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Articles 1 - 17 of 17
Full-Text Articles in Behavioral Economics
The Economic Impact Of Methamphetamine Use In Benton County, Arkansas, Jeffery T. Collins
The Economic Impact Of Methamphetamine Use In Benton County, Arkansas, Jeffery T. Collins
Publications and Presentations
Methamphetamine use among the employed population is on the rise as general methamphetamine use increases. Many employers are unaware of the extent of the methamphetamine crisis and the harmful effects that employee methamphetamine use has on the firm. While methamphetamine use is associated with tremendous expenses for society in the form of direct health care, law enforcement, and environmental costs, this study focuses exclusively on the increased costs that firms bear as a result of the methamphetamine use of their employees. The Benton County Methamphetamine Task Force commissioned this project from the Center for Business and Economic Research in the …
Expectations Formation And Forecasting Of Vehicle Demand: An Empirical Study Of The Vehicle Quota Auctions In Singapore, Sing-Fat Chu, Winston T. H. Koh, Yiu Kuen Tse
Expectations Formation And Forecasting Of Vehicle Demand: An Empirical Study Of The Vehicle Quota Auctions In Singapore, Sing-Fat Chu, Winston T. H. Koh, Yiu Kuen Tse
Research Collection School Of Economics
This paper studies expectations formation and forecasting of vehicle demand in Singapore under the vehicle quota system. Under the system, a car buyer must first bid for a vehicle license in monthly auctions in order to purchase a new car. We construct an econometric model to test the hypothesis that past bid distributions of the license auctions contain information that car buyers can use to update their expectations about the intensity of market demand, forecast license premiums and formulate their bidding strategies in future auctions. Our empirical analysis indicates that past bid distributions have a good degree of predictive power …
Expectations Formation And Forecasting Of Vehicle Demand: An Empirical Study Of The Vehicle Quota Auctions In Singapore, Sing-Fat Chu, Winston T. H. Koh, Yiu Kuen Tse
Expectations Formation And Forecasting Of Vehicle Demand: An Empirical Study Of The Vehicle Quota Auctions In Singapore, Sing-Fat Chu, Winston T. H. Koh, Yiu Kuen Tse
Research Collection School Of Economics
This paper studies the expectations formation and forecasting of vehicle demand in Singapore under the vehicle quota system. Under the system, a car buyer must first bid for a vehicle license in monthly auctions in order to purchase a new car. We construct an econometric model to test the hypothesis that past bid distributions of the license auctions contain information that car buyers can use to update their expectations about the intensity of market demand, forecast the license premiums and formulate their bidding strategies in future auctions. Our empirical analysis indicates that past bid distributions have a good degree of …
Vickrey Auctions With Reserve Pricing, Peter Cramton, Lawrence M. Ausubel
Vickrey Auctions With Reserve Pricing, Peter Cramton, Lawrence M. Ausubel
Peter Cramton
We generalize the Vickrey auction to allow for reserve pricing in a multi-unit auction with interdependent values. In the Vickrey auction with reserve pricing, the seller determines the quantity to be made available as a function of the bidders’ reports of private information, and then efficiently allocates this quantity among the bidders. Truthful bidding is a dominant strategy with private values and an ex post equilibrium with interdependent values. If the auction is followed by resale, then truthful bidding remains an equilibrium in the auction-plus-resale game. In settings with perfect resale, the Vickrey auction with reserve pricing maximizes seller revenues.
Auctioning Many Divisible Goods, Peter Cramton, Lawrence M. Ausubel
Auctioning Many Divisible Goods, Peter Cramton, Lawrence M. Ausubel
Peter Cramton
We study the theory and practical implementation of auctioning many divisible goods. With multiple related goods, price discovery is important not only to reduce the winner’s curse, but more importantly, to simplify the bidder’s decision problem and to facilitate the revelation of preferences in the bids. Simultaneous clock auctions are especially desirable formats for auctioning many divisible goods. We examine the properties of these auctions and discuss important practical considerations in applying them.
Abortion Policy And Fertility Outcomes: The Eastern European Experience, Phillip B. Levine, Douglas Staiger
Abortion Policy And Fertility Outcomes: The Eastern European Experience, Phillip B. Levine, Douglas Staiger
Dartmouth Scholarship
Theory suggests that abortion restrictions will influence fertility outcomes such as pregnancy, abortion, and birth. This paper exploits the variations in abortion policy generated in Eastern Europe in the late 1980s and early 1990s to examine their impact on fertility outcomes. We distinguish among countries with severe, moderate, and few restrictions on abortion access and examine the impact of changes across all three categories. As we hypothesize, the results indicate that countries that changed from very restrictive to liberal abortion laws experienced a large reduction in births. Changes from modest restrictions to abortion available on request, however, led to no …
Social Trust And Economic Governance, Fali Huang
Social Trust And Economic Governance, Fali Huang
Research Collection School Of Economics
The paper investigates the dynamic relationship between social trust and economic governance using a principal-agent model with stochastic returns. To mitigate the inherent moral hazard problem both intrinsic and extrinsic incentives are useful. The cooperative tendency of an agent measures his intrinsic discipline against shirking, the distribution of which characterizes social trust in society. The economic governance methods include direct monitoring and efficiency wage. The main results are the following. An agent with a higher cooperative tendency needs less monitoring and a lower wage to make effort, which brings higher profit for the principal. But competition among principals for more …
Understanding And Interpreting Financial Statements, Awoyungbo B. O.
Understanding And Interpreting Financial Statements, Awoyungbo B. O.
