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Articles 1 - 25 of 25
Full-Text Articles in Social and Behavioral Sciences
Historical Political Economy: What Is It?, Jeffrey Jenkins, Jared Rubin
Historical Political Economy: What Is It?, Jeffrey Jenkins, Jared Rubin
ESI Working Papers
In this chapter, we define what historical political economy (HPE) is and is not, classify the major themes in the literature, assess the relative strengths and weaknesses of the literature, and point to future directions. We view HPE as social scientific inquiry which highlights political causes or consequences of historical issues. HPE is different from conventional political economy in the emphasis placed on historical processes and context. While we view HPE in the most inclusive manner reasonable, we define it to exclude works that are either solely of contemporary importance or use historical data without any historical context (e.g., long-run …
Ending The False Perception Decoding The Characteristics Of Americans Who Fear Immigrants’ Impact On The Economy By Kate Riccardelli, Kate Riccardelli
Ending The False Perception Decoding The Characteristics Of Americans Who Fear Immigrants’ Impact On The Economy By Kate Riccardelli, Kate Riccardelli
Student Scholar Symposium Abstracts and Posters
Understanding which characteristics impact Americans' position and fears towards immigrants will generate an understanding of what drives and unleashes fear-driven behavior on immigrant populations. One particular area of public perception towards immigrants that gets a high degree of political debate is immigrants' impact on the economy. This paper will evaluate the relationship between a person's social-economic status, age, and education level towards the perception that immigrants are negatively impacting and draining the American economy. The link between a fear of immigrants and the stated characteristics will be evaluated through the Chapman Survey of American Fears, a representative national survey of …
The Implications Of Covid-19 On Fear Of Financial Collapse, Alexis Reekie
The Implications Of Covid-19 On Fear Of Financial Collapse, Alexis Reekie
Student Scholar Symposium Abstracts and Posters
By disrupting the general value paradigm, the typical hierarchy of values, individuals directly affected by the COVID-19 virus have realized an overall shift in perspective, indicating a need to understand the effects of the COVID-19 virus on one’s outlook regarding economic anxiety and fear of financial collapse. The possibility of a global health crisis reaching levels of devastation are certainly great and worth investigating. Throughout this research paper I worked to determine the correlation between fear of financial crises and individuals who have been affected by the COVID-19 virus. Utilizing the Chapman Survey of American Fears (FEAR survey) questions pertaining …
Predicting Market Trends: Effects Of Gdp And Pmi On Changes In Stock Closing Prices, Charley Renna
Predicting Market Trends: Effects Of Gdp And Pmi On Changes In Stock Closing Prices, Charley Renna
Student Scholar Symposium Abstracts and Posters
In an effort to learn more about the impact of certain economic variables on the stock market, I chose to analyze the impact that the Purchasing Managers’ Index and U.S. Gross Domestic Product have on three major stock indices: S&P 500, Dow Jones Industrial Average, and Nasdaq 100. The PMI is an index of the direction of economic trends in the manufacturing and services sector. Released on the first business day of every month, it consists of a diffusion index that summarizes whether market conditions are expanding, staying the same, or contracting. An index level greater than 50 percent suggests …
Humanomics: Moral Sentiments And The Wealth Of Nations For The Twenty-First Century, Vernon Smith, Bart J. Wilson
Humanomics: Moral Sentiments And The Wealth Of Nations For The Twenty-First Century, Vernon Smith, Bart J. Wilson
Economics Faculty Books and Book Chapters
Sometime in the last 250 years, economists lost sight of the full range of human feeling, thinking, and knowing in everyday life. Smith and Wilson show how Adam Smith's model of sociality can re-humanize twenty-first century economics by undergirding it with sentiments, fellow feeling, and a sense of propriety - the stuff of which human relationships are built. Integrating insights from The Theory of Moral Sentiments and the Wealth of Nations into contemporary empirical analysis, this book shapes economic betterment as a science of human beings.
