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Designing State Aid To Education In The Presence Of Property Tax Exemptions Part 2, John Yinger
Designing State Aid To Education In The Presence Of Property Tax Exemptions Part 2, John Yinger
Center for Policy Research
It’s Elementary is a series of essays on topics in education and education policy. The main focus is on education finance in New York State, but general research findings in education and education policy issues in several other states are also discussed. John Yinger, Professor of Economics and Public Administration at the Maxwell School, Syracuse University is the author of most of these essays, although a few are written by or co-authored with other scholars.
Results On The Bias And Inconsistency Of Ordinary Least Squares For The Linear Probability Model, William C. Horrace, Ronald L. Oaxaca
Results On The Bias And Inconsistency Of Ordinary Least Squares For The Linear Probability Model, William C. Horrace, Ronald L. Oaxaca
Economics - All Scholarship
This note formalizes bias and inconsistency results for ordinary least squares (OLS) on the linear probability model and provides sufficient conditions for unbiasedness and consistency to hold. The conditions suggest that a "trimming estimator" may reduce OLS bias.
November 2005, Syracuse Department Of Economics
November 2005, Syracuse Department Of Economics
Economics - All Scholarship
No abstract provided.
Designing State Aid To Education In The Presence Of Property Tax Exemptions Part 1, John Yinger
Designing State Aid To Education In The Presence Of Property Tax Exemptions Part 1, John Yinger
Center for Policy Research
It’s Elementary is a series of essays on topics in education and education policy. The main focus is on education finance in New York State, but general research findings in education and education policy issues in several other states are also discussed. John Yinger, Professor of Economics and Public Administration at the Maxwell School, Syracuse University is the author of most of these essays, although a few are written by or co-authored with other scholars.
Ranking Inequality: Applications Of Multivariate Subset Selection, William C. Horrace, Joseph T. Marchand, Timothy M. Smeeding
Ranking Inequality: Applications Of Multivariate Subset Selection, William C. Horrace, Joseph T. Marchand, Timothy M. Smeeding
Economics - All Scholarship
Inequality measures are often presented in the form of a rank ordering to highlight their relative magnitudes. However, a rank ordering may produce misleading inference, because the inequality measures themselves are statistical estimators with different standard errors, and because a rank ordering necessarily implies multiple comparisons across all measures. Within this setting, if differences between several inequality measures are simultaneously and statistically insignificant, the interpretation of the ranking is changed. This study uses a multivariate subset selection procedure to make simultaneous distinctions across inequality measures at a pre-specified confidence level. Three applications of this procedure are explored using country-level data …
Gentrification And Neighborhood Housing Cycles: Will America's Future Downtowns Be Rich?, Jan K. Brueckner, Stuart S. Rosenthal
Gentrification And Neighborhood Housing Cycles: Will America's Future Downtowns Be Rich?, Jan K. Brueckner, Stuart S. Rosenthal
Economics - All Scholarship
This paper identifies a new factor, the age of the housing stock, that affects where high- and low-income neighborhoods are located in U.S. cities. High-income households, driven by a high demand for housing services, will tend to locate in areas of the city where the housing stock is relatively young. Because cities develop and redevelop from the center outward over time, the location of these neighborhoods varies over the city's history. The model predicts a suburban location for the rich in an initial period, when young dwellings are found only in the suburbs, while predicting eventual gentrification once central redevelopment …
Unintended Consequences Of Property Tax Relief: New York's Star Program, Tae Ho Eom, William Duncombe, John Yinger
Unintended Consequences Of Property Tax Relief: New York's Star Program, Tae Ho Eom, William Duncombe, John Yinger
Center for Policy Research
New York’s School Tax Relief Program, STAR, provides state-funded property tax relief for homeowners. Like a matching grant, STAR changes the price of public services, thereby altering the incentives of voters and school officials and leading to unintended consequences. Using data for New York State school districts before and after STAR was implemented, we find that STAR resulted in small increases in student performance along with significant decreases in the efficiency with which this performance is delivered and significant increases in school spending and property tax rates. These tax-rate increases magnify existing inequities in New York State’s education finance system.
