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Cross-Exchange Crypto Risk: A High-Frequency Dynamic Network Perspective, Yifu Wang, Wanbo Lu, Min-Bin Liu, Rui Ren, Wolfgang Karl Hardle Jul 2024

Cross-Exchange Crypto Risk: A High-Frequency Dynamic Network Perspective, Yifu Wang, Wanbo Lu, Min-Bin Liu, Rui Ren, Wolfgang Karl Hardle

Sim Kee Boon Institute for Financial Economics

Cross-exchange crypto trading presents inherent risks, particularly for centralized exchanges. Investors observe exacerbating crypto volatility and counterparty risk and would like to quantify these elements of crypto trades. The multiple exchanges require a multivariate view on the structures of risk spillover across exchanges. Here, a Multivariate Heterogeneous AutoRegression (MHAR) model is designed and analyzed, accommodating the stylized facts of crypto markets, including 24/7 trading and the long-memory effect on return variations. The proposed MHAR approach clearly reveals the intensity of interconnectedness among exchanges during extreme events, e.g., the Bitcoin market. Additionally, one observes extremely volatile eigenvector centralities of Futures Exchange …


Bubbly Booms And Welfare, Feng Dong, Yang Jiao, Haoning Sun Jul 2024

Bubbly Booms And Welfare, Feng Dong, Yang Jiao, Haoning Sun

Research Collection School Of Economics

We show the competing effects of a housing bubble on the real economy by developing a multi-sector dynamic model with housing production. On the one hand, firms can sell or collateralize their housing, so a housing bubble helps firms obtain credit to finance their investment and expand production. On the other hand, a boom in the housing sector crowds out labor in the non-housing sector. We show that housing booms can reduce social welfare both in the steady state and in the transitional dynamics only when the production externalities in the non-housing sector are sufficiently large. We quantitatively evaluate our …


The Political Economy Of The Igbos Of Southeastern Nigeria: Analyzing The Igbo Entrepreneurship Model (Iem), Eze Simpson Osuagwu May 2024

The Political Economy Of The Igbos Of Southeastern Nigeria: Analyzing The Igbo Entrepreneurship Model (Iem), Eze Simpson Osuagwu

Doctoral Dissertations and Projects

This study examines the relationship between culture and economic development using the case of the Igbo ethnic group of Southeastern Nigeria. The Igbo traditional apprenticeship system has been widely described in contemporary political economy literature as a model for stakeholder capitalism and shared prosperity for sustainable entrepreneurial development. This study draws a sample of 2,000 entrepreneurs from five business clusters across Nigeria in Aba, Onitsha, Nnewi, Lagos and Abuja to ascertain if there is a significant difference between the entrepreneurs who passed through the traditional apprenticeship system and those who did not. The study employs a Propensity Score Matching technique …


The Safest Suburbs In The Mountain West, 2023, Ivan Sun, Zachary Billot, Caitlin J. Saladino, William E. Brown Jr. May 2024

The Safest Suburbs In The Mountain West, 2023, Ivan Sun, Zachary Billot, Caitlin J. Saladino, William E. Brown Jr.

Cities & Metros

This fact sheet presents data from the Smart Asset report, “America’s Safest Suburbs – 2023 Study,” which examines the 370 safest suburbs in the United States and the 35 most affordable safest suburbs. This fact sheet focuses on data for the nine safest suburbs and most affordable safe suburbs in the Mountain West states of Arizona, Colorado, Nevada, and Utah ranking among the top 100 safest suburbs in the United States.


Return On Investment (Roi) For Undergraduate Degrees At The University Of Nevada, Las Vegas (Unlv) And The University Of Nevada, Reno (Unr), Riley Ruff, Miguel Soriano Ralston, Caitlin J. Saladino, William E. Brown Jr. May 2024

Return On Investment (Roi) For Undergraduate Degrees At The University Of Nevada, Las Vegas (Unlv) And The University Of Nevada, Reno (Unr), Riley Ruff, Miguel Soriano Ralston, Caitlin J. Saladino, William E. Brown Jr.

