Western Michigan University
Cornell University
Pepperdine University
Connecticut College
University of the Sunshine Coast
University of Kentucky
Sacred Heart University
16-21 Impulsive Behavior In Competition: Testing Theories Of Overbidding In Rent-Seeking Contests,
2016
Chapman University
16-21 Impulsive Behavior In Competition: Testing Theories Of Overbidding In Rent-Seeking Contests, Roman M. Sheremeta
ESI Working Papers
Researchers have proposed various theories to explain overbidding in rent-seeking contents, including mistakes, systematic biases, the utility of winning, and relative payoff maximization. Through an eight-part experiment, we test and find significant support for the existing theories. Also, we discover some new explanations based on cognitive ability and impulsive behavior. Out of all explanations examined, we find that impulsivity is the most important factor explaining overbidding in contests.
16-19 Endogenous Market Formation And Monetary Trade: An Experiment,
2016
Chapman University
16-19 Endogenous Market Formation And Monetary Trade: An Experiment, Gabriele Camera, Dror Goldberg, Avi Weiss
ESI Working Papers
The theory of money assumes decentralized bilateral exchange and excludes centralized multilateral exchange. However, endogenizing the exchange process is critical for understanding the conditions that support the use of money. We develop a “travelling game” to study the spontaneous emergence of decentralized and centralized exchange, theoretically and experimentally. Players located on separate “islands” can either trade locally, or pay a cost to trade elsewhere, so decentralized and centralized markets can both emerge in equilibrium. The latter maximize trade meetings and are socially efficient; the former minimize trade costs through the use of money. In the laboratory, centralized exchange more frequently ...
16-18 Do Economic Inequalities Affect Long-Run Cooperation?,
2016
Chapman University
16-18 Do Economic Inequalities Affect Long-Run Cooperation?, Gabriele Camera, Cary Deck, David Porter
ESI Working Papers
Does inequality affect a group’s cohesion and ability to prosper? Participants in laboratory economies played an indefinite sequence of helping games in random, anonymous pairs. A coin flip determined donor and recipient roles in each pair. This random shock ensured equality of opportunity but not of results, because earnings depended on realized shocks. We manipulated the ability to condition choices on this uncontrollable inequality source. In all treatments, uncertain ending supports multiple Pareto-ranked equilibria, including full cooperation. Theoretically, inequalities do not alter the incentives’ structure. Empirically, inequality disclosures altered conduct, weakened norms of mutual support and reduced efficiency.
The Peculiar Role Of The Delaware Courts In The Competition For Corporate Charters,
2016
University of Pennsylvania Law School
The Peculiar Role Of The Delaware Courts In The Competition For Corporate Charters, Jill E. Fisch
Jill Fisch
No abstract provided.
Teaching Corporate Governance Through Shareholder Litigation,
2016
University of Pennsylvania Law School
Teaching Corporate Governance Through Shareholder Litigation, Jill E. Fisch
Jill Fisch
No abstract provided.
Class Action Reform: Lessons From Securities Litigation,
2016
University of Pennsylvania Law School
Class Action Reform: Lessons From Securities Litigation, Jill E. Fisch
Jill Fisch
No abstract provided.
Estimating Risk Preferences In The Field,
2016
Cornell University
Estimating Risk Preferences In The Field, Levon Barseghyan, Francesca Molinari, Ted O'Donoghue, Joshua C. Teitelbaum
Georgetown Law Faculty Publications and Other Works
We survey the literature on estimating risk preferences using field data. We concentrate our attention on studies in which risk preferences are the focal object and estimating their structure is the core enterprise. We review a number of models of risk preferences—including both expected utility (EU) theory and non-EU models—that have been estimated using field data, and we highlight issues related to identification and estimation of such models using field data. We then survey the literature, giving separate treatment to research that uses individual-level data (e.g., property insurance data) and research that uses aggregate data (e.g ...
Econometrics In The Courtroom,
2016
Berkeley Law
Econometrics In The Courtroom, Daniel L. Rubinfeld
Daniel L. Rubinfeld
No abstract provided.
