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Full-Text Articles in Social and Behavioral Sciences
November 2001, Syracuse Department Of Economics
November 2001, Syracuse Department Of Economics
Economics - All Scholarship
No abstract provided.
Social Interaction And Stock Market Participation, Jeffrey D. Kubik, Harrison Hong, Jeremy C. Stein
Social Interaction And Stock Market Participation, Jeffrey D. Kubik, Harrison Hong, Jeremy C. Stein
Economics - All Scholarship
We investigate the idea that stock-market participation is influenced by social interaction. We build a simple model in which any given "social" investor finds it more attractive to invest in the market when the participation rate among his peers is higher. The model predicts higher participation rates among social investors than among "non-socials". It also admits the possibility of multiple social equilibria. We then test the theory using data from the Health and Retirement Study. Social households-defined as those who interact with their neighbors, or who attend church-are indeed substantially more likely to invest in the stock market than non-social …
Slippery When Wet: The Effects Of Local Alcohol Access Laws On Highway Safety, Reagan Anne Baughman, Michael Conlin, Stacy Dickert-Conlin, John V. Pepper
Slippery When Wet: The Effects Of Local Alcohol Access Laws On Highway Safety, Reagan Anne Baughman, Michael Conlin, Stacy Dickert-Conlin, John V. Pepper
Economics - All Scholarship
Using detailed panel data on local alcohol policy changes in Texas, this paper tests whether the effect of these changes on alcohol-related accidents depends on whether the policy change involves where the alcohol is consumed and the type of alcohol consumed. After controlling for both county and year fixed effects, we find evidence that: (i) the sale of beer and wine may actually decrease expected accidents; and (ii) the sale of higher alcohol-content liquor may present greater risk to highway safety than the sale of just beer and wine.
April 2001, Syracuse Department Of Economics
April 2001, Syracuse Department Of Economics
Economics - All Scholarship
No abstract provided.
Tax Reform And Automatic Stabilization, Thomas J. Kniesner, James P. Ziliak
Tax Reform And Automatic Stabilization, Thomas J. Kniesner, James P. Ziliak
Economics - All Scholarship
A fundamental property of a progressive income tax is that it provides implicit insurance against shocks to income by dampening the variability of disposable income and consumption. The Economic Recovery Tax Act of 1981 (ERTA) in combination with the Tax Reform Act of 1986 (TRA86) greatly reduced the number of marginal tax brackets and the maximum marginal rate, which limits the stabilizing effect of the tax system on household consumption when pre-tax income fluctuates. We examine the effect of the federal income tax reforms of the 1980s on the associated degree of automatic stabilization of consumption. The empirical framework derives …