Economics Commons^™

Fast Food, Addiction, And Market Power, Timothy J. Richards, Paul M. Patterson, Stephen F. Hamilton

Economics

No abstract provided.

(Wp 2007-03) Trade Openness, Capital Mobility, And The Sacrifice Ratio, Joseph P. Daniels, David D. Vanhoose

Economics Working Papers

This paper develops and evaluates empirically the implications of a theoretical model of an open economy in which variations in both trade openness and capital mobility can influence the sacrifice ratio. Key predictions forthcoming from the model are that both forms of globalization can independently affect the capital ratio, once the influences of the level of central bank independence and the degree of wage stickiness in nations‘ economies are taken into account. Examination of cross-country data encompassing 58 disinflations for 16 countries yields evidence consistent with these essential predictions of the theoretical framework.

Inflation Targeting As A Tool Of Monetary Management: International Experiences, A. F. Odusola

Economic and Financial Review

This article seeks to address the main prerequisites and key challenges of implementing inflation targeting across many countries and draws relevant lessons for countries that are contemplating the adoption of IT. To achieve this objective, the rest of the paper has been structured as follows. Following the introduction is part II which examines the theoretical framework for IT while the review of international experiences is contained in part III. Contemporary issues and challenges are considered in part IV while recommendations and conclusion are the focus of part V.

Promoting Economic Literacy In Massachusetts And Beyond, Margaret Brooks

Bridgewater Review

No abstract provided.

The Marketplace Of Ideas: Government Regulation Failures And Nonprofit Solutions, Peter Yi

Economics Theses

No abstract provided.

Nonprofit To For-Profit Hospital Conversions: The Effect On Charitable Care, Dana Wikstrom

Economics Theses

No abstract provided.

Collective Corruption And Social Networks In China, Alex Shum

Economics Theses

No abstract provided.

A Restructuring Of Nonprofit Professional Sports Leagues In North America, Greg Swanson

Economics Theses

No abstract provided.

Conservation And Management Of Wildlands, Christopher Libecap

Economics Theses

No abstract provided.

Competitive Microfinance: Its Effects And Needed Adjustments, Nick Amland

Economics Theses

No abstract provided.

An Examination Of The Danish Immigrant-Trade Link, Roger White

Economics

This paper investigates the influence of immigrants on Danish imports and exports. As public and political debates concerning immigration policy are expected to continue, the findings presented here provide valuable information. Prior to 2002, Denmark’s immigration policy was among the most liberal in Europe. However, concerns regarding terrorism, social services depletion, and detrimental labour market effects, all purported to stem from immigration, led the Danish government to severely tighten its policy. In examining Denmark, we explore the immigrant-trade relationship in a small host country that is globally well-integrated, open to trade, and proximate to both major trading partners and primary …

Masking Identification Of Discrete Choice Models Under Simulation Methods, Lesley Chiou, Joan L. Walker

Lesley Chiou

We present examples based on actual and synthetic datasets to illustrate how simulation methods can mask identification problems in the estimation of discrete choice models such as mixed logit. Simulation methods approximate an integral (without a closed form) by taking draws from the underlying distribution of the random variable of integration. Our examples reveal how a low number of draws can generate estimates that appear identified, but in fact, are either not theoretically identified by the model or not empirically identified by the data. For the particular case of maximum simulated likelihood estimation, we investigate the underlying source of the …

A Dynamic Model Of Sectoral Agglomeration Effects, Nicole Andréa Mathys

Nicole Andréa Mathys

This note derives a theoretical model that justifies the dynamic specification used in empirical works investigating the impact of agglomeration effects on regional industry-specific labour productivity. It extends the seminal multi-regional framework of Ciccone (2002) to allow for sectoral disaggregation and a temporal dimension. As a result, present productivity becomes a function of past productivity and other contemporaneous and lagged control variables.

A Product-Market Theory Of Industry-Specific Training, Hans Gersbach, Armin Schmutzler

Armin Schmutzler

We develop a product market theory that explains why firms provide their workers with skills that are sufficiently general to be potentially useful for competitors. We consider a model where firms first decide whether to invest in industry-specific human capital, then make wage offers for each others' trained employees and finally engage in imperfect product market competition. Equilibria with and without training, and multiple equilibria can emerge. If competition is sufficiently soft, firms may invest in non-specific training if others do the same. Thereby, they avoid having to pay high wages in order to attract trained workers.

