This extended book review of Creating a Learning Society by Joseph Stiglitz and Bruce Greenwald (2014) looks at the 700-page long scholarly work from a transition economy perspective. Using as a starting point Arrow's renowned concept of "learning by doing", the authors throw away the doctrines...

There is a growing consensus that high impact innovation requires diverse knowledge access and cohesive groupwork at the same time; however, the role of social and collaboration networks in this phenomenon is still underexplored. In this paper we construct a weighted and time-decayed co-inventor...

Previous research has found that unusually hot temperature in a given month reduces birth rates 8-10 months later. We examine one of the potential mechanisms behind this relationship. Using three waves of the Hungarian Time Use Survey we analyze the relationship between ambient temperature and...

Knowledge networks are important to understand learning in industry clusters but surprisingly little is known about what drives the formation, persistence and dissolution of ties. Applying stochastic actor-oriented models on longitudinal relational data from a mature cluster in a medium-tech...

In this paper, we analyze Hungarian pension policies between 1998 and 2017, comparing the pre- and post-2010 periods. Before 2010, Hungary was a liberal democracy dominated by populist economic policies. We call this the period of democratic populism. After 2010, with center-right but illiberal...

A basic principle of economics is that people always prefer a larger set of opportunities. Money illusion can be considered as the phenomenon that people may not perceive correctly their budget constraints, and may act in ways that run counter to this preference. In this view money illusion is a...

In a two-sided matching market when agents on both sides have preferences the stability of the solution is typically the most important requirement. However, we may also face some distributional constraints with regard to the minimum number of assignees or the distribution of the assignees...

The study addresses methodological and conceptual issues related to the measurement, perception and economic interpretation of FDI (foreign direct investment) flows, focusing on reinvested earnings (RE). Using Hungarian data for the period 2008-2014 as an example, we review the effects of two...

A firm has liabilities towards a group of creditors. We analyze the question of how to distribute the asset value of the firm among the creditors and the firm itself. Compared to standard bankruptcy games as studied in the game theory literature, we introduce the firm as an explicit player and...

When institutional investors rearrange their portfolios, they should consider both the temporary and the permanent price impacts. After a temporary price impact the order book fully recovers, whereas a permanent price impact changes the equilibrium price, having effects on the resulting...