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Specification Test For Spatial Autoregressive Models, Liangjun SU, Xi QU 2017 Singapore Management University

Specification Test For Spatial Autoregressive Models, Liangjun Su, Xi Qu

Research Collection School Of Economics

This article considers a simple test for the correct specification of linear spatial autoregressive models, assuming that the choice of the weight matrix Wn is true. We derive the limiting distributions of the test under the null hypothesis of correct specification and a sequence of local alternatives. We show that the test is free of nuisance parameters asymptotically under the null and prove the consistency of our test. To improve the finite sample performance of our test, we also propose a residual-based wild bootstrap and justify its asymptotic validity. We conduct a small set of Monte Carlo simulations to investigate ...


Essays On Inequality And Macroeconomic Stability, Thomas Hauner 2017 The Graduate Center, City University of New York

Essays On Inequality And Macroeconomic Stability, Thomas Hauner

All Graduate Works by Year: Dissertations, Theses, and Capstone Projects

This dissertation consists of three chapters. . .

Chapter 1: Aggregate Wealth and Its Distribution as Determinants of Financial Crises: Panel Evidence This essay investigates the relationship between wealth inequality and financial crises across a panel of nine advanced economies over the past 100 years. While substantiation of a role for income inequality is ambiguous in the literature, evidence is presented suggesting a unique capacity for the accumulation of assets to increase the likelihood of a future financial crisis episode. Testing long-run panel data with a reduced form, two-way fixed effects model, estimates suggest that increasing wealth inequality, in an economy with ...


Who Influences Your Outcomes? The Effect Of Culture And Ethnic Origin, Neighborhood And Peers On Personal Income: A Spatial Econometric Analysis Of New York City, Anna Arakelyan 2017 The Graduate Center, City University of New York

Who Influences Your Outcomes? The Effect Of Culture And Ethnic Origin, Neighborhood And Peers On Personal Income: A Spatial Econometric Analysis Of New York City, Anna Arakelyan

All Graduate Works by Year: Dissertations, Theses, and Capstone Projects

Being a “social animal”, each person is inherently embedded into a complex structure of social relations. He has role models to aspire to, conformity rules to follow, and expectations to meet. This paper explores the different social influences each person experiences in life. Specifically, I consider how a person’s ethnic community, age reference group, occupational and industry group peers, and residential area neighbors affect his total income. I introduce a novel model of multiple social networks and discuss various identification implications. I apply the model empirically to New York City, which naturally is a very favorable environment to test ...


No Mere Tautology: The Division Of Labor Is Limited By The Division Of Labor, Andrew Smyth, Bart J. Wilson 2017 Marquette University

No Mere Tautology: The Division Of Labor Is Limited By The Division Of Labor, Andrew Smyth, Bart J. Wilson

ESI Working Papers

We explore the intersection of growth theory and the theory of the firm with an experiment. Economic growth is possible in our experiment when agents specialize to exploit increasing returns. We find that low opportunity costs are sufficient for Marshallian internal economies, but that Marshallian external economies are slow to emerge in four probing treatment conditions. Transaction costs do not hamper external economies as we anticipated prior to collecting data. When external economies falter, it is because new ideas about the cost and value of more extensive specialization fail to emerge. Ideas are what make further divisions of the division ...


Wealth Disparities For Early Childhood Anthropometrics And Skills: Evidence From Chilean Longitudinal Data, Jere R. Behrman, Dante Contreras, Isidora Palma, Esteban Puentes 2017 University of Pennsylvania

Wealth Disparities For Early Childhood Anthropometrics And Skills: Evidence From Chilean Longitudinal Data, Jere R. Behrman, Dante Contreras, Isidora Palma, Esteban Puentes

Population Center Working Papers (PSC/PARC)

We study wealth disparities in the formation of anthropometrics, cognitive skills and socio-emotional skills. We use a sample of preschool and early school children in Chile. We extend the previous literature by using longitudinal data, which allow us to study the dynamics of child growth and skills formation. Also, we include information on mother's and father's schooling attainment and mother's cognitive ability. We find that there are no significant anthropometric differences favoring the better-off at birth (and indeed length differences at birth to the disadvantage of the better-off), but during the first 30 months of life wealth ...


