Journal of Economic Theory and Econometrics: Journal of the Korean Econometric Society
Home

About this journal
   Aims and scope

   Editorial board

Submit your article

Archive

Search

Journal of Economic Theory and Econometrics
JETEM/계량경제학보/計量經濟學報/JKES
Journal of the Korean Econometric Society

Journal of Economic Theory and Econometrics (JETEM) is a peer-reviewed, internet-based, open-access international journal aiming to publish high-quality papers in all areas of economics. JETEM is the official publication of the Korean Econometric Society, carrying papers written either in English or in Korean. In this web-site, all English articles are fully downloadable free of charge; for Korean articles, only the title and the abstract in English are provided along with a fee-based link to the full text.

Read more

Recently Published Articles

Volume 29, Issue 3 (September 2018)




Cover
Abstract | PDF (788 kilobytes)

No abstract is available for this article.


Mass versus Direct Advertising and Product Quality, Pages 1–22

Lola Esteban, Jose M. Hernandez

Abstract | PDF (201 kilobytes)

This paper analyzes how the use of mass vs. direct advertising can affect the pattern of price and quality competition in a market where two firms compete with vertically differentiated products. We show that, compared to the casewheresellersemployonlymassadvertising,theuseofdatabaseadvertising based on historical sales records improves the competitive position of the lowquality firm, which achieves a larger market share and can obtain higher profits. As a result, the high-quality firm lowers the supply of quality, which decreases thedegreeofproductdifferentiationinthemarketandtriggersstrongpricecompetition,thusdecreasingitsprofitsandincreasingconsumersurplus. Finally,we show that, although database advertising is more cost-efficient than mass advertising, the market distortion in the provision of quality implies that the use of direct advertising can yield a welfare loss.


Determinants of Bank and Non-bank Household Loans and Short- and Long- Horizon Forecast, Pages 23–57

Chang-hoon Lee, Kyu-Ho Kang, Junghwan Mo

Abstract | PDF (4662 kilobytes)

The instability of the financial system is likely to occur when particular types of loans surge rather than all types of loans surge at the same time. A preemptive policy response requires a monitoring system based on forecasts by different loan types. The purpose of this study is to forecast household loans bycategorizingintofourtypes:bankmortgageloan,bankcreditloan,non-bank mortgage loan, and non-bank credit loan. Given the fact that there are numerous determinants and forecasting models for household loans, and that the determinants differ depending on the type of household loans, this study sets out the density forecasting algorithm based on Bayesian Machine Learning. which consists of a variable learning process, a model learning process, and a forecasting combination process. We find bank mortgage loans are largely predicted by the loan rates, the volume of apartments to be moved in, and the number of apartment units to be sold. while the key determinants of bank credit loans are the employmentrateandJeon-sepriceindex.Ontheotherhand,thenon-bankmortgage loans are largely determined by the loan rates and the ratio of apartment sales prices relative to Jeon-se prices. The non-bank credit loans are also influencedbynotonlytheemploymentrateandtheJeon-sepriceindexbutalsostock returns.


Coarse Information Leads to Less Effective Signaling, Pages 58–73

Guangsug Hahn, Joon Yeop Kwon

Abstract | PDF (165 kilobytes)

Thisstudyconsidersfirmscoarseinformationaboutaworkerspossible types in Spences (1973) job market signaling model. Using incentive compatibility constraints appropriate to coarse information, we derive perfect Bayesian equilibria, which are refined into a unique equilibrium by invoking an extension of Cho and Kreps (1987) Intuitive Criterion. In the unique refined equilibrium, a high-type worker may acquire a higher education level with a lower wage than in Spences (1973) model. This implies that education signaling may be less effective signal when firms have coarse information about a workers possible types compared to that in Spence (1973).

Links

KCI list
Korean ES
JETEM at SCOPUS

Powered by MathJax