Other Economics Commons^™

An Analysis Of The Effects Of Financial Education On Financial Literacy And Financial Behaviors, Jamie Wagner

Jamie Wagner

This study estimates how financial education affects a person’s financial literacy score, short-term financial behaviors, and long-term financial behaviors using data from the 2012 National Financial Capability Study (NFCS). There are seven categories of financial education—high school, college, employer, high school and college, high school and employer, college and employer, and combinations of all three courses—to estimate the effectiveness of financial education. This course detail has not been studied in previous literature about financial education.

Financial education has a positive relationship with a person’s financial literacy score. Splitting the sample into groups based on education and income results show that …

How Corporate Governance Is Made: The Case Of The Golden Leash, Matthew D. Cain, Jill E. Fisch, Sean J. Griffith, Steven Davidoff Solomon

Steven Davidoff Solomon

This Article presents a case study of a corporate governance innovation—the incentive compensation arrangement for activist-nominated director candidates colloquially known as the “golden leash.” Golden leash compensation arrangements are a potentially valuable tool for activist shareholders in election contests. In response to their use, several issuers adopted bylaw provisions banning incentive compensation arrangements. Investors, in turn, viewed director adoption of golden leash bylaws as problematic and successfully pressured issuers to repeal them. The study demonstrates how corporate governance provisions are developed and deployed, the sequential response of issuers and investors, and the central role played by governance intermediaries—activist investors, institutional …

I Share, Therefore It's Mine, Donald J. Kochan

Donald J. Kochan

Determinants Of Homeownership Among Immigrants: Changesduring The Great Recession And Beyond, Kusum Mundra, Ruth Uwaifo Oyelere

Ruth Uwaifo Oyelere

No abstract provided.

Improving Spatio-Temporal Benefit Transfers For Pest Control By Generalist Predators In Cotton In The Southwestern Us, Ruscena Wiederholt, Kenneth J. Bagstad, Gary F. Mccracken, Jay E. Diffendorfer, John B. Loomis, Darius J. Semmens, Amy L. Russell, Chris Sansone, Kelsie Lasharr, Paul Cryan, Claudia Reynoso, Rodrigo A. Medellin, Laura Lopez-Hoffman

Amy L. Russell

Combine Harvester Econometric Model With Forward Speed Optimization, Nathan E. Isaac, Graeme R. Quick, Stuart J. Birrell, William M. Edwards, Bruce A. Coers

William Edwards

A combine harvester econometric simulation model was developed with the goal of matching the combine forward speed to the maximum harvested net income per acre. The model considers the machinery management costs of owning a combine and platform header for harvesting wheat. A statistical Design of Experiment (DOE) was used to evaluate the model using tri-level variables; the medium values constituted the model base case. Of the 27 input variables, the optimum speed was significantly influenced by the crop area, G/MOG ratio, grain unit price, field yield, field efficiency, grain moisture content, probability of a working day in the post-optimum …

Combine Harvester Econometric Model With Forward Speed Optimization, Nathan E. Isaac, Graeme R. Quick, Stuart J. Birrell, William M. Edwards, Bruce A. Coers

William Edwards

A combine harvester econometric simulation model was developed with the goal of matching the combine forward speed to the maximum harvested net income per acre. The model considers the machinery management costs of owning a combine and platform header for harvesting wheat. A statistical Design of Experiment (DOE) was used to evaluate the model using tri-level variables; the medium values constituted the model base case. Of the 27 input variables, the optimum speed was significantly influenced by the crop area, G/MOG ratio, grain unit price, field yield, field efficiency, grain moisture content, probability of a working day in the post-optimum …

Combine Harvester Econometric Model With Forward Speed Optimization, Nathan E. Isaac, Graeme R. Quick, Stuart J. Birrell, William M. Edwards, Bruce A. Coers

