In this study, I examine the employment effects on average earnings and duration to work during a 45 month period, after receiving social assistance (SA) in October 2019, compared to receiving unemployment insurance (UI) the same month. A distinction is made between two treatment groups; receiving SA in addition to UI (treatment I) and receiving SA (treatment II). Using propensity score matching (PSM), I estimate the average treatment effects on the treated on earnings, as well as duration to work by using the Kaplan-Meier survival estimator with the matched observations. I use newly released Swedish administrative micro level data of individuals’ monthly labour market status (BAS) between 2020-2023, from Statistics Sweden. During this thesis process, where Statistics Sweden allowed me data access, I was allowed an additional year of data, for 2019. Results showed that the inflow of SA recipients in October 2019, on average had 25.5 percent lower earnings between November 2019-July 2023, compared to the inflow of UI recipients the same month. In addition, the inflow of SA recipients in October 2019, on average spent 4 months longer in unemployment, compared to those receiving UI the same month. However, results were insignificant when comparing effects between the inflow of those receiving SA in addition to UI in October 2019 with the inflow of UI recipients the same month. Results for this group were insignificant for both employment outcomes; average earnings and duration to work.

Heterogeneity in the school education quality plays an important role for those who want to pursue a bachelor's degree in Peru since access to higher education is highly correlated with socioeconomic status. In that sense, an intervention for disadvantaged students took place for the first time in 2022 and was constrained to the assessment of a scholarship called “Beca 18”, the biggest scholarship that the public institution called PRONABEC addresses every year since 2012. The intervention included additional tools for a group of applicants: (i) full-time online classes for 2 to 4 months; (ii) an electronic device with an internet connection; and (iii) the admission exam payment fully covered up to 2 times. The objective of this thesis is to evaluate the effectiveness of this intervention in increasing the likelihood of the treated to access higher education through the 2022 “Beca 18” scholarship process. As the treatment was not randomly assigned, a control group was estimated using the Propensity Score Matching methodology based on individual characteristics. Results showed that there is no statistically significant effect of the intervention in the treated applicants and invite to re-evaluate its design and implementation.

Employing the causal inference methods (matching for binary and continuous treatments), I examined the impact of conservation payments on corn yield. I used the propensity score and covariate distance matching and generalized propensity score methods to manage the problem of selection bias since the enrollment of conservation programs (i.e., receiving conservation payments) is not a randomized experiment. Using USDA Economic Research Service – Agricultural Resource Management Survey (ERS-ARMS) field-level data, I assessed whether receiving conservation payments had harm on corn yield in the Mississippi and Arkansas Delta. The findings from the two binary matchings showed that receiving conservation payments didn’t decrease corn yield. The generalized propensity approach revealed that lower conservation payments received held higher corn yield while higher conservation payments led to lower corn yield.

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京都大学 / 新制・課程博士 / 博士(医学) / 甲第23068号 / 医博第4695号 / 新制||医||1049(附属図書館) / 京都大学大学院医学研究科医学専攻 / (主査)教授 石見 拓, 教授 大鶴 繁, 教授 福田 和彦 / 学位規則第4条第1項該当 / Doctor of Medical Science / Kyoto University / DFAM

Blue bonds are gaining global traction as innovative financial instruments to tackle marine sustainability, yet their yield spreads compared to conventional bonds remain unexplored. Based on the growing interest in sustainable investments and the concept of the greenium, this study introduces and searches for a bluenium, the analogous premium for blue bonds. Hence, the purpose of this research is to investigate whether blue bonds exhibit a lower yield at issuance compared to conventional bonds. This examination is intended to contribute to the literature on impact investment risk and return, particularly in the context of marine sustainability, providing valuable insights for investors, issuers, researchers, and policymakers. The study employs the propensity score matching (PSM) method to ensure robust comparative analysis between blue bonds and comparable conventional bonds. The empirical analysis identifies a yield spread of 47 basis points (bps) favouring higher yields for blue bonds, though these results lack statistical significance. Hence, there is no significant evidence of lower yields for blue bonds compared to conventional bonds. The insignificant results could stem from the relatively small sample size, reflecting the fact that blue bonds are in their early stage, suggesting that they may require further development, similar to what green bonds experienced. Future research should consider larger samples and additional variables to enhance the robustness and applicability of the findings. This study informs stakeholders of the complexities and development potential of the blue bond market.

