An Examination Of The Stock Market's Effect On Economic Inequality, 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 ...
Partners Or Strangers? Cooperation, Monetary Trade, And The Choice Of Scale Of Interation, 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.
Transactive Energy Design For Integrated Transmission And Distribution Systems, 2018 Iowa State University
Transactive Energy Design For Integrated Transmission And Distribution Systems, Hieu Trung Nguyen, Swathi Battula, Rohit Reddy Takkala, Zhaoyu Wang, Leigh Tesfatsion
Economics Working Papers
The increasing deployment of distributed energy resources (DERs) is disrupting every aspect of power system operations, from retail distribution to wholesale production and transmission. This paper reports on the development of an agentbased test system enabling the study of new transactive energy system (TES) designs to ensure the reliable efficient operation of integrated transmission and distribution (ITD) systems with growing DER penetration. This ITD test system is used to explore the ability of a non-profit Distribution System Operator (DSO), participating within an ITD system, to use an innovative TES design to manage the power usage of DER devices in accordance ...
Environmental Policies In The Transportation Sector: Taxes, Subsidies, Mandates, Restrictions, And Investment, 2018 University of Washington, Tacoma
Environmental Policies In The Transportation Sector: Taxes, Subsidies, Mandates, Restrictions, And Investment, Justin Beaudoin, Yuan Chen, David R. Heres, Khaled H. Kheiravar, Gabriel E. Lade, Fujin Yi, Wei Zhang, C.-Y. Cynthia Lin Lawell
Economics Working Papers
The transportation sector is associated with many negative externalities, including air pollution, global climate change, and traffic congestion. In this paper we discuss several possible policies for addressing the emissions and other environmental externalities from the transportation sector, including taxes, subsidies, mandates, restrictions, and investment. Most economists generally recommend that policy-makers use incentive- (or market-) based instruments as opposed to command and control policies whenever possible. However, various economic and political constraints can preclude policy instruments that would in theory achieve a first-best outcome from being employed, and policy-makers have often implemented alternative policies such as subsidies, mandates, restrictions, and ...
Corporate Social Responsibility And Financial Performance: An Examination Of The Dow Jones Sustainability North American Index, Elizabeth A. Fides
Applied Economics Theses
This thesis explores the topic of corporate social responsibility (CSR) and the relationship between CSR and corporate profitability. This thesis includes a literature review which traces the history of CSR from 1920s through current theoretical positions. The thesis then examines the relationship between financial gain and CSR as defined by the sustainability parameters set by the Dow Jones Sustainability Index North America. Results from analysis performed show that corporations which practice CSR may benefit from increased stability compared to other index performance criteria, but improved financial performance as measured by stock price is inconclusive.
Usage-Based Insurance Or The Implications Of Taking Big Brother For A Ride, 2018 University of Windsor
Usage-Based Insurance Or The Implications Of Taking Big Brother For A Ride, Devina Lakhtakia
The use of telematics in the automobile industry has been growing recently to resolve the problem of asymmetric information in the insurance market related to the identification of the type of a driver. This paper aims to study the impact of the introduction of usage-based insurance on the market participants taking into account the privacy costs associated with the installation of such a behaviour-monitoring device. We assume that UBI is offered as part of the contract to the agents and is voluntary to install. Our findings suggest that no matter how highly an agent values her privacy, there will always ...
Equilibrium Wage Rigidity In Directed Search, 2018 Chapman University
Equilibrium Wage Rigidity In Directed Search, Gabriele Camera, Jaehong Kim
ESI Working Papers
Matching frictions and downward wage rigidity emerge as equilibrium phenomena in a twosided labor market where firms sustain variable wage adjustment costs. Firms post wages to attract workers and matches are endogenous. Reducing the wage relative to the wage previously posted is costly to the firm, where the cost is proportional to the size of the proposed cut. Shocks to the firm’s profitability may yield an equilibrium wage above what the firm would offer absent proportional adjustment costs. Wage cuts can be partial or full, immediate or delayed, and are non-linear in the shock size. Importantly, wages are sticky ...
Is Antitrust's Consumer Welfare Principle Imperiled?, 2018 University of Pennsylvania Law School
Is Antitrust's Consumer Welfare Principle Imperiled?, Herbert J. Hovenkamp
Antitrust’s consumer welfare principle stands for the proposition that antitrust policy should encourage markets to produce output as high as is consistent with sustainable competition, and prices that are accordingly as low. Such a policy does not protect every interest group. For example, it opposes the interests of cartels or other competition-limiting associations who profit from lower output and higher prices. It also runs counter to the interest of less competitive firms that need higher prices in order to survive. Market structure is relevant to antitrust policy, but its importance is contingent rather than absolute – that is, market structure ...