William Edwards

A combine harvester econometric simulation model was developed with the goal of matching the combine forward speed to the maximum harvested net income per acre. The model considers the machinery management costs of owning a combine and platform header for harvesting wheat. A statistical Design of Experiment (DOE) was used to evaluate the model using tri-level variables; the medium values constituted the model base case. Of the 27 input variables, the optimum speed was significantly influenced by the crop area, G/MOG ratio, grain unit price, field yield, field efficiency, grain moisture content, probability of a working day in the post-optimum …

Exploring The Relationship Between Agricultural Electricity Consumption And Output: New Evidence From Turkish Regional Data, Eyup Dogan, Maamar Sebri, Berna Turkekul

Maamar Sebri

Sources Of Gender Difference In Rural To Urban Migration In Kenya: Does Human Capital Matter?, Richard U. Agesa, Jacqueline Agesa

Jacqueline Agesa

Using data from Kenya this article estimates the urban to rural gender gap in the rate of migration and then decomposes the gap into the explained portion and the portion due to gender differences in coefficients. The former is further decomposed to unveil the relative influence of each explanatory variable on the explained portion of the gender gap in the rate of migration. A non-trivial finding suggests that human capital variables may exert the strongest influence on gender differences in migration, partially explaining the higher incidence of male migration.

Sources Of Gender Difference In Rural To Urban Migration In Kenya: Does Human Capital Matter?, Richard U. Agesa, Jacqueline Agesa

Jacqueline Agesa

Using data from Kenya this article estimates the urban to rural gender gap in the rate of migration and then decomposes the gap into the explained portion and the portion due to gender differences in coefficients. The former is further decomposed to unveil the relative influence of each explanatory variable on the explained portion of the gender gap in the rate of migration. A non-trivial finding suggests that human capital variables may exert the strongest influence on gender differences in migration, partially explaining the higher incidence of male migration.

Testimony Of John M. Abowd Before The House Committee On Energy And Commerce, Subcommitte On Commerce, Manufacturing And Trade, United States House Of Representatives, John Abowd, Lars Vilhuber

Lars Vilhuber

We focus attention on gross flows in the labor market and their role in economic reallocation. Economists distinguish between movements of individuals (gross worker flows) and those associated with businesses (gross job flows). The gross worker flows are accessions (hiring and recalls) and separations (quits, layoffs, retirements, and firings). The gross job flows are creations (increases in the employment of a given business establishment) and destructions (decreases in employment of a given business establishments). In our testimony, we discuss the different flows and the regional variation therein over the last recession.

Gop Denying Women Basic Economic Rights, Alev Dudek

Alev Dudek

Private Value Determinations And The Potential Effect On The Future Of Research And Development, Amy L. Landers

Amy L. Landers

Although the promise of an emerging patent market is thought to provide future benefits to invention, innovation, and the public, this essay examines the possibility that the aggregate influence of this activity could instead destabilize patent values in a manner that mirrors the "bubble" phenomenon that occurred in certain markets in the past. To the extent that this occurs, this would destabilize the patent system and might have negative consequences for the future of investment in research, development and innovation.

Underdogs Are Man’S Best Friend: A Test Of Football Market Efficiency, Ladd Kochman, Randy Goodwin

Ladd Kochman

Two mechanical betting rules that had exposed biases in previous studies were applied to National Football League games for the five consecutive seasons ending with the 2003 Super Bowl. Although bets on home teams produced only break-even results, wagers on underdogs posed a serious challenge to the efficient market hypothesis. One possible explanation is that favorites are no less “public” in the minds of bettors than IBM, GE, and the like are public in the minds of investors and may therefore be the victims of inflated expectations and point spreads.

Pricing Inefficiencies In The Football-Betting Market, Ladd Kochman, Ravija Badarinathi

Ladd Kochman

Since Pankoff (Journal of Business, 1968), investment writers have recognized that bets on the outcome of football games provide an unusually direct test of pricing efficiency by market consensus. In a football context, prices are proxied by pointspreads (values ranging from 1 to 50+, which represent the bettors' expectations regarding the stronger team's victory margin). Efficiency refers to the impossibility of using betting rules based on past performance or information not discounted by the spread to win consistently.