The Simple Economics Of Risk-Sharing Agreements Between The Nhs And The Pharmaceutical Industry, Pedro P. Barros

Pedro P Barros

The Janssen-Cilag proposal for a risk-sharing agreement regarding bortezomib received a welcome signal from NICE. The Office of Fair Trading report included risk-sharing agreements as an available tool for the National Health Service. Nonetheless, recent discussions have somewhat neglected the economic fundamentals underlying risk-sharing agreements. We argue here that risk-sharing agreements, although attractive due to the principle of paying by results, also entail risks. Too many patients may be put under treatment even with a low success probability. Prices are likely to be adjusted upward, in anticipation of future risk-sharing agreements between the pharmaceutical company and the third-party payer. An …

An Overview Of Combinatorial Auctions, Peter Cramton, Yoav Shoham, Richard Steinberg

Peter Cramton

No abstract provided.

Why Bayes Rules: A Note On Bayesian Vs. Classical Inference In Regime Switching Models, Dennis L. Gärtner

Dennis L Gärtner

By means of a very simple example, this note illustrates the appeal of using Bayesian rather than classical methods to produce inference on hidden states in models of Markovian regime switching.

Voting, Wealth Heterogeneity, And Endogenous Labor Supply, Chetan Ghate

Chetan Ghate

We examine the link between voting outcomes, wealth heterogeneity, and endogenous labor leisure choice in the majority voting – endogenous growth frameworks of Alesina and Rodrik (1994) and Das and Ghate (2004). We augment these frameworks to incorporate leisure dependent utility and allow households to vote over factor specific income taxes. When agents vote over factor specific taxes, we show that the asymptotic convergence of factor holdings does not imply unanimity over the growth maximizing tax policy in the steady state. Unanimity over growth maximizing policies holds only when agents vote over a general income tax, and when agents vote …

Base Realignment And Closure Impact On Industry In El Paso, Tx And Doña Ana, Nm: Workforce Growth, Training Needs And Access To Federal Government Contracts, Carlos Olmedo, Dennis L. Soden, Daniel J. Quiñones, Elizabeth K. Gibson, Dannette De Leon, Michael F. Vargas

IPED Technical Reports

No abstract provided.

Global Information Technology Report 2006-2007: Connecting To The Networked Economy, Priscilla Finley

Library Faculty Publications

This World Economic Forum report by Dutta (INSEAD) and Mia (WEF) evaluates the penetration of information and communication technologies (ICT) in 122 economies across the globe.

Beyond Foraging: Behavioral Science And The Future Of Institutional Economics, Alexander J. Field

Economics

Institutions affect economic outcomes, but variation in them cannot be directly linked to environmental factors such as geography, climate, or technological availabilities. Game theoretic approaches, based as they typically are on foraging only assumptions, do not provide an adequate foundation for understanding the intervening role of politics and ideology; nor does the view that culture and institutions are entirely socially constructed. Understanding what institutions are and how they influence behavior requires an approach that is in part biological, focusing on cognitive and behavioral adaptations for social interaction favored in the past by group selection. These adaptations, along with their effects …

Monetary Policy And Economic Growth: Theoretical And Conceptual Issues, D. G. Omotor

Economic and Financial Review

This article seeks to address the relationship between monetary policy and economic growth by enunciating the conceptual and theoretical issues that relate to monetary policy and economic growth. The paper is divided into five sections. Following the introduction in section 1, section 2 discusses the objectives of monetary policy. The monetary transmission mechanisms are schematically explained in section 3. Section 4 reviews the performance assessment of monetary policy and its framework in Nigeria. The constraints of monetary policy management in Nigeria are espoused in section 5. The final section concludes the paper.

On The Total Duration Of Negative Surplus Of A Risk Process With Two-Step Premium Function, Pavlina Jordanova

Applications and Applied Mathematics: An International Journal (AAM)

We consider a risk reserve process whose premium rate reduces from c_d to c_u when the reserve comes above some critical value v. In the model of Cramer-Lundberg with initial capital u ≥ 0, we obtain the probability that ruin does not occur before the first up-crossing of level v. When u < v, following H. Gerber and E. Shiu (1997), we derive the probability that starting with initial capital u ruin occurs and the severity of ruin is not bigger than v. Further we express the probability of ruin in the two step premium function model - ψ (u,v), by the last two probabilities. Our assumptions imply that the surplus process will go to infinity almost surely. This entails that the process will stay below zero only temporarily. We derive the distribution of the total duration of negative surplus and obtain its Laplace transform and mean value. As a consequence of these results, under certain conditions in the Model of Cramer-Lundberg we obtain the expected value of the severity of ruin. In the end of the paper we give examples with exponential claim sizes.

