Publications

The ageing population in Russia has led to a shift from distributive pay-as-you-go financed pension system into a multi-pillar one. In 2002, individuals were given the opportunity to form and manage their individual pension funds. Since then, reforms have continued. The purpose of this paper is to reveal how the views and attitudes of working-age Russians regarding retirement have changed over a period (2005-2018). Research was done using the survey data «Monitoring of the financial behavior of Russians (2009-2018)» (NRU-HSE), «Monitoring of financial activity of population (2005)» (ZIRCON) and Initiative Study of NAFI (2007). Despite the demographic, economic, and institutional changes that have taken place, individual pension strategies have not changed for the better, fewer Russians are confident in 2018 that they will have enough money for living after retirement, the number of those who expect to receive additional income has reduced, financial retirement strategies have not become common.

We consider a game in extensive form recurrently played by agents who are randomly drawn from large populations and matched. We assume that preferences over actions at any information set admit a smooth-ambiguity representation in the sense of Klibanoff, Marinacci, and Mukerji (Econometrica, 2005), which may induce dynamic inconsistencies. We take this into account in our analysis of self-confirming equilibrium (SCE) given players' feedback about the path of play. Battigalli, Cerreia-Vioglio, Maccheroni, and Marinacci (Amer. Econ. Rev., 2015) show that the set of SCE's of a simultaneous-move game with feedback expands as ambiguity aversion increases. We show by example that SCE in a sequential game is not equivalent to SCE applied to the strategic form of such game, and that the previous monotonicity result does not extend to general sequential games. Still, we provide sufficient conditions under which the monotonicity result holds for SCE.

The report presents the results of a global study of biomedical clusters. Its goal is to identify and analyse the most successful international practices of promoting biomedical clusters, in which the cooperation of universities, firms and clinics, combined with a developed infrastructure and public support measures led to a significant improvement in the quality of healthcare.

The edition summarises the positive effects of biomedical clusters, describes their global landscape and reveals the key success factors, which are then compared with the features of the Moscow International Medical Cluster activities.

The publication is of practical interest to government officials, entrepreneurs, researchers, clinicians, and other professionals involved in the development of biomedical clusters, and to anyone else interested in healthcare and cluster policies.

Despite of the fact that the history of Initial Coin Offering (ICO) is short, new modification of it has already suggested. According to the ICORating , in the second half of 2018, the profitability of investments in blockchain startups decreased by 22%, and 58% of ICO projects announced in Q4 2018 were not able to raise more than 100,000 USD. Moreover, in Q4 2018 40% of projects with previously announced ICOs have already deleted their social network accounts and websites. The founder of Ethereum Vitalik Buterin (2015), who started the first ICO, proposed a new way of decentralized fundraising called DAICO in 2018. This new model will include elements of Decentralized Autonomous Organizations (DAO), and its purpose will be to minimize the difficulties and risks associated with the ICO. At the same time, in 2018 another model of financing appeared called Initial Exchange Offering (IEO) in order to minimize risks, problems of liquidity and the postponement of the listing of the tokens at the end of tokensale step. More than 70 IEOs listed on ICObench with average rating of 3.6 and 42 IEOs have been ended and raised $266 million in total. Nevertheless, there three types of tokens 95% of ICO projects are utility-based token. This makes ICO comparable to crowfunding. In order to be more attractive for investors the focus on a new wave of ICO projects is on the security type of tokens. The security token is any cryptocurrency that pays dividends, profits, shares or interest or invests in any other asset that also generates profits. The U.S. Securities and Exchange Commission (SEC) use the Howey Test and concludes the securities token are securities in contract to classical utility token of ICO projects. In order to back by real assets and follow the SEC's guidance on compliance, issuance, and trading new model is called Security Token Offering (STO) and differs from ICO. All three new models are a new focus for small and medium-sized enterprises (SME) and investors. The absence of any type of academic works emphasizes the relevance and scientific novelty of the forthcoming research. The contribution to the existing literature is the systematization of information and comparison analyses of ICO, DAOICO, IEO and STO by method of case study.

The purpose of this book is to develop academic skills of writing an extended essay. The process of developing this skill consists of six steps: title analysis, writing an introduction, main part paragraph development and writing a conclusion. Two lessons are devoted to writing an abstract and a summary. The last step is compiling bibliography. During this course attention is given to ways of avoiding plagiarism and punctuation issues.

The book contains Appendix with sample essays written by ICEF and School of Design students (National Research University Higher School of Economics). It is meant for classroom work but can be used for self-study, too. 

 

Empirical research conducted in 5 Russian local communities in 2011-2015 discovered asymmetric principal-agent relations between regional and municipal authorities in which regional authorities have all the necessary resources for effective control over the urban elites and interference in the local political process. However, despite the increasing centralization, the regional-local government relationships remain variable. The active presence or absence of the governor and his team in urban politics largely depends on personal relations between the heads of regional and municipal administrations, the resource base of the territory, the severity of conflicts and/or problems that threaten its stable development. Spectrum of relations between the regional and local elites varies from quite constructive and relatively conflict-free, to rather tense and open confrontation, while the interference of the regional authorities in the activities of the local government bodies differs from episodic to permanent.