Higher Education

This fact sheet examines return on investment (ROI) data for undergraduate degrees at the University of Nevada, Las Vegas (UNLV) and the University of Nevada, Reno (UNR). The original report from the Foundation for Research on Equal Opportunity (FREOPP) includes data on the ROI for various undergraduate degree programs across the United States.


Inference In A Stationary/Nonstationary Autoregressive Time-Varying-Parameter Model, Donald W.K. Andrews, Ming Li May 2024

Inference In A Stationary/Nonstationary Autoregressive Time-Varying-Parameter Model, Donald W.K. Andrews, Ming Li

Cowles Foundation Discussion Papers

This paper considers nonparametric estimation and inference in first-order autoregressive (AR(1)) models with deterministically time-varying parameters. A key feature of the proposed approach is to allow for time-varying stationarity in some time periods, time-varying nonstationarity (i.e., unit root or local-to-unit root behavior) in other periods, and smooth transitions between the two. The estimation of the AR parameter at any time point is based on a local least squares regression method, where the relevant initial condition is endogenous. We obtain limit distributions for the AR parameter estimator and t-statistic at a given point τ in time when the parameter exhibits unit …


Gender Gaps And Economic Growth: Why Haven't Women Won Globally (Yet)?, Patrick Agte, Orazio Attanasio, Pinelopi K. Goldberg, Aishwarya Lakshmi Ratan, Rohini Pande, Michael Peters, Charity Moore, Fabrizio Zilibotti May 2024

Gender Gaps And Economic Growth: Why Haven't Women Won Globally (Yet)?, Patrick Agte, Orazio Attanasio, Pinelopi K. Goldberg, Aishwarya Lakshmi Ratan, Rohini Pande, Michael Peters, Charity Moore, Fabrizio Zilibotti

Discussion Papers

Does economic growth close labor market-linked gender gaps that disadvantage women? Conversely, do gender inequalities in the labor market impede growth? To inform these questions, we conduct two analyses. First, we estimate regressions using data on gender gaps in a range of labor market outcomes from 153 countries spanning two decades (1998-2018). Second, we conduct a systematic review of the recent economics literature on gender gaps in labor markets, examining 16 journals over 21 years. Our empirical analysis demonstrates that growth is not a panacea. While economic gender gaps have narrowed and growth is associated with gender gap closures specifically …


Income Differences Among Nations: Measuring The Effects Of Human Capital On Total Factor Productivity (Tfp), Ashley Tarrolly May 2024

Income Differences Among Nations: Measuring The Effects Of Human Capital On Total Factor Productivity (Tfp), Ashley Tarrolly

CSB and SJU Distinguished Thesis

In the past two centuries, long-term economic growth has been defined by The Great Divergence, where the gap of income distribution has widened as a result of some nations experiencing modern economic growth while others have remained stagnant in their economic well-being. This panel data research examines differences in income across countries by applying development accounting to analyze differences in per capita gross domestic product (GDP) and predict each country’s total factor productivity (TFP). Data from the Penn World Tables were collected and categorized into groups based on GDP per capita to create a sample of 144 countries in 10-year …


A Red Awakening: An Analysis Of China’S Quest For Global Dominance Through Economic Alternative Warfare Methods, Sarah Beddingfield May 2024

A Red Awakening: An Analysis Of China’S Quest For Global Dominance Through Economic Alternative Warfare Methods, Sarah Beddingfield

Senior Honors Theses

In the 2023 annual meeting of China’s parliament, Chinese President Xi made it clear to his political leaders and the world that he was preparing for war. This should come as no surprise after analysis of China's grand strategy points clearly to the intent to surpass the U.S. as the premier global superpower in all respects. China has been building towards this goal for years through untraditional methods of warfare, forcing the national security community to reevaluate its own strategy and assess the Chinese threat through a different lens. This thesis seeks to address one specific area in which China …


Fear Of China's Economic Power: Media And Party Affiliation On Public Opinion, Cloe Hughes May 2024

Fear Of China's Economic Power: Media And Party Affiliation On Public Opinion, Cloe Hughes

