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Modeling Economic Systems As Locally-Constructive Sequential Games, Leigh Tesfatsion 2017 Iowa State University

Modeling Economic Systems As Locally-Constructive Sequential Games, Leigh Tesfatsion

Economics Working Papers

Real-world economies are open-ended dynamic systems consisting of heterogeneous interacting participants. Human participants are decision-makers who strategically take into account the past actions and potential future actions of other participants. All participants are forced to be locally constructive, meaning their actions at any given time must be based on their local states; and participant actions at any given time affect future local states. Taken together, these properties imply real-world economies are locally-constructive sequential games. This study discusses a modeling approach, agent-based computational economics (ACE), that permits researchers to study economic systems from this point of view. ACE modeling principles and ...


Sources Of Referral In Student Financial Counseling, Shinae Choi, Suzanne Bartholomae, Clinton G. Gudmunson, Jonathan Fox 2017 University of Alabama - Tuscaloosa

Sources Of Referral In Student Financial Counseling, Shinae Choi, Suzanne Bartholomae, Clinton G. Gudmunson, Jonathan Fox

Suzanne Bartholomae

This study evaluates sources of referral to financial counseling and varied declines in financial stress across the financial counseling process. College students came to counseling most often through self-referral. Younger students and women were more likely to respond to institutional referrals. There were two clearly discernable periods of decline in financial stress, smaller interim declines occurring after requesting appointments and larger declines that occurred in counseling sessions. The interim declines, however, were only operative for those who were self- or institutionally-referred and not for those who entered on a social-referral. A possible explanation is that social-referrals have already had “someone ...


Rationality Of Choices In Subsidized Crop Insurance Markets, Xiaodong Du, Hongli Feng, David A. Hennessy 2017 University of Wisconsin–Madison

Rationality Of Choices In Subsidized Crop Insurance Markets, Xiaodong Du, Hongli Feng, David A. Hennessy

Hongli Feng

The U.S. crop insurance market has several features that set it apart from other insurance markets. These include:(a) explicit government subsidies with an average premium subsidy rate of about 60% in recent years; and (b) the legislative requirement that premium rates be set at actuarially fair levels, where the federal government sets rates and pays all costs related to insurance policy sales and services. Bearing these features in mind, we examine to what extent farmers’ crop insurance choices conform to economic theory. A standard expected utility maximization framework is set up to analyze tradeoffs between higher risk protection ...


Investigating A Modern Midwestern Crisis: The Economy And Opioid Overdose Death In Ohio, Anna M. Gagliardo 2017 George Washington University

Investigating A Modern Midwestern Crisis: The Economy And Opioid Overdose Death In Ohio, Anna M. Gagliardo

Undergraduate Economic Review

This paper examines the effect of local economic factors on the amount of opioid overdose deaths across counties in Ohio. Ohio leads the nation in opioid overdose deaths. The data examined spans all 88 counties of Ohio and compares 2009 and 2013 data, relying predominantly on Ohio Department of Health and US Census American Community Survey data. Using two linear regression models, I demonstrate that there is a significant correlation between insured rates and opioid overdose deaths in 2009 as well as a significant correlation between poverty rates and opioid overdose death rates in Ohio in 2013. Additionally, I show ...


Advancing Rationality With Sustainability: An Analysis Of Agent-Based Simulation, Osman Goktug Tanrikulu 2017 Portland State University

Advancing Rationality With Sustainability: An Analysis Of Agent-Based Simulation, Osman Goktug Tanrikulu

Hatfield Graduate Journal of Public Affairs

This paper tests the basic premise of rationality and introduces sustainability as a new dimension. In this regard, the behavioral consequences of the classic rational mindset and a sustainable mindset are compared under depletion of environmental resources. By utilizing agent-based modeling, both rational and sustainable mindsets are modeled and their relative behavior are put into action in computer simulation. The experiment results reveal that the classic understanding of rationality is not always going to maximize the utility of agents. Instead, there might be environmental conditions where having a sustainable mindset generates more wealth. In a scenario of resource depletion, the ...