How We Think About Economics, Bart J. Wilson
How We Think About Economics, Bart J. Wilson
ESI Publications
"From my casual observation, many economists were surprised at the content of Vernon's Nobel lecture on ecological and constructivist rationality in economics. Having been awarded the prize 'for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms,' I think many expected him to catalogue the major findings of experimental economics in his prize lecture. David Porter has described Vernon as a live, interactive version of the Journal of Economic Literature. But Vernon Smith is no cataloguer. He is a synthesizer, and he synthesizes acutely aware that scientific inquiry is …
Multiple Openings And Competitiveness Of Forward Markets: Experimental Evidence, José Luis Ferreira, Praveen Kujal, Stephen Rassenti
Multiple Openings And Competitiveness Of Forward Markets: Experimental Evidence, José Luis Ferreira, Praveen Kujal, Stephen Rassenti
Economics Faculty Articles and Research
We test the competition enhancing effect of selling forward in experimental Cournot duopoly and quadropoly with multiple forward markets. We find that two forward periods yields competitive outcomes and that the results are very close to the predicted theoretical results for quantity setting duopolies and quadropolies. Our experiments lend strong support to the hypothesis that forward markets are competition enhancing. We then test a new market that allows for endogenously determined indefinitely many forward periods that only close when sellers coordinate on selling a zero amount in a forward market. We find that the outcomes under an endogenous close rule …
Economic Voting: Election Outcomes At The Toss Of A Coin?, Damaris Bangean
Economic Voting: Election Outcomes At The Toss Of A Coin?, Damaris Bangean
Student Scholar Symposium Abstracts and Posters
Given the severe shock of the 2008 economic crisis, this paper examines the relationship the relationship between individual and aggregate economic evaluations and democratic accountability through data analysis of the 2012 American National Election Studies. It includes statistical analysis of presidential and congressional approval, personal restrospective and prospective economic evaluations, macroeconomic restrospective and prospective evaluations, and other relevant variables, such as income and ideological preferences to broaden the scope of analysis on political behavior. As the notion of democratic accountability is a foundational pillar of the American political system, such studies are critical to election years following economic fluctuations, where …
Air Pollution Differences Between Nations With Different Economic Profiles, Alliyah Sato
Air Pollution Differences Between Nations With Different Economic Profiles, Alliyah Sato
Student Scholar Symposium Abstracts and Posters
The economics of a country plays an important role in determining what that country considers as its priorities. A developed country, such as the U.S., is powerful economically. As a result, it has the resources and tools to focus on other aspects of the nation. One of these features is the environment. Countries undergoing urbanization and industrial development processes, such as China, are emitting large amounts of pollutants into the atmosphere. Although it has adverse health and ecological effects, China has shown very little reduction of its emissions from 2000-2014. It relies heavily on coal burning as a source of …
Who Cares About Inequality Of Opportunity And Why?, James Trocme
Who Cares About Inequality Of Opportunity And Why?, James Trocme
Student Scholar Symposium Abstracts and Posters
Inequality is one of the most pressing economic issues in today’s world. High levels of economic inequality are associated with a large number of negative economic side effects and with correspondingly high levels of political inequality. This results in the voices of the few being heard more loudly than the voices of the many and a disruption of democracy. However, in the United States there seems to be very little political will to take action that might curb the problem of inequality. Many scholars agree that the defining aspect of a person’s opinion on the subject is their own self-interest, …
China-Based Industrial Espionage, Joel Savary
China-Based Industrial Espionage, Joel Savary
Student Scholar Symposium Abstracts and Posters
On Oct 8, 2014 China has surpassed the United States as the world’s largest economy in terms of Purchasing Power Parity (PPP)” (IMF). My paper explores one of the instances of unlawful business practices that have contributed to China’s new world position. China based espionage undercuts American businesses and U.S. foreign policy directly, causing catastrophic economic implications for America, its businesses, and its allies. The U.S. government is grappling with the means and methods China uses to disseminate information stolen from U.S. businesses to support China based industries. Due to the lack of transparency in China, it has been difficult …