This paper investigates on a theoretical level the underlying causes of recent trends in decision of firms to hire temporary and permanent labour when workers and firms meet through a frictional directed search technology. Temporary workers differ from permanent workers in that they have a lower bargaining weight but look for a permanent job while on the temporary job. The findings are that permanent arrangements are more prevalent the more productive the aggregate production function is, i.e. also in the less productive phases. More efficient matching has an inverse U shaped impact, it first increases the prevalence of temporary arrangements and then decreases it. Bargaining weights have an ambiguous impact.

At the beginning of a dynamic game, players may have exogenous theories about how the opponents will play. If these theories are commonly known, players will refine their first-order beliefs and challenge their own theories through strategic reasoning. I propose a new solution concept, Selective Rationalizability, which captures the following hypothesis: when the observed behavior is not compatible with the beliefs in rationality and in the theories of all orders, players keep the beliefs in rationality that are compatible with the observed behavior, and drop the incompatible beliefs in the theories. Thus, Selective Rationalizability captures Common Strong Belief in Rationality (Battigalli and Siniscalchi, 2002) and refines Extensive-Form Rationalizability (Pearce, 1984, Battigalli, 1996), whereas Strong-Δ-Rationalizability (Battigalli, 2003, Battigalli and Siniscalchi, 2003) captures the opposite epistemic priority choice. Selective Rationalizability is extended to encompass richer epistemic priority orderings among different theories of opponents' behavior. This allows to shed some new light on strategic stability (Kohlberg and Mertens, 1986).

Background. During the last decade, life calling has become an areas of dynamically developing research in psychology, management, and counseling. However, it has not been empirically investigated in Russia, despite Russia’s rich intellectual and spiritual tradition, and abundant research on related constructs, such as personal meaning.

Objective. The aim of the present study is an initial qualitative exploration of the concept of calling in Russian culture.

Design. We employed qualitative document analysis to examine openended responses from 104 college students regarding their definition of calling, and the actions they undertook to discern and implement that calling.

Results. We found that the students saw a calling as something more than a mere job; were intrinsically motivated to find and dedicate themselves to it; associated a calling with the use of their abilities; and at the same time expected it to make them more energized and successful without considerable effort. While some participants felt called to a specific domain, the majority indicated abstract other or self-oriented callings. Regarding the implementation of their calling, the participants fell into two groups: those who did something specific, such as study and practice, and those who did something vague, such as “everything” or “nothing”.

Conclusion. These results are largely in line with similar findings in other cultures. The results can be used in career guidance in educational institutions, as well as in private counseling. Specific recommendations for practice, as well as directions for future research, are explored.

Since 2013 Initial Coin Offerings (ICO) have allowed companies to attract financing with the help of cryptocurrencies. In August 2017, the total capitalization of the crypto currency market exceeded $150bln. From the 1st quarter of 2015 to November 2017, the volume of funds raised amounted to $3,78bln. Statistics of ICO shows that demand continues to grow with claims of over $15bln raised in the first half of 2018. The first quarter of 2019 ended with $902 million total raised funds and $8.4 million average raised funds. The increasing number of projects financed by ICO (4954 projects during 5 years) as an alternative method to venture capital (VC) or initial coin offering (IPO) is caused by several reasons: the possibility of reselling the received tokens at a higher price after the launch of the project or earlier; the possibility of obtaining the company's services at lower prices; the increased popularity of crypto currencies (e.g. Bitcoin, Ethereum, etc.); the expectation of high profitability; the high speed of transactions (including the speed of attracting initial investments) and anonymity. However, due to difficulties in regulation, the ICO market attracts smaller investments on average (average investments in ICO projects equal to $19 million in comparison with the average size of IPO - $207,2 million) and there exists more chance for manipulation in the market, which leads to the fact that the results relevant to the IPO market cannot be applied directly to ICO. Due to the fact that blockchain technology and cryptocurrencies are new tools in finance, and the data for research has just begun to appear, there is a limited number of academic papers in this area of studies. Moreover, they are devoted mainly to the description of the mechanisms of the ICO, the advantages and risks of ICO, the review of existing ICO and crypto exchanges, legislation. The absence of fundamental works emphasizes the relevance and scientific novelty of the forthcoming research.  The contribution to the existing literature is the identification of factors that affect the successful of ICO. Scientific novelty consists in the formation of the model evaluation of ICO success. Empirical results show that volatility of main cryptocurrencies has significant impact on the success of ICO. The constraints of the platform for Smart Contacts (ERC-20) and dependence on the Ethereum volatility overcome all other factors. Our data contributes with existence literature and shows the insignificance of sector of the project, almost all location region and fluctuation of influence of quality of team. This result may be explained by the uncertainty of the investor about the project (weak signals), absence of the regulation and legal framework. This result is beneficial for owners of companies since it is an argument for decreasing costs for marketing.