Bullion
As the owners of a company the shareholders, through its Board, are responsible for the hiring and firing of the management of their company. The principles of company finance are therefore based upon the assumption that the objective of management is to maximise the wealth of its ordinary shareholders. This paper discusses some of the general principles which are applied in the preparation of financial statements. It lists and explains the following components of a financial statement; Statement of Accounting Policies, Balance Sheet, Profit and Loss Account, Notes to the Accounts, Cash flow statements ,Value added statements, Five year financial …
Competitive Auction Markets In British Columbia, Peter Cramton, Susan Athey
Competitive Auction Markets In British Columbia, Peter Cramton, Susan Athey
Peter Cramton
US-Canada Softwood Lumber Trade Dispute, On behalf of British Columbia Ministry of Forests.
Musical Copyright Infringement And Policy Implementation At Higher Education Institutions, Henry Haruaki Wendel
Musical Copyright Infringement And Policy Implementation At Higher Education Institutions, Henry Haruaki Wendel
Inquiry: The University of Arkansas Undergraduate Research Journal
Copyright infringement through campus networks has become an increasingly troubling problem for higher education institutions across the nation for two reasons. First, the network infrastructure is being abused to the extent that high percentages of the traffic to and from the university are of illegal material. Second, much of these materials are illegal, so administrators must follow procedures and implement policies, which will identify the university when a member of the university violates the law. Throughout the nation, university administrators are taking different approaches to combat this new issue on campuses. In this study, the policies of the one hundred …
What Do The Ibbottson Historical Studies Really Prove About Firm Size, Risk And Return?, Michael Sack Elmaleh
What Do The Ibbottson Historical Studies Really Prove About Firm Size, Risk And Return?, Michael Sack Elmaleh
Michael Sack Elmaleh
I deny that the Ibbottson historical studies prove that small and medium caps outperform large caps because they are more risky. First, I question whether covariance measures are necessarily a good proxy for risk. The higher levels of volatility associated with small and medium cap versus large cap may be a statistical artifact: the greater number of transactions associated with large caps as compared to small caps may account for this difference. Secondly, higher returns on small and medium caps may be a function of less efficient information distribution for these securities as compared to large caps. Finally, can we …
Competitive Bidding Behavior In Uniform-Price Auction Markets, Peter Cramton
Competitive Bidding Behavior In Uniform-Price Auction Markets, Peter Cramton
Peter Cramton
Profit-maximizing bidding in uniform price auction markets involves bidding above marginal cost. It therefore is not surprising that such behavior is observed in electricity markets. This incentive to bid above marginal cost is not the result of coordinated action among the bidders. Rather, each bidder is independently selecting its bid to maximize profits based on its estimate of the residual demand curve it faces. The supplier bids a price for its energy capacity to optimize its marginal tradeoff between higher prices and lower quantities. Price response from either demand or other suppliers prevents the supplier from raising its bid too …
Congestion Control And Vehicle Ownership Restriction: The Choice Of An Optimal Quota Policy, Winston T. H. Koh
Congestion Control And Vehicle Ownership Restriction: The Choice Of An Optimal Quota Policy, Winston T. H. Koh
Research Collection School Of Economics
Singapore introduced a vehicle quota system (VQS) in 1990 as part of its overall policy to control urban congestion. While the VQS has reduced the annual growth rate of the vehicle population to about 3 per cent, it has created uncertainty in the cost of vehicle ownership due to the fluctuations in licence prices. This paper discusses three issues relating to the optimal design of a VQS: licence transferability, sub-categorisation, and the choice of an auction format. The analysis shows that licence transferability is not unambiguously desirable, sub-categorisation is highly regressive, and an open auction format results in less aggressive …
Fear Assessment: Cost-Benefit Analysis And The Pricing Of Fear And Anxiety, Matthew D. Adler
Fear Assessment: Cost-Benefit Analysis And The Pricing Of Fear And Anxiety, Matthew D. Adler
Faculty Scholarship
No abstract provided.
Currency Competition In A Fundamental Model Of Money, Gabriele Camera, Ben Craig, Christopher Waller
Currency Competition In A Fundamental Model Of Money, Gabriele Camera, Ben Craig, Christopher Waller
Economics Faculty Articles and Research
We study how two fiat monies, one safe and one risky, compete in a decentralized trading environment. The currencies' equilibrium values, their transaction velocities and agents' spending patterns are endogenously determined. We derive conditions under which agents holding diversified currency portfolios spend the safe currency first and hold the risky one for later purchases. We also examine when the reverse spending pattern is optimal. Traders generally favor dealing in the safe currency, unless trade frictions and the currency risk is low. As risk increases or trading becomes more difficult, the transaction velocity and value of the safe money increases.
Social Trust, Cooperation, And Human Capital, Fali Huang
Social Trust, Cooperation, And Human Capital, Fali Huang
Research Collection School Of Economics
The importance of social trust on economic growth has been suggested by many empirical works. This paper formalizes the concept of social trust and studies its formation process in a game theoretic setting. It provides plausible explanations for a wide range of empirical and experimental findings. The main results of the paper are as follows. For utility-maximizing players, cooperation arises in one-period prisoner’s dilemmas if and only if there is social trust. The amount of social trust in a given game is determined by the distribution of players’ cooperative tendency. Cooperative tendency is in essence a component of human capital …
Macroeconomic And Financial Sector Comparison With Saarc And Asean Countries, Safdar Khan
Macroeconomic And Financial Sector Comparison With Saarc And Asean Countries, Safdar Khan
Safdar Khan
Extract:
Two distinct regional associations, SAARC and ASEAN, comprise over seventeen different economies of Asia. These economies differ from each other in terms of their age, size and economic performance. However, some comparisons can be drawn between these intra-regional economies on the basis of economic and financial performance for a uniform period of observation, spanning from 1990 to 2003.1 This chapter discusses the financial sector indicators of the SAARC and ASEAN countries under the framework of macroeconomic performance, with the objective of assessing the level of Pakistan’s performance in comparison with these countries.