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Slow Information Diffusion And The Inertial Behavior Of Durable Consumption, Yulei Luo, Jun Nie, Eric Young 2015 SelectedWorks

Slow Information Diffusion And The Inertial Behavior Of Durable Consumption, Yulei Luo, Jun Nie, Eric Young

Yulei Luo

This paper studies the aggregate dynamics of durable and nondurable consumption under slow information diffusion (SID) due to noisy observations and learning within the permanent income framework. We show that SID can significantly improve the model's predictions on the joint behavior of income, durable consumption, and nondurable consumption at the aggregate level. Specifically, we find that SID can significantly improve the model's predictions for: (i) smoothness in durable and nondurable consumption, (ii) autocorrelation of durable consumption, and (iii) contemporaneous correlation between durable and nondurable consumption.


Essays On The Macroeconomic Effect Of Natural Resource Rents, Salim Araji 2014 University of Wisconsin Milwaukee

Essays On The Macroeconomic Effect Of Natural Resource Rents, Salim Araji

Theses and Dissertations

This dissertation comprise of two chapters on the macroeconomic effect of natural resource rents. Specifically, we focus on the effect of resource rents on human capital accumulation. In chapter one, we present a new mechanism for the curse of natural resources, i.e., "why natural resource rents if distributed as transfers to individuals' income might retard economic growth and development: their effect on incentives to invest in human capital". Extending an OLG model for this purpose, we show that the windfall rents from natural resources, when transferred directly to citizens distort their incentives away from accumulating the optimum level of ...


Essays On The Political Economy Of Institutions, Chitralekha Rath 2014 University of Wisconsin Milwaukee

Essays On The Political Economy Of Institutions, Chitralekha Rath

Theses and Dissertations

There is a consensus among economists and political scientists that institutions are crucial for economic development. Different attributes of institutions like rule of law, property rights, legal environment, and constraints on executive have profound effects on a nation's prosperity, growth and development. Recently economists have recognized that a system of strong institutions of property rights can enhance efficiency of financial sector. A significant part of the dissertation deals with the question that is it likely that causality operates the other way: Does a mature financial market acts as a strong catalyst for property rights?

The first essay develops a ...


Three Essays On The Economics Of Spatial Price Discrimination: Strategic Delegation Under Spatial Price Discrimination ; Consistent Location Conjectures Under Spatial Price Discrimination ; How To License A Transport Innovation, Zheng Wang 2014 University of Wisconsin Milwaukee

Three Essays On The Economics Of Spatial Price Discrimination: Strategic Delegation Under Spatial Price Discrimination ; Consistent Location Conjectures Under Spatial Price Discrimination ; How To License A Transport Innovation, Zheng Wang

Theses and Dissertations

This dissertation consists of three papers that use models of spatial price discrimination to explore issues of long-standing interest in microeconomics. The first essay introduces strategic delegation into the traditional model of spatial price discrimination. In both simultaneous and sequential location cases, delegating location choices to managers causes firms to move toward each other. This movement typically reduces social welfare. While exceptions exist for high cost convexity and for some cases of elastic demand, this reduction reverses the increase in welfare associated with delegation in common quantity games outside the spatial context. The second paper uniquely explores consistent location conjectures ...


Evaluation Of Employment Benefits Of Ultra-Heavy Trucks: Wisconsin Case Study, Katrina Maria Kurniati 2014 University of Wisconsin Milwaukee

Evaluation Of Employment Benefits Of Ultra-Heavy Trucks: Wisconsin Case Study, Katrina Maria Kurniati

Theses and Dissertations

Allowing very heavy trucks, without permits, on United States' highways has been a subject of discussion in the past, and many politicians and industry advocates have argued that there are some benefits to much heavier trucks. Benefits include better air quality, reduced fuel usage, and increased industrial efficiency. The economic analysis of heavier trucks, however, remains incomplete. One way to measure economic benefits is by assessing employment growth. Wisconsin is used as a case study to evaluate employment benefits of ultra-heavy trucks. The current regulation of the maximum gross vehicle weight on all axles in Wisconsin is 80,000 pounds ...


Does Foreign Aid Reduce Tax Revenue? Further Evidence, John Thornton 2014 SelectedWorks

Does Foreign Aid Reduce Tax Revenue? Further Evidence, John Thornton

John Thornton

A common criticism of foreign aid is that it reduces domestic tax effort. Empirical research on the issue has been hampered by the failure to tackle endogeneity issues effectively. We use measures of geographical and cultural distance to donor countries as instrumental variables to uncover the causal effect of aid on tax revenue in a panel of 93 countries. The tax to GDP ratio is found to decrease following aid inflows. This reduction in tax effort is statistically and economically significant; a one SD increase in aid causes a 0.52 percentage point drop in the tax-to-GDP ratio. The results ...


