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Articles 1 - 12 of 12
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Vulnerable Trade: The Dark Side Of An Edgeworth Box, Charles Anderton, John Carter
Vulnerable Trade: The Dark Side Of An Edgeworth Box, Charles Anderton, John Carter
Economics Department Working Papers
We examine incentives to seize and defend goods offered for trade in an Edgeworth box economy. Appropriation possibilities generate an equilibrium of coerced redistribution and voluntary trade in a reduced box. Potential mutual gains remain untaken because the prospect of piracy creates a price wedge, wherein the effective relative price is lowered for the exporter and raised for the importer. As the vulnerability of one or both goods increases, the price wedge widens, causing trade to diminish. If vulnerability becomes sufficiently high, then trade and appropriation are driven to zero, or one or both players are rendered indifferent to trade.
Currencies, Identities, Free Banking, And Growth In Early Twentieth Century Manchuria, Thomas Gottschang
Currencies, Identities, Free Banking, And Growth In Early Twentieth Century Manchuria, Thomas Gottschang
Economics Department Working Papers
From 1906 until 1931, Manchuria – Northeast China - was a complex patchwork of Chinese, Japanese, and Russian spheres of control. Since political authority was fragmented, none of the governments was capable of establishing a central bank with a monopoly over the money supply. Multiple currencies were in use, ranging from strings – tiao- of traditional Chinese copper cash, to silver dollars (yuan) from Mexico, China, and Japan, to Russian rubles (which crashed in value after the 1917 Bolshevik Revolution), and miscellaneous paper currencies of varying stability. The modern banks established under national and private auspices to serve the commercial …
Consequences Of Announcements To Voluntarily Adopt The Fair Value Method Of Accounting For Stock-Based Compensation, Shilpa Manaktala, John D. Phillips, Karen Teitel
Consequences Of Announcements To Voluntarily Adopt The Fair Value Method Of Accounting For Stock-Based Compensation, Shilpa Manaktala, John D. Phillips, Karen Teitel
Economics Department Working Papers
We identify 133 firms that between July and December 2002, announced plans to voluntarily adopt the fair value method of accounting for stock-based compensation. We investigate whether such announcements increased the quality of these firms’ earnings as perceived by market participants. Answering this research question not only provides evidence relevant to the debate surrounding the expensing of employee stock options, but doing so provides evidence that conservative accounting choices in general lead to higher perceived earnings quality. Using two measures of earnings quality, the price-earnings relation and the earnings response coefficient, we find evidence consistent with an increase in perceived …
Do Policy-Makers Earmark To Constrain Their Successors? The Case Of Environmental Earmarking, Neva Novarro
Do Policy-Makers Earmark To Constrain Their Successors? The Case Of Environmental Earmarking, Neva Novarro
Economics Department Working Papers
This paper examines whether legislators earmark funds in order to constrain the spending of future legislators with different preferences. Specifically, panel data is used to estimate the probability a new environmental earmarking law is passed as a function of Democrats holding and subsequently losing majority control of the government. The results of this study do not support this hypothesis. In fact, Democrats with a large majority who subsequently lose this majority power following the next election are found to be less likely to earmark funds for the environment. One possible explanation for this finding may be that competing forces make …
Applying Intermediate Microeconomics To Terrorism, Charles Anderton, John Carter
Applying Intermediate Microeconomics To Terrorism, Charles Anderton, John Carter
Economics Department Working Papers
The authors show how microeconomic concepts and principles are applicable to the study of terrorism. The utility maximization model provides insights into both terrorist resource allocation choices and government counterterrorism efforts, while basic game theory helps characterize the strategic interdependencies among terrorists and governments.
Is Smaller Better? A Comment On "Comparative Economic Impact Analyses" By Michael Mondello And , Victor Matheson
Is Smaller Better? A Comment On "Comparative Economic Impact Analyses" By Michael Mondello And , Victor Matheson
Economics Department Working Papers
In a recent article in Economic Development Quarterly, "Comparative Economic Impact Analyses: Differences Across Cities, Events, and Demographics" (November 2004), Michael Mondello and Patrick Rishe examined the economic impact of small, amateur sporting events on host economies. This response to their work suggests four reasons why ex ante economic impact estimates for smaller sporting events may come closer to matching ex post reality than those for "mega-events" including less crowding out, lower hosting costs, higher multipliers, and less incentive for boosters to published inflated figures.