Ranking Inequality: Applications Of Multivariate Subset Selection, William C. Horrace, Joseph T. Marchand, Timothy M. Smeeding
Ranking Inequality: Applications Of Multivariate Subset Selection, William C. Horrace, Joseph T. Marchand, Timothy M. Smeeding
Center for Policy Research
Inequality measures are often presented in the form of a rank ordering to highlight their relative magnitudes. However, a rank ordering may produce misleading inference, because the inequality measures themselves are statistical estimators with different standard errors, and because a rank ordering necessarily implies multiple comparisons across all measures. Within this setting, if differences between several inequality measures are simultaneously and statistically insignificant, the interpretation of the ranking is changed. This study uses a multivariate subset selection procedure to make simultaneous distinctions across inequality measures at a pre-specified confidence level. Three applications of this procedure are explored using country-level data …
Social Interactions In Labor Supply, Andrew Grodner, Thomas J. Kniesner
Social Interactions In Labor Supply, Andrew Grodner, Thomas J. Kniesner
Center for Policy Research
Our research examines the effect of interdependence on estimation and interpretation of earnings/labor supply equations. We consider the cases of (1) a positive spillover from others’ labor supplied and (2) a need for conformity with others’ labor supplied. Qualitative and quantitative comparative statics results with a Stone-Geary utility function demonstrate how spillover effects increase labor supply uniformly. Alternatively, conformity effects move labor supplied toward the mean of the reference group so that, in the limit, labor supply becomes perfectly inelastic at the reference group average. When there are un-modeled exogenous social interactions, conventional wage elasticities are still relatively well estimated …
How To Pay For Education Finance Reform, John Yinger
How To Pay For Education Finance Reform, John Yinger
Center for Policy Research
It’s Elementary is a series of essays on topics in education and education policy. The main focus is on education finance in New York State, but general research findings in education and education policy issues in several other states are also discussed. John Yinger, Professor of Economics and Public Administration at the Maxwell School, Syracuse University is the author of most of these essays, although a few are written by or co-authored with other scholars.
How Unobservable Productivity Biases The Value Of A Statistical Life, Thomas J. Kniesner, W. Kip Viscusi, James P. Ziliak, Christopher Woock
How Unobservable Productivity Biases The Value Of A Statistical Life, Thomas J. Kniesner, W. Kip Viscusi, James P. Ziliak, Christopher Woock
Economics - All Scholarship
A prominent theoretical controversy in the compensating differentials literature concerns unobservable individual productivity. Competing models yield opposite predictions depending on whether the unobservable productivity is safety-related skill or productivity generally. Using five panel waves and several new measures of worker fatality risks, first-difference estimates imply that omitting individual heterogeneity leads to overestimates of the value of statistical life, consistent with the latent safety-related skill interpretation. Risk measures with less measurement error raise the value of statistical life, the net effect being that estimates from the static model range from $5.3 million to $6.7 million, with dynamic model estimates somewhat higher.
School Finance Reform And Property Values, Part 2: Public Service Capitalization, John Yinger
School Finance Reform And Property Values, Part 2: Public Service Capitalization, John Yinger
Center for Policy Research
It’s Elementary is a series of essays on topics in education and education policy. The main focus is on education finance in New York State, but general research findings in education and education policy issues in several other states are also discussed. John Yinger, Professor of Economics and Public Administration at the Maxwell School, Syracuse University is the author of most of these essays, although a few are written by or co-authored with other scholars.
School Finance Reform And Property Values Part 1: Property Tax Capitalization, John Yinger
School Finance Reform And Property Values Part 1: Property Tax Capitalization, John Yinger
Center for Policy Research
It’s Elementary is a series of essays on topics in education and education policy. The main focus is on education finance in New York State, but general research findings in education and education policy issues in several other states are also discussed. John Yinger, Professor of Economics and Public Administration at the Maxwell School, Syracuse University is the author of most of these essays, although a few are written by or co-authored with other scholars.
The Only Game In Town: Stock-Price Consequences Of Local Bias, Jeffrey D. Kubik, Harrison Hong, Jeremy Stein
The Only Game In Town: Stock-Price Consequences Of Local Bias, Jeffrey D. Kubik, Harrison Hong, Jeremy Stein
Economics - All Scholarship
Theory suggests that, in the presence of local bias, the price of a stock should be decreasing in the ratio of the aggregate book value of firms in its region to the aggregate risk tolerance of investors in its region. We test this proposition using data on U.S. Census regions and states, and find clear-cut support for it. Most of the variation in the ratio of interest comes from differences across regions in aggregate book value per capita. Regions with low population density - e.g., the Deep South - are home to relatively few firms per capita, which leads to …
School District Responses To State Aid Programs, John Yinger
School District Responses To State Aid Programs, John Yinger
Center for Policy Research
It’s Elementary is a series of essays on topics in education and education policy. The main focus is on education finance in New York State, but general research findings in education and education policy issues in several other states are also discussed. John Yinger, Professor of Economics and Public Administration at the Maxwell School, Syracuse University is the author of most of these essays, although a few are written by or co-authored with other scholars.
