The Helsinki GSE Discussion Paper series is available on EconStor. EconStor is an open access server that provides a platform for the free distribution of academic literature in economics.
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We build a simple formal model of governance. Investments and control rights over assets and labor are fully contractible, but final production decisions are ex ante uncontractible, and ex post …
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Heterogeneous monopolists produce goods using either brown technology, which relies on labor and carbon energy, or green technology, which relies solely on labor. R&D rms enhance productivity …
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Sons succeed their exiting CEO parents more often than daughters. How do entrepreneurial families reach this gender imbalance, and how does it affect the prospects of their firms and their offspring? …
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We introduce a collective experimentation problem where a continuum of agents choose the timing of irreversible actions under uncertainty and where public feedback from the actions arrives gradually …
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Many auctions and procurement contests entail nontrivial bidding costs, which makes the bidders’ participation decisions endogenous to the auction design. We analyze the effect of different auction …
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We analyze displacement effects of a recent urban renewal program in Helsinki using population-wide register data and a difference-in-differences design. The data allow us to identify the incumbent …
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Finland’s success in international student comparisons is often attributed to the quality of its teachers. In this paper I examine the teacher selection process in Finland and highlight three key new …
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Lower income commuters are more likely to ride and reside near public transit within cities, but do they also benefit more from faster transit travel? Combining survey data on travel behavior with …
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This paper studies the effects of overreaction to recent news for macroeconomic outcomes in the context of a quantitative model of sovereign debt and default. Overreaction is formalized in terms of …
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This paper explores the connection between jurisdictional fragmentation and sprawl. We utilize Finnish municipal mergers as a quasi-experiment which induces exogenous variation in the number of local …
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This study explores the effects of ECB’s monetary policy surprise spillovers on the financial markets of Sweden and Denmark, two small open economies (SOEs) with close ties to the euro area. …
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I examine the long-established scheme of furloughs in Finland, using detailed data on unemployment spells from 1999 to 2021. Furloughs allow employers in financial difficulty to suspend wages and …
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Recent studies use names—first and surnames—to estimate intergenerational mobility in sources that lack direct family links. While generating novel evidence on intergenerational transmission …
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We establish new efficiency results for decentralized markets with quality uncertainty. Buyers encounter a succession of passing trade opportunities and related asset information, allowing them to …
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We study the extent and consequences of biases against immigrants exhibited by high school teachers in Finland. Compared to native students, immigrant students receive 0.06 standard deviation units …
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We conduct a welfare analysis of R&D subsidies and tax credits using a model of innovation policy incorporating externalities, limited R&D participation and financial market imperfections. We …
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To resolve several open issues in the forestry and carbon literature, we apply an analytically solvable stand-level model for optimizing the values of wood production and carbon sinks. Nonmonotonic …
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The extraction of carbon energy contributes to the global stock of pollution, increasing the risk of welfare-damaging environmental dis- aster. The governments of the countries educate workers as …
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I study the effects of the maximum duration of unemployment insurance benefits on unemployment. I find highly heterogeneous effects across two consecutive reforms in Finland. Both reforms cut the …
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Due to stringent regulation on the Swedish primary rental market, many individuals turn to long-term sublets to satisfy their housing demand. A lack of accessible data has made study of this market …
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Quasi-experimental evidence on the effectiveness of price regulation policies in curbing pharmaceutical expenditure is scarce. We analyze widely utilized generic substitution and reference price …
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A growing literature discusses negative effects of the Covid-19 pandemic on college students’ learning outcomes. We extend this literature to vocational education and study the effect of the first …
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Distributive justice principles are commonly used in societal debates to support policy positions and argue for their legitimacy. Prominent formal incarnations of such principles are the Rawlsian, …
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We theoretically investigate the effects of strategic pre-commitment in multilateral dynamic bargaining. Each round features a commitment stage in which players can declare that they will reject any …
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After 2008, the Southern European economies suffered a strong and persistent increase in unemployment. Rising government bond spreads necessitated the implementation of austerity policies. Austerity, …
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We evaluate a major personal income tax reform in Uganda that came into effect in 2012–13, contributing to the scarce literature on the effects of personal income tax reform on employees’ income in a …
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Chasing and the house money effect are well-known phenomena in dynamic environments of risky activities such as investment decisions or gambling. Recent studies suggest that such behavior emerges …
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Received wisdom holds that income rank matters for life satisfaction. In much of the literature, however, income comparisons are limited to the national population and evidence is correlational. In …
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This paper studies sustainability agreements between competitors about their use of a natural resource. A symmetric Cournot duopoly model reveals the main effects. Two types of agreements are …
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We exploit admission cutoffs to secondary schools to study the effects of general academically oriented, versus vocational secondary schooling on cognitive and non-cognitive skills using a regression …
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We study the effect of school closures and the transition from on-site to on-line teaching during the Covid-19 pandemic in the Finnish upper secondary schools. To identify the effects we exploit …
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We provide a theory of dynamic oligopoly pricing with heterogeneous price technologies, captured by the presence of trackers (on the firm-side) and shoppers (on the consumer-side) who can costlessly …
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Lobbyists are nowadays increasingly involved in promoting businesses through societal investment, producing what has been paraphrased as “corporate beauty contests” due to the uncertain winning …
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Why is invention strongly positively correlated with parental income not only in the US but also in Finland which displays low income inequality and high social mobility? Using data on 1.45M Finnish …
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This paper considers average inflation targeting (AIT) policy in a New Keynesian model with adaptive learning agents. Our analysis raises concerns regarding robustness of AIT when agents have …
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A key challenge in cartel enforcement is identifying collusive agreements. We study two major Nordic procurement cartels that operated in the asphalt paving market. We find evidence that during the …
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