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How much does intelligence predict lifetime income? A Meta-Analysis
Nguyenová, Van Anh ; Havránková, Zuzana (advisor) ; Bortnikova, Kseniya (referee)
Despite growing interest and extensive empirical research in economic returns to ability, a consensus regarding the true impact of intelligence on financial outcomes remains elusive. While psychology literature has made e orts to unify divergent findings, economics is yet to produce a comprehensive meta- analysis addressing this issue. Addressing this gap, our thesis utilizes cutting- edge meta-analytic techniques to analyze a unique dataset of 765 estimates drawn from 38 studies, providing a clearer picture of intelligence's impact on income. We uncover a notable positive publication bias, which, after correction, yields a diminished yet statistically significant e ect. Specifically, our results indicate that a standard deviation increase in cognitive ability results in a less than 10% increase in financial outcomes. Leveraging over 30 variables in our Bayesian and frequentist averaging models, we identify key determinants of this e ect, including the data collection year, outcome specifications, methodologi- cal choices, country-specific factors, and the number of estimates reported per study. Additionally, when adjusting for factors such as gender, residential loca- tion, work experience, and family attributes, we observe substantial variations in e ect size. JEL Classification J24, J31, D31, C11...
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Standing Tall Pays Off: A Meta-Analysis of Height Premium
Juračková, Martina ; Havránková, Zuzana (advisor) ; Polák, Petr (referee)
As has been demonstrated by empirical research, height is an important physical feature impacting various aspects of the life of an individual. This thesis deals with the relationship between height and income, also referred to as height premium. With the help of modern meta-analytic methods, we aim to quantitatively summarize the empirical evidence on the impact of height on income. After introducing the topic of height premium, data collection and methodological framework, we test for publication bias. The analysis is conducted on 1084 height premium estimates collected from 67 studies. The results of publication bias testing indicate that height premium literature contains positive publication bias which persists even after we control for additional variables capturing study characteristics or, in other words, the heterogeneity of collected estimates. Based on Bayesian Model Averaging results, we conclude that geographical factors, the longitudinal nature of the dataset, restriction of the dataset with respect to gender, or adding a gender control variable into the regression are the most important factors explaining the variability of height premium effects.
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The Effect of Face Masks on Covid Transmission: A Meta-Analysis
Lušková, Martina ; Havránková, Zuzana (advisor) ; Bertoli, Paola (referee)
The effect of face masks on Covid-19 transmission is crucial for the health of populations. Nevertheless, its economic consequences cannot be overlooked. To perform a quantitative meta-analysis, 258 estimates from 44 primary studies were collected together with more than 30 variables mirroring the differences among the studies. Publication bias was examined by implementing various statistical tests resulting in mild evidence for the phenomenon. We contribute to other meta-analyses on the topic by employing the Bayesian and Frequen- tist model averaging to identify the drivers behind the heterogeneity of the estimates. The results suggest that temperature, geographical latitude, and panel data structure have a highly statistically significant and positive effect on the risk of transmission associated with mask-wearing. Moreover, a pos- itive effect was identified for healthcare set-up. In contrast, performing an aerosol-generating procedure shifts the risk in the negative direction. JEL Classification I1, I11, I19, Keywords meta-analysis, Covid-19, face masks, pan- demic, Covid-19 transmission, publication bias, Bayesian model averaging Title The Effect of Face Masks on Covid Transmis- sion: A Meta-Analysis
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The Causal Effect of Parents' Schooling on Children's Schooling: A Meta-Analysis
Pokorná, Anastasia ; Havránková, Zuzana (advisor) ; Kukačka, Jiří (referee)
One of the topics concerning education's improvement is the intergenerational transmission of education. The main goal of our study is to analyse the causal efect of parents' education on children's education. We collect 387 estimates of the causal efects from 23 studies. Using our dataset and meta-analytic methods, we test for the presence of publication bias in the literature and try to explain the heterogeneity in the results of the primary studies. After correction for publication bias, the mean becomes smaller than the mean reported in the literature and varies from 0.044 to 0.185. For exploring the heterogeneity of the estimates we use Bayesian Model Averaging and Frequentist Model Averaging. Our results suggest that there is a country heterogeneity in the estimates of the causal efect. Moreover, controlling for the size of a household in the original regression is important for the explanation of the diferences in the results of the primary studies. In addition to it, we collect 605 estimates of the non- causal associations from 39 studies and analyse the publication bias and the heterogeneity of results also using this sample. 1
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Essays in Behavioural and Experimental Economics
Matoušek, Jindřich ; Havránek, Tomáš (advisor) ; Miklánek, Tomáš (referee) ; Rachinger, Heiko (referee) ; Gechert, Sebastian (referee)
CHARLES UNIVERSITY FACULTY OF SOCIAL SCIENCES Institute of Economic Studies Essays in Behavioural and Experimental Economics Abstract for Dissertation thesis Author: Mgr. Jindřich Matoušek Study program: Economics and Finance Supervisor: prof. PhDr. Tomáš Havránek, Ph.D. Year of defense: 2022 Abstract The dissertation consists of three papers presenting applications of experimen- tal as well as statistical methods to the topics of behavioural economics. The first paper introduces a series of laboratory experiments in which I apply the experimental methods to a complex decision making problem. The second and third papers present quantitative syntheses of the literature on the classi- cal topics of behavioural economics. The general introduction connects these chapters together. Detailed abstracts for individual papers are presented at the beginning of each chapter. In the first paper, I experimentally examine two complex multi-unit auc- tion mechanisms with an opportunity to communicate and thus collude while comparing these mechanisms in terms of efficiency. Strikingly, allowing for communication increases efficiency in examined auction formats. A cheap-talk collusive agreement resulted in a better allocation compared to the treatments without communication. I hypothesize that complex auction formats makes...
