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Permanent URI for this collectionhttps://hdl.handle.net/20.500.14288/3
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Item Metadata only An empirical study of sequential offer bargaining during the Festival of Sacrifice(Elsevier, 2024) 0000-0002-5077-5555; Dindaroglu, Burak; Department of Economics; Ertaç, Seda; Faculty Member; College of Administrative Sciences and Economics; 107102We report results from a unique data set of real -life bargaining transactions collected from the market for livestock (sheep) before the Festival of Sacrifice (Eid al-Adha) in Izmir, Turkey. This market is characterized by frequent and aggressive bargaining, which occurs in the form of sequential price offers. We record bargaining transactions as they occur, and collect detailed information on the bargaining environment, as well as on the characteristics of buyers and sellers. We also elicit each seller's outside option by means of an incentive compatible mechanism and obtain a reported maximum willingness to pay from buyers. We particularly focus on aspects of the bargaining process, such as non -price communication. In different types of empirical analysis, results robustly indicate that the presence and content of communication matters, for the likelihood of a sale as well as concessions made. Specifically, buyer -side communication is associated with larger concessions from the seller and a higher probability of sale. The presence of a mediator during the negotiation is associated with a higher probability of sale as well, while it has no effect on prices. We also provide results on the relative importance of groups of variables for predicting bargaining outcomes, which can provide directions for further research in bargaining.Item Metadata only Do financial markets respond to populist rhetoric?(John Wiley and Sons Inc, 2023) 0000-0003-4087-168X; Çakmakli, Cem; Güneş, Gökhan Şahin; Department of Economics; Demiralp, Selva; Faculty Member; College of Administrative Sciences and Economics; 42533With the global rise in populism over the last decade, there has been an increase in political commentaries (PC) by leaders that criticize their central banks and argue for lower interest rates. We analyse the effects of PCs on exchange rates, bond yields, and the risk premium for six countries that are subject to political pressures. Utilizing a specification with time-varying parameters, we show that PCs affect the level and the volatility of exchange rates, bond yields and the risk premium in Turkey. The response increases over time. In other countries, there is a significant impact on exchange rate volatility.Item Metadata only The effect of venture capital backing on innovation in newly public firms(Elsevier, 2023) 0000-0002-7136-4640; Aldatmaz, Serdar; Department of Business Administration; Çelikyurt, Uğur; Faculty Member; College of Administrative Sciences and Economics; 47082We study the effect of VC-backing on innovation in newly public firms and find that it is negatively related to patents produced and citations received within the initial years following an IPO - our estimates indicate that VC-backed firms produce 13% fewer patents than nonVC-backed firms within the first year post-IPO. Our findings suggest that this adverse effect is a consequence of VCs timing their portfolio companies' IPOs at the peak of innovation followed by a decline post-IPO. Additionally, VC-backing leads to higher growth in sales and productivity in newly public firms pointing to a shift in VC focus from creating into commercializing innovation post-IPO. We address endogeneity concerns with an instrumental variables approach.Publication Metadata only Survey data, expectations and the macroeconomy(Elsevier, 2023) Beckmann, Joscha; Czudaj, Robert L.; Department of Economics; Department of Economics; Yılmaz, Kamil; College of Administrative Sciences and EconomicsN/APublication Metadata only The seeds of success: the pivotal role of first round cooperation in public goods games(Springer, 2024) Gurdal, Mehmet Y.; Torul, Orhan; Yahsi, Mustafa; Yahşi, Mustafa; Graduate School of Social Sciences and HumanitiesThis paper examines cooperation and punishment in a public goods game in Istanbul. Unlike prior within-subject designs, we use a between-subject design with separate no-punishment and punishment conditions. This approach reveals that punishment significantly increases contributions, demonstrating the detrimental effect of having prior experience without sanctions. We highlight two critical factors-heterogeneous initial contributions across groups and how subjects update their contributions based on prior contributions and received punishment. An agent-based model verifies that the interaction between these two factors leads to a strong persistence of contributions over time. Analysis of related data from comparable cities shows similar patterns, suggesting our findings likely generalize if using a between-subject design. We conclude that overlooking within-group heterogeneity biases cross-society comparisons and subsequent policy implications.Publication Metadata only The impact of Covid-19 on the willingness to work in teams(Elsevier B.V., 