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An Examination Of The Stock Market's Effect On Economic Inequality, Nicholas Golina 2019 The University of Akron

An Examination Of The Stock Market's Effect On Economic Inequality, Nicholas Golina

Honors Research Projects

The economic literature on economic inequality has shown that it can negatively impact aggregate demand because it indicates a higher concentration of wealth in the hands of the top 10% as opposed to the poor and middle class, who are more likely to consume. The literature has identified many factors that can lead to increasing inequality. The stock market could be one of those factors since it can either create an upward redistributive effect towards the top 10% or redistributive effect towards the middle class. This paper tested the effect of the stock market on inequality. This study contributes to ...


Conditional Independence In A Binary Choice Experiment, Nathaniel Wilcox 2018 Chapman University

Conditional Independence In A Binary Choice Experiment, Nathaniel Wilcox

ESI Working Papers

Experimental and behavioral economists, as well as psychologists, commonly assume conditional independence of choices when constructing likelihood functions for structural estimation. I test this assumption using data from a new experiment designed for this purpose. Within the limits of the experiment’s identifying restriction and designed power to detect deviations from conditional independence, conditional independence is not rejected. In naturally occurring data, concerns about violations of conditional independence are certainly proper and well-taken (for well-known reasons). However, when an experimenter employs contemporary state-of-the-art experimental mechanisms and designs, the current evidence suggests that conditional independence is an acceptable assumption for analyzing ...


Selection In The Lab: A Network Approach, Aleksandr Alekseev, Mikhail Freer 2018 Chapman University

Selection In The Lab: A Network Approach, Aleksandr Alekseev, Mikhail Freer

ESI Working Papers

We study the selection problem in economic experiments by focusing on its dynamic and network aspects. We develop a dynamic network model of student participation in a subject pool, which assumes that students' participation is driven by the two channels: the direct channel of recruitment and the indirect channel of student interaction. Using rich recruitment data from a large public university, we find that the patterns of participation and biases are consistent with the model. We also find evidence of both short- and long-run selection biases between males and females, as well as between cohorts of students. Males tend to ...


The Econometric Analysis Of The Factors Affecting The Revenue Of Bangkok Port, Viyada Suriyakul Na Ayudhaya, Praew Ritthirungrat 2018 World Maritime University

The Econometric Analysis Of The Factors Affecting The Revenue Of Bangkok Port, Viyada Suriyakul Na Ayudhaya, Praew Ritthirungrat

World Maritime University Dissertations

No abstract provided.


A Theory Of Conservative Revivals, Murat Iyigun, Jared Rubin, Avner Seror 2018 University of Colorado, Boulder

A Theory Of Conservative Revivals, Murat Iyigun, Jared Rubin, Avner Seror

ESI Working Papers

Why do some societies fail to adopt more efficient political and economic institutions in response to changing economic conditions? And why do such conditions sometimes generate conservative ideological backlashes and, at other times, progressive social and political movements? We propose an explanation that highlights the interplay--or lack thereof--between productivity, cultural beliefs and institutions. In our model, production shocks that benefit one sector of the economy may induce forward-looking elites to provide public goods associated with a different, more traditional sector that benefits their interests. This investment results in more agents generating cultural beliefs complementary to the provision of the ...


A Posterior-Based Wald-Type Statistic For Hypothesis Testing, Yong LI, Xiaobin LIU, Tao ZENG, Jun YU 2018 Singapore Management University

A Posterior-Based Wald-Type Statistic For Hypothesis Testing, Yong Li, Xiaobin Liu, Tao Zeng, Jun Yu

Research Collection School Of Economics

A new Wald-type statistic is proposed for hypothesis testing based on Bayesian posterior distributions. The new statistic can be explained as a posterior version of Wald test and have several nice properties. First, it is well-defined under improper prior distributions. Second, it avoids Jeffreys-Lindley's paradox. Third, under the null hypothesis and repeated sampling, it follows a x2 distribution asymptotically, offering an asymptotically pivotal test. Fourth, it only requires inverting the posterior covariance for the parameters of interest. Fifth and perhaps most importantly, when a random sample from the posterior distribution (such as an MCMC output) is available, the proposed ...