Student Scholar Symposium Abstracts and Posters

The United States and China are the world’s two greatest economic rivals. The US-China trade war–which started in 2018–is a result of this battle for economic hegemony and has raged on for the past six years. While trade decisions are ultimately up to policymakers, public opinion is a large factor in international policy decisions, and American biases against the Chinese may adversely affect both the American and Chinese economies. In this paper, I will examine how factors including media consumption and partisanship impact American attitudes towards China’s economy overtaking the United States’ economy. Previous research has studied the effects of …


The Effect Of Crime On Mental Health In South Africa, Magda Tsaneva, Lauren-Kate Laplante May 2024

The Effect Of Crime On Mental Health In South Africa, Magda Tsaneva, Lauren-Kate Laplante

Economics

This paper examines the impact of district-level crime rates in South Africa on individual depression symptoms. We use panel data from the National Income Dynamics Survey collected between 2008 and 2014 and estimate an individual fixed effects regression model, thus controlling for characteristics of the individual's environment that could affect crime and mental health. We find that an increase of one standard deviation in property (violent) crime is associated with a 7.2 (8.7) percentage point increase in the probability of depression symptoms. Analysis of potential mechanisms suggests that indirect exposure to crime likely affects mental health by increasing stress rather …


Place Distress And Job Growth: Are Recent Job Growth Trends Significantly More Favorable For Distressed Counties?, Timothy J. Bartik, Kathleen Bolter, Kyle Huisman May 2024

Place Distress And Job Growth: Are Recent Job Growth Trends Significantly More Favorable For Distressed Counties?, Timothy J. Bartik, Kathleen Bolter, Kyle Huisman

Reports

This paper examines whether recent job growth trends have become more favorable toward counties with greater baseline economic distress. Job growth trends are “competitive job growth,” which is defined as growth that exceeds what would be expected based on how a county’s industries are growing nationally. Baseline county distress is measured by the county’s “prime-age employment rate,” the employment to population ratio for 25–54-year-olds. The core findings are fourfold. First, for the most distressed counties, job growth trends have become more favorable since 2019, compared to the 2001–2007 and 2007–2019 periods. The timing of this recent improvement is consistent with …


Allocating Vehicle Registration Permits, Massimiliano Landi, Domenico Menicucci May 2024

Allocating Vehicle Registration Permits, Massimiliano Landi, Domenico Menicucci

Research Collection School Of Economics

We compare social welfare, consumer surplus and profits in two different institutional settings in which an item whose quantity is fixed and controlled (vehicle registration permit) is allocated to the buyers of a complementary good (car). In the first setting, which resembles the way in which vehicle registration permits are allocated in Singapore, the central planner runs a uniform price auction for permits in which the consumers who bid the highest receive the permits and pay the highest losing bid. Then each winning consumer purchases a car from a seller. In the alternative setting, the central planner first allocates the …


Projecting The Demand For Workers In The Production Of Lithium-Ion Batteries In The United States, Erik Vasilauskas, Dakota Mccracken, Michael Horrigan May 2024

Projecting The Demand For Workers In The Production Of Lithium-Ion Batteries In The United States, Erik Vasilauskas, Dakota Mccracken, Michael Horrigan

Reports

No abstract provided.


Risk Perception, Dread, And The Value Of Statistical Life: Evidence From Occupational Fatalities, Perry Singleton May 2024

Risk Perception, Dread, And The Value Of Statistical Life: Evidence From Occupational Fatalities, Perry Singleton

Center for Policy Research

In a model of occupational safety, biased perceptions of risk decrease welfare, which may justify government regulation. Bias is examined empirically by the correlation between subjective and objective risk, the former measured by self-reported exposure to death on the job. The correlation is negligible among workers with no high school diploma, consistent with underestimating risk in more dangerous occupations, and strongest among more educated workers when objective risk is specific to harmful and noxious substances, which in psychological studies rank high in dread. Biased perceptions of risk may also lead to biased estimates of value of statistical life. VSL estimates …


Specifying And Estimating Vector Autoregressions Using Their Eigensystem Representation, Leo Krippner May 2024

Specifying And Estimating Vector Autoregressions Using Their Eigensystem Representation, Leo Krippner

Sim Kee Boon Institute for Financial Economics

This article introduces the principles and mechanics of the eigensystem vector autoregression (EVAR) framework, where a VAR may be specified and estimated directly via its eigenvalue and eigenvector parameters. Using explicit constraints on the eigensystem permits control of a VAR ís allowable dynamics, which is illustrated empirically with standard and time-varying VAR estimations specified to be always non-explosive.


