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Handling heteroskedasticity in labour demand functions of athletes

Abstract

Based on previous research it can be stated that modelling sport economics related demand curves (e.g. demand for sport events and athletes) is different from other types of modelling. The difference lies in the fact that some parts of the demand curves are nearly horizontal in case of sport goods and nearly vertical in case of athletes, because the price of sport events is inflexible and at the same time, salaries of top athletes are extremely flexible. This study investigates parameter estimation methods appropriate for the relevant demand functions of sport economics. In this cases the generally used ordinary least squares estimator is less robust, so the weighted least squares estimators are able to handle heteroskedasticity. If the distribution of the variables is known, the Newey-West heteroscedasticity corrected estimates give even stronger results. The empirical study analyses footballer transfer fees in top European leagues and identifies a threshold at which the traditional supply-demand functions are not appropriate. According to the results, word class athletes, in a way, can be considered prestige goods for which demand may be irrational.

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Theoretical Investigation of Traffic Equilibrium on Bridges

Abstract

Road traffic flows on a straight road segment such as bridges are modelled in this article. The mathematical model of traffic flows has been constructed by using the method of lumped parameters. Changeable lane direction and road pricing has been theoretically investigated in order to understand the shifting in supply and/or demand curves of traffic participants in equilibrium. The article presents assumptions for constructing the mathematical model. Demand can be influenced by road pricing, in its turn, supply can be influenced by extension of infrastructure with reversible lanes.

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The R.B.Q. (Rational, Behavioral and Quantified) Model

Reference Ariely, D., Loewenstein, G., & Prelee, D. (2003). Coherent arbitrariness: Stable demand curves without stable preferences. Quarterly Journal of Economics(118), 73-105. https://doi.org/10.1162/00335530360535153 Boland, L. A. (1991). The Methodology of Economic Model Building. London and New York: Routledge. Camerer, C. F. (2003). The behavioral challenge to economics: Understanding normal people. Federal Reserve of Boston meeting “How Humans Behave”, Caltech, Pasadena CA 91125, 1-34. Challoumis, C. (2017). Quantification of

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Effects of changes in stock market index composition on stock returns: event study methodology on Zagreb Stock Exchange

-65. 17. Kaul, A., Mehrotra, V., Morck, R. (2000). Demand curves for stock do slope down: New evidence from an index weights adjustment. Journal of Finance , Vol. 55, No. 2, pp. 893-912. 18. Kothari, S. P., Warner, J. B. (2007). Econometrics of Event Studies. In: Handbook of Corporate finance - Empirical Corporate Finance , Vol. 1, Espen Eckbo, B. (Ed.). Netherlands: Elsevier. 19. Kraus, A., Stoll, H. (1972). Price Impacts of Block Trading on the New York Stock Exchange. Journal of Finance , Vol. 27, No. 3, pp. 569-588. 20. Lynch, A. W., Mendenhall

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Is Migration Good for an Economy? A Survey of the Main Economic Effects

. [4] Borjas G.J., Does immigration grease the wheels of the labor market?, Brookings Papers on Economic Activity, 69-119, 2001. [5] Borjas G.J., The labor demand curve is downward sloping: reexamining the impact of immigration on the labor market, Q J Econ, 118, 1335-1374, 2003. [6] Card D., Immigration inflows, native outflows and the local labor market impacts of immigration, J Labor Econ, 19, 22-64, 2001. [7] Card D., Is the new immigration really so bad, Econ J, 115, F300-F323, 2005. [8] Card D

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100 Years since the Birth of Milton Friedman

Flexibility and Employment. A Methodological Criticism. American Economic Review 36, pp. 613-631. In: Friedman (1953), pp. 277-300. FRIEDMAN, M. (1948). A Monetary and Fiscal Framework for Economic Stability. American Economic Review 38, pp. 245-264. FRIEDMAN, M. (1949). The Marshallian Demand Curve. Journal of Political Economy 57, pp. 463-495. In: Friedman (1953), pp. 47-99. FRIEDMAN, M. (1950). Wesley C. Mitchell as an Economic Theorist. Journal of Political Economy , pp. 465-493. FRIEDMAN, M. (1951

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Attitudes Towards Immigrants, Immigration Policies and Labour Market Outcomes: Comparing Croatia with Hungary and Slovenia

Bibliography Akrap, A., 2014. Promjene broja i prostornog razmještaja stanovništva Hrvatske i županija. In Puljiz, V., Tica, J. and Vidović, D., eds. Migracije i razvoj Hrvatske: Podloga za hrvatsku migracijsku strategiju , pp. 25-71. Zagreb: HGK. Borjas, G. J., 1987. Self-selection and the earnings of immigrants. American Economic Review , 77(4): 531–553. Borjas, G. J., 2003. The labor demand curve is downward sloping: reexamining the impact of immigration on the labor market. The Quarterly Journal of Economics , 118(4): 1335

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Ordinal Or Cardinal Utility: A Note

. “Singularism: Human Action is Binary.” Research in the History of Economic Thought & Methodology. Vol. 26-A, pp. 15-30. 5. Barnett, W. II and Block W. Unpublished. “Thymology, praxeology, demand curves, Giffen goods, diminishing marginal utility and indifference”. 6. Baumol, W. 1958. “The cardinal utility that is ordinal.” Economic Journal 7. Block, W. 1988. “Comment on Leland Yeager on Subjectivism,” Review of Austrian Economics, Vol. II, pp 199-208; http://www.mises.org/journals/rae/pdf/r2_12.pdf. 8. Block, W

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Anchoring and Overconfidence: The Influence of Culture and Cognitive Abilities

. 32–151. Ariely, D., Loewenstein, G., Prelec, D. (2003), Coherent arbitrariness: stable demand curves without stable preferences, The Quarterly Journal of Economics , No. 118, pp. 73–105. Barber, B. M., Odean, T. (2001), Boys will be boys: gender, overconfidence, and common stock investment, Quarterly Journal of Economics , No. 116 (1), pp. 261–292. Bergman, O., Ellingsen, T., Johannesson, M., Svensson, C. (2010), Anchoring and cognitive ability, Economics Letters , No. 107 (1), pp. 66–68. Breuer, W., Quinten, B. (2009), Cultural finance

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A Praxeological Approach to Intentional Action

Austrian Economics , Vol. 9, No. 3, Fall, 2006, pp. 61-66. 5. Barnett, W. II, & W. E. Block. On Hayekian Triangles, Procesos De Mercado: Revista Europea De Economia Politica , Vol. III, No. 2, Fall, 2006, pp. 39-141. 6. Barnett, W., & W. E. Block. Mises never used demand curves; was he wrong? Ignorant? No: The Antimathematicality of Demand Curves, Dialogue , Vol. 1, March 2010, pp. 23-31. 7. Batemarco, R. Positive Economics and Praxeology: The Clash of Prediction and Explanation, Atlantic Economic Journal , July, 13(2), 1985, pp. 31-27. 8

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