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Are Women More Risk-Averse than Men? A Meta-Analysis
Černý, Patrik ; Havránek, Tomáš (advisor) ; Bauer, Michal (referee)
Are women more risk averse than men? While a large portion of economic literature confirms this phenomenon, the link between gender and risk aver- sion has not been found to be consistent. We investigate the difference in risk aversion between genders employing meta-analytic methods on 147 estimates collected from 25 primary studies, converted to partial correlation coefficients. We find positive publication bias in our dataset, suggesting that the reported estimates in primary studies are exaggerated. After adjusting for the publica- tion bias, men do not seem to be more risk-taking than women. In addition, we employ Bayesian Model Averaging to examine heterogeneity among the es- timates, controlling for additional 68 variables reflecting the design of primary studies. Based on the heterogeneity results, we find that the publication bias in our dataset is driven by 'lower quality' studies based on the RePEc ranking of economic journals. This finding also aligns with our robustness checks on sub- sets divided according to the quality of journals publishing the primary studies.
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Correlation between stock and bond returns and it's determinants: Case of Fragile Five
Daldal, Cagatay ; Kočenda, Evžen (advisor) ; Čech, František (referee)
The correlation between stock market returns and government bond yields is helping investors to diversify their investments and hence, reducing their investment risk if the correlation between these asset classes is low or negative. However, the correlation measure is not solely sufficient for investors to diversify their risk considering that correlation between stock market returns and government bond yields and impacted by the same economic conditions. Therefore, it is important understand how correlation between stock market returns and government bond yields is developing over-time and which economic indicators impacting the correlation. The author contributes to the existing literature by modelling the time-varying correlation between stock marketreturnsand governmentbond yields.The currentresearch focused on Turkey,Brazil,South Africa, India and Indonesia. These countries were defined as Fragile Five in 2013 by Morgan Stanley because the currencies of these countries were under high pressure against United States Dollar and shared common vulnerability in their current account levels, inflation, unemployment rate and gross domestic product. These economic indicatorsof Fragile Five are used to determine if the correlation between stock market returns and government bond yields is impacted by...
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Marginal Abatement Costs of Greenhouse Gas Emissions: A Meta-Analysis
Křížková, Alžběta ; Havránek, Tomáš (advisor) ; Ščasný, Milan (referee)
This thesis uses up-to-date meta-analysis methods to produce a systematic summary of the literature on marginal abatement costs (MAC) of greenhouse gas emissions. It collects 242 MAC estimates for 2030 and 2050 from 59 studies. Besides the usual tests for publication bias, the study employs several modern non-linear tests, such as the TOP 10, the Kink method, the Stem method, and others. Subsequently, Bayesian model averaging is performed for the first time in MAC literature to reveal a mild negative publication bias for the MAC in 2050. The thesis reveals that newer studies provide higher estimates of MAC. Other factors influencing MAC estimation are the size of stabilisation targets, emissions baseline, utilising the LEAP model, the inclusion of other greenhouse gases besides carbon dioxide, and considering the long-run decision making. Several robustness checks are conducted along the way to confirm the selection of the dataset and the robustness of the BMA analysis (using weighted BMA, FMA, OLS). The true value of MAC in 2030 corrected for publication bias is around 32 EUR/tCO2-eq, while for 2050, it is 59 EUR/tCO2-eq. 1
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Income Elasticity of Water Demand: A Meta-Analysis
Vlach, Tomáš ; Havránek, Tomáš (advisor) ; Červinka, Michal (referee)
If policymakers address water scarcity with the demand-oriented approach, the income elasticity of water demand is of pivotal importance. Its estimates, however, differ considerably. We collect 307 estimates of the income elasticity of water demand reported in 62 studies, codify 31 variables describing the estimation design, and employ Bayesian model averaging to address model uncertainty inherent to any meta-analysis. The studies were published between 1972 and 2015, which means that this meta-analysis covers a longer period of time than two previous meta-analyses on this topic combined. Our results suggest that income elasticity estimates for developed countries do not significantly differ from income elasticity estimates for developing countries and that different estimation techniques do not systematically produce different values of the income elasticity of water demand. We find evidence of publication selection bias in the literature on the income elasticity of water demand with the use of both graphical and regression analysis. We correct the estimates for publication selection bias and estimate the true effect beyond bias, which reaches approximately 0.2. 1
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Chinese Stock Markets: Underperformance and its Determinants
Kováč, Roman ; Báťa, Karel (advisor) ; Dědek, Oldřich (referee)
Performance of stock markets is determined by three classes of variables: macroeconomic indicators, industry & firm heterogeneity and third country effects. When assessing performance of a stock market index, impact of industry & firm heterogeneity is marginal as it is already embedded in the index through its constituent companies. This paper will therefore focus on the other two. Chinese stock market was selected as an application as their performance compared to other domestic indicators (mainly GDP growth) is considered inferior by many researchers. Using econometric framework for panel data and a Bayesian extension, the paper estimates multiple models of Chinese stock market performance examining individual determinants of it. Subsequently, it predicts development of theoretical prices of two main Chinese stock indices on two time samples until 2013. The paper then demonstrates underperformance of Chinese stock market by comparing the modeled prices to actual prices realized on the market. JEL Classification C23, C51, C53, G15, G17 Keywords underperformance, panel data, fixed effects model, Bayesian Model Averaging Author's e-mail roman_kovac@ymail.com Supervisor's e-mail karel.bata@seznam.cz
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