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Risk And Probability Premiums For Cara Utility Functions, Bruce A. Babcock, E. Kwan Choi, Eli Feinerman 2017 Iowa State University

Risk And Probability Premiums For Cara Utility Functions, Bruce A. Babcock, E. Kwan Choi, Eli Feinerman

Bruce Babcock

The risk premium and the probability premium are used to determine appropriate coefficients of absolute risk aversion under CARA utility. A defensible range of risk-aversion coefficients is defined by the coefficients that correspond to risk premiums falling between 1 and 99% of the amount at risk or to probability premiums falling between .005 and ,49 for a lottery that pays or loses a given sum. The consequences of ignoring risk premiums when selecting risk-aversion coefficients for representative decision makers are illustrated by calculation of the implied risk premium associated with the levels of absolute risk aversion assumed in six selected ...


Targeting Resource Conservation Expenditiures, JunJie Wu, Richard M. Adams, David Zilberman, Bruce A. Babcock 2017 Iowa State University

Targeting Resource Conservation Expenditiures, Junjie Wu, Richard M. Adams, David Zilberman, Bruce A. Babcock

Bruce Babcock

Payments to landowners are a major vehicle to assure resource conservation and environmental protection. Examples of payment programs are listed in the sidebar, page. 34. Some of these programs (1, 2 and 3) compensate resource owners for changing resource uses while others (4, 5 and 6) involve the outright purchase of a resource. For example, the Conservation Reserve Program (CRP) has compensated landowners to retire 37 million acres of highly erodible cropland at a current annual cost of approximately $1.9 billion, and the Nature Conservancy has protected more than 11 million acres of environmentally valuable land in the United ...


A Case Study In Tipping: An Economic Anomaly, Megan Nelson 2017 University of Kansas

A Case Study In Tipping: An Economic Anomaly, Megan Nelson

Crossing Borders: A Multidisciplinary Journal of Undergraduate Scholarship

When dining in a restaurant or having a drink at a bar, do you tip? If yes, what do you base the tip amount on? Is it who you are with? Do men tip more than women? Do you tip less when your actions are masked by a larger group? The answers to these questions are something that economists have struggled to explain. The most difficult question being: Why do people pay an additional amount when they have absolutely no legal obligation to do so? This case study explores the variables that lead to higher or lower tip amounts ...


Performance Pay, The Marriage Market And Rising Income Inequality In Taiwan, Shao-Hsun Keng, Peter F. Orazem 2017 National University of Kaohsiung

Performance Pay, The Marriage Market And Rising Income Inequality In Taiwan, Shao-Hsun Keng, Peter F. Orazem

Economics Working Papers

Taiwan expanded its college access significantly over the past two decades by converting 2-year junior colleges to 4-year colleges and relaxing entrance standards. The share of college graduates in the 22-24 years old population rose from 12% to 71% between 1990 and 2014. This should have suppressed returns to schooling and lowered inequality, but Taiwan’s Gini coefficient rose steadily over that period. We show that rising use of performance pay and positive assortative mating in the marriage market combine to explain the rising inequality. The presence of performance pay and positive assortative mating jointly increase the household income inequality ...


Using Natural Experiments To Identify The Effects Of Snap On Child And Adult Health, Daniel P. Miller, Taryn W. Morrissey 2017 Boston University

Using Natural Experiments To Identify The Effects Of Snap On Child And Adult Health, Daniel P. Miller, Taryn W. Morrissey

University of Kentucky Center for Poverty Research Discussion Paper Series

The Supplemental Nutrition Assistance Program (SNAP; formerly known as food stamps) can have important impacts that extend beyond its intended aims to improve food security and nutrition, particularly for health and health care use. This project examined the impact of SNAP receipt and benefit level on the health of adults and children using two natural experiments to address selection bias: 1) state policy variation in SNAP in an instrumental variables (IV) analysis; and, 2) the temporary expansion of SNAP benefits and eligibility provided through the American Recovery and Reinvestment Act (ARRA) in a difference-in-difference (DD) approach. We used restricted data ...


Impact Of Food Insecurity And Snap Participation On Healthcare Utilization And Expenditures, Seth A. Berkowitz, Hilary K. Seligman, Sanjay Basu 2017 Massachusetts General Hospital

Impact Of Food Insecurity And Snap Participation On Healthcare Utilization And Expenditures, Seth A. Berkowitz, Hilary K. Seligman, Sanjay Basu

University of Kentucky Center for Poverty Research Discussion Paper Series

We tested three hypothesis related to food insecurity and the Supplemental Nutrition Assistance Program (SNAP), America’s largest anti-food insecurity program. We hypothesized that 1)food insecurity would be associated with increased healthcare expenditures, 2)food insecurity would be associated with increased use of emergency department and inpatient services, and 3) SNAP participation would be associated with lower subsequent healthcare expenditures. We used data from the 2011 National Health Interview Survey linked to the 2012-13 Medical Expenditures Panel Survey. We used zero-inflated negative binomial regression to test the relationship between food insecurity and healthcare cost and use. We evaluated the ...