Parking occupancy sensors are devices that assist search of vacant parking. The interplay between two government policies, installation of sensors and pricing parking, is studied. When parking is congested and the uniform price is optimal, installation of sensors raises the price, increases turnover of parking. If price discrimination is considered, sensored parking should be cheaper than non-sensored. To achieve optimal search of vacant parking, it is sufficient to equip only a fraction of parking with sensors. Underpriced parking may dampen the sensor installation incentive, relative to the incentive to build extra parking. Nevertheless, in absolute terms the sensor installation incentive is substantial even with free parking.

Recent studies have demonstrated that the right dorsolateral prefrontal cortex (rDLPFC) and the right temporoparietal junction (rTPJ) are causally involved in social norm compliance. Here, we tested the hypothesis that a third party's decision to punish norm violations depends on the activity of the entire rDLPFC/rTPJ network. We used transcranial direct current stimulation (tDCS) to independently or jointly modulate rTPJ and rDLPFC activity during the third-party dictator game. We found a significant effect of anodal tDCS of the rTPJ, which decreased the third-party punishment of moderately unfair splits. Joint stimulation of the rTPJ (by anodal tDCS) and rDLPFC (by cathodal tDCS) produced a marginal effect on third-party punishment.

Governments choose to issue risky or riskless debt depending on the nature of the stochastic process of output. We use Brownian motion and Poisson shocks—a modeling method in the literature on corporate default known as Lévy processes—to approximate a decomposition of the output process into a smooth and a jump component. Using an Eaton and Gersovitz (1981) model of debt repudiation, we show that the Brownian part explains the counter-cyclical behavior of the current account, and the Poisson part explains the risk of default—thus enabling our model to account for key stylized facts regarding sovereign risk.

In the future world of self-driving vehicles, intersections will be managed by computers that send individual commands to each passing vehicle. This paper proposes to make traffic priority contingent on self-reported value of time of vehicle occupants. A model of two merging roads with stochastic traffic is developed. Algorithms for calculation of optimal exit sequences, accounting for time value heterogeneity, are characterized. Welfare costs of limited planning horizon are assessed. Incentive compatible scheme of payment for priority is calculated. The winners and losers of the proposed mechanism are described. Optimality of traffic volume and composition under optimal exit regulation is established.

I model the choice between a negotiated block trade and a public tender offer as means of acquiring control in a firm with a large minority blockholder. Potential acquirers differ in their (privately known) value‐creation ability. In equilibrium, block trades are made by lower ability acquirers compared to tender offers. The equal opportunity rule (EOR) and the “freezeout” rule are complements in promoting efficiency of control transfers. Stronger investor protection may hamper value‐increasing takeovers when the EOR is present. The model also delivers predictions about announcement returns and the incidence of block trades and tender offers under different legal regimes.

This article analyzes sectors of specialization and sectoral dynamics in the regions of the Russian Federation from 2005 to 2015. The study is based on the methodology of the European Cluster Observatory in the 2016 edition as revised by the authors. It proposes a typology of regions depending on the number of specialization industries and the depth of sectoral development: agglomeration, diversification, specialization, and differentiation. Four types of specializations are identified based on the depth of their development and distribution among Russian regions: national leadership, distribution, concentration, and niche development. The authors implemented an approach to study regions through alternative scenarios of sectoral development over a ten-year period: occurrence, strengthening, extinction, and disappearance. The study identifies various structural models that combine the implementation of the described scenarios in relation to various specializations within a particular region. It is shown that the scale and intensity of structural changes largely depends on the region’s proximity to millionaire cities but does not always directly affect economic growth rates. The authors introduce the concepts of “sinkholes”, “streams”, and “safe harbors”, which describe the types of regions with a different type of structural changes that occur depending on the presence or proximity of the millionaire city.

The manual was compiled in accordance with the Program of the Financial University under the Government of the Russian Federation, designed for students under the Master's program. The manual contains a set of teaching materials with basic concepts, sample tasks, tests, practical situations for conducting seminars, as well as for independent work of students. For students, graduate students and teachers of economic universities and faculties, all interested in topical issues of institutional science.

The monograph is written based on materials held in September 2017. at the Financial University under the Government of the Russian Federation of the conference dedicated to the 150th anniversary of the publication of the first volume of Capital by Karl Marx. The monograph analyzes the methodology of Capital, its place in the history of economic thought and current issues through the prism of time. Particular attention is paid to the development of the ideas of "Capital" in the postmodern era. Special sections are devoted to the spread of Marxist ideas in Russia and the problems of modernizing Russia in the light of the ideas of Capital.

For students, graduate students and teachers of economic universities and faculties, all interested in current issues of modern economics.