In Chapter 1 of the dissertation, the role of social networks is analyzed as an important determinant in the search behavior of the unemployed. Based on the hypothesis that the unemployed generate information on vacancies through their social network, search theory predicts that individuals with large social networks should experience an increased productivity of informal search, and reduce their search in formal channels. Due to the higher productivity of search, unemployed with a larger network are also expected to have a higher reservation wage than unemployed with a small network. The model-theoretic predictions are tested and confirmed empirically. It is found that the search behavior of unemployed is significantly affected by the presence of social contacts, with larger networks implying a stronger substitution away from formal search channels towards informal channels. The substitution is particularly pronounced for passive formal search methods, i.e., search methods that generate rather non-specific types of job offer information at low relative cost. We also find small but significant positive effects of an increase of the network size on the reservation wage. These results have important implications on the analysis of the job search monitoring or counseling measures that are usually targeted at formal search only. Chapter 2 of the dissertation addresses the labor market effects of vacancy information during the early stages of unemployment. The outcomes considered are the speed of exit from unemployment, the effects on the quality of employment and the short-and medium-term effects on active labor market program (ALMP) participation. It is found that vacancy information significantly increases the speed of entry into employment; at the same time the probability to participate in ALMP is significantly reduced. Whereas the long-term reduction in the ALMP arises in consequence of the earlier exit from unemployment, we also observe a short-run decrease for some labor market groups which suggest that caseworker use high and low intensity activation measures interchangeably which is clearly questionable from an efficiency point of view. For unemployed who find a job through vacancy information we observe a small negative effect on the weekly number of hours worked. In Chapter 3, the long-term effects of participation in ALMP are assessed for unemployed youth under 25 years of age. Complementary to the analysis in Chapter 2, the effects of participation in time- and cost-intensive measures of active labor market policies are examined. In particular we study the effects of job creation schemes, wage subsidies, short-and long-term training measures and measures to promote the participation in vocational training. The outcome variables of interest are the probability to be in regular employment, and participation in further education during the 60 months following program entry. The analysis shows that all programs, except job creation schemes have positive and long-term effects on the employment probability of youth. In the short-run only short-term training measures generate positive effects, as long-term training programs and wage subsidies exhibit significant locking-in'' effects. Measures to promote vocational training are found to increase the probability of attending education and training significantly, whereas all other programs have either no or a negative effect on training participation. Effect heterogeneity with respect to the pre-treatment level education shows that young people with higher pre-treatment educational levels benefit more from participation most programs. However, for longer-term wage subsidies we also find strong positive effects for young people with low initial education levels. The relative benefit of training measures is higher in West than in East Germany. In the evaluation studies of Chapters 2 and 3 semi-parametric balancing methods of Propensity Score Matching (PSM) and Inverse Probability Weighting (IPW) are used to eliminate the effects of counfounding factors that influence both the treatment participation as well as the outcome variable of interest, and to establish a causal relation between program participation and outcome differences. While PSM and IPW are intuitive and methodologically attractive as they do not require parametric assumptions, the practical implementation may become quite challenging due to their sensitivity to various data features. Given the importance of these methods in the evaluation literature, and the vast number of recent methodological contributions in this field, Chapter 4 aims to reduce the knowledge gap between the methodological and applied literature by summarizing new findings of the empirical and statistical literature and practical guidelines for future applied research. In contrast to previous publications this study does not only focus on the estimation of causal effects, but stresses that the balancing challenge can and should be discussed independent of question of causal identification of treatment effects on most empirical applications. Following a brief outline of the practical implementation steps required for PSM and IPW, these steps are presented in detail chronologically, outlining practical advice for each step. Subsequently, the topics of effect estimation, inference, sensitivity analysis and the combination with parametric estimation methods are discussed. Finally, new