2024) Divle, Sunduz; Gumren, Mert; Department of Economics; Department of Economics; Ertaç, Seda; College of Administrative Sciences and EconomicsThis paper studies the impact of the COVID-19 pandemic on individuals’ willingness to work in teams, using an online experiment. We implement a setup where individuals can choose to work on a real effort task either individually or together with a partner through online interaction. We find that although working in a team is more profitable and participants also expect this, a large fraction makes a financially costly decision by shying away from teamwork. Moreover, participants primed with COVID-19 are less likely to self-select into teamwork in a dynamic setting with two team selection periods, with the effect coming mainly from the second selection period, after a random fraction of participants are exogenously assigned to teamwork. We find that in addition to COVID-19 salience, social confidence, the willingness to socialize, and prior exposure to teamwork are significant predictors of the decision to join or avoid socially interactive work environments. Our findings provide insights into the potential impact of the pandemic on social interactions in a work setting. © 2024 Elsevier B.V.Publication Metadata only How consumers' economic and psychological vulnerabilities impact their consumption regulation during crisis(Wiley, 2024) Karaosmanoğlu, Elif; Okan, Mehmet; Altıniğne, Neşenur; Demir, Özge; İdemen, Elif; Işıksal, Didem Gamze; Graduate School of BusinessThis paper focuses on the economic and psychological vulnerabilities that are intensified due to the effects of the COVID-19 pandemic on individuals' health, education and living standards. The deteriorating mental and financial conditions of individuals, called psychological and economic vulnerability, have made an impact on consumers' consumption patterns and habits. This study has proposed that when consumer vulnerabilities increase, consumers will be more likely to express prosocial behaviours and assume higher social capital change that may influence their consumption regulations. The findings are based on a panel survey of 786 individuals via CATI in two waves of data collection in Turkiye (Wave I: 20 July-10 August 2020;Wave II: 20 November-10 December 2020). In Wave I, it is found that when individuals face economic and psychological vulnerability, their tendency to show prosocial behaviour is negatively affected. In Wave II, when the COVID-19 cases peaked, while economic vulnerability still leads to lower prosocial behaviour, psychological vulnerability gets reversed and results in higher prosocial behaviour. Interestingly, in both waves, when consumers perceive positive social capital change due to increased prosocial behaviour, they are less likely to show consumption regulation.Publication Metadata only The rise and fall of community development in rural Turkey, 1960-1980(Wiley, 2024) Selamet, Kadir; Department of Sociology; Department of Sociology; Gürel, Burak; College of Social Sciences and HumanitiesTurkey's Community Development Program (CDP), implemented in the 1960s and 1970s, has remained a largely underexplored subject in the global history of rural community development schemes. Based on detailed archival research, this article shows that the programme's central goal was to mobilize the labour and financial resources of the villagers to carry out rapid infrastructure construction. Turkish policymakers hoped that such mobilization could help achieve a high level of rural development far beyond what could be achieved by relying solely on government spending and might also allow the allocation of more resources to urban industrialization. Despite its initial promise, the CDP was unable to effectively mobilize the countryside due to a combination of structural, political, and bureaucratic challenges, including unequal land distribution, intense electoral competition, and inadequate administrative coordination. However, the CDP was not entirely inconsequential. It played a modest role in the commercialization and capitalist transformation of Turkish agriculture.Publication Metadata only Unequal peace(Wiley, 2024) Zheng, Charles Z.; Department of Economics; Department of Economics; Kamranzadeh, Ali; College of Administrative Sciences and EconomicsA mediator proposes a settlement between two contestants to avoid a conflict where the cost each contestant bears is inversely related to the contestant's privately known strength. Their strength levels are identically distributed, and their welfares weigh equally in the mediator's objective. However, the optimal proposal offers one contestant much more than it does the other so that the former accepts it always, whereas the latter only occasionally. This unequal treatment improves the prospect of peace by making one contestant willing to settle without fearing that the action signals his weakness that his opponent can exploit should conflict occur.Publication Metadata only Survey data, expectations and the macroeconomy(Elsevier, 2023) Beckmann, J.; Czudaj, R.L.; Department of Economics; Department of Economics; Yılmaz, Kamil; Faculty Member; College of Administrative Sciences and Economics; 6111N/A