The Real Value Of Snap Benefits And Health Outcomes, Hilary W. Hoynes, Erin Bronchetti, Garret Christensen 2017 University of California, Berkeley

The Real Value Of Snap Benefits And Health Outcomes, Hilary W. Hoynes, Erin Bronchetti, Garret Christensen

University of Kentucky Center for Poverty Research Discussion Paper Series

The food stamp program (SNAP) is one of the most important elements of the social safety net and is the second largest anti-poverty program for children in the U.S. (only the EITC raises more children above poverty). The program varies little across states and over time, which creates challenges for quasi-experimental evaluation. Notably, SNAP benefit levels are fixed across 48 states; but local food prices vary widely, leading to substantial variation in the real value of SNAP benefits. In this study, we leverage time variation in the real value of the SNAP benefit across markets to examine the effects ...


Child Age And Gender Differences In Food Security In A Low-Income Inner-City Population, Robert A. Moffitt, David C. Ribar 2017 Johns Hopkins University

Child Age And Gender Differences In Food Security In A Low-Income Inner-City Population, Robert A. Moffitt, David C. Ribar

University of Kentucky Center for Poverty Research Discussion Paper Series

A long literature in economics concerns itself with differential allocations of resources to different children within the family unit. In a study of approximately 1,500 very disadvantaged families with children in Boston, Chicago, and San Antonio from 1999 to 2005, significant differences in levels of food allocation, as measured by an indicator of food “insecurity,” are found across children of different ages and genders. Using answers to unique survey questions for a specific child in the family, food insecurity levels are found to be much higher among older boys and girls than among younger ones, and to be sometimes ...


The Nominalistic Principle: A Legal Approach To Inflation, Deflation, Devaluation And Revaluation, Alain H. Sheer 2016 University of Georgia

The Nominalistic Principle: A Legal Approach To Inflation, Deflation, Devaluation And Revaluation, Alain H. Sheer

Georgia Journal of International & Comparative Law

No abstract provided.


Income Distribution, Export Instability, And Savings Behavior, David Lim 2016 Technological and Higher Education Institute of Hong Kong, Vocational Training Council

Income Distribution, Export Instability, And Savings Behavior, David Lim

Prof. David Lim

This paper examines the effects of income distribution and export instability on the savings ratios of a group of 12 developed and 52 less developed countries (DCs and LDCs) for 1968-73. The effect of income distribution on savings has been studied before but not on as comprehensive a group of countries as presented here. The effect of export instability on savings has not been examined before in the literature on the determinants of savings behavior. It has, however, been discussed in the literature on the relationship between export instability and economic growth and part of the purpose of this paper ...


The Meaning And Measurement Of Income Mobility, Gary S. Fields, Efe A. Ok 2016 Cornell University

The Meaning And Measurement Of Income Mobility, Gary S. Fields, Efe A. Ok

Gary S Fields

Income mobility may be seen as arising from two sources: (i) the transfer of income among individuals with total income held constant, and (ii) a change in the total amount of income available. In this paper, we propose several sensible properties defining the concept of income mobility and show that an easily applicable measure of mobility is uniquely implied by these properties. We also show that the resulting measure is additively decomposable into the two sources listed above, namely, mobility due to the transfer of income within a given structure and mobility due to economic growth or contraction. Finally, these ...


Income-Generating Functions In A Low Income Country: Colombia, Gary S. Fields, T. Paul Schultz 2016 Cornell University

Income-Generating Functions In A Low Income Country: Colombia, Gary S. Fields, T. Paul Schultz

Gary S Fields

Income generating functions are statistical tools used to explain income inequality and other economic outcomes and behavior. These functions are often associated with a strict human capital framework, but they need not be. Instead, they may be viewed as a reduced form equation summarizing the relationship between income and various personal and locational characteristics. Following this latter interpretation, we develop the regression and analysis of variance approaches to income generating functions and estimate them empirically using micro-economic data from one low income country, Colombia. Proceeding to increasingly parsimonious specifications of income generating functions, insights are gained into the structure of ...


Employment, Income Distribution And Economic Growth In Seven Small Open Economies, Gary S. Fields 2016 Cornell University

Employment, Income Distribution And Economic Growth In Seven Small Open Economies, Gary S. Fields

Gary S Fields

[Excerpt] Resurgent interest has been manifested among development economists in trickle-down, i.e., the view that the more rapid the rate of economic growth, the more rapid the improvement in employment and income distribution. Throughout this paper, the term ‘income distribution’ will refer to the location and dispersion of the pattern of incomes, i.e., to ‘absolute incomes and poverty’ and to ‘relative income inequality’. Empirical evidence supports trickle-down in some cases, but the evidence is contrary to trickle-down in others.

These data indicate:

  1. A high rate of economic growth is neither necessary nor sufficient for inequality to decline.
  2. A ...


Income Distribution And Economic Growth, Gary S. Fields 2016 Cornell University

Income Distribution And Economic Growth, Gary S. Fields

Gary S Fields

[Excerpt] Who benefits how much from economic growth and why? This question is fundamental to today’s development economics. This chapter reviews some of the major lessons learned and major directions for future research in the study of income distribution and economic development.