(Wp 2024-03) The Dynamic Temporal Sequence And Reflexive Adjustment Behavior: Foundations For A Behavioral Alternative To Optimization Theory, John B. Davis May 2024

(Wp 2024-03) The Dynamic Temporal Sequence And Reflexive Adjustment Behavior: Foundations For A Behavioral Alternative To Optimization Theory, John B. Davis

Economics Working Papers

This paper discusses the difference between mainstream and heterodox economics in terms of philosophy’s distinction between two types of temporal sequences governing events: the static, truth-tenseless before-after sequence and the dynamic, truth-tensed past-present-future sequence. Mainstream theory and optimization analysis employs the first. However, Aristotle showed long ago this implies fatalism. Heterodox explanations employ the second, which I argue implies people reflexively adjust their choices over time in a combined backward-looking and forward-looking way that rules out optimization. Central to this explanation of behavior is how uncertainty about the future is connected to uncertainty about the past. I show this can …


Expanding The Access To Kidney Transplantation: Strategies For Kidney Transplant Programs, Angie Nishio Lucar, Ankita Patel, Shikha Mehta, Anju Yadav, Mona Doshi, Megan Urbanski, Beatrice Concepcion, Neeraj Singh, M. Lee Sanders, Arpita Basu, Jessica Harding, Ana Rossi, Oluwafisayo Adebiyi, Milagros Samaniego-Picota, Kenneth Woodside, Ronald Parsons May 2024

Expanding The Access To Kidney Transplantation: Strategies For Kidney Transplant Programs, Angie Nishio Lucar, Ankita Patel, Shikha Mehta, Anju Yadav, Mona Doshi, Megan Urbanski, Beatrice Concepcion, Neeraj Singh, M. Lee Sanders, Arpita Basu, Jessica Harding, Ana Rossi, Oluwafisayo Adebiyi, Milagros Samaniego-Picota, Kenneth Woodside, Ronald Parsons

Department of Medicine Faculty Papers

Kidney transplantation is the most successful kidney replacement therapy available, resulting in improved recipient survival and societal cost savings. Yet, nearly 70 years after the first successful kidney transplant, there are still numerous barriers and untapped opportunities that constrain the access to transplant. The literature describing these barriers is extensive, but the practices and processes to solve them are less clear. Solutions must be multidisciplinary and be the product of strong partnerships among patients, their networks, health care providers, and transplant programs. Transparency in the referral, evaluation, and listing process as well as organ selection are paramount to build such …


Bundling In Advance Sales: Theory And Evidence From Round-Trip Versus Two One-Way Tickets*, Diego Escobari, Paan Jindapon, Nicholas G. Rupp May 2024

Bundling In Advance Sales: Theory And Evidence From Round-Trip Versus Two One-Way Tickets*, Diego Escobari, Paan Jindapon, Nicholas G. Rupp

Economics and Finance Faculty Publications and Presentations

We theoretically derive an optimal price for a bundle of two goods that are sold in advance to risk-averse buyers. The theory predicts that a round-trip ticket is less expensive than two one-way tickets when demands for the outbound and the inbound are uncertain and positively correlated. Using a unique airlines dataset, we find evidence that is consistent with the theory; round-trip bundle discounts exist and they are larger for passengers who buy early in advance, stay on a Saturday night, and have higher valuations. We also find that the bundle discounts decrease with competition.