Dueling Jackpots: Are Competing Lotto Games Complements Or Substitutes?, Victor Matheson, Kent Grote
Dueling Jackpots: Are Competing Lotto Games Complements Or Substitutes?, Victor Matheson, Kent Grote
Economics Department Working Papers
This paper considers the relationship that exists between two lottery products offered simultaneously in the same state, a smaller lottery game run by the individual state and a larger multi-state game run in coordination with other states. The primary issue is whether the two different products should be considered substitutes or complements for one another. The question is considered from two different perspectives that lead to a conclusion that while the two products do tend to be complements to one another, overall the individually run state lottery games experience a reduction in sales from the presence of the multi-state game.
The Effects Of Labor Strikes On Consumer Demand: A Re-Examination Of Major League Baseball, Victor Matheson
The Effects Of Labor Strikes On Consumer Demand: A Re-Examination Of Major League Baseball, Victor Matheson
Economics Department Working Papers
Previous research has concluded that the 1981 and 1994/95 Major League Baseball (MLB) strikes have caused short-term losses in attendance but have not resulted in any long-term effects on attendance. While total attendance at MLB games following the 1994/95 strike has recovered to its pre-strike levels, this has been done only through the construction of new stadiums at an unprecedented pace which cannot continue into the future. After accounting for stadium effects, average MLB baseball attendance has dropped significantly since the 1994/95 strike.
Padding Required: Assessing The Economic Impact Of The Super Bowl, Victor Matheson, Robert Baade
Padding Required: Assessing The Economic Impact Of The Super Bowl, Victor Matheson, Robert Baade
Economics Department Working Papers
Civic boosters generally have estimated the Super Bowl to have an impact of $300 to $400 million on a host city’s economy. The National Football League has used the promise of an economic windfall to convince skeptical cities that investments in new stadiums for their teams in exchange for the right to host the event makes economic sense. Evidence from host cities from 1970-2001 indicates the Super Bowl contributes approximately one-quarter of what the boosters have promised and that the game could not have contributed by any reasonable standard of statistical significance, more than $300 million to host economies.
Mega-Sporting Events In Developing Nations: Playing The Way To Prosperity?, Victor Matheson, Robert Baade
Mega-Sporting Events In Developing Nations: Playing The Way To Prosperity?, Victor Matheson, Robert Baade
Economics Department Working Papers
Supporters of mega-sporting events such as the World Cup and Olympics claim that these events attract hoards of wealthy visitors and lead to lasting economic benefits for the host regions. Developing countries have become increasingly vocal in demanding a share of the economic benefits of these international games. The specialized infrastructure and operating expenses required to host these events, however, can be substantial. Independent researchers have found that boosters’ projections of the economic impact of sporting events exaggerate the true economic impact of these competitions, and these events are an even worse investment for developing countries than for industrialized nations.
In Search Of A Fair Bet In The Lottery, Victor Matheson, Kent Grote
In Search Of A Fair Bet In The Lottery, Victor Matheson, Kent Grote
Economics Department Working Papers
Although state-operated lotto games have the worst average expected payoffs among common games of chance, because the jackpot can accumulate, the maximum expected payoff is potentially unlimited. It is possible, therefore, that lotto can exhibit a positive expected return. This paper examines 18,000 drawings in 34 American lotteries and finds approximately 1% of these drawings provided players with a fair bet. If it were possible for a bettor to purchase every possible combination, however, most lotteries commonly experience circumstances where such a purchase would provide a positive return with 11% of the drawings providing a fair bet to the player.
Economic Multipliers And Mega-Event Analysis , Victor Matheson
Economic Multipliers And Mega-Event Analysis , Victor Matheson
Economics Department Working Papers
Critics of economic impact studies that purport to show that mega-events such as the Olympics bring large benefits to the communities “lucky” enough to host them frequently cite the use of inappropriate multipliers as a primary reason why these impact studies overstate the true economic gains to the hosts of these events. This brief paper shows in a numerical example how mega-events may lead to inflated multipliers and exaggerated claims of economic benefits.