16-16 Focality And Asymmetry In Multi-Battle Contests,
2016
University of East Anglia
16-16 Focality And Asymmetry In Multi-Battle Contests, Subhashish M. Chowdhury, Dan Kovenock, David Rojo Arjona, Nathaniel Wilcox
ESI Working Papers
This article examines behavior in two-person constant-sum Colonel Blotto games in which each player maximizes the expected total value of the battlefields won. A lottery contest success function is employed in each battlefield. Recent experimental research on such games provides only partial support for Nash equilibrium behavior. We hypothesize that the salience of battlefields affects strategic behavior (the salient target hypothesis). We present a controlled test of this hypothesis – against Nash predictions – when the sources of salience come from certain asymmetries in either battlefield values or labels (as in Schelling (1960)). In both cases, subjects over-allocate the resource to the ...
Industrial Ecology Analysis Of The Potential For An Eastern Nebraska Industrial Symbiosis Network (Enisn): A Comparative Study,
2016
University of Nebraska-Lincoln
Industrial Ecology Analysis Of The Potential For An Eastern Nebraska Industrial Symbiosis Network (Enisn): A Comparative Study, Bradley A. Behne
Dissertations & Theses in Natural Resources
The area of Eastern Nebraska north of Omaha, including the municipality of Blair is host to a collection of unique companies and industries. These industries, driven by the agricultural and urban economy of the area, as well as the geographic proximity to each other, make it an advantageous area to study the potential for a network where individual entities utilize the concept of industrial symbiosis. This potential network is referred to as the Eastern Nebraska Industrial Symbiosis Network (ENISN). Industrial symbiosis, a sub-set of industrial ecology, engages separate industries in a collaborative and collective approach, concerning itself with the flow ...
What Determines Public Pension Investment Risk-Taking Policy,
2016
University of Dayton
What Determines Public Pension Investment Risk-Taking Policy, Nancy Mohan, Ting Zhang
Nancy Mohan
State public pension plans, mostly defined benefit plans, cover pension benefits for 12.8 million active public employees and 5.9 million retirees and other annuitants. However, by the end of 2009, public pension plans had accumulated a total funding deficit of $697 billion (measured by the difference between actuarial pension assets and liabilities). On average, public pension funds cover 75 percent of their liabilities, but individual state results vary greatly.
The 2008 stock market crash strongly affected pension asset value in that equity allocation on average accounted for 56 percent of invested assets. The average 2009 pension asset beta ...
The Influence Of The Electric Supply Industry On Economic Growth In Less Developed Countries,
2016
University of Southern Mississippi
The Influence Of The Electric Supply Industry On Economic Growth In Less Developed Countries, Edward Richard Bee
Dissertations
This study measures the impact that electrical outages have on manufacturing production in 135 less developed countries using stochastic frontier analysis and data from World Bank’s Investment Climate surveys. Outages of electricity, for firms with and without backup power sources, are the most frequently cited constraint on manufacturing growth in these surveys.
Outages are shown to reduce output below the production frontier by almost five percent in Africa and by a lower percentage in South Asia, Southeast Asia and the Middle East and North Africa. Production response to outages is quadratic in form. Outages also increase labor cost, reduce ...
Random Assignments On Preference Domains With A Tier Structure,
2016
Singapore Management University
Random Assignments On Preference Domains With A Tier Structure, Liu Peng, Zeng Huaxia
Research Collection School Of Economics
We address a standard random assignment problem (Bogomolnaia and Moulin (2001)) and search forsd-strategy-proof, sd-efficient and sd-envy-free or equal-treatment-of-equals rules.Our main result is that on a connected domain (Sato (2013)),if there exists a rule satisfying these axioms, this domain is endowed with a restricted tier structure.Furthermore, we show that, on such a domain, the Probabilistic Serial rule is the unique rulethat satisfies these axioms.As an extension, we introduce outside options to the model, and establish the same characterizations.
