https://estudiosdeeconomia.uchile.cl/index.php/EDE <p>Estudios de Economía is published, since 1973, two times a year by the Department of Economics at the University of Chile. Its purpose is to publish empirical as well as theoretical papers in every field of Economics. All papers must go through refereeing process by two anonymous referees. As part of our editorial policy, an answer regarding the status of a paper will not exceed two months from its reception. If that were not the case, the authors are free to send their paper for consideration for publication elsewhere.</p> Departamento de Economía - Facultad de Economía y Negocios, Universidad de Chile. en-US Estudios de Economía 0304-2758 https://estudiosdeeconomia.uchile.cl/index.php/EDE/article/view/78258 This paper considers a delegation game between one multi-input firm and one single-input firm engaging in Cournot competition in the downstream market. Both firms purchase a standard input from a core input supplier, and the multi-input firm also needs a supplementary input provided by an independent supplier. I study two input pricing policies of the core input supplier, uniform pricing and third-degree price discrimination, and obtain the following. First, regardless of the upstream pricing strategies, both downstream firms delegate in equilibrium, but contrary to traditional analysis, delegation is mutually profitable. Second, the core input supplier prefers uniform pricing to third-degree price discrimination. Lastly, uniform pricing is more socially desirable than discriminatory pricing. Dang-Long Bui Copyright (c) 2025 Estudios de Economía 2025-03-28 2025-03-28 52 1 https://estudiosdeeconomia.uchile.cl/index.php/EDE/article/view/78260 This paper explores the impact of uncertainties and risks on the returns of cryptocurrencies by considering the two dimensions of uncertainty sourcing from economic policy uncertainty and geopolitical risk. Therefore, we analyze whether there is a causality from the global economic policy uncertainty (GEPU) and geopolitical risk (GPR) to the cryptocurrency returns in the period from 2015:01 through 2023:05. In our analysis, we use the GEPU and GPR indexes as independent variables and the historical values of Bitcoin, Ethereum, Litecoin, Ripple, Monero, and Dash as dependent variables. We employ the Fourier augmented causality test considering the original series, and also the positive and negative components of the series. Our findings reveal that the GPR has predictive power for all cryptocurrencies while GEPU has not predictive power for only Bitcoin. Furthermore, we find evidence of the causality nexus that runs from negative shocks of GEPU to the negative shocks of Litecoin and Ripple, and from the negative shocks of GPR to the negative shocks of Litecoin and Monero indicating when there are significant decreases at the GEPU, these values can be used to predict the decreases of Litecoin and Ripple. Similarly, we can also imply it for the causality relationship from GPR to Litecoin and Monero. When we consider there might be a causal relationship not only between shocks of the same type but also between different types of shocks we find that there is unidirectional causality from negative shocks of GEPU to the positive shocks of Dash, Ethereum, and Monero at the high return phase, and from positive shocks of GEPU to the negative shocks of Ethereum, and from positive shocks of GPR to the negative components of Bitcoin, Ethereum, and Ripple at the bearish market conditions. Esra Kilci Veli Yilanci Copyright (c) 2025 Estudios de Economía 2025-03-30 2025-03-30 52 1 https://estudiosdeeconomia.uchile.cl/index.php/EDE/article/view/78257 Innovation is increasingly recognized as a determinant of the level of economic activity; however, studies that analyze the determinants of innovation do not usually pay attention to the levels of development of the economies in which these processes occur. This paper aims to analyze whether the impact of the factors that determine innovation is the same for economies with different levels of development, or if, on the contrary, there is a differentiated hierarchical order of these factors. To do this, data from 132 countries in the period 2013-2021 are analyzed using artificial neural networks. The results show that the determinants of innovation have a different impact depending on the level of development of the economies. A detailed analysis of the order of impact of the variables that affect innovation allows us to conclude that it is necessary to consider the hierarchical order of the variables to understand how the different innovation processes occur and how they impact the determination of the product per inhabitant, otherwise; public policies aimed at encouraging innovation can be sterile. Mario Alberto Morales Sánchez Héctor Eduardo Díaz Rodríguez Copyright (c) 2025 Estudios de Economía 2025-03-28 2025-03-28 52 1 https://estudiosdeeconomia.uchile.cl/index.php/EDE/article/view/78264 In adaptive learning literature it has been argued that the intensity of a Central Bank’s (CB) interest rate response to expected inflation must be more than proportional. This article provides reassurance to the CB to some extent, showing that if it learns in a more sophisticated way than with adaptive learning, the policy response does not have to be as strong. Particularly, it proposes self-referenced learning for the CB to consider that its own expectations affect inflation itself. This is highly realistic because CBs dedicate resources to generating expectations for economic variables. Luis Edgar Basto Mercado Copyright (c) 2025 Estudios de Economía 2025-03-28 2025-03-28 52 1 https://estudiosdeeconomia.uchile.cl/index.php/EDE/article/view/78262 We evaluate the influence on the skill premium of the task content of jobs by exploiting the text data from online job ads covering 2009-2018 (over 189,000 ads) published by one of the leading Chilean online job portals (www.trabajando.com). Our analysis tests the expected complementarity between skilled labour, non-routine cognitive (analytical and interactive), and routine cognitive tasks. Our results show weak evidence of the influence on the skill premium of our task-related measures. Nevertheless, some implications arise from this apparent decrease in the importance of the tasks skilled workers typically perform, such as inefficient educational investment or unwanted changes in the occupational ladder. Jorge Campos-Gonzalez Copyright (c) 2025 Estudios de Economía 2025-03-30 2025-03-30 52 1 https://estudiosdeeconomia.uchile.cl/index.php/EDE/article/view/78256 Alcohol consumption by one member of the household generates negative externalities in the family budget, affecting the distribution of expenditure and the well-being of the other members. Significant reductions in the resources allocated to children associated with high alcohol consumption by adults can have negative consequences for their long-term development. This paper analyses whether alcohol consumption by adults is associated with the distribution of expenditure within households, affecting the well-being of children. We estimate a collective demand model for Argentina using data from the 2017/2018 National Household Expenditure Survey (ENGH). The estimates allow us to identify the proportion of total expenditure allocated to adults and children, focusing on families with different levels of alcohol consumption. This work presents the first evidence for Latin America on the relationship between alcohol consumption and the allocation of expenditure within the household. Results indicate that intense alcohol consumption is linked to a lower child well-being, as it is associated with a redistribution of resources within the home in favor of adults. Miriam Berges Lucía Echevarria Martina Menon Federico Perali Copyright (c) 2025 Estudios de Economía 2025-03-28 2025-03-28 52 1