Sources Of Health Financing And Health Outcomes: A Panel Data Analysis, Tomoki FUJII 2017 Singapore Management University

Sources Of Health Financing And Health Outcomes: A Panel Data Analysis, Tomoki Fujii

Research Collection School Of Economics

We study the differential impacts of public and private sources of health spending on health outcomes using a triple difference approach. We find that private health spending has on average a higher health-promoting effect than public health spending. This result is robust with respect to the choice of outcome measure and covariates in the regression and driven primarily by the countries with ineffective governments. Once we restrict our sample to countries with effective governments, private health spending is no better than public health spending for improving the health outcome.


School Resources And Student Outcomes: Evidence From The State Of Illinois, Alyssa Cooper 2017 Illinois State University

School Resources And Student Outcomes: Evidence From The State Of Illinois, Alyssa Cooper

Stevenson Center for Community and Economic Development

Literature on the subject of school resources and student outcomes tends to find that there is a positive relationship between both variables. Most literature uses per-pupil spending (PPS) or teacher salaries as a measure of school resources. While I have modeled both in my paper, my focus in this paper is on per-pupil spending. Using data from the Illinois State Board of Education from 2006-2016 and measuring student outcomes through average ACT scores, operational PPS is found to be insignificant, whereas instructional PPS is found to be positive and significant at the 5% level. Estimates suggest that a 1 standard ...


The Attack And Defense Of Weakest Link Networks, Dan Kovenock, Brian Roberson, Roman M. Sheremeta 2017 Chapman University

The Attack And Defense Of Weakest Link Networks, Dan Kovenock, Brian Roberson, Roman M. Sheremeta

ESI Working Papers

We experimentally test the qualitatively different equilibrium predictions of two theoretical models of attack and defense of a weakest-link network of targets. In such a network, the attacker’s objective is to successfully attack at least one target and the defender’s objective is to defend all targets. The models differ in how the conflict at each target is modeled — specifically, the lottery and auction contest success functions (CSFs). Consistent with equilibrium in the auction CSF model, attackers utilize a stochastic “guerrilla-warfare” strategy, which involves randomly attacking at most one target with a random level of force. Inconsistent with equilibrium ...


Loss Aversion And The Quantity-Quality Tradeoff, Jared Rubin, Anya Samek, Roman M. Sheremeta 2017 Chapman University

Loss Aversion And The Quantity-Quality Tradeoff, Jared Rubin, Anya Samek, Roman M. Sheremeta

ESI Working Papers

Firms face an optimization problem that requires a maximal quantity output given a quality constraint. But how do firms incentivize quantity and quality to meet these dual goals, and what role do behavioral factors, such as loss aversion, play in the tradeoffs workers face? We address these questions with a theoretical model and an experiment in which participants are paid for both quantity and quality of a real effort task. Consistent with basic economic theory, higher quality incentives encourage participants to shift their attention from quantity to quality. However, we also find that loss averse participants shift their attention from ...


Time Series Copulas For Heteroskedastic Data, Ruben Loaiza-Maya, Michael S. Smith, Worapree Maneesoonthorn 2017 Melbourne Business School

Time Series Copulas For Heteroskedastic Data, Ruben Loaiza-Maya, Michael S. Smith, Worapree Maneesoonthorn

Michael Stanley Smith

We propose parametric copulas that capture serial dependence in stationary heteroskedastic time series. We develop our copula for first order Markov series, and extend it to higher orders and multivariate series. We derive the copula of a volatility proxy, based on which we propose new measures of volatility dependence, including co-movement and spillover in multivariate series. In general, these depend upon the marginal distributions of the series. Using exchange rate returns, we show that the resulting copula models can capture their marginal distributions more accurately than univariate and multivariate GARCH models, and produce more accurate value at risk forecasts.


