We study how response time in a laboratory experiment on bank runs affects withdrawal decisions. In our setup, the bank has no fundamental problems, depositors decide equentially (if to keep the money in the bank or to withdraw) and may observe previous decisions depending on the information...

Using administrative data from Hungary, we analyse the effect of general practitioner (GP) care availability on the consumption of antibiotics. We exploit the geographical and time variation in unfilled GP positions as a source of exogenous variation in the availability of primary care....

Due to various causes, the pension contribution rate can be reduced temporarily below its long-term value. We call a reduction forced if the balance of the public pension system is preserved through excessive wage-hikes and irritable relative devaluation of pensions in progress. A very simple...

We investigate how the spectral risk measure associated with holding stocks rather than a risk-free deposit, depends on the holding period. Previous papers have shown that within a limited class of spectral risk measures, and when the stock price follows specific processes, spectral risk becomes...

Seventy years ago, three years after World War II, the bulk of the Hungarian manufacturing industry was taken over by the then ruling coalition government. This was the culminating point of a process of elite change, which started at the very beginning of 1945. It was perceived then by the...

This paper presents a brief account of the Hungarian renationalization and recentralization process under the 2nd and 3nd government of Prime Minister Viktor Orbán (2010-2018). Under his autocratic rule, Hungary, the former leading reform country in Central and Eastern Europe has made a sharp...

We reconsider the problem of indexation of public pensions, emphasizing that similar contribution paths should imply similar benefit paths. This robustness criterion is only satisfied by full wage indexing, which in turn requires the politically unpopular reduction of the accrual rates. To...

Similarities of the applied technology and human resources make learning between industries easier and spillover effects stronger. For this reason, economic growth of countries and regions is largely dependent on the relatedness structure between their industries, which affects the appearance...

Stable flows generalize the well-known concept of stable matchings to markets in which transactions may involve several agents, forwarding flow from one to another. An instance of the problem consists of a capacitated directed network in which vertices express their preferences over their...

A time bank is a group of individuals and/or organizations in a local community that set up a common platform to trade services among themselves. There are several well-known problems associated with this type of banking, e.g., high overhead costs for record keeping and difficulties to identify...