The Unintended Consequences Of Property Tax Relief, John Yinger
The Unintended Consequences Of Property Tax Relief, John Yinger
Center for Policy Research
It’s Elementary is a series of essays on topics in education and education policy. The main focus is on education finance in New York State, but general research findings in education and education policy issues in several other states are also discussed. John Yinger, Professor of Economics and Public Administration at the Maxwell School, Syracuse University is the author of most of these essays, although a few are written by or co-authored with other scholars.
Some Results On The Multivariate Truncated Normal Distribution, William C. Horrace
Some Results On The Multivariate Truncated Normal Distribution, William C. Horrace
Economics - All Scholarship
This note formalizes some analytical results on the n-dimensional multivariate truncated normal distribution where truncation is one-sided and at an arbitrary point. Results on linear transformations, marginal and conditional distributions, and independence are provided. Also, results on log-concavity, A-unimodality and the MTP_2 property are derived.
School District Consolidation, John Yinger
School District Consolidation, John Yinger
Center for Policy Research
It’s Elementary is a series of essays on topics in education and education policy. The main focus is on education finance in New York State, but general research findings in education and education policy issues in several other states are also discussed. John Yinger, Professor of Economics and Public Administration at the Maxwell School, Syracuse University is the author of most of these essays, although a few are written by or co-authored with other scholars.
April 2005, Syracuse Department Of Economics
April 2005, Syracuse Department Of Economics
Economics - All Scholarship
No abstract provided.
Whole-School Reform, John Yinger
Whole-School Reform, John Yinger
Center for Policy Research
It’s Elementary is a series of essays on topics in education and education policy. The main focus is on education finance in New York State, but general research findings in education and education policy issues in several other states are also discussed. John Yinger, Professor of Economics and Public Administration at the Maxwell School, Syracuse University is the author of most of these essays, although a few are written by or co-authored with other scholars.
On The Ranking Uncertainty Of Labor Market Wage Gaps, William C. Horrace
On The Ranking Uncertainty Of Labor Market Wage Gaps, William C. Horrace
Economics - All Scholarship
This paper uses multiple comparison methods to perform inference on labor market wage gap estimates from a regression model of wage determination. The regression decomposes a sample of workers' wages into a human capital component and a gender specific component; the gender component is called the gender differential or wage gap and is sometimes interpreted as a measure of sexual discrimination. Using data on fourteen industry classifications (e.g. retail sales, agriculture), a new relative estimator of the wage gap is calculated for each industry. The industries are then ranked based on the magnitude of these estimators, and inference experiments are …
A Failing Grade For 13 Governors, John Yinger
A Failing Grade For 13 Governors, John Yinger
Center for Policy Research
It’s Elementary is a series of essays on topics in education and education policy. The main focus is on education finance in New York State, but general research findings in education and education policy issues in several other states are also discussed. John Yinger, Professor of Economics and Public Administration at the Maxwell School, Syracuse University is the author of most of these essays, although a few are written by or co-authored with other scholars.
Are Foreign Investors Attracted To Weak Environmental Regulations? Evaluating The Evidence From China, Judith M. Dean, Mary E. Lovely, Hua Wang
Are Foreign Investors Attracted To Weak Environmental Regulations? Evaluating The Evidence From China, Judith M. Dean, Mary E. Lovely, Hua Wang
Economics - All Scholarship
One of the most contentious debates today is whether pollution-intensive industries from rich countries relocate to poor countries with weaker environmental standards, turning them into "pollution havens." Empirical studies to date show little evidence to support the pollution haven hypothesis, but suffer potentially from omitted variable bias, specification, and measurement errors. Dean, Lovely, and Wang estimate the strength of pollution-haven behavior by examining the location choices of equity joint venture (EJV) projects in China. They derive a location choice model from a theoretical framework that incorporates the firm's production and abatement decision, agglomeration, and factor abundance. The authors estimate conditional …
Are Household Production Decisions Cooperative? Evidence On Pastoral Migration And Milk Sales From Northern Kenya, Cheryl R. Doss, John G. Mcpeak
Are Household Production Decisions Cooperative? Evidence On Pastoral Migration And Milk Sales From Northern Kenya, Cheryl R. Doss, John G. Mcpeak
Economics - All Scholarship
Market-based development efforts frequently create opportunities to generate income from goods previously produced and consumed within the household. Production within the household is often characterized by a gender and age division of labor. Market development efforts to improve well being may lead to unanticipated outcomes if household production decisions are non-cooperative. We develop and test models of household decision-making to investigate intra-household decision making in a nomadic pastoral setting from Kenya. Our results suggest that household decisions are contested, with husbands using migration decisions to resist wives' ability to market milk.