Religious Identity And The Provision Of Public Goods: Evidence From The Indian Princely States, Latika Chaudhary, Jared Rubin
Religious Identity And The Provision Of Public Goods: Evidence From The Indian Princely States, Latika Chaudhary, Jared Rubin
ESI Working Papers
Religious identity affects preferences and can consequently affect policy. We propose two mechanisms through which a ruler's religious identity can affect public good provision: i) greater provision of goods in regions where more subjects are the ruler's co-religionists, and ii) lower provision of goods where private markets provide a substitute to the ruler's co-religionists. Empirically, identifying the causal effect of religious identity on policy is often impossible, since the religious identity of rulers rarely changes over time and place. We address this problem by exploiting the variation in the religion of rulers in the Indian Princely States in the early …
Origins And Resolution Of Financial Crises: Lessons From The Current And Northern European Crises, Finn Ostrup, Lars Oxelheim, Clas Wihlborg
Origins And Resolution Of Financial Crises: Lessons From The Current And Northern European Crises, Finn Ostrup, Lars Oxelheim, Clas Wihlborg
Business Faculty Articles and Research
Since July 2007, the world economy has experienced a severe financial crisis that originated in the U.S. housing market. Subsequently, the crisis has spread to financial sectors in European and Asian economies and led to a severe worldwide recession. The existing literature on financial crises rarely distinguishes between factors that create the original strain on the financial sector and factors that explain why these strains lead to system-wide contagion and a possible credit crunch. Most of the literature on financial crises refers to factors that cause an original disruption in the financial system. We argue that a financial crisis with …
Justice And Fairness In The Dictator Game, Karl Schurter, Bart J. Wilson
Justice And Fairness In The Dictator Game, Karl Schurter, Bart J. Wilson
Economics Faculty Articles and Research
This article uses a laboratory experiment to examine the question of whether justice and fairness are different motivational forces in the dictator game. "Justice" and "fairness" are often used interchangeably because their meanings and usages are so closely linked, despite their distinct connotations. Using four different treatments, our experimental design investigates the subtle differences between the two social concepts to explicate generosity in the dictator game. The results indicate that justice, not fairness, legitimizes property rights in the dictator game.
Exchange And Specialisation As A Discovery Process, Sean Crockett, Vernon L. Smith, Bart J. Wilson
Exchange And Specialisation As A Discovery Process, Sean Crockett, Vernon L. Smith, Bart J. Wilson
Economics Faculty Articles and Research
In this article we study the performance of an economy that can support specialisation if the participants develop and follow some system of exchange. We define a closed economy in which the participants must discover the ability to exchange, implement it, and ascertain what they are comparatively advantaged in producing. Many of our participants demonstrate the ability to find comparative advantage, capture gains from trade and effectively choose production that is consistent with the choices of others. We explore various treatments to provide insight into the conditions that foster the growth of specialisation and exchange within this weak institutional framework.
Radio Spectrum And The Disruptive Clarity Of Ronald Coase, Thomas W. Hazlett, David Porter, Vernon Smith
Radio Spectrum And The Disruptive Clarity Of Ronald Coase, Thomas W. Hazlett, David Porter, Vernon Smith
ESI Working Papers
In the Federal Communications Commission, Ronald Coase exposed deep foundations via normative argument buttressed by astute historical observation. The government controlled scarce frequencies, issuing sharply limited use rights. Spillovers were said to be otherwise endemic. Coase saw that Government limited conflicts by restricting uses; property owners perform an analogous function via the “price system.” The government solution was inefficient unless the net benefits of the alternative property regime were lower. Coase augured that the price system would outperform. His spectrum auction proposal was mocked by communications policy experts, opposed by industry interests, and ridiculed by policy makers. Hence, it took …
Legacy Of The Clinton Bubble, Timothy Canova
Legacy Of The Clinton Bubble, Timothy Canova
Law Faculty News Articles, Editorials, and Blogs
This article looks at the economy following the Clinton administration period in the White House.