Do Weapons Make Warfare? An Instrumental Variables Approach Towards Investigating The Relationship Between Small Arms Abundance, Civil Conflict Onset, And Civil Conflict Intensity, Gabriel S. Barrett 2017 Macalester College

Do Weapons Make Warfare? An Instrumental Variables Approach Towards Investigating The Relationship Between Small Arms Abundance, Civil Conflict Onset, And Civil Conflict Intensity, Gabriel S. Barrett

Political Science Honors Projects

Scholars, journalists, and policymakers frequently attribute the intensity and onset of civil conflict to the abundance of small arms. However, the direction of causality has been difficult to assess due to a lack of data on the illicit small arms market and the plausibly endogenous relationship between the abundance of weapons and civil conflict. Using a new dataset of estimated small arms prices, I determine that a decrease in the price of small arms is significantly and negatively correlated with an increase in the intensity of conflict in the following year. I also determine that small arms prices increase in ...


Direct Effects Of Bundled Payments For Care Improvement Initiative: A County-Level Approach, Konstantinos Panitsas Mr 2017 City University of New York (CUNY)

Direct Effects Of Bundled Payments For Care Improvement Initiative: A County-Level Approach, Konstantinos Panitsas Mr

School of Arts & Sciences Theses

Implementing a nonlinear, Difference-in-Differences estimation method, I quantify the positive impact bundled payment reforms have on vulnerable population groups living in U.S. counties where this cost reducing initiative was implemented. I find statistically significant effects of this health-care initiative on the elderly and the economically disadvantaged individuals.


The Effect Of Paid Sick Leave On Physician Office-Based Visits, Korvin Vicente 2017 CUNY Hunter College

The Effect Of Paid Sick Leave On Physician Office-Based Visits, Korvin Vicente

School of Arts & Sciences Theses

This paper uses a balanced sample of workers from cross-sections of the National Health Interview Survey to estimate the causal effects of paid sick leave on the medical care seeking behavior of individuals, as measured by physician office-based visits.


Reputation And Multilateral Punishment Under Uncertainty, Aidin Hajikhameneh, Jared Rubin 2017 Chapman University

Reputation And Multilateral Punishment Under Uncertainty, Aidin Hajikhameneh, Jared Rubin

ESI Working Papers

Prinicpal-agent problems can reduce gains from exchange available in long distance trade. One solution to mitigate this problem is multilateral punishment, whereby groups of principals jointly punish cheating agents by giving them bad reputations. But how does such punishment work when there is uncertainty regarding whether an agent actually cheated or was just the victim of bad luck? And how might such uncertainty be mitigated—or exacerbated—by nonobservable, pro-social behavioral characteristics? We address these questions by designing a simple modified trust game with uncertainty and the capacity for principals to employ multilateral punishment. We find that a modest amount ...


The Optimal Defense Of Networks Of Targets, Dan Kovenock, Brian Roberson 2017 Chapman University

The Optimal Defense Of Networks Of Targets, Dan Kovenock, Brian Roberson

ESI Working Papers

This paper examines a game-theoretic model of attack and defense of multiple networks of targets in which there exist intra-network strategic complementarities among targets. The defender’s objective is to successfully defend all of the networks and the attacker’s objective is to successfully attack at least one network of targets. Although there are multiple equilibria, we characterize correlation structures in the allocations of forces across targets that arise in all equilibria. For example, in all equilibria the attacker utilizes a stochastic ‘guerrilla warfare’ strategy in which a single random network is attacked.