extensions of the methodology and avenues for future research are presented. / In Kapitel 1 der Dissertation wird die Rolle von sozialen Netzwerken als Determinante im Suchverhalten von Arbeitslosen analysiert. Basierend auf der Hypothese, dass Arbeitslose durch ihr soziales Netzwerk Informationen über Stellenangebote generieren, sollten Personen mit großen sozialen Netzwerken eine erhöhte Produktivität ihrer informellen Suche erfahren, und ihre Suche in formellen Kanälen reduzieren. Durch die höhere Produktivität der Suche sollte für diese Personen zudem der Reservationslohn steigen. Die modelltheoretischen Vorhersagen werden empirisch getestet, wobei die Netzwerkinformationen durch die Anzahl guter Freunde, sowie Kontakthäufigkeit zu früheren Kollegen approximiert wird. Die Ergebnisse zeigen, dass das Suchverhalten der Arbeitslosen durch das Vorhandensein sozialer Kontakte signifikant beeinflusst wird. Insbesondere sinkt mit der Netzwerkgröße formelle Arbeitssuche - die Substitution ist besonders ausgeprägt für passive formelle Suchmethoden, d.h. Informationsquellen die eher unspezifische Arten von Jobangeboten bei niedrigen relativen Kosten erzeugen. Im Einklang mit den Vorhersagen des theoretischen Modells finden sich auch deutlich positive Auswirkungen einer Erhöhung der Netzwerkgröße auf den Reservationslohn. Kapitel 2 befasst sich mit den Arbeitsmarkteffekten von Vermittlungsangeboten (VI) in der frühzeitigen Aktivierungsphase von Arbeitslosen. Die Nutzung von VI könnte dabei eine „doppelte Dividende“ versprechen. Zum einen reduziert die frühe Aktivierung die Dauer der Arbeitslosigkeit, und somit auch die Notwendigkeit späterer Teilnahme in Arbeitsmarktprogrammen (ALMP). Zum anderen ist die Aktivierung durch Information mit geringeren locking-in‘‘ Effekten verbunden als die Teilnahme in ALMP. Ziel der Analyse ist es, die Effekte von frühen VI auf die Eingliederungsgeschwindigkeit, sowie die Teilnahmewahrscheinlichkeit in ALMP zu messen. Zudem werden mögliche Effekte auf die Qualität der Beschäftigung untersucht. Die Ergebnisse zeigen, dass VI die Beschäftigungswahrscheinlichkeit signifikant erhöhen, und dass gleichzeitig die Wahrscheinlichkeit in ALMP teilzunehmen signifikant reduziert wird. Für die meisten betrachteten Subgruppen ergibt sich die langfristige Reduktion der ALMP Teilnahme als Konsequenz der schnelleren Eingliederung. Für einzelne Arbeitsmarktgruppen ergibt sich zudem eine frühe und temporare Reduktion, was darauf hinweist, dass Maßnahmen mit hohen und geringen „locking-in“ Effekten aus Sicht der Sachbearbeiter austauschbar sind, was aus Effizienzgesichtspunkten fragwürdig ist. Es wird ein geringer negativer Effekt auf die wöchentliche Stundenanzahl in der ersten abhängigen Beschäftigung nach Arbeitslosigkeit beobachtet. In Kapitel 3 werden die Langzeiteffekte von ALMP für arbeitslose Jugendliche unter 25 Jahren ermittelt. Die untersuchten ALMP sind ABM-Maßnahmen, Lohnsubventionen, kurz-und langfristige Maßnahmen der beruflichen Bildung sowie Maßnahmen zur Förderung der Teilnahme an Berufsausbildung. Ab Eintritt in die Maßnahme werden Teilnehmer und Nicht-Teilnehmer für einen Zeitraum von sechs Jahren beobachtet. Als Zielvariable wird die Wahrscheinlichkeit regulärer Beschäftigung, sowie die Teilnahme in Ausbildung untersucht. Die Ergebnisse zeigen, dass alle Programme, bis auf ABM, positive und langfristige Effekte auf die Beschäftigungswahrscheinlichkeit von Jugendlichen haben. Kurzfristig finden wir jedoch nur für kurze Trainingsmaßnahmen positive Effekte, da lange Trainingsmaßnahmen und Lohnzuschüsse mit signifikanten locking-in‘‘ Effekten verbunden sind. Maßnahmen zur Förderung der Berufsausbildung erhöhen die Wahrscheinlichkeit der Teilnahme an einer Ausbildung, während alle anderen Programme keinen oder einen negativen Effekt auf die Ausbildungsteilnahme haben. Jugendliche mit höherem Ausbildungsniveau profitieren stärker von der Programmteilnahme. Jedoch zeigen sich für längerfristige Lohnsubventionen ebenfalls starke positive Effekte für Jugendliche mit geringer Vorbildung. Der relative Nutzen von Trainingsmaßnahmen ist höher in West- als in Ostdeutschland. In den Evaluationsstudien der Kapitel 2 und 3 werden die semi-parametrischen Gewichtungsverfahren Propensity Score Matching (PSM) und Inverse Probability Weighting (IPW) verwendet, um den Einfluss verzerrender Faktoren, die sowohl die Maßnahmenteilnahme als auch die Zielvariablen beeinflussen zu beseitigen, und kausale Effekte der Programmteilahme zu ermitteln. Während PSM and IPW intuitiv und methodisch sehr attraktiv sind, stellt die Implementierung der Methoden in der Praxis jedoch oft eine große Herausforderung dar. Das Ziel von Kapitel 4 ist es daher, praktische Hinweise zur Implementierung dieser Methoden zu geben. Zu diesem Zweck werden neue Erkenntnisse der empirischen und statistischen Literatur zusammengefasst und praxisbezogene Richtlinien für die angewandte Forschung abgeleitet. Basierend auf einer theoretischen Motivation und einer Skizzierung der praktischen Implementierungsschritte von PSM und IPW werden diese Schritte chronologisch dargestellt, wobei auch auf praxisrelevante Erkenntnisse aus der methodischen Forschung eingegangen wird. Im Anschluss werden die Themen Effektschätzung, Inferenz, Sensitivitätsanalyse und die Kombination von IPW und PSM mit anderen statistischen Methoden diskutiert. Abschließend werden neue Erweiterungen der Methodik aufgeführt.