The Market Transfer Effect In The Hawaiian Longline Fishery: Why Correlation Does Not Imply Causation, Jason D. Scorse, Shaun Richards, Philip King 2017 Middlebury Institute of International Studies

The Market Transfer Effect In The Hawaiian Longline Fishery: Why Correlation Does Not Imply Causation, Jason D. Scorse, Shaun Richards, Philip King

Journal of Ocean and Coastal Economics

A lot of discussion and controversy has surrounded whether the “market transfer” effect in the Hawaii longline swordfish fishery occurred during the swordfish closure of 2001-2004, because of its potential impacts on sea turtle mortality. The primary academic work in support of the market transfer effect during the closure is a paper by Rausser et al. (2009): “Unintended Consequences: The Spillover Effects of Common Property Regulations.” In this paper, the authors claim to find evidence in support of the market transfer hypothesis.To our knowledge, no analysis has yet been undertaken to assess whether this analysis is sound, and yet ...


Using Implan To Evaluate Public Universities Regional Economic Inpacts, David Swenson 2017 Iowa State University

Using Implan To Evaluate Public Universities Regional Economic Inpacts, David Swenson

David Swenson

This is a how-to manual for utilizing the IMPLAN impact analysis program when measuring the worth of public universities to regional economies. This paper describes four approaches to measuring university economic values ranging from simple modification to the elements of value added to producing highly itemized "bill of goods" types of specifications. It compares the four methods to one another as well as to a formal RIMS II analysis of the same institution by the U.S. BEA.


Everybody Wants To Belong: Comparing The Relative Impact Of Social Capital On Happiness At An International Level, Elana Lambert 2017 Lawrence University

Everybody Wants To Belong: Comparing The Relative Impact Of Social Capital On Happiness At An International Level, Elana Lambert

Lawrence University Honors Projects

Subjective well-being has become increasingly more important as a guide for policy and welfare. This paper uses data from the World Bank Indicators and the World Values Survey to look at the intricate relationship between subjective well-being data, social capital, and the relative nature of human happiness. Subjective well-being data has recently become widely accepted in economics research and analyzed using econometric methods. In this study, I look at specific aspects of social capital across countries to easily compare individuals within countries with a standardized scale. I look at economic determinants and social capital determinants and their impact on happiness ...


Aspirations As A Component Of Life Satisfaction: A Look At Female Microfinance Borrowers In Oaxaca, Mexico, Joseph E. Kemler 2017 University of San Francisco

Aspirations As A Component Of Life Satisfaction: A Look At Female Microfinance Borrowers In Oaxaca, Mexico, Joseph E. Kemler

Master's Theses

This research is an extension to the Oaxaca Hope Project by B. Wydick and T.J. Lybbert. How does an individual gauge her own satisfaction with life? Previous research has noted that many domains make up overall life satisfaction, i.e. career satisfaction, family life satisfaction & social life satisfaction. A burgeoning topic in this regard is the role that aspirations play in life satisfaction. Using survey data from female microfinance borrowers in Oaxaca, Mexico this project attempts to analyze the affect previous aspirations have on life satisfaction. By creating an “aspirational window” we objectively attempt to gauge the relationship between ...


Goal Effectiveness In Achieving Educational Outcomes: Experimental Evidence From 9th Graders In Medellin, Colombia, Daniel Salicath, Alessandra Cassar 2017 University of San Francisco

Goal Effectiveness In Achieving Educational Outcomes: Experimental Evidence From 9th Graders In Medellin, Colombia, Daniel Salicath, Alessandra Cassar

Master's Theses

Does goal setting among low-income ninth graders leads to higher average goal achievements of educational outcomes? This question is explored by a field experiment motivated by the acknowledged California-based Family Independence Initiative (FII), to analyze the effectiveness of individual goal setting, incentives and self-help groups on the achievement of educational goals. By randomizing treatments and control with the cooperation of the Secretary of Education in Medellin, different classrooms were assigned to five different experimental groups that met systematically for five months. The results show that goal setting is a cost-effective method to help low-income students achieve educational outcomes. Setting a ...