Rationality In Economics: Constructivist And Ecological Forms, Vernon L. Smith
Rationality In Economics: Constructivist And Ecological Forms, Vernon L. Smith
ESI Publications
Chapter 1: Rediscovering the Scottish Philosophers
Auction Markets For Evaluations, Cary Deck, Bart J. Wilson
Auction Markets For Evaluations, Cary Deck, Bart J. Wilson
Economics Faculty Articles and Research
When the value of a product or service is uncertain, outcomes can be inefficient. A market for evaluations can theoretically increase efficiency by voluntarily eliciting an evaluation that would otherwise not be provided. This paper uses a controlled laboratory experiment to test the performance of four market mechanisms to provide product evaluations. The mechanisms considered are derived from the oft studied uniform price sealed bid, discriminatory price sealed bid, English clock auction, and Dutch clock auction. Our results indicate for this nonrivalrous product that (i) each of these institutions improves social welfare and (ii) the performances of the four mechanisms …
Human Nature: An Economic Perspective, Vernon L. Smith
Human Nature: An Economic Perspective, Vernon L. Smith
Economics Faculty Articles and Research
An economist writing on the topic of human nature is surely expected to talk about decision making by narrowly self-interested rational agents.
Gatt, Dispute Settlement And Cooperation: A Reply, Dan Kovenock, Marie Thursby
Gatt, Dispute Settlement And Cooperation: A Reply, Dan Kovenock, Marie Thursby
Economics Faculty Articles and Research
In our 1992 paper, we analyzed GATT and its dispute settlement procedure (DSP) in the context of a supergame model of international trade featuring both explicit (GATT) and implicit (non-GATT) agreements. Our paper departed from the previous economics literature on GATT enforcement (see, for instance Hungerford (1991) and Ludema (1990)) by incorporating the ``twin engines of international obligation and retaliation'' (Hudec, 1990). International obligation imposed a cost of violating an explicit international agreement, such as GATT, while retaliation could take place either within the rules stipulated by the international agreement or by punishment outside of the agreement. In Section 2 …
The All-Pay Auction With Complete Information, Michael R. Baye, Dan Kovenock, Casper G. De Vries
The All-Pay Auction With Complete Information, Michael R. Baye, Dan Kovenock, Casper G. De Vries
Economics Faculty Articles and Research
In a (first price) all-pay auction, bidders simultaneously submit bids for an item. All players forfeit their bids, and the high bidder receives the item. This auction is widely used in economics to model rent seeking, R&D races, political contests, and job promotion tournaments. We fully characterize equilibrium for this class of games, and show that the set of equilibria is much larger than has been recognized in the literature. When there are more than two players, for instance, we show that even when the auction is symmetric there exists a continuum of asymmetric equilibria. Moreover, for economically important configurations …
The Primitive Hunter Culture, Pleistocene Extinction, And The Rise Of Agriculture, Vernon L. Smith
The Primitive Hunter Culture, Pleistocene Extinction, And The Rise Of Agriculture, Vernon L. Smith
Economics Faculty Articles and Research
The hypothesis that megafauna extinction some 10,000 years ago was due to "overkill" by Paleolithic hunters is examined using an economic model of a replenishable resource. The large herding animals that became extinct, such as mammoth, bison, camel, and mastodon, presented low hunting cost and high kill value. The absence of appropriation provided incentives for the wastage killing evident in some kill sites, while the slow growth, long lives, and long maturation of large animals increased their vulnerability to extinction. Free-access hunting is compared with socially optimal hunting and used to interpret the development of conservationist ethics, and controls, in …
An Experimental Study Of Competitive Market Behavior, Vernon L. Smith
An Experimental Study Of Competitive Market Behavior, Vernon L. Smith
Economics Faculty Articles and Research
Recent years have witnessed a growing interest in experimental games such as management decision-making games and games designed to simulate oligopolistic market phenomena. This article reports on a series of experimental games designed to study some of the hypotheses of neoclassical competitive market theory.
An Economic Analysis Of Contributions Under The Income Tax Laws, Floyd E. Gillis, Vernon L. Smith
An Economic Analysis Of Contributions Under The Income Tax Laws, Floyd E. Gillis, Vernon L. Smith
Economics Faculty Articles and Research
In this note classical tools are used to examine the treatment of "gifts in kind" under the federal income-tax laws as they were but a few years ago, as they are today, and as they should be, given the objective that the law appears to be trying to achieve. It will be demonstrated that, under certain conditions, firms today can maximize profit after taxes by producing some output to be given to acceptable charities.