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Articles 1 - 10 of 10
Full-Text Articles in Social and Behavioral Sciences
The Effects Of Lottery Promotions, Credit Constraints, And The Stock Market On Daily New Jersey Lottery Sales, John A. Spry, Jocelyn E. Crowley
The Effects Of Lottery Promotions, Credit Constraints, And The Stock Market On Daily New Jersey Lottery Sales, John A. Spry, Jocelyn E. Crowley
Economics Seminar Series
This paper estimates the price elasticity of demand for daily Pick 3 and Pick 4 lottery games using random price variation generated by the New Jersey Lottery’s evening Pick 3 Green Ball promotion and Pick 4 Red Ball promotion. These promotions lower the price of a lottery ticket for an evening daily numbers game by increasing prize payments during the promotion period. The own-price elasticity of demand for evening Pick 3 is -0.50, while the own-price elasticity of demand for evening Pick 4 is -0.57. This inelastic demand implies that the loss in margin outweighs the gain in sales during …
Loving The Longshot: Risk Taking With Skewed Gambles, Philip Grossman, Catherine Eckel
Loving The Longshot: Risk Taking With Skewed Gambles, Philip Grossman, Catherine Eckel
Economics Seminar Series
To examine the effect of increased skewness on risk taking, we conduct controlled laboratory experiments. Our instrument is an adaption of the Eckel and Grossman (2002, 2008) risk measure (with six gamble choices). The Eckel and Grossman measure is a simplest, easy to understand, exercise that gives sufficient heterogeneity in choices while at the same time minimizing errors. Its simplicity also makes it easy to adapt. The adapted gamble choices are designed to have the same expected payoffs and risk as the original gamble choices, but to exhibit increasing degrees of right skewness. The adapted instrument is used to address …
Does Sex Sell? A Look At The Effects Of Sex And Violence On Motion Picture Revenues, David Switzer, David M. Lang
Does Sex Sell? A Look At The Effects Of Sex And Violence On Motion Picture Revenues, David Switzer, David M. Lang
Economics Seminar Series
The Motion Picture Association of America (MPAA) is responsible for assigning all movies one of five movie ratings (G, PG, PG-13, R, NC-17). Previous research has found that G and PGrated movies perform better at the box office, yet movie studios continue to make more PG-13 and R-rated movies. Other research has used data on a film’s levels of sex, violence and profanity (SVP), to explore the link between SVP, movie rating, and box office revenues. In this paper, we use a more recent data set and include additional variables to account for movie quality to further explore this relationship. …
The Thursday Effect Of The Forward Premium Puzzle, Liang Ding
The Thursday Effect Of The Forward Premium Puzzle, Liang Ding
Economics Seminar Series
This paper examines the forward premium puzzle based on 1-week forward rates across weekdays. The paper finds that Thursday consistently appears to be a special day on which the puzzle disappears, while it is present on other weekdays. In addition to Thursday, Monday is also found to be a similar special day for the Euro. The paper proposes that this Thursday effect (Monday effect for Euro) is caused by monetary announcements released constantly on Tuesday (Thursday) by the FOMC (the European Central Bank). The empirical tests provide convincing evidence in favor of the proposed explanation.
Giving To Government: Voluntary Taxation In The Lab, Philip Grossman, Catherine Eckel, Sherry Xin Li, Tara Larson
Giving To Government: Voluntary Taxation In The Lab, Philip Grossman, Catherine Eckel, Sherry Xin Li, Tara Larson
Economics Seminar Series
In the United States, there is widespread antipathy toward taxation, yet at the same time there are substantial voluntary donations to nonprofit organizations with missions that are parallel to those of many government agencies. In this paper we compare giving in the form of voluntary taxes paid to government agencies with giving in the form of voluntary donations to nonprofit organizations that have similar missions. In a laboratory experimental setting, subjects are given an endowment, and are given the opportunity to donate any part of the endowment to a government agency or to a nonprofit organization. We compare levels of …
Some Evidence On The Relationship Between Performance Related Pay And The Shape Of The Experience-Earnings Profile, Sarah Brown, John G. Sessions
Some Evidence On The Relationship Between Performance Related Pay And The Shape Of The Experience-Earnings Profile, Sarah Brown, John G. Sessions
Economics Seminar Series
We investigate the relationship between the cost of procuring adequate worker effort over time and the shape of workers’ experience-earnings profiles. In particular, we argue that the slope of the profile depends critically upon the degree of ‘equity’ held by workers in their enterprise as measured by the extent of performance related pay (PRP). The implication is that the slope of the profile for PRP workers falls between those of their zero-equity fixed wage, and one hundred per cent equity self-employed, counterparts. Our empirical analysis of three British data sets, namely the British Social Attitudes Survey, the British Household Panel …
Long Memory Versus Structural Breaks In Modeling And Forecasting Realized Volatility, Wei-Choun Yu, Kyongwook Choi, Eric Zivot
Long Memory Versus Structural Breaks In Modeling And Forecasting Realized Volatility, Wei-Choun Yu, Kyongwook Choi, Eric Zivot
Economics Seminar Series
In this paper, we explore the possibilities of structural breaks in the realized volatility with the observed long-memory property for the Deutschemark/Dollar, Yen/Dollar and Yen/Deutschemark spot exchange rate realized volatility. The paper finds the substantial reduction of persistence of realized volatility after removing the breaks. Our VAR-RV-Break model provides the superior predictive ability compared to most of the forecasting models when the future break is known. The VAR-RV-I(d) long memory model, however, is still the best forecasting model even when the true financial volatility series are created by structural breaks with unknown break dates and size.
Major League Duopolists: When Baseball Clubs Play In Two-Team Cities, Phillip Miller
Major League Duopolists: When Baseball Clubs Play In Two-Team Cities, Phillip Miller
Economics Seminar Series
This paper focuses on examining the attendance of MLB teams that play home games in the same metropolitan area – duopoly teams. Comparisons were made between the determinants of attendance for duopoly teams and monopoly teams. While duopoly and monopoly teams share most of the same determinants, the estimated weights on some determinants differ. There is evidence that one duopolist’s attendance is negatively related to the other’s performance. Evidence is therefore provided that fans of one team respond to quality changes in the other team in a city.
An Economic Approach To Allocating River Water To Estuaries In South Africa, Stephen Hosking
An Economic Approach To Allocating River Water To Estuaries In South Africa, Stephen Hosking
Economics Seminar Series
Estuaries are last in line as a recipient of river water and for this reason they are particularly vulnerable to negative environmental impacts due to water scarcity and pollution. They only receive the runoff that has not been abstracted or prevented from reaching rivers. When this runoff is substantially reduced their functionality is undermined and they often become less attractive for recreational use. This paper explores some aspects entailed in efficiently managing the allocation of water to estuaries problem and some associated problems. It is shown that efficient management requires the marginal social costs of the inflows to be brought …
Workers’ Remittances: An Important And Stable Source Of External Development Finance, Dilip Ratha
Workers’ Remittances: An Important And Stable Source Of External Development Finance, Dilip Ratha
Economics Seminar Series
No abstract provided.