Core Theory Finds The Line Between Firm And Market,
2016
University of Chicago
Core Theory Finds The Line Between Firm And Market, Lester G. Telser
Lester G Telser
Multiple Openings And Competitiveness Of Forward Markets: Experimental Evidence,
2016
Universidad Carlos III de Madrid
Multiple Openings And Competitiveness Of Forward Markets: Experimental Evidence, José Luis Ferreira, Praveen Kujal, Stephen Rassenti
Economics Faculty Articles and Research
We test the competition enhancing effect of selling forward in experimental Cournot duopoly and quadropoly with multiple forward markets. We find that two forward periods yields competitive outcomes and that the results are very close to the predicted theoretical results for quantity setting duopolies and quadropolies. Our experiments lend strong support to the hypothesis that forward markets are competition enhancing. We then test a new market that allows for endogenously determined indefinitely many forward periods that only close when sellers coordinate on selling a zero amount in a forward market. We find that the outcomes under an endogenous close rule ...
Indirect Reciprocity, Resource Sharing, And Environmental Risk: Evidence From Field Experiments In Siberia,
2016
University of Alaska, Anchorage
Indirect Reciprocity, Resource Sharing, And Environmental Risk: Evidence From Field Experiments In Siberia, E. Lance Howe, James J. Murphy, Drew Gerkey, Colin Thor West
ESI Publications
Integrating information from existing research, qualitative ethnographic interviews, and participant observation, we designed a field experiment that introduces idiosyncratic environmental risk and a voluntary sharing decision into a standard public goods game. Conducted with subsistence resource users in rural villages on the Kamchatka Peninsula in Northeast Siberia, we find evidence consistent with a model of indirect reciprocity and local social norms of helping the needy. When participants are allowed to develop reputations in the experiments, as is the case in most small-scale societies, we find that sharing is increasingly directed toward individuals experiencing hardship, good reputations increase aid, and the ...
Capturing Regulatory Reality: Stigler’S The Theory Of Economic Regulation,
2016
George Washington University
Capturing Regulatory Reality: Stigler’S The Theory Of Economic Regulation, Christopher Carrigan, Cary Coglianese
Faculty Scholarship
This paper offers a retrospective assessment of economist George Stigler’s classic article, The Theory of Economic Regulation. Stigler argued that regulation is a product that, just like any other product, is produced in a market, and that it can be acquired from the governmental “marketplace” by business firms to serve their private interests and create barriers to entry for potential competitors. He challenged the idea that regulation arises solely to serve the public interest and demonstrated that important political advantages held by businesses can contribute to industry capture of the regulatory process. Although his argument was largely based on ...
Optimal Task Assignments,
2016
Diego Portales University
Optimal Task Assignments, Felipe Balmaceda Assoc Prof.
Felipe Balmaceda
Book Review: Aleman, Richard (Ed). The Hound Of Distributism: A Solution For Our Social And Economic Crisis,
2016
Portland State University
Book Review: Aleman, Richard (Ed). The Hound Of Distributism: A Solution For Our Social And Economic Crisis, Anthony Philip Stine
Hatfield Graduate Journal of Public Affairs
Aleman and the collected authors provide a starting point for investigating modern Distributist writings. Distributism is a 'third way' private property-based economic system focused on decentralization of power, a focus on family life and reconceptualizing our relationships between individuals, families, the state and large economic actors. Essays range from the topics of totalitarianism and big government to pastoralism and permaculture. Contributing authors include classic Distributists like GK Chesterton and modern writers such as Joseph Pearce, Dale Ahlquist, Philip Maxence and Ryan Grant. The selected authors present a snapshot of a theory that presents a means towards achieving sustainability through decentralization ...
The Importance Of Funding Channels For Microfinance Performance,
2016
University of Washington Tacoma
The Importance Of Funding Channels For Microfinance Performance, Roman Fedorak
Global Honors Theses
This paper studies the importance of microfinance funding channels by analyzing how for-profit and non-profit microfinance institutions’ performances differ in practice. Generally all MFIs seek financial sustainability in order to avoid reliance on external funding and increase efficiency. However, for-profit MFIs tend to rely more heavily on standard economic assumptions established by the neoclassical economics model, shifting the priority away from the social and economic development process among poor communities to the final product of loan repayment enjoyed by such institutions. By contrast, non-profit MFIs attracting donors contributions tend to focus more closely on shifts in social dynamics within communities ...