Agglomeration And The Extent Of The Market: An Experimental Investigation Into Spatially Coordinated Exchange, Jordan Adamson 2018 Chapman University

Agglomeration And The Extent Of The Market: An Experimental Investigation Into Spatially Coordinated Exchange, Jordan Adamson

ESI Working Papers

How and why do agglomerations emerge? While economic historians emphasize trade and economic geographers emphasize variety, we still don’t understand the role of coordination. I fill this gap by extending the model of Fudenberg and Ellison (2003) to formalize Smith’s (1776) theory of agglomeration. I then test the model in a laboratory experiment and find individuals tend to coalesce purely to coordinate exchange, with more agglomeration when there is a larger variety of goods in the economy. I also find that tying individuals to the land reduces agglomeration, but magnifies the effect of variety.


The Effects Of Student-Teacher Ratio On Test Scores: Applying Ceteris Paribus To California And Massachusetts Schools, Laira Aggarwal 2018 Claremont McKenna College

The Effects Of Student-Teacher Ratio On Test Scores: Applying Ceteris Paribus To California And Massachusetts Schools, Laira Aggarwal

Undergraduate Economic Review

This paper seeks to analyze the impact of student-teacher ratio on test scores in California and Massachusetts. Since student-teacher ratio is just one of the variables affecting students’ learning outcomes, other attributes were taken into account for a comprehensive analysis. These attributes included percent of English learners, average district income, percent of students on free or reduced lunch, and expenditures per student. The data sets for both states were assessed both inherently and with ceteris paribus approach. The results indicated that while student-teacher ratio does affect test scores, other classroom variables have a significantly greater influence on students’ learning outcomes.


The Supply Side Determinants Of Territory And Conflict, Jordan Adamson, Erik O. Kimbrough 2018 Chapman University

The Supply Side Determinants Of Territory And Conflict, Jordan Adamson, Erik O. Kimbrough

ESI Working Papers

What determines the geographic extent of territory? We microfound and extend Boulding’s “Loss of Strength Gradient” to predict the extensive and intensive margins of conflict across space. We show how economies of scale in the production of violence and varying costs of projecting violence at a distance combine to affect the geographic distribution of conflict and territory. We test and probe the boundaries of this model in an experiment varying the fixed costs of conflict entry. As predicted, higher fixed costs increase the probability of exclusive territories; median behavior closely tracks equilibrium predictions in all treatments.


Experimental Research On Contests, Roman M. Sheremeta 2018 Chapman University

Experimental Research On Contests, Roman M. Sheremeta

ESI Working Papers

Costly competitions between economic agents are modeled as contests. Researchers use laboratory experiments to study contests and test comparative static predictions of contest theory. Commonly, researchers find that participants’ efforts are significantly higher than predicted by the standard Nash equilibrium. Despite overbidding, most comparative static predictions, such as the incentive effect, the size effect, the discouragement effect and others are supported in the laboratory. In addition, experimental studies examine various contest structures, including dynamic contests (such as multi-stage races, wars of attrition, tug-of-wars), multi-dimensional contests (such as Colonel Blotto games), and contests between groups. This article provides a short review ...


Firm Internal Network, Environmental Regulation, And Plant Death, Jingbo Cui, Giancarlo Moschini 2018 Wuhan University

Firm Internal Network, Environmental Regulation, And Plant Death, Jingbo Cui, Giancarlo Moschini

CARD Working Papers

This paper examines the role of a firm’s internal network in determining plant shutdown decisions in response to environmental regulations. Using unique plant-level data for U.S. manufacturing industries from 1990 to 2008, we find evidence that, in response to increasingly stringent environmental regulations at the county level, multi-plant firms do exercise their greater flexibility in adjusting production, relative to single-plant firms. Specifically, in regulated counties, the likelihood of a plant shutting down is higher for multi-plant firms. Moreover, we measure the firm internal network effect at the local, neighborhood, and the wider-area levels, as defined by the number ...