La crescente attenzione riguardo l’interconnessione tra agricoltura e aspetti ambientali così come la crescita di volatilità dei prezzi dei prodotti agricoli ha posto una nuova enfasi sull’introduzione di misure ambientali nella politiche agricole e sulla ricerca di nuovi strumenti di stabilizzazione del reddito degli agricoltori. La ricerca di questa tesi di dottorato si inserisce in questo contesto e analizza i contratti agro-ambientali, misure della Politica Agricola Comunitaria (PAC) in Unione Europea (UE), sotto una duplice prospettiva. Il primo lavoro di ricerca consiste in un’analisi degli effetti dell’adesione a tali contratti sulle scelte produttive e sulle perfomance economiche degli agricoltori in cinque Paesi dell’UE. I risultati indicano un’eterogeneità di questi effetti: in alcuni Paesi i contratti agro-ambientali sembrano essere più efficaci nel promuovere pratiche agricole sostenibili, così come in alcuni Paesi il pagamento compensativo agro-ambientale sembra non essere sufficiente a compensare la perdita di reddito dei partecipanti. Questo studio è stato condotto combinando il Propensity Score Matching con lo stimatore Difference-in-Differences. Il secondo lavoro di ricerca sviluppa una nuova proposta metodologica che incorpora il rischio in un framework di Programmazione Matematica Positiva (PMP). Il modello elaborato presenta caratteri innovativi rispetto alla letteratura sull’argomento e permette di stimare simultaneamente i prezzi ombra delle risorse, la funzione di costo non lineare dell’azienda agricola e un coefficiente di avversione al rischio specifico per ciascuna azienda. Il modello è stato applicato a tre campioni di aziende e i risultati delle stime testano la calibrazione del modello e indicano valori del coefficiente di avversione al rischio coerenti con la letteratura. Infine il modello è stato impiegato nella simulazione di diversi scenari al fine di verificare il ruolo potenziale di un contratto agro-ambientale come strumento di gestione del rischio a diversi livelli di volatilità dei prezzi agricoli. / The increasing attention to the relationship between agriculture and the environment and the rise in price volatility on agricultural markets has led to a new emphasis on agri-environmental policies as well as to a search for new risk management strategies for the farmer. The research objective of this PhD thesis is in line with this challenging context, since it provides an analysis of the EU agri-environmental schemes (AESs) from two viewpoints. First, an ex-post analysis aims at investigating the AESs for their traditional role as measures which encourage sustainable farming while compensating the farmer for the income foregone in five EU Member States. The effects of AESs participation on farmer’s production plans and economic performances differs widely across Member States and in some of them the environmental payment is not enough to compensate the income foregone of participants. This study has been performed by applying a semi-parametric technique which combines a Difference-in-Differences estimator with a Propensity Score Matching estimator. The second piece of research develops a new methodological proposal to incorporate risk into a farm level Positive Mathematical Programming (PMP) model. The model presents some innovations with respect to the previous literature and estimates simultaneously the resource shadow prices, the farm non-linear cost function and a farm-specific coefficient of absolute risk aversion. The proposed model has been applied to three farm samples and the estimation results confirm the calibration ability of the model and show values for risk aversion coefficients consistent with the literature. Finally different scenarios have been simulated to test the potential role of an AES as risk management tool under different scenarios of crop price volatility.