Teacher Quality At The High-School Level: The Importance Of Accounting For Tracks, C. Kirabo Jackson 2014 SelectedWorks

Teacher Quality At The High-School Level: The Importance Of Accounting For Tracks, C. Kirabo Jackson

C. Kirabo Jackson

Unlike in elementary school, high-school teacher effects may be confounded with both selection to tracks and unobserved track-level treatments. I document sizable confounding track effects, and show that traditional tests for the existence of teacher effects are likely biased. After accounting for these biases, high-school algebra and English teachers have much smaller test-score effects than found in previous studies. Moreover, unlike in elementary school, value-added estimates are weak predictors of teachers’ future performance. Results indicate that either (a) teachers are less influential in high school than in elementary school, or (b) test scores are a poor metric to measure teacher ...


Cost Effectiveness Of Open Access Publications, Jevin D. West, Ted C. Bergstrom, Carl T. Bergstrom 2014 SelectedWorks

Cost Effectiveness Of Open Access Publications, Jevin D. West, Ted C. Bergstrom, Carl T. Bergstrom

Ted C Bergstrom

Open access publishing has been proposed as one possible solution to the serials crisis—the rapidly growing subscription prices in scholarly journal publishing. However, open access publishing can present economic pitfalls as well, such as excessive article processing charges. We discuss the decision that an author faces when choosing to submit to an open access journal. We develop an interactive tool to help authors compare among alternative open access venues and thereby get the most for their article processing charges. (JEL I2, C1, A1)


The Exporter Productivity Premium Along The Productivity Distribution: Evidence From Quantile Regression With Nonadditive Firm Fixed Effects, David Powell, Joachim Wagner 2014 SelectedWorks

The Exporter Productivity Premium Along The Productivity Distribution: Evidence From Quantile Regression With Nonadditive Firm Fixed Effects, David Powell, Joachim Wagner

David Powell

A vast literature on the international activities of heterogeneous firms finds the existence of a positive exporter productivity premium. On average, exporting firms are more productive than firms that sell on the national market only. The Melitz (2003) model, however, has implications for not only mean differences but also differences in the distribution of productivity. Furthermore, exporting firms may be different from non-exporting firms for reasons that are not included in the Melitz model. We believe that conditioning on firm fixed effects and studying the distribution of productivity are both necessary for empirical tests of the Melitz model. This paper ...


The Modern Drivers Of Productivity, Francesco Venturini 2014 SelectedWorks

The Modern Drivers Of Productivity, Francesco Venturini

Francesco Venturini

This paper studies the role of technology spillovers in productivity growth of OECD countries looking at investments in Information and Communication Technology (ICT) and Research & Development (R&D). We find that both forms of technologically-advanced capital (ICT and R&D) influence total factor productivity (TFP) over the long run: the former effect derives from externalities related to the use of ICT capital, the latter from knowledge spillovers generated by research performed to produce ICT goods. These findings are robust to controlling for import penetration of ICT products and the underlying R&D. Our evidence suggests that: i) investing in ICT ...


Syllabus Inr3703 (U04): International Political Economy (Fall 2014), Lukas K. Danner 2014 Florida International University

Syllabus Inr3703 (U04): International Political Economy (Fall 2014), Lukas K. Danner

Lukas K. Danner

No abstract provided.


Food Price Crisis, Poverty, And Inequality, Marcus Marktanner, Luc Noiset 2014 Kennesaw State University

Food Price Crisis, Poverty, And Inequality, Marcus Marktanner, Luc Noiset

Faculty Publications

This paper simulates how a doubling of food prices affects absolute poverty and the food-price-adjusted real income distribution. We assume unsubsidized world food prices in order to derive the cost of poverty deepening and poverty expansion. We also estimate the degree to which inequality increases if no measures are put in place to offset rising food prices. Both measures are vulnerability indicators useful for social policy planning. Our results show that low-income countries experience dramatic increases in absolute poverty as a result of doubling food prices. Middle-income countries experience the greatest decrease in absolute income, which contributes most to an ...


Fall 2014 Economics Newsletter, Economics Department 2014 St. Cloud State University

Fall 2014 Economics Newsletter, Economics Department

Economics Newsletter

No abstract provided.