The Distribution Of Information And The Price Efficiency Of Markets, Brice Corgnet, Mark DeSantis, David Porter 2018 Chapman University

The Distribution Of Information And The Price Efficiency Of Markets, Brice Corgnet, Mark Desantis, David Porter

ESI Working Papers

Apparently contradictory evidence has accumulated regarding the extent to which financial markets are informationally efficient. Shedding new light on this old debate, we show that differences in the distribution of private information may explain why informational efficiency can vary greatly across markets. We find that markets are informationally efficient when complete information is concentrated in the hands of competing insiders whereas they are less efficient when private information is dispersed across traders. A learning model helps to illustrate why inferring others’ private information from prices takes more time when information is more dispersed. We discuss the implications of our findings ...


Causal Versus Consequential Motives In Mental Models Of Agent Social And Economic Action: Experiments, And The Neoclassical Diversion In Economics, Vernon L. Smith 2018 Chapman University

Causal Versus Consequential Motives In Mental Models Of Agent Social And Economic Action: Experiments, And The Neoclassical Diversion In Economics, Vernon L. Smith

ESI Working Papers

"In this paper I want to begin with the neoclassical supply and demand model of markets (SDM), whose static equilibrium consequences predicted outcomes far more accurately than were anticipated in laboratory experimental tests of the theory actuated by Jevons (1862, 1871; Smith, 1962). The observed predictive accuracy of SDM was not anticipated because complete information on supply and demand was widely believed, thought and taught to be a necessary condition for finding equilibrium. 1 Jevons’ model required him to have complete information in any particular market, as he only articulated a model of market optimal outcomes, and no model of ...


Identifying Treatment Effects In The Presence Of Confounded Types, Desire Kedagni 2018 Iowa State University

Identifying Treatment Effects In The Presence Of Confounded Types, Desire Kedagni

Economics Working Papers

In this paper, I consider identification of treatment effects when
the treatment is endogenous. The use of instrumental variables is a popular
solution to deal with endogeneity, but this may give misleading answers when
the instrument is invalid. I show that when the instrument is invalid due to
correlation with the first stage unobserved heterogeneity, a second (also
possibly invalid) instrument allows to partially identify not only the local
average treatment effect but also the entire potential outcomes distributions
for compliers. I exploit the fact that the distribution of the observed
outcome in each group defined by the treatment and ...


Younger Federal District Court Judges Favor Presidential Power, Tom Campbell, Nathaniel T. Wilcox 2018 Chapman University, Fowler School of Law

Younger Federal District Court Judges Favor Presidential Power, Tom Campbell, Nathaniel T. Wilcox

ESI Working Papers

From 1960 to 2015, Federal District Court opinions involving challenges to Executive Branch authority show that U.S. Federal District Court judges (trial judges) support such authority less as they age, with a sharp decline beginning near age 57. We argue that District judges know that elevation to the Federal Circuit Court of Appeals becomes increasingly improbable, and hence have less reason to ‘cooperate’ with the Executive, with advancing age. Political variables (and other variables) introduced as extra regressors do not reverse our main results. When there are contemporaneous vacancies on their Circuit courts, District judges in the eleven State ...