Do Marketing Strategies Impact Condom Sales In Uganda?, Meyhar Mohammed 2017 The University of San Francisco

Do Marketing Strategies Impact Condom Sales In Uganda?, Meyhar Mohammed

Master's Theses

What attracts people to buy condoms? HIV/AIDS remain one of the biggest health dangers of the world, especially in Sub-Saharan Africa. A lot of efforts have been pursued in the past two decades to drastically reduce prevalence of HIV and increase awareness about preventive mechanisms. In order to prevent relapse of success achieved so far, it is important to recognize transformation of consumer behavior due to growth in social networks, education and awareness over time. There are a lot of behavioral triggers captured by social marketing interventions in the field of public health. In an attempt to investigate the ...


The Power Of Peer Pressure: Incorporating Social Comparison Into Traditional Anti-Food Waste Campaigns And Its Potential Effects On College Campuses, Grace E. Venit 2017 University of Pennsylvania

The Power Of Peer Pressure: Incorporating Social Comparison Into Traditional Anti-Food Waste Campaigns And Its Potential Effects On College Campuses, Grace E. Venit

Honors Theses (PPE)

Food waste is a major contributor to climate change, one of the most pressing environmental challenges of our time. Addressing this problem would not only protect the environment, but it would also save trillions of dollars and help to reduce the staggering number of people in the world today who are chronically malnourished. This paper focuses on the potential of using behavioral economic theory, particularly the concept of “nudging” in addressing the problem of food waste. Existing literature on nudges and food waste mainly focuses on how feedback and manipulating plate size can reduce food waste. Another proven approach to ...


Consequences Of Information Asymmetry On Corporate Risk Management, Howard J. Merrill III 2017 Buffalo State

Consequences Of Information Asymmetry On Corporate Risk Management, Howard J. Merrill Iii

Applied Economics Theses

This paper will demonstrate the impact information asymmetry has on risk management. There is a noticeable impact within the context of consumer credit risk. If a firm is able to recognize this, they can make improved credit decisions that will reduce the consequences. The theoretical impact will be presented while depicting areas of risk management that are susceptible to information asymmetry. We find a direct impact on the development of scoring models, credit policies, and origination volume. These results hold for banks with portfolios consisting of consumer credit products and small business loans. Once known, banks can better tailor their ...


Exploring Investor Attention In Financial Models, Anna Rodier 2017 Bryant University

Exploring Investor Attention In Financial Models, Anna Rodier

Honors Projects in Finance

The purpose of this study is to investigate whether stock prices are influenced by investor attention and how this, in turn, can be used to better advise the financial decisions of the everyday investor. Using weekly adjusted close data, weekly traded volumes, and weekly company searches using Google Trends, I tested my hypothesis that including the frequency of company searches, found through consumers using Google, in financial models will help better predict stock returns. Using S&P 500 company data from February 2012 to February 2017, frequency is a better predictor of price in comparison to trading volumes. But, to ...


Consumer Perceptions Of Food Safety And Preferences For Food Safety Interventions, Kofi Britwum 2017 University of Nebraska-Lincoln

Consumer Perceptions Of Food Safety And Preferences For Food Safety Interventions, Kofi Britwum

Dissertations and Theses in Agricultural Economics

This dissertation consists of three essays that investigate consumers’ response to technologies that mitigate food safety risks: cattle vaccines against E. coli and direct-fed microbials.

The first essay examines the influence of information framing and issue involvement on perceptions of the two food safety technologies. This essay also examines the role of issue involvement on food safety perceptions. A hypothetical survey which includes six information treatments was developed, and targeted a representative, random sample of U.S consumers. Participants were exposed to general information about E. coli and the two food safety technologies, a gain-framed message, a loss-framed message, a ...