Sacred Cows, Holy Wars: Exploring The Limits Of Law In The Regulation Of Raw Milk And Kosher Meat, Kenneth Lasson 2014 SelectedWorks

Sacred Cows, Holy Wars: Exploring The Limits Of Law In The Regulation Of Raw Milk And Kosher Meat, Kenneth Lasson

Kenneth Lasson

SACRED COWS, HOLY WARS

Exploring the Limits of Law in the Regulation of Raw Milk and Kosher Meat

By Kenneth Lasson

Abstract

In a free society law and religion seldom coincide comfortably, tending instead to reflect the inherent tension that often resides between the two. This is nowhere more apparent than in America, where the underlying principle upon which the first freedom enunciated by the Constitution’s Bill of Rights is based ‒ the separation of church and state – is conceptually at odds with the pragmatic compromises that may be reached. But our adherence to the primacy of individual rights and ...


Complexity And Simplicity In Law: A Review Essay (Cass R. Sunstein, Simpler 2013)), David M. Driesen 2014 Syracuse University

Complexity And Simplicity In Law: A Review Essay (Cass R. Sunstein, Simpler 2013)), David M. Driesen

David M Driesen

This essay discusses Cass Sunstein’s book, Simpler, in order to advance our understanding of the concepts of complex and simple law. Many writers identify complexity with uncertainty and high cost. This essay argues that complexity bears no fixed relationship to costs or benefits. It also shows that complexity’s relationship to uncertainty is so ambiguous that it is profitable to treat complexity and uncertainty as separate concepts. It develops useful separate concepts of legal and compliance complexity that will aid efforts to simplify law, like the one Sunstein claims to have embarked upon. It also argues that complexity is ...


Axiomatic Social Choice Theory, David Randall Jenkins 2014 SelectedWorks

Axiomatic Social Choice Theory, David Randall Jenkins

David Randall Jenkins

Ordered Relations Theory’s two axioms ultimately enable (individual: society) well-being transitivity inasmuch as they impound Social Choice Theory’s impossibility theorem, impossibility-resolving axioms, and all such further regressive impossibility theorems and impossibility-resolving axioms.


Asymmetric Information Under The Kafala Sponsorship System: Impacts On Foreign Domestic Workers’ Income And Employment Status In The Gcc Countries, Froilan T. Malit, George Naufal 2014 Cornell University ILR School

Asymmetric Information Under The Kafala Sponsorship System: Impacts On Foreign Domestic Workers’ Income And Employment Status In The Gcc Countries, Froilan T. Malit, George Naufal

Working Papers

This paper examines the legal and policy implications of information asymmetry on foreign domestic workers employed under the Kafala sponsorship system in the Gulf Cooperation Council (GCC) countries. Drawing from ethnographic and field-based observations in large GCC migrant destinations—including Kuwait, Qatar, and the United Arab Emirates (UAE)—we investigate the flow of information and market uncertainties between five key stakeholders: labor-receiving government, labor-sending government, recruitment agencies (subagents), sponsors (employers), and social networks. Several factors contribute to asymmetric information: the lack of bilateral labor agreements and government policy coordination, programs between and among government entities, the absence of labor law ...


Against Regulatory Displacement: An Institutional Analysis Of Financial Crises, Jonathan C. Lipson 2014 SelectedWorks

Against Regulatory Displacement: An Institutional Analysis Of Financial Crises, Jonathan C. Lipson

Jonathan C. Lipson

This paper uses “institutional analysis”—the study of the relative capacities of markets, courts, and regulators—to make three claims about financial crises.

First, financial crises are increasingly a problem of “regulatory displacement.” Through the ad hoc rescues of 2008 and the Dodd-Frank reforms of 2010, regulators displace market and judicial processes that ordinarily prevent financial distress from becoming financial crises. Because regulators are vulnerable to capture by large financial services firms, however, they cannot address the pathologies that create crises: market concentration and complexity. Indeed, regulators may inadvertently aggravate these conditions through resolution tactics that consolidate firms, and the ...


Curriculum Vitae, Naoki Funai 2014 SelectedWorks

Curriculum Vitae, Naoki Funai

Naoki Funai

No abstract provided.


The (Il)Legitimacy Of Bankruptcies For The Benefit Of Secured Creditors, Charles W. Mooney Jr. 2014 University of Pennsylvania Law School

The (Il)Legitimacy Of Bankruptcies For The Benefit Of Secured Creditors, Charles W. Mooney Jr.

Faculty Scholarship

This paper explores the legitimacy—or illegitimacy—of filing and maintaining a case under the Bankruptcy Code when the sole or principal beneficiary or beneficiaries of the case would be a secured creditor or secured creditors. In the situation posited here, the application of the usual distributional priority rules would not produce any distribution for the general, unsecured creditors of the debtor. In the prototypical case virtually all of the assets of the debtor would be subject to secured claims securing obligations that exceed the value of the collateral, i.e., the secured creditor would be undersecured and there would ...


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