That Used To Be Us: Through The Eyes Of The Aviation Industry, Kelly A. Whealan-George

Kelly Whealan George

The U.S. economic success was rooted in an industrial policy which had five pillars of a prosperity formula that served as a catalyst for development and growth: 1) public/private cooperation on education, 2) immigration policy, 3) infrastructure, 4) risk/capital management, and 5) government-funded scientific research. In this paper, the development and growth of the aviation industry is viewed in the framework of such a prosperity formula in order to face the four areas that the entire economy will need to face in the current market in order to be competitive in the global market in the 21st century. Since the …

Economic Modeling To Improve Estimates Of The Benefits Of Safety Management Systems, Kelly A. Whealan-George

Kelly Whealan George

Safety Management Systems (SMS) in aviation have the potential to minimize costs, protect profits, and increase shareholder value. However, a gap exists in SMS research between the acknowledged safety benefits of SMS and the identified economic benefits. In the current competitive marketplace, SMS will need to demonstrate economic viability through modeling before industry leaders are likely to adopt a voluntary process. This paper reviews the literature related to a variety of possible economic models applicable to measuring the benefits of the application and implementation of SMS in aviation organizations. While the ultimate goal is to increase safety, the utilization of …

Disentangling Disadvantage: Can We Distinguish Good Teaching From Classroom Composition?, Gema Zamarro, John Engberg, Juan Saavedra, Jennifer Steele

Gema Zamarro

This article investigates the use of teacher value-added estimates to assess the distribution of effective teaching across students of varying socioeconomic disadvantage in the presence of classroom composition effects. We examine, via simulations, how accurately commonly used teacher value-added estimators recover the rank correlation between true and estimated teacher effects and a parameter representing the distribution of effective teaching. We consider various scenarios of teacher assignment, within-teacher variability in classroom composition, the importance of classroom com- position effects, and the presence of student unobserved heterogeneity. No single model recovers without bias estimates of the distribution parameter in all the scenarios …

Non-Myopic Negotiators See What's Best, Yair Zick, Yoram Bachrach, Ian Kash, Peter Key

Yair Zick

No abstract provided.

It's All In The Mail: The Economic Geography Of The German Empire, Florian Ploeckl

Florian Ploeckl

Financial Market Efficiency Should Be Gauged In Relative Rather Than Absolute Terms, Sergio Da Silva

Sergio Da Silva

Economists assess the efficiency of financial markets in absolute, all-or-nothing terms. However, this is at odds with a no-nonsense physics approach. Here, I describe how the relative efficiency of markets can be gauged taking advantage of algorithmic complexity theory. This is not physics-envy because the approach is superior in considering the proper randomness present in complex financial markets.

Group-Average Observables As Controls For Sorting On Unobservables When Estimating Group Treatment Effects: The Case Of School And Neighborhood Effects, Joseph G. Altonji, Richard K. Mansfield

Rick Mansfield

We consider the classic problem of estimating group treatment effects when individuals sort based on observed and unobserved characteristics. Using a standard choice model, we show that controlling for group averages of observed individual characteristics potentially absorbs all the across-group variation in unobservable individual characteristics. We use this insight to bound the treatment effect variance of school systems and associated neighborhoods for various outcomes. Across four datasets, our conservative estimates indicate that a 90th versus 10th percentile school system increases high school graduation and college enrollment probabilities by at least 0.047 and 0.11. Other applications include measurement of teacher value-added.

How Do Cultural Activities Influence Happiness? The Relation Between Self-Reported Well-Being And Leisure, Maximo Rossi, Victoria Ateca, Mariana Gerstenbluth, Irene Mussio

Maximo Rossi

Well-being, measured as self-reported happiness has many determinants, which range from gender to income and political affiliation. When it comes to more or less active ways of participating in cultural activities, leisure has a significant impact in the levels of reported happiness, which is in line with the proposed ideas of Stiglitz et al (2009). We also quantify the likelihood of being more or less happy in relation to different types of leisure activities. Our approach has the advantage that all these cultural activities can be considered at the same time, accounting for the individual impact of each on individual …