Covid-19'S Consequences In Day-To-Day Life, Christian Mclain, Perla Guadalupe Vega Apr 2024

Covid-19'S Consequences In Day-To-Day Life, Christian Mclain, Perla Guadalupe Vega

ENGL 1102 Showcase

This anthology discusses the consequences that the Covid-19 left. These drastic changes are still visible 4 years later, in two important sectors of Georgia's economy: the Work force and the housing market. These 2 sectors collide and merge with our daily life since they take up most of our time. Homes took on the roles of offices and schools as employees and students were forced to stay home due to the pandemic. Before and after Covid 19, everything changed from the criteria of buyers in the housing market, the inventory, the reasons why it is short, in addition to the …


Cooperation In Temporary Partnerships, Gabriele Camera, Alessandro Gioffré Apr 2024

Cooperation In Temporary Partnerships, Gabriele Camera, Alessandro Gioffré

ESI Working Papers

The literature on cooperation in infinitely repeated Prisoner’s Dilemmas covers the extreme opposites of the matching spectrum: partners, a player’s opponent never changes, and strangers, a player’s opponent randomly changes in every period. Here, we extend the analysis to settings where the opponent changes, but not in every period. In these temporary partnerships, players can deter some deviations by directly sanctioning their partner. Hence, relaxing the extreme assumption of one-period matchings can support some cooperation also off equilibrium because a class of strategies emerges that are less extreme than the typical “grim” strategy. We establish conditions supporting full …


An Examination Of The Determinants Of Annual Giving To Csb And Sju: 1990 - 2023, Benchy Dutreuil, Muhammad Ibragimov Apr 2024

An Examination Of The Determinants Of Annual Giving To Csb And Sju: 1990 - 2023, Benchy Dutreuil, Muhammad Ibragimov

Celebrating Scholarship and Creativity Day (2018-)

Based on the data gained from stages 1 and 2, we have concluded that the number of donors of CSB+SJU has declined over time after its peak in 2007, unlike the amount of donations that has been changing a lot but has a positive growing trend in general. We also discovered a significant growth in giving among the top 50% of donors after the year 2008, while the other 2 groups stayed relatively the same with a small positive trend. Additionally, we found a strong correlation between the macroeconomic factors and the patterns the real donations represent. Finally, our linear …


Global Coffee Production, Payton Herres Apr 2024

Global Coffee Production, Payton Herres

Student Papers in Local and Global Regional Economies

This study aims to provide a comprehensive understanding of the many factors that influence global coffee production, with a particular focus on weather conditions, land area, labor force, and human capital. By exploring these multifaceted aspects, this research aims to provide valuable insights for stakeholders in the coffee industry, policymakers, and researchers. This research explores patterns, calculations, and causal relationships that shape the dynamics of coffee production worldwide through a rigorous analysis of weather variables, including temperature and rainfall, along with assessments of land area, labor dynamics, and human capital. Furthermore, the research aims to illuminate the complex interplay between …


Taking Employment Seriously: With Some Notes On Universal Basic Income, Larry Udell Apr 2024

Taking Employment Seriously: With Some Notes On Universal Basic Income, Larry Udell

Philosophy Faculty Publications

The question of whether to grant all citizens a basic income that would starts with adulthood is the source of much controversy today among people who believe that government should do something to address income inequality (including but not limited to addressing increasingly widespread poverty and homelessness). Philippe Van Parijs famously advocated such a policy, but his proposal was rejected by John Rawls, who demurred at subsidizing Malibu surfers with public support for their leisure and instead emphasized the need for a full employment policy. I argue that a slight modification of Rawls's theory might allow for a limited UBI …


Unveiling The Power Of Tourism Research: Navigating Insights From Montana For 2024 And Beyond, Melissa Weddell, Kara Grau, Matthew Pettigrew Apr 2024

Unveiling The Power Of Tourism Research: Navigating Insights From Montana For 2024 And Beyond, Melissa Weddell, Kara Grau, Matthew Pettigrew

Institute for Tourism and Recreation Research Publications

ITRR presentation from the 2024 Governor's Conference on Tourism


Personalization And Privacy Choice, Andrew Rhodes, Jidong Zhou Apr 2024

Personalization And Privacy Choice, Andrew Rhodes, Jidong Zhou

Cowles Foundation Discussion Papers

This paper studies consumers’ privacy choices when firms can use their data to make personalized offers. We first introduce a general framework of personalization and privacy choice, and then apply it to personalized recommendations, personalized prices, and personalized product design. We argue that due to firms’ reaction in the product market, consumers who share their data often impose a negative externality on other consumers. Due to this privacy-choice externality, too many consumers share their data relative to the consumer optimum; moreover, more competition, or improvements in data security, can lower consumer surplus by encouraging more data sharing.


