Economics Commons^™

Strengthening Greater Manchester's Economic Base Through Science, Innovation And Research And Development: Report Of Panel, Manchester Developmental Panel

Martin Wain

This report offers the findings and conclusions of the Developmental Panel, which visited Greater Manchester at the invitation of the Commission for the New Economy and the Northern Way. The Panel’s goal was to inform thinking about how Greater Manchester can strengthen its economic base through science, innovation, and research and development in a context of economic and structural change. The Panel visited Manchester on February 23rd and 24th, 2011, meeting with representatives of public, private, university, community and other organisations engaged in innovation, business, and economic development in Greater Manchester. The Panel is grateful for the time and co-operation …

Two Memoirs Tell The History Of The Alaska Dividend, Karl Widerquist

Karl Widerquist

Alaska’s Permanent Fund Dividend is closer to a basic income than almost any other policy in the world today. The lessons of how it was created and how it became so popular and successful are extremely important to the basic income movement. Two autobiographies available now tell different parts of the story of the Alaska Dividend. One is by Jay Hammond, the governor who, more than anyone else, is responsible for creating the fund and dividend. The other is by Dave Rose, the first executive director of the Alaska Permanent Fund Corporation. This review essay draws lessons for the basic …

Potential For Carbon Offsets From Anaerobic Digesters In Livestock Production, Kathy Baylis, Nicholas Paulson

Kathy Baylis

Fast-Food Consumption And The Ban On Advertising Targeting Children: The Quebec Experience, Tirtha Dhar, Kathy Baylis

Kathy Baylis

Amid growing concerns about childhood obesity and the associated health risks, several countries are considering banning fast-food advertising targeting children. In this paper we study the effect of such a ban in the Canadian province of Quebec. Using household expenditure survey data from 1984 to 1992, we examine whether expenditure on fast food is lower in those groups affected by the ban than in those who are not. We use a novel triple difference-in-difference methodology by appropriately defining treatment and control groups and find that the ban’s effectiveness is due not to the decrease in fast-food expenditures per week but …

Do Our Conservation Programs Work? A Spatially Explicit Estimate Of Avoided Forest Loss, Jordi Honey-Roses, Kathy Baylis, Maria Isabel Ramirez

Kathy Baylis

Sample Problem-Based Teaching Materials: First Year Contracts, Gillian K. Hadfield

Gillian K Hadfield

No abstract provided.

Determination Of Import Demand In Pakistan: The Role Of Expenditure Components, Muhammad Irfan Chani, Zahid Pervaiz, Amatul R. Chaudhary

Muhammad Irfan Chani

The paper uses imperfect substitution approach to derive the aggregate import demand function on the basis of disaggregated expenditure components. This derived import demand function is then empirically tested for Pakistan by using co-integration and error correction mechanism. The empirical results show that elasticity of import demand with respect to different macro components of final expenditure is different. The import demand in Pakistan is affected positively and significantly by all expenditure components. The relative prices have negative but insignificant relationship with import demand in Pakistan. The findings indicate that use of aggregate expenditure variable in the aggregate import demand function …

Poverty, Inflation And Economic Growth: Empirical Evidence From Pakistan, Muhammad Irfan Chani, Zahid Pervaiz, Sajjad Ahmad Jan, Amjad Ali, Amatul R. Chaudhary

Muhammad Irfan Chani

This study aims to investigate the role of economic growth and inflation in explaining the prevalence of poverty in Pakistan. ARDL bound testing approach to co-integration confirms the existence of long run relationship among the variables of poverty, economic growth, inflation, investment and trade openness over the period of 1972-2008. Empirical results show that economic growth and investment have negative and inflation has positive impact on poverty. The effect of trade openness on poverty is insignificant in this study. The short run analysis reveals that economic growth has negative and inflation has positive impact on poverty whereas the role of …

Financial Crises And Economic Growth In Pakistan: A Time Series Analysis, Rauf -I- Azam, Iram Batool, Rabia Imran, Muhammad Irfan Chani, Ahmed Imran Hunjra, Javed Mahmood Jasra

Muhammad Irfan Chani

The purpose of this research is to investigate causal relationship between economic growth and major indicators of financial crisis -- inflation rate, interest rate and the volume of foreign debt-- in Pakistan. This study also highlights the stability of the relationship between indicators of financial crisis and economic growth. The annual time series data ranging from 1972 to 2010 is used for the analysis. Johansen's co-integration test is used to check the stability of long nm equilibrium relationship between the variables used in the study. The results indicate that is long nm stable equilibrium relationship between economic growth and the …