Redistribution By Insurance Market Regulation: Analyzing A Ban On Gender-Based Retirement Annuities, Amy Finkelstein, James Poterba, Casey Rothschild

Economics Faculty Scholarship

This paper illustrates how a model of an insurance market with asymmetric information can be calibrated and solved to evaluate the economic consequences of government regulation. We estimate the impact of restricting gender-based pricing in the United Kingdom retirement annuity market, a market in which individuals are required to annuitize their retirement savings by selecting among a range of different annuity contracts. After calibrating a lifecycle utility model and estimating a model of annuitant mortality that allows for unobserved heterogeneity, we solve for the range of equilibrium contract structures with and without gender-based insurance pricing. Eliminating gender-based annuity pricing is …

The Role Of Tennis In Generating Social Capital, Katie Schultz

Economics Theses

No abstract provided.

Essays On Intrahousehold Allocation And The Family: Fertility, Child Education, And Nutrition, Alemayehu Azeze Ambel

Dissertations

Understanding the constraints that households face when making decisions on fertility, education, and health is beneficial for effective interventions aimed at enhancing investments in human capital, promoting gender equity, and reducing poverty. This dissertation consists of four essays that analyze the nature, performance, and determinants of fertility, child education, and nutritional status in a developing economy.

The first essay identifies peculiar constraints, including gender preference and income uncertainty that households face when making fertility and schooling choices. The underlying assumption in the theoretical analysis is that in the absence of formal risk and capital markets, households may revert to informal …

Estimating The Impact, Transmission Mechanism And Reaction Function Of Monetary Policy: A Factor-Augmented Vector Autoregressive (Favar) Approach, Dawit Legesse Senbet

Dissertations

This dissertation employs factor-augmented vector autoregressive (FAVAR) models to investigate the impact, transmission mechanism and reaction function of monetary policy. The recent development of augmenting dynamic factor analysis with the vector autoregressive (VAR) models, pioneered by Bernanke et al. (2005), has led to advances in monetary policy analysis. The new approach bases measurements of monetary policy on large data sets that approximate the true information set of policymakers. This is in contrast to low dimensional VAR models. The FAVAR model summarizes information from large data set by a few factors that are incorporated into VAR models.

The first essay investigates …

Three Essays On The Impacts Of Risk And Uncertainty On Foreign Direct Investment (Fdi) And Remittances Flows Into Developing Countries, Blen Solomon

Dissertations

This three-essay dissertation focuses on the two most important and most stable sources of finance to developing countries, namely Foreign Direct Investment (FDI) and remittances. The first essay examines the roles of exchange rate uncertainty and political risk in determining FDI inflows into African economies. The past few decades have witnessed a surge of FDI inflows to developing regions. However, FDI inflows to Africa still remain relatively small and investor surveys show political risk and macroeconomic uncertainty to be strong deterrents of FDI inflows into Africa. In this essay, I use a sample of 12 African countries and employ Fixed …

Fitting Event-History Models To Uneventful Data, Douglas A. Wolf, Thomas M. Gill

Center for Policy Research

Data with which to study disability dynamics usually take the form of successive current-status measures of disability rather than a record of events or spell durations. One recent paper presented a semi-Markov model of disability dynamics in which spell durations were inferred from sequences of current-status measures taken at 12-month intervals. In that analysis, it was assumed that no unobserved disablement transitions occurred between annual interviews. We use data from a longitudinal survey in which participants' disability was measured at monthly intervals, and simulate the survival curves for remaining disabled that would be obtained with 1- and 12-month follow-up intervals. …

Singapore's Exchange Rate Policy: Some Implementation Issues, Hwee Kwan Chow

Research Collection School Of Economics

Reflecting the small open nature of its economy, Singapore has adopted an exchange rate-centered monetary policy framework since 1981. The exchange rate regime in Singapore is an intermediate regime that follows the basket-band-crawl system. With this managed float system, the MAS has successfully deterred speculators from attacking the domestic currency for most of the past three decades. At the same time, the flexibility accorded by the managed float system aided Singapore in escaping from the 1997–1998 Asian crisis relatively unscathed. In order to advance our understanding of the hitherto successful operation of Singapore's exchange rate policy, we examine the following …