differentiation of preferences, set of partition, median location principle, coalitional stability, equal-share principle
Stability of Totally Agglomerated Equilibrium in a Multiregional Core–Periphery Model We study multiregional extension of Krugman’s Core–Periphery model. Comprehensive characterization of agglomeration stability is obtained in terms of the basic parameters of model. In particular, conditions of uniqueness of the stable total agglomerated equilibrium were obtained. The main feature of this paper is that the considered model is asymmetric, i.e., uneven allocation of the immobile (agricultural) population across regions is allowed. Unlike the previously known results for asymmetric CP model, which were based on numerical simulations, this research is quite analytical. Key words: coreperiphery model, agglomeration, stability, trade costs
Modeling the Default Probabilities of Russian Banks: Extended Abillities Using binary choice logistic regression with quasi panel data (1998–2011) to develop a probability of default model for Russian banks we have found that: 1) there is a quadratic interaction between bank’s capital adequacy ratio and its default probability; 2) there is a negative relationship between the bank’s monopoly power and its PD; 3) macroeconomic, institutional and time factors significantly improve the model quality. We believe that these results will be useful for national financial regulatory authorities as well as for commercial banks in risk management. Key words: probability of default (PD), banks, Russia, risk-management, internal ratings, IRB approach, Basel II
Impact of School Quality and Neighborhoods on Housing Prices in Moscow The author investigates the influence of school quality and neighborhood characteristics on housing prices in the districts of Moscow city. The research revealed that the Soviet model of intracity settlement – on a residence permit – has been destroyed, as well as connections between the real estate market and factors of social environment, including quality of schools and education provided there. Today there is a quasimarket of educational services. Market laws work only in private sector of education. Presence of quality school in the district is a significant factor of social environment for solvent individuals at choosing place of living in Moscow. Real estate buyers that prefer quality education, make a choice in the favor of private schools that in its turn has an impact on the cost of apartments.
Main Tendencies of Russian Big Business Development in 2000s The article analyses principal changes in Russian private big business in 2000–2012. These changes are described as two «fundamental shifts». The first shift occurs in domination of a new type of main agent, the second is the shift in the model of corporate ownership. As the result the modern subject structure of Russian big business is capable to adapt to national and transnational environment and to develop within global tendencies. Key words: big business, institutional shifts, good corporate governance
T. M. Maleva, A.O. Tyndik, Institute of social analysis and forecasting of the Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia
Fertility Growth Potential in Russia: Lessons of the Megalopolis Article focuses on fertility and reproductive behavior of the Moscow population. Current statistical fertility indicators in Moscow and in Russia as a whole are comprised. Male and female reproductive attitudes in Moscow are analyzed based on a sample survey. The article address issues of the impact of contemporary demographic policies on reproductive behavior of the population, it also contains the recommendations for its improvement. Key words: fertility, fertility attitudes, sample survey Back | ||
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