Gender Inequality And Economic Growth: A Time Series Analysis For Pakistan, Zahid Pervaiz, Muhammad Irfan Chani, Sajjad Ahmad Jan, Amatul R. Chaudhary

Muhammad Irfan Chani

This paper attempts to analyze the impact of gender inequality on economic growth of Pakistan. An annual time series data for the period of 1972-2009 has been used in this study. We have regressed growth rate of real gross domestic product (GDP) per capita on labour force growth, investment, trade openness and a composite index of gender inequality. The results reveal that labour force growth, investment and trade openness have statistically significant and positive impact whereas gender inequality has a significant and negative effect on economic growth of Pakistan.

Equilibrio, Stabilità E Profitto: Una Ricostruzione Austriaca, Valerio Filoso

Valerio Filoso

No abstract provided.

Clustering Algorithm Identification System Using Wavelet Transform, Philadelphia University

Philadelphia University, Jordan

No abstract provided.

Duress, Péter Cserne

Péter Cserne

This chapter is to appear in Contact Law and Economics, part of the Elgar Encyclopedia of Law and Economics, 2nd ed. Its purpose is to provide an overview of the economic analyses of contractual duress. The focus is on the distinctive features of the economic perspective on the duress doctrine, as developed in the theoretical literature of law and economics. Along with the results of economic analysis, the legal background and some non-economic theories of duress are also briefly presented.

The Canonical Econophysics Approach To The Flash Crash Of May 6, 2010, Joao Mazzeu, Thiago Otuki, Sergio Da Silva

Sergio Da Silva

We carry out a statistical physics analysis of the flash crash of May 6, 2010 using data from the Dow Jones Industrial Average index sampled at a one-minute frequency from September 1, 2009 to May 31, 2010. We evaluate the hypothesis of a non-Gaussian Levy-stable distribution to model the data and pay particular attention to the distribution-tail behavior. We conclude that there is non-Gaussian scaling and thus that the flash crash cannot be considered an anomaly. From the study of tails, we find that the flash crash followed a power-law pattern outside the Levy regime, which was not the inverse …

Overconfidence And Excess Entry: A Comparison Between Students And Managers, A. Felipe Rodrigues, Newton Da Costa Jr, Sergio Da Silva

Sergio Da Silva

Overconfidence can lead to excessive business entry. Here we replicate the pioneer experiment finding this nexus (Camerer and Lovallo 1999) and extend it in two major directions: (1) to consider managers as well as student subjects and (2) to explicitly take into account selected characteristics of the manager subjects. We find that managers are more prone to the nexus overconfidence-excess entry than students are. In particular, we find that left-handed, married, and emotionally aroused managers are more prone to excess entry.

A Log-Periodic Fit For The Flash Crash Of May 6, 2010, Raul Matsushita, Sergio Da Silva

Sergio Da Silva

We show that a two-harmonic log-periodic formula fits the high-frequency data from the Dow Jones Industrial Average index, which encompass the recent episode known as the “flash crash” of May 6, 2010.

Impacts Of China's Growth On The Brazilian Trade, Tatiana Ferrari, Milton Biage, Sergio Da Silva

Sergio Da Silva

We evaluate whether the presence of China in world trade is ultimately beneficial or whether it is a threat to Brazil. Using a gravitational model and a panel data method, we find that the Chinese exports to countries other than Brazil are not hurting the Brazilian exports, although the exports of Brazilian manufactured goods have been displaced by commodities as a result of its commerce with China.

Revisiting Staggered Wages To Consider Discounting, Patricia Bonini, Sergio Da Silva

Sergio Da Silva

In the literature of staggered wages, the discount factor is neglected in the workers’ loss function. Yet, discounting is to be viewed as an extra piece of microfoundation with implications for discretionary monetary policy. We revisit the issue and show that discounting in the model of staggered wages actually lowers the time-consistent steady inflation.

Algorithmic Complexity Theory Detects Decreases In The Relative Efficiency Of Stock Markets In The Aftermath Of The 2008 Financial Crisis, Cleiton Taufemback, Ricardo Giglio, Sergio Da Silva

Sergio Da Silva

The relative efficiency of financial markets can be evaluated using algorithmic complexity theory. Using this approach we detect decreases in efficiency rates of the major stocks listed on the Sao Paulo Stock Exchange in the aftermath of the 2008 financial crisis.

Blindsight: How We See Disabilities In Tort Litigation, Anne Bloom, Paul Steven Miller

Anne Bloom

No abstract provided.