Sustainable Fashion In New Era: Exploring Consumer Resilience And Goals In The Post-Pandemic, Joohye Hwang, Xun Sun, Li Zhao, Song-Yi Youn Apr 2024

Sustainable Fashion In New Era: Exploring Consumer Resilience And Goals In The Post-Pandemic, Joohye Hwang, Xun Sun, Li Zhao, Song-Yi Youn

School of Business Faculty Papers

Abstract: This study examines the underlying mechanisms that lead to sustainable fashion consumption in the post-COVID-19 pandemic era. Particularly, this study explores the complex relations between resilient coping mechanisms, consumer life goals, and sustainable fashion consumption, combining Goal Content Theory and the Consumer Sustainability Orientation framework. The findings obtained from partial least squares structural equation modeling analysis using 503 responses confirm that resilient coping positively influenced both intrinsic and extrinsic life goals. While intrinsic goals reinforce all aspects of sustainability orientation (ecological, social, and economic), extrinsic goals show a contrasting effect—positively affecting economic orientation but negatively impacting ecological and social …


Making College Worth It: Inequalities In Higher Education And How To Solve Them, Katharine Meyer Apr 2024

Making College Worth It: Inequalities In Higher Education And How To Solve Them, Katharine Meyer

Brookings Scholar Lecture Series

Most students who graduate from college go on to earn higher wages, have more employment stability, and enjoy better health. While posted tuitions are high, a “high price, high aid” approach to college pricing means that the average cost of college has actually declined in recent years. Yet, public confidence in higher education is at an all-time low. What explains this tension? Who gains from going to college and who does not? What can colleges do to change perceptions about the value of a college education? This lecture by Brookings Institution scholar Katharine Meyer highlights trends in college enrollment and …


Apprenticeships In The Mountain West, Fy2023, Annie Vong, Caitlin J. Saladino, William E. Brown Jr. Apr 2024

Apprenticeships In The Mountain West, Fy2023, Annie Vong, Caitlin J. Saladino, William E. Brown Jr.

Economic Development & Workforce

This fact sheet examines data on apprenticeships for the Mountain West states of Arizona, Colorado, Nevada, New Mexico, and Utah. The original dataset from the U.S. Department of Labor includes data on all 50 states as well as U.S. territories. This fact sheet examines the number of apprenticeships, the average and median hourly wages, the education level of those in apprenticeships, the union status, and the industries that support apprenticeships in each Mountain West state.


Who Helps Tsimane Children And Adults?, Eric Schniter, Daniel K. Cummings, Paul L. Hooper, Maguin Gutierrez Cayuba, Jonathan Stieglitz, Benjamin C. Trumble, Hillard S. Kaplan, Michael D. Gurven Apr 2024

Who Helps Tsimane Children And Adults?, Eric Schniter, Daniel K. Cummings, Paul L. Hooper, Maguin Gutierrez Cayuba, Jonathan Stieglitz, Benjamin C. Trumble, Hillard S. Kaplan, Michael D. Gurven

ESI Working Papers

We consider several forms of helping behavior among Tsimane Amerindians of Bolivia, including provision of shelter, childcare, food, sickcare, loans, advice, and cultural influence. While kin selection theory is traditionally invoked to explain nepotistic nurturing of youngsters by closely related kin, much less attention has been given to understanding the help provided to children and adults by individuals without close genetic relatedness. To explain who provides the various forms of help that we consider, we evaluate support for several predictions derived from kin selection theory: that helpers are most often closely related and from an older generation, provide more help …