Organizational Unit: Economics
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ArticlePublication Metadata only On characterizing sectoral interactions via connections between employees in professional online social networks(Elsevier, 2018-12) Ayvaz, Demet; Gürsun, Gonca; Özlale, Ümit; Economics; Computer Science; GÜRSUN, Gonca; ÖZLALE, Ümit; Ayvaz, DemetThe collaboration among individuals is essential to maximize economic efficiency. Today most of the technological and economical advancements require multidisciplinary efforts. Therefore promoting interaction and knowledge sharing between industry sectors within a country is more crucial than ever. One main platform for such communication is business-oriented online social networks where thousands of professionals from various sectors connect with each other. These social networks provide a way of disseminating the latest information in technology and business. Our goal in this paper is to analyze the connectivity patterns of individuals in a business-oriented social network as a tool to understand how industry sectors are represented and interact with each other in such online platforms. To do that, we collect profiles of thousands of employees from a professional online social network. Then, first, we analyze the structural properties of the network and report its characteristics in comparison with the non-professional ones. Second, we map each employee to the sector she works in and study the connectivity patterns within each sector separately. We find that the connectivity patterns within sectors vary and the employees within a sector do not necessarily form densely connected communities. Third, we investigate the relationship between sectors via the connectivity of their employees and identify the main social clusters of sectors. We show that there are significant similarities between social connectivity and the economic transactions between sectors.ArticlePublication Open Access The asymmetric impact of oil prices, interest rates and oil price uncertainty on unemployment in the US(Elsevier, 2020-02-01) Kocaaslan, B.; Soytas, U.; Soytaş, Mehmet Ali; Economics; SOYTAŞ, Mehmet AliIn 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 one 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.ArticlePublication Open Access Domine edilen statükonun referans etkisi(Okan Üniversitesi, 2018-05) Güney, Begüm; Economics; GÜNEY, BegümStatüko, bir kişinin şu anki konumunu temsil eder. Çalışılan iş ve yaşanılan şehir statüko için verilebilecek örnekler arasındadır. Bir statüko, kendi seçilmese bile, diğer alternatifler arasındaki göreceli sıralamayı değiştirerek kişinin bu alternatifler arasındaki seçimini etkileyebilir ve buna “referans etkisi” denir. Bu çalışmada, statükoların referans etkisini anlamak için Özyeğin Üniversitesi lisans öğrencileri arasında bir anket yapılmıştır. Anket, Qualtrics programı kullanılarak hazırlanmış ve katılımcıların e-posta adreslerine tek kullanımlık bir bağlantı gönderilerek öğrencilerle paylaşılmıştır. Ankette katılımcılardan, depolama kapasitesi ve pil ömrü ile tanımlanmış farklı telefonlar arasında seçim yapmaları istenmiştir. Görülmüştür ki, statüko diğer alternatiflerin her biri tarafından domine edildiğinde - yani diğer alternatiflerden hem pil ömrü hem depolama kapasitesi bakımından daha kötü olduğunda - ve kendi seçilmediğinde bile, kişinin bu alternatifler arasındaki seçimini değiştirebilir. İstatistiki olarak anlamlı miktarda kişinin, aynı kümeden statüko varlığında ve yokluğunda yaptığı seçimlerin farklı olduğu görülmüştür. Bu davranış, literatürdeki teorik statüko modelleri arasından ancak sürekli referans etkisine izin verenler (Guney ve Richter, 2017) tarafından açıklanabilmektedir.ArticlePublication Open Access Price and quality decisions of a service provider under heterogeneous demand(Boğaziçi Üniversitesi, 2019) Özener, Başak Altan; Atahan, Pelin; Economics; Sectoral Education and Professional Development; ÖZENER, Başak Altan; DEMİRCİLER, Pelin AtahanA monopolist service provider's quality and price decisions are analyzed in a vertically differentiated market where customers demand different quantities of a service. We find that depending on the relative sizes of the market segments and the difference in the valuations of different customers, the service provider may find it optimal to either offer a non-discriminating service or a discriminating service serving only high-valuation customers. The service provider never finds it optimal to serve the market segments that have low-valuation for quality when the discrimination strategy is optimal. © 2019 Bogazici Universitesi. All rights reserved.ArticlePublication Metadata only Shelter from the storm: health service access and utilization among Syrian refugees in Turkey(Springer, 2022-11) Tuncay Alpanda, Berna; Özen, İ. C.; Bump, J. B.; Economics; ALPANDA, Berna TuncayAim: Since 2011, the conflict in Syria has led to the migration of 5.6 million refugees, mainly to neighbouring countries. By the start of 2019, over 3.5 million people had moved to Turkey to seek safety, meaning that Turkey is hosting the majority of these refugees. Most of them are today settled in urban and peri-urban locations. A large part of the health services of these populations had been cut before their move, leaving a significant population that had been unprotected and under-provided for. The Turkish health system has provided a cost-free way for these populations to use health services, especially public health services at the primary and secondary levels. The objective of this study was to identify the size and the geography of the health shock as a result of the Syrian influx, starting in 2011. The resulting health effects of the refugee integration and the resilience of the health system are also assessed. Subject and methods: We investigated the medical treatment given in public hospitals for the Syrian population for the years 2012–2014, at the primary and secondary health levels. We investigated 10,444,290 cases of health visits, 7,211,342 of them occurring at the secondary level and representing more than 70% of total applications. The overall coverage of the health system for the Syrian population is estimated to be 64%, with 115,000 live-births among Syrian refugees occurring in the same time period. Results: Since the influx of Syrian refugees, there has been a considerable shock to the regional part of the Turkish health system located closest to the Syrian border. From the Syrian refugee point of view, no significant over-crowding or