Productividad Investigadora En Las Universidades Públicas Mexicanas: Área De Administración, 2000-2013, Isaac L. Sánchez-Juárez, Norma Martínez

Isaac Sánchez-Juárez

El objetivo principal de este trabajo es determinar la cantidad de artículos en revistas científicas publicados por los investigadores de treinta y dos Instituciones Públicas de Educación Superior (IES) en México para el periodo 2000-2013 del área de administración. Adicional a esto, se evalúa la calidad de las revistas en las cuales publican a través del Factor de Impacto (FI) de las mismas. Se supone que la calidad y competitividad de las IES puede ser medida a través de la productividad investigadora, asumiendo que es por medio de la investigación y su difusión que se cumple con el objetivo de …

Wage Negotiation Under Good Faith Bargaining, Jesse Schwartz, Quan Wen

Jesse A. Schwartz

We study the wage negotiation model of Haller and Holden (1990) and Fernandez and Glazer (1991) under the "Good Faith Bargaining" (GFB) rule, where a party may not demand more than it has previously demanded. The GFB rule significantly restricts feasible strategies, but at the same time, makes the game non-stationary and the analysis complicated. We introduce a state-dependent backward induction that generalizes Shaked and Sutton (1984) to characterize the equilibrium payoffs. We find that the GFB rule eliminates the union's credibility to strike. Without the strikes, the union's strategic opportunities during disagreement disappear, so that there is a unique …

Green Technology And Optimal Emissions Taxation, Stuart Mcdonald, Joanna Poyago-Theotoky

Joanna Poyago-Theotoky

We examine the impact of an optimal emissions tax on research and development of emission reducing green technology (E-R&D) in the presence of R\&D spillovers. We show that the size and effectiveness of the optimal emissions tax depends on the type of the R&D spillover: input or output spillover. In the case of R&D input spillovers (where only knowledge spillovers are accounted for), the optimal emissions tax required to stimulate R&D is always higher than when there is an R&D output spillover (where abatement and knowledge spillovers exist simultaneously). We also find that optimal emissions taxation and cooperative R&D complement …

Salary Determination In The National Hockey League: Restricted, Unrestricted, Forwards, And Defensemen, Kevin Peck

Kevin Peck

This thesis will attempt to estimate the relationships between salary and measures of the marginal productivity of hockey players, or performance indicators. Salary determination, as in most other sports leagues, is determined in a labor market. Each player has a marginal revenue product of labor (MRPL) and this MRPL varies from player to player, and from team to team. Firms, in this case teams, seek to add players with a high MRPLin order to increase the quantity and quality of product they sell, in this case wins. Among other things, a player has a MRPLthat will equate to the additional …

Dimensions Of Subjective Wellbeing, Arie Kapteyn, Jinkook Lee, Caroline Tassot, Hanka Vonkova, Gema Zamarro

Gema Zamarro

We use two waves of a population based survey (the RAND American Life Panel) to investigate the relations between various evaluative and experienced well-being measures based on the English Longitudinal Study of Aging, the Gallup Wellbeing Index, and a 12-item hedonic well-being module of the Health and Retirement Study. In a randomized set-up we administered several versions of the survey with different response scales. Using factor analysis, we find that all evaluative measures load on the same factor, but the positive and negative experienced affect measures load on different factors. We find evidence of an effect of response scales on …

Doing Wrong To Do Right? Social Preferences And Dishonest Behavior, Edward Okeke, Susan Godlonton

Edward Okeke

Can pro-social preferences lead to dishonest or unethical behavior? Lab evidence suggests that it can. In this paper, we document some of the first field evidence of this phenomenon. In this study, individuals were hired as field staff and tasked with distributing subsidized price vouchers following a clearly specified protocol. We find substantial deviation from the protocol, i.e., cheating. We study the mis-allocation of the vouchers to gain some insight into motivations for dishonesty. In our main result we find that the field staff were significantly more likely to allocate the higher value vouchers (those representing a greater subsidy) to …