An Economics Primer For Cyber Security Analysts, 2018 Texas Christian University
An Economics Primer For Cyber Security Analysts, John T. Harvey
Military Cyber Affairs
One of the ingredients necessary to an understanding of the impact of cyber attacks is a reliable model of the economy. We face great challenges in trying to protect an already potentially unstable system from cyber aggression and operating with a flawed understanding of the determinants of output, employment, asset prices, et cetera, surely condemns us to failure. This is so not only because we need to know where points of leverage might exist for bad actors to disrupt and disable our system, but because policy recommendations may face significant push back from both selected scholars and powerful vested interests ...
How To Create Conducive Institutions To Enable Agricultural Mechanization: A Comparative Historical Study From The United States And Germany, Thomas Daum, Wallace E. Huffman, Regina Birner
Economics Working Papers
Agricultural mechanization is now high on the policy agenda of many developing countries. History has shown that successful mechanization depends on an enabling environment providing various supporting functions, for example, knowledge and skills development and quality assurance. This paper analyses how this enabling environment was created during the mechanization history of two today’s mechanized countries, the United States and Germany, thereby distilling lessons for today’s mechanizing countries. The paper highlights the different roles played by government agencies (public sector), manufacturers of agricultural machinery (private sector) and farmers’ organizations (third sector) for the creation of this enabling environment. The ...
Extraordinary Episodes Of Ancient Money, 2018 Union College
Extraordinary Episodes Of Ancient Money, Francis Louis Kailey
The spread of coins, which occurred throughout the archaic and classical periods of Greece, was a foundational advancement toward forms of the modern economy. Modern theory has sought to explain the invention of coins with a variety of narratives. Generally, these narratives fall into two broad categories: market-driven monetization or state-driven monetization. On the one hand, some theory argues that coins developed from reducing private transaction costs. On the other hand, some theorists argue that the state benefitted from reductions in administrative costs from the use of coins and therefore undertook the cost of minting them. This thesis problematizes these ...
The Economic Impacts Of A U.S. Withdrawal From Nafta: A Cge Analysis, 2018 University of Toronto Schools
The Economic Impacts Of A U.S. Withdrawal From Nafta: A Cge Analysis, Jonathan Liu
Undergraduate Economic Review
The aim of this study is to examine the economic impacts of a U.S. withdrawal from the North American Free Trade Agreement (NAFTA) on Canada, Mexico and the United States. The shocks simulate scenarios in which the U.S instates penalizing tariff rates on NAFTA countries, a trade war between NAFTA members and a tariff reset to the WTO MFN rates. The effects of these tariff structures are analyzed under the framework of a computable general equilibrium (CGE) model with a focus on macroeconomic variables and welfare. The findings show that, in all iterations, Mexico’s economy takes a ...
Patriarchal Norms, Bargaining, And Gendered Attitudes On Intimate Partner Violence, 2018 The University of San Francisco
Patriarchal Norms, Bargaining, And Gendered Attitudes On Intimate Partner Violence, Anna Eckenrode
How do the underlying mechanisms of social norms and bargaining power relate to the acceptance of intimate partner violence within households? How do short run and long run determinants of gender norms affect attitudes toward IPV? This study begins to decompose the dynamics of the acceptance of IPV within couples using data from the Demographic Health Survey, as well as examine the relationship in the context of patriarchal societies using data from the Ethnographic Atlas. I find that females are more accepting than males of intimate partner violence, and females becoming more educated is associated with her being less accepting ...
A Correction For Regression Discontinuity Designs With Group-Specific Mismeasurement Of The Running Variable, 2018 Iowa State University
A Correction For Regression Discontinuity Designs With Group-Specific Mismeasurement Of The Running Variable, Otávio Bartalotti, Quentin Brummet, Steven Dieterle
Economics Working Papers
When the running variable in a regression discontinuity (RD) design is measured with error, identification of the local average treatment effect of interest will typically fail. While the form of this measurement error varies across applications, in many cases there is a group structure to the measurement error. We develop a procedure to make use of this group-specific measurement error structure to correct estimates obtained in a regression discontinuity framework using auxiliary data. This procedure extends the prior literature on measurement error on the running variable by leveraging auxiliary information in order to account for more general forms of measurement ...
Essays On Economic Growth, 2018 Washington University in St. Louis
Essays On Economic Growth, Minhyeon Jeong
Arts & Sciences Electronic Theses and Dissertations
My dissertation investigates how economic growth is determined in the long run. To do this, I focus mainly on culture and institutions as fundamental growth factors and develop a general theoretical framework in which culture, institutions and growth are all endogenously determined. Using the framework, I highlight the crucial role of interaction between culture and institutions in the long-term growth.