A Process For Field Studies In Behavioral Economics, Victoria Ferraro 2017 University of Rhode Island

A Process For Field Studies In Behavioral Economics, Victoria Ferraro

Senior Honors Projects

Field experiments enable economists to test whether theory adequately captures behavior in natural settings, or whether evidence supports reevaluating the reasoned abstractions comprising the theory. Economics, and social science more generally, has increasingly valued the evidence provided by field studies. These studies typically require a relationship with an external partner site providing the environment for the study, but existent research offers little guidance for developing these relationships and designing procedures for effective collaboration. The purpose of this paper is to provide greater insight into what is necessary to conduct field experiments in economics, particularly behavioral economics in private market settings ...


Does A Better Running Back Mean More Rushing? Game Theory And The Nfl, Eric Lofquist 2017 University of Connecticut - Storrs

Does A Better Running Back Mean More Rushing? Game Theory And The Nfl, Eric Lofquist

Honors Scholar Theses

In this paper I attempt to answer the question of whether or not teams in the National Football League (NFL) rush less with a better running back. This seems counterintuitive, but game theory supposes that this is true. Defenses facing a better running back will generally expect the offense to rush more and therefore defend the run more often. The offense, foreseeing the defense’s actions, will choose to pass more to counteract the run defense. This is the basis of the difference between the strategic effect and the direct effect in mixed strategies. The direct effect is when a ...


Behavioral Economics And The Effects Of Psychology On The Stock Market, Justin L. Nagy 2017 State University of New York College at Buffalo - Buffalo State College

Behavioral Economics And The Effects Of Psychology On The Stock Market, Justin L. Nagy

Applied Economics Theses

The purpose of this thesis is to study the contributions behavioral economics and finance have had on the understanding on how the stock market works. The idea that psychology plays a role in influencing the stock market can be dated back to Adam Smith who wrote about individual’s behavior in his work Theory of Moral Sentiments. It wasn’t until the latter half of the 20th century that behavioral economics became accepted as a counter to Eugene Fama’s widely accepted theory of Efficient Market Hypothesis. This paper will analyze the development of behavioral economics, review the main contributors ...


In-Fill Asymptotic Theory For Structural Break Point In Autoregression: A Unified Theory, Liang JIANG, Xiaohu WANG, Jun YU 2017 Singapore Management University

In-Fill Asymptotic Theory For Structural Break Point In Autoregression: A Unified Theory, Liang Jiang, Xiaohu Wang, Jun Yu

Research Collection School Of Economics

This paper obtains the exact distribution of the maximum likelihood estimatorof structural break point in the OrnsteinñUhlenbeck process when a continuousrecord is available. The exact distribution is asymmetric, tri-modal, dependenton the initial condition. These three properties are also found in the önite sampledistribution of the least squares (LS) estimator of structural break point inautoregressive (AR) models. Motivated by these observations, the paper then developsan in-öll asymptotic theory for the LS estimator of structural break point inthe AR(1) coe¢ cient. The in-öll asymptotic distribution is also asymmetric, trimodal,dependent on the initial condition, and delivers excellent approximationsto the önite sample ...


Governing The Urban Water Commons : Essays On Collaborative Policy Networks In A Polycentric Ecology Of Urban Water Policy Games., Emmanuel Frimpong Boamah 2017 University of Louisville

Governing The Urban Water Commons : Essays On Collaborative Policy Networks In A Polycentric Ecology Of Urban Water Policy Games., Emmanuel Frimpong Boamah

Electronic Theses and Dissertations

Governing social-ecological systems, such as the urban water commons, is a multi-scale and multi-sector (polycentric) human-environment process. This dissertation interrogates this process by situating itself within the Ecology of Games Framework by Norton Long (and updated by Mark Lubell) and the literature on polycentric governance by the Bloomington School of Political Economy. The dissertation’s three essays 1) offer both theoretical and methodological means to enact polycentric public economies within the ecology of games framework, and 2) explicate the conditions under which interoganizational collaboration is fostered within a polycentric ecology of policy games in governing the Middle Rio Grande urban ...


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