Economics - Research Publications
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ItemEditors' Report 2016(WILEY, 2017-06)
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ItemThe Economics of Ageing-What do you Face?(Wiley, 2019-12-01)The economics of ageing is the study of economic decision‐making by individuals and government aimed at fostering well‐being in old age. These decisions include preparing for old age and dealing with the risks of old age. The risks are substantial. Using the life‐cycle model, this article considers the risks for well‐being that people face in retirement and the role of government and private insurance in meeting those risks. The perspective of the life‐cycle model is also used to consider the gender gap in wealth on retirement.
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ItemPolicy Forum: Economics and Populism Introduction(WILEY, 2018-09)
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ItemEditors' Report 2017(Wiley, 2018-06-01)
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ItemJohn Maynard Keynes, Joan Robinson and the prospect theory approach to money wage determination(Wiley, 2019-02-01)In the 1930s, John Maynard Keynes and Joan Robinson observed a flex–fix sequence of money wage adjustment, which is changes in aggregate demand may initially change money wages but then money wages will settle at new levels even if unemployment is high. Their discussion of this pattern alluded to the importance of loss aversion in wage setting. This paper shows how loss aversion in wage setting can explain the flex–fix sequence of money wage behaviour in a way which is consistent with the observations and ideas of Keynes and Robinson.
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Item‘We Will End Up Being a Third Rate Economy … A Banana Republic’: How Behavioural Economics Can Improve Macroeconomic Outcomes(Wiley, 2017-06-01)To address the economic problems facing Australia in 1986 required wage restraint, which required in turn overcoming loss aversion by workers with respect to their wages. The Prices and Incomes Accord was able to do this. Attempts to address Australia's current economic problems are stymied by tax resistance. Addressing tax resistance requires overcoming loss aversion by voters with respect to their post-tax incomes. The success of the Accord suggests that Accord-type policies could reduce tax resistance by broadening people's perspective beyond their post-tax incomes to the broader spread of benefits for them and others.
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ItemSystematic influences on teaching evaluations: The case for caution(WILEY, 2007-03)In this paper, we examine eight years of Quality of Teaching (QOT) responses from an Economics Department in an Australian University. This is done to determine what factors, besides the instructor, have an impact on the raw average student evaluation scores. Most of the previous research on student ratings has been conducted in the US. One significant difference between US and Australian tertiary education is that, on average, the number of foreign undergraduate students in Australia is ten times the number in US institutions. We find that cultural background significantly affects student evaluations. Other factors that have an influence on the average QOT score include: year level; enrolment size; the quantitative nature of the subject; the gender of the student; fee‐paying status by gender; course of study; the differences between the course mark and previous marks; the quality of workbooks; the quality of textbooks; and the QOT score relative to those in other subjects taught at the same time. In addition, average QOT scores for instructors who have taught in a mix of subjects are similar to those based on scores adjusted to account for subject and student characteristics.