Holding Accountability Programs Accountable, John Yinger
Holding Accountability Programs Accountable, John Yinger
Center for Policy Research
It’s Elementary is a series of essays on topics in education and education policy. The main focus is on education finance in New York State, but general research findings in education and education policy issues in several other states are also discussed. John Yinger, Professor of Economics and Public Administration at the Maxwell School, Syracuse University is the author of most of these essays, although a few are written by or co-authored with other scholars.
Value Of A Statistical Life: Relative Position Vs. Relative Age, Thomas J. Kniesner, W. Kip Viscusi
Value Of A Statistical Life: Relative Position Vs. Relative Age, Thomas J. Kniesner, W. Kip Viscusi
Economics - All Scholarship
This paper examines the influence on estimates of the value of statistical life (VSL) of the worker's relative position in the wage distribution and relative position in the life cycle. Whereas past work on relative position effects in the labor market have been based on illustrative hypothetical examples, this paper develops empirical tests using actual market behavior. To test for the effect of relative wage position, we use two different measures: the individual's wage rank in the state and the wage rank by gender in the state. Using the CPS coupled with constructed BLS fatality risk measures by industry and …
Capital Democratization, Robert Ashford
Capital Democratization, Robert Ashford
College of Law - Faculty Scholarship
Although, the ideas underlying binary economics were first published in 1958 (Kelso and Adler), the many books and papers that discuss the subject, with the exception of Kane (2000) and Kurland (2001), do not utilize conventional economics language. To facilitate the teaching of binary economics in beginning and intermediate college courses in economics and business, the paper explains some major microeconomic and macroeconomic fundamentals of binary economics by utilizing conventional neo-classical economic models. It then compares the theoretical results reached in a non-binary economic environment to those that may be reached in a binary one. The most important result from …
Memo On Binary Economics To Attorneys For Women And People Of Color Re: What Else Can Public Corporations Do For Your Clients?, Robert Ashford
Memo On Binary Economics To Attorneys For Women And People Of Color Re: What Else Can Public Corporations Do For Your Clients?, Robert Ashford
College of Law - Faculty Scholarship
One important duty of lawyers is to assist clients in identifying and securing their essential rights, responsibilities, and opportunities. One important purpose of legal education is to enable lawyers to assist clients and society in identifying and securing essential rights, responsibilities, and opportunities. This Article describes one opportunity (based on an approach to economics called "binary economics" first proposed by Louis Kelso), rarely advanced by counsel, that may offer women and people of color, public corporations, and their shareholders benefits far greater than expectations based on the mainstream economic theories (classical, neoclassical, and Keynesian) usually employed to evaluate economic policy …
Simulation-Based Two-Step Estimation With Endogenous Regressors, Kamhon Kan, Chihwa Kao
Simulation-Based Two-Step Estimation With Endogenous Regressors, Kamhon Kan, Chihwa Kao
Center for Policy Research
This paper considers models with latent/discrete endogenous regressors and presents a simulation-based two-step (STS) estimator. The endogeneity is corrected by adopting a simulation-based control function approach. The first step consists of simulating the residuals of the reduced-form equation for endogenous regressors. The second step is a regression model (linear, latent or discrete) with the simulated residual as an additional regressor. In this paper we develop the asymptotic theory for the STS estimator and its rate of convergence.
On The Estimation And Inference Of A Panel Cointegration Model With Cross-Sectional Dependence, Jushan Bai, Chihwa Kao
On The Estimation And Inference Of A Panel Cointegration Model With Cross-Sectional Dependence, Jushan Bai, Chihwa Kao
Center for Policy Research
Most of the existing literature on panel data cointegration assumes cross-sectional independence, an assumption that is difficult to satisfy. This paper studies panel cointegration under cross-sectional dependence, which is characterized by a factor structure. We derive the limiting distribution of a fully modified estimator for the panel cointegrating coefficients. We also propose a continuous-updated fully modified (CUP-FM) estimator). Monte Carlo results show that the CUP-FM estimator has better small sample properties than the two-step FM (2S-FM) and OLS estimators.