Structural Inference From Reduced Forms With Many Instruments, Peter C. B. PHILLIPS, Wayne Yuan GAO 2017 Singapore Management University

Structural Inference From Reduced Forms With Many Instruments, Peter C. B. Phillips, Wayne Yuan Gao

Research Collection School Of Economics

This paper develops exact finite sample and asymptotic distributions for structural equation tests based on partially restricted reduced form estimates. Particular attention is given to models with large numbers of instruments, wherein the use of partially restricted reduced form estimates is shown to be especially advantageous in statistical testing even in cases of uniformly weak instruments. Comparisons are made with methods based on unrestricted reduced forms, and numerical computations showing finite sample performance of the tests are reported. Some new results are obtained on inequalities between noncentral chi-squared distributions with different degrees of freedom that assist in analytic power comparisons.


A Cross-Sectional Exploration Of Household Financial Reactions And Homebuyer Awareness Of Registered Sex Offenders In A Rural, Suburban, And Urban County., John Charles Navarro 2017 University of Louisville

A Cross-Sectional Exploration Of Household Financial Reactions And Homebuyer Awareness Of Registered Sex Offenders In A Rural, Suburban, And Urban County., John Charles Navarro

Electronic Theses and Dissertations

As stigmatized persons, registered sex offenders betoken instability in communities. Depressed home sale values are associated with the presence of registered sex offenders even though the public is largely unaware of the presence of registered sex offenders. Using a spatial multilevel approach, the current study examines the role registered sex offenders influence sale values of homes sold in 2015 for three U.S. counties (rural, suburban, and urban) located in Illinois and Kentucky within the social disorganization framework. Homebuyers were surveyed to examine whether awareness of local registered sex offenders and the homebuyer’s community type operate as moderators between ...


The Scarring Effects Of Youth Joblessness In Sri Lanka, Murali Kuchibhotla, Peter F. Orazem, Sanjana Ravi 2017 Explore Information Services

The Scarring Effects Of Youth Joblessness In Sri Lanka, Murali Kuchibhotla, Peter F. Orazem, Sanjana Ravi

Economics Working Papers

Retrospective data on labor market spells for successive cohorts of school leavers in Sri Lanka are used to examine whether early spells of joblessness lead to subsequent difficulty in finding or keeping a job. A matching method based on the Joffee and Rosenbaum (1999) balancing score approach is used to generate pairs of school leavers that have similar expected levels of joblessness but that differ in realized levels of joblessness. Assuming that youth are not able to perfectly control whether they are employed or not employed, we argue that marginal differences in joblessness between otherwise observationally equivalent youth can be ...


War And Conflict In Economics: Theories, Applications, And Recent Trends, Erik O. Kimbrough, Kevin Laughren, Roman M. Sheremeta 2017 Simon Fraser University

War And Conflict In Economics: Theories, Applications, And Recent Trends, Erik O. Kimbrough, Kevin Laughren, Roman M. Sheremeta

ESI Working Papers

We review the main economic models of war and conflict. These models vary in details, but their implications are qualitatively consistent, highlighting key commonalities across a variety of conflict settings. Recent empirical literature, employing both laboratory and field data, in many cases confirms the basic implications of conflict theory. However, this literature also presents important challenges to the way economists traditionally model conflict. We finish our review by suggesting ways to address these challenges.


Equilibrium Play In Voluntary Ultimatum Games: Beneficence Cannot Be Extorted, Vernon L. Smith, Bart J. Wilson 2017 Chapman University

Equilibrium Play In Voluntary Ultimatum Games: Beneficence Cannot Be Extorted, Vernon L. Smith, Bart J. Wilson

ESI Working Papers

One robust result in experimental economics is the failure to observe equilibrium play in the ultimatum game. A heretofore unnoticed feature of the game is that neither player voluntarily chooses to play the game. Motivated by Adam Smith’s proposition that beneficence—like that of non‐ equilibrium play in the ultimatum game—cannot be extorted by force, we offer the responder the opportunity to opt out of the game for a mere $1 payoff for both players. We observe high rates of equilibrium play with highly unequal splits when responders choose to play such ultimatum games with both fixed and ...


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