Chapter 1. Endogenous Financial Friction and Growth
The first chapter investigates the role financial frictions play in economic growth. Most existing studies consider an exogenous form of borrowing constraint, the tightness of which is arbitrarily fixed at a certain value ...
Behaviors And Perceptions Of Environmental Decision Making: The Role Of Information Dissemination Through Public Disclosures And Labels, Jordan R. Anthony
Electronic Theses and Dissertations
Environmental decision making may be influenced by information and how this information has been disseminated. By recognizing that information needs to be salient to the individual (Cash et al., 2003, 2006), tailored and framed to the individual (Pelletier & Sharp, 2008), and recognizing that the information must be presented in a way that the individual is ready and able to accept the information (Teisl, Rubin, & Noblet, 2008) all serve as a means to improve the effect information has on environmental decision making. Through this work, two studies of contextual examples of how information dissemination affects environmental decision making are presented.
The first study seeks to learn about how safety information disclosures affect the perception of risk. Coastal water quality may be threatened by natural and human process; it is important to understand how coastal water users perceive the risk to human health associated with these threats (Hlavsa et al., 2011; Lewis & Miller, 2016). I use data collected by the New England Sustainability Consortium’s Safe Beaches & Shellfish Project 2015 mail survey conducted in Maine and New Hampshire on coastal residents (Fox et al., 2017). I investigate how information through public disclosures at either beaches or shellfish harvesting areas influence risk perceptions associated with entering the water (or eating shellfish) under an advisory or closure. Further, we test to see if the frames of marine environment or public health may be more appropriate to communicate information to the public and how it influences risk perception. The findings suggest that disclosures of poor coastal water quality at these areas do not influence risk perception nor do specific messages appear to alter risk perceptions.
The second study seeks to better understand consumer information seeking behavior and use of product labels for aquaculture products and how these behaviors change when the heterogeneity in preferences is considered. Despite aquaculture’s stance as a rapidly growing sustainable food technology, public opinion about aquaculture is still relatively unformed (Murray et al., 2017). Labeling of aquaculture products is an opportunity to provide information that is salient and messages that bridge the gap between the individual and the information presented on labels at the time of purchase (Cash et al., 2003, 2006; Pelletier & Sharp, 2008; Teisl et al., 2008). We use data from a 2017 national survey collected by the Sustainable Ecological Aquaculture Network Human Dimensions Team to capture behaviors and perceptions of aquaculture. To approach our unique problem, audience segmentation methods ...
Does Debt Matter?, 2018 State University of New York College at Buffalo - Buffalo State College
Does Debt Matter?, Luhan Li
Applied Economics Theses
National debt is a popular topic, since people have a lot of different views on national debt. For example, many people think that there is a positive relationship between national debt and GDP per capita. In other words, the national debt has also increased with the growth of GDP per capita. However, some people feel that there is an inverse relationship between them, so much so that the topic has been discussed. Based on my interest in this topic, I decided to discuss this question. This paper will discuss their influence and importance by analyzing national debt, GDP per capita ...
Cryptocurrencies As An Alternative To Fiat Monetary Systems, 2018 State University of New York College at Buffalo - Buffalo State College
Cryptocurrencies As An Alternative To Fiat Monetary Systems, David A. Georgeson
Applied Economics Theses
The recent popularity of cryptocurrencies is largely associated with a particular application referred to as Bitcoin. Cryptocurrency has a mix of properties that make it difficult to examine. These properties consist of being infinitely divisible, durable, transferable, fungible and can be controlled to be artificially scarce. Further, cryptocurrencies can act as a means of payment, a medium of exchange, a store of value, and a unit of account. This thesis will analyze the technical features underlying cryptocurrencies and find out whether or not they can function as an alternative to fiat money. Since Bitcoin is the most commonly understood application ...
Of China, India And A Tempered Global Economic Outlook, 2018 Singapore Management University
Of China, India And A Tempered Global Economic Outlook, Simon Baptist, Alvin Lee
Asian Management Insights
Global Chief Economist of The Economist Intelligence Unit, Simon Baptist, discusses trends that are likely to shape the future global economic outlook, in this interview with Alvin Lee.
Public Principles And Economic Legacy, 2018 Cedarville University
Public Principles And Economic Legacy, Stanley Schwartz
Channels: Where Disciplines Meet
2018 will mark the 60th anniversary of the publication of Public Principles of Public Debt. The Nobel-prize winning economist’s first book conflicted with the Keynesian orthodoxy of the day, and added fresh ideas to an ongoing debate over the fundamentals of public debt theory. This paper seeks to outline the dialogue among leading economists surrounding public debt since the publication of Public Principles of Public Debt, examining the major schools of thought and their development. The ideas of John Maynard Keynes, James Buchanan, and Richard Barro will receive attention, without neglecting other significant contributions. The paper will conclude ...