The Impact Of The 2018 Trade Disruptions On The Iowa Economy, Edward J. Balistreri, Chad E. Hart, Dermot J. Hayes, Minghao Li, Lee Schulz, David A. Swenson, Wendong Zhang, John M. Crespi 2018 Iowa State University

The Impact Of The 2018 Trade Disruptions On The Iowa Economy, Edward J. Balistreri, Chad E. Hart, Dermot J. Hayes, Minghao Li, Lee Schulz, David A. Swenson, Wendong Zhang, John M. Crespi

CARD Policy Briefs

In this analysis, we use historical trade patterns, revenue linkages, and recent futures market price changes to discern the 2018 tariffs’ near-term impacts on the state of Iowa. We use two distinct modeling techniques, and in each technique we make two distinct assumptions. First, we use partial-equilibrium modeling approaches that do not directly consider linkages among the markets and industries across the state of Iowa. In these approaches, two assumptions about price changes are invoked—either the price changes are based upon supply and demand elasticities or the price changes are based upon observations in the futures market. The partial ...


Synthetic Control And Dynamic Panel Estimation: A Case Study Of Iran, Orkideh Gharehgozli 2018 The Graduate Center, City University of New York

Synthetic Control And Dynamic Panel Estimation: A Case Study Of Iran, Orkideh Gharehgozli

All Dissertations, Theses, and Capstone Projects

International sanctions imposed on Iran, targeting primarily Iran’s key energy sector and its ability to access the international financial system, have harmed Iran’s economic growth, specifically from 2011 to 2014. This thesis uses this case to study and compare the applicability of two different popular approaches used in comparative case studies exploring the effect of a policy intervention.

In the Chapter 1 we study the synthetic control method. Using this method, we estimate the effect of the intensification of sanctions on Iran’s GDP during the period 2011 to 2014. The year of 2011 was Iran’s first ...


Non-Linear Time Series Modelling With Applications To Equity And Fixed Income Markets, Galyna Grynkiv 2018 The University of Western Ontario

Non-Linear Time Series Modelling With Applications To Equity And Fixed Income Markets, Galyna Grynkiv

Electronic Thesis and Dissertation Repository

My thesis focuses on theoretical and empirical aspects of modelling time series during different financial and economic conditions. It consists of three separate chapters in which the properties of Threshold Vector Autoregressive Model (TVAR) models are addressed with subsequent applications to equity and fixed income markets. In the first chapter, which is a joint work with my supervisor Lars Stentoft, we examine the steady state properties of the TVAR model. Assuming the trigger variable is exogenous and the regime process follows a Bernoulli distribution, we derive the necessary and sufficient conditions for existence of a stationary distribution. The derived stationarity ...


Partners Or Strangers? Cooperation, Monetary Trade, And The Choice Of Scale Of Interation, Maria Bigoni, Gabriele Camera, Marco Casari 2018 University of Bologna

Partners Or Strangers? Cooperation, Monetary Trade, And The Choice Of Scale Of Interation, Maria Bigoni, Gabriele Camera, Marco Casari

ESI Working Papers

We show that monetary exchange facilitates the transition from small to large-scale economic interactions. In an experiment, subjects chose to play an “intertemporal cooperation game” either in partnerships or in groups of strangers where payoffs could be higher. Theoretically, a norm of mutual support is sufficient to maximize efficiency through large-scale cooperation. Empirically, absent a monetary system, participants were reluctant to interact on a large scale; and when they did, efficiency plummeted compared to partnerships because cooperation collapsed. This failure was reversed only when a stable monetary system endogenously emerged: the institution of money mitigated strategic uncertainty problems.


Past, Present And Future Of Maine's Pulp And Paper Industry, Ariel Listo 2018 University of Maine

Past, Present And Future Of Maine's Pulp And Paper Industry, Ariel Listo

Electronic Theses and Dissertations

The pulp and paper industry has historically been of paramount importance for the state of Maine, both from cultural and economic perspectives. The industry has been a vital part of the forest products economy and a large contributor to employment and state gross domestic product (GDP). However, the number of pulp and paper mills in Maine has declined sharply in the last few decades, deeply harming employment levels, local economies and the forest products sector of the most heavily forested state in the nation. This phenomenon has sparked efforts to understand the factors behind the downfall of Maine's pulp ...


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