This paper analyzes the sources of the racial difference in the intergenerational transmission of human capital by developing and estimating a dynastic model of parental time and monetary inputs in early childhood with endogenous fertility, home hours, labor supply, marriage, and divorce. It finds that the racial differences in the marriage matching patterns lead to racial differences in labor supply and home hours of couples. Although both the black-white labor market earnings and marriage market gaps are important sources of the black-white achievement gap, the assortative mating and divorce probabilities racial gaps accounts for a larger fraction of it.

The empirical literature considers firm specific aspects affecting corporate sustainability decisions but generally omits the influence of the competition. We advocate that sustainability actions of a company impact its marketplace and vice versa. Therefore, the sustainability return of the single firm is a function of the other firms' sustainability decisions. We approach sustainability decisions as strategic decisions and evaluate the effect of competition and spillovers in a static market entry game. We estimate the parameters of the discrete choice model using the social performance ratings from MSCI KLD 400 Social Index as proxy for sustainability decisions and financial information from Wharton Research Data Services' COMPUSTAT dataset. When strategic interaction is not accounted for, we find that the increasing number of competitors increases the likelihood of sustainability investments, seemingly shows the spillover effect dominates the competition. When we apply the multistage approach, which incorporates competitive interaction, we provide empirical evidence that the effect of competition on the likelihood of entry into the sustainability market dominates the effect of spillover. We find that strategic motives, typically ignored in the empirical literature, appear to be an important factor in understanding sustainability related decisions.

In modern economies, the advancement of well‐being of the citizens should be in an inclusive and sustainable way. In this respect, the sustainable welfare targets should exclusively include three main pillars: economic growth, social inclusion, and environmental protection. These pillars consist of qualitative and nonmonetary, as well as monetary and quantitative indicators to monitor. Although sustainable development today is well‐appreciated in most governments' agenda, yet it is generally not a trivial task to measure its progress especially due to multidimensional nature of some targets. In this article, sustainable development is measured by using a wide range of indicators within multidimensional perspective of Millennium Development Goals (MDGs) 2015. Indicators cover wide spectrum of areas such as poverty reduction, health, education, gender equality, and environment. An index creation method is developed for measuring the level and the performance of countries' progress through achieving MDGs. The index score levels and the rankings of countries are compared with similar indexes developed by United Nations. Finally, countries are classified according to their achievements relative to other countries (which is measured by the index) versus their self‐achievement performances (in terms of improvement of the index over years) in a big matrix. Results demonstrate the importance of measuring country performances in both dimensions. Understanding the progress in MDGs can help settle on binding targets for achieving the country specific goals in economic and noneconomic areas and on the mechanisms to implement the Sustainable Development Goals (SDGs) of the 2030, which set amid on the success of MDGs.

In this study, we investigate the presence of asymmetric interactions between oil prices, oil price uncertainty, interest rates and unemployment in a cointegration framework. Utilizing the nonlinear auto-regressive distributed lag (NARDL) approach, we show the asymmetric responses of unemployment to changes in oil prices, oil price uncertainty and interest rates in the long-run. More specifically, the results of our analyses suggest that an increase in oil price results in increased unemployment while there is no significant impact of reduced oil prices. On the other hand, reduced oil price uncertainty leads to a decrease in unemployment whereas an increase in oil price uncertainty does not have an impact. We also observe increased unemployment in response to a decrease in interest rates as the impact of increased interest rates is not significant. Last but not least, we find that option-implied oil price volatility, as a measure of oil price uncertainty, outperforms the conditional volatility of crude oil prices in predicting unemployment. This study provides valuable implications for policymakers to design sound economic policies.