lowered quality effect was observed in the health system. The Syrian refugee’s health demand was observed to be different from that of the Turkish average, as this population’s unique vulnerabilities and access evolution came to the fore. However, significant convergence was then observed in the health demand, as urgent needs were converted into more routine health requirements over time. Conclusion: This initial investigation of the Turkish health system after the Syrian integration underlies the case for a significant resilience being shown, especially in areas where it has been most severely tested.ReviewPublication Metadata only Bank regulation under fire sale externalities(Oxford University Press, 2020-06) Kara, G. I.; Özsoy, Satı Mehmet; Economics; ÖZSOY, Satı MehmetWe examine the optimal design of and interaction between capital and liquidity regulations. Banks, not internalizing fire sale externalities, overinvest in risky assets and underinvest in liquid assets in the competitive equilibrium. Capital requirements can alleviate the inefficiency, but banks respond by decreasing their liquidity ratios. When capital requirements are the only available tool, the regulator tightens them to offset banks' lower liquidity ratios, leading to fewer risky assets and less liquidity compared with the second best. Macroprudential liquidity requirements that complement capital regulations implement the second best, improve financial stability, and allow for more investment in risky assets.ArticlePublication Metadata only Housing market dynamics with delays in the construction sector(Elsevier, 2014-12) Bahadır, Berrak; Mykhaylova, O.; Economics; BAHADIR, BerrakHousing supply is subject to several types of delays. On average, it takes 6 months to get approved for a residential building permit and another 2–4 quarters to complete a construction project. We present a simple two-sector model that incorporates these observations and show that the effect of these delays is not uniform: while they amplify the response of house prices to demand shocks, they dampen the effects of housing supply shocks. Moreover, construction activity depends on the relative duration of the shocks and the construction delays: delays dampen construction booms following temporary shocks, but exaggerate building activity following permanent changes in demand or supply conditions. Our results highlight the importance of capturing the nature and the persistence of the shocks when studying the effects of construction sector delays on housing market dynamics.Conference paperPublication Open Access Optimistic entrepreneurs and new product introductions in high technology industries(Academy of Management, 2018) Işıklar, Rukiye Işıl Yavuz; Dutta, D. K.; Soytaş, Mehmet Ali; Economics; YAVUZ IŞIKLAR, Rukiye Işil; SOYTAŞ, Mehmet AliThis study examines how the relationship between past performance and new product introductions is influenced by entrepreneurial optimism. Based on the behavioral theory of the firm, we test how past performance suggest low performance relative to aspirations helps new ventures initiate strategic change, such as new product introductions. In contrast, high performance relative to aspirations tends to reinforce status quo. Moreover, we argue that when past performance falls below aspirations, new ventures founded by optimistic entrepreneurs are more likely to introduce new products than those with less optimistic entrepreneurs. We test our hypotheses using data from the Kauffman Firm Survey on 333 newly founded high technology new ventures in the U.S. Our results strongly support our interaction hypothesis. After controlling for the impact of several entrepreneurial and firm-level characteristics, we show that the rate of new product introductions is highest in ventures founded by optimistic entrepreneurs where the ventures have shown low prior performance relative to their aspirations.ArticlePublication Metadata only A game theoretical approach for improving the operational efficiencies of less-than-truckload carriers through load exchanges(Springer, 2021-09) Özener, Başak Altan; Özener, Okan Örsan; Economics; Industrial Engineering; ÖZENER, Başak Altan; ÖZENER, Okan ÖrsanLess-than-truckload (LTL) transportation offers fast, flexible and relatively low-cost transportation services to shippers. In order to cope with the effects of economic recessions, the LTL industry implemented ideas such as reducing excess capacity and increasing revenues through better yield management. In this paper, we extend these initiatives beyond the reach of individual carriers and propose a collaborative framework that facilitates load exchanges to reduce the operational costs. Even though collective solutions are proven to provide benefits to the participants by reducing the inefficiencies using a system-wide perspective, such solutions are often not attainable in real-life as the negotiating parties are seeking to maximize their individual profits rather than the overall profit and also they are unwilling to share confidential information. Therefore, a mechanism that enables collaboration among the carriers should account for the rationality of the individual participants and should require minimal information transfer between participants. Having this in mind, we propose a mechanism that facilities collaboration through a series of load exchange iterations and identifies an equilibrium among selfish carriers with limited information transfer among the participants. Our time-efficient mechanism can handle large instances with thousands of loads as well as provide significant benefits over the non-collaborative management of LTL networks.Book ChapterPublication Metadata only Islamic capitalism and the rise of religious-conservative big business(Taylor & Francis, 2020) Fabbe, K.; Özlale, Ümit; Balıkçıoğlu, E. M.; Economics; Colpan, A. M.; Jones, G.; ÖZLALE, ÜmitThis chapter argues that the rise of “Islamic capitalism” and the country’s so-called “conservative bourgeoisie” owes much to the pragmatism and agility of Islamic actors who are quick to seize upon new economic and political opportunities by leveraging religious identity markers, religious discourse, and religious networks. By revealing their pragmatic approach to introducing the idea of Islamic capitalism in Turkey, and especially their efforts to distinguish it from capitalism more generally, the chapter sheds light on how religious and cultural values both shape and are shaped by the economic imperatives of participation in the global economic system.