Employment And Economic Growth In Costa Rica, Gary S. Fields 2016 Cornell University

Employment And Economic Growth In Costa Rica, Gary S. Fields

Gary S Fields

Costa Rica’s economic growth in the last 25 years has had favorable labor market and income distribution consequences. Overall, employment growth kept pace with labor force growth, the mix of jobs improved, real wages rose, and relative inequality and absolute poverty fell. But during the economic crisis of 1980-82, when real per capita income plummeted, labor market conditions deteriorated markedly: unemployment doubled, employment composition worsened, and real wages fell by 40%. Growth, labor market conditions, and income distribution have moved together.


Antitrust, Competition Policy, And Inequality, Jonathan B. Baker, Steven C. Salop 2016 American University Washington College of Law

Antitrust, Competition Policy, And Inequality, Jonathan B. Baker, Steven C. Salop

Jonathan B. Baker

Economic inequality recently has entered the political discourse in a highly visible way. This political impact is not a surprise. As the U.S. economy has begun to recover from the Great Recession since mid-2009, economic growth has effectively been appropriated by those already well off, leaving the median household less well off. The serious economic, political and moral issues raised by inequality can be addressed through a panoply of public policies including competition policy, the focus of this article. The article describes the channels through which market power contributes to inequality, and sets forth a range of possible antitrust ...


Essays On Human Capital And Inequality, Youngmin Park 2016 The University of Western Ontario

Essays On Human Capital And Inequality, Youngmin Park

Electronic Thesis and Dissertation Repository

This thesis conducts positive and normative analysis of inequality based on human capital theory. In Chapter 2, we document important differences in early child investments by family income and study four leading mechanisms thought to explain these gaps: intergenerational ability correlation, consumption value of investment, information frictions, and credit constraints. We evaluate whether these mechanisms are consistent with other stylized facts related to the marginal returns on investments and the effects of parental income on child investments and skills.

In Chapter 3, I study optimal higher education subsidies when parents’ willingness to pay for their children's education differs due ...


La Construcción De Una Identidad Propia Por Parte De Las Mujeres Piqueteras De Claypole, Como Protagonistas, Dentro Del Frente De Organizaciones En Lucha (Fol) / Mujeres Piqueteras Of Claypole Constructing Their Own Identity As Protagonists Within The Frente De Organizaciones En Lucha (Fol), Luz Daniela Castro 2016 SIT Study Abroad

La Construcción De Una Identidad Propia Por Parte De Las Mujeres Piqueteras De Claypole, Como Protagonistas, Dentro Del Frente De Organizaciones En Lucha (Fol) / Mujeres Piqueteras Of Claypole Constructing Their Own Identity As Protagonists Within The Frente De Organizaciones En Lucha (Fol), Luz Daniela Castro

Independent Study Project (ISP) Collection

In the late 1990s in Argentina, the model of neoliberalism transformed political and economic policies, aggravated free trade and promoted the privatization of companies and free enterprise. A direct consequence was job instability, with masses amounts of unemployment prevailing, and no action nor response pursued by the state. As a result, the unemployed workers “desocupdos” came together and introduced new repertoires of action: the picketing “piquetes” and the temporary blockage of roads “corte de rutas”. The movement’s first appearance was in the Cutral-Có y Plaza Huincul in the Province of Neuquén (1996-97), extended to Salta and Jujuy (1997) and ...


Estimating Compensating Wage Differentials With Endogenous Job Mobility, Kurt Lavetti, Ian M. Schmutte 2016 The Ohio State University

Estimating Compensating Wage Differentials With Endogenous Job Mobility, Kurt Lavetti, Ian M. Schmutte

Labor Dynamics Institute

We demonstrate a strategy for using matched employer-employee data to correct endogenous job mobility bias when estimating compensating wage differentials. Applied to fatality rates in the census of formal-sector jobs in Brazil between 2003-2010, we show why common approaches to eliminating ability bias can greatly amplify endogenous job mobility bias. By extending the search-theoretic hedonic wage frame- work, we establish conditions necessary to interpret our estimates as preferences. We present empirical analyses supporting the predictions of the model and identifying conditions, demonstrating that the standard models are misspecified, and that our proposed model eliminates latent ability and endogenous mobility biases.


Natural Disasters In Latin America: The Role Of Disaster Type And Productive Sector On The Urban-Rural Income Gap And Rural To Urban Migration, Madeline Alice Messick 2016 University of Southern Mississippi

Natural Disasters In Latin America: The Role Of Disaster Type And Productive Sector On The Urban-Rural Income Gap And Rural To Urban Migration, Madeline Alice Messick

Dissertations

This research provides insight into the impact of natural disasters as drivers of rural to urban migration in Latin America and the Caribbean (LAC). Disasters of varying types are predicted to have differing impacts on the productive sectors of agriculture, industry, and services; which due to the concentration of the various productive sectors in either urban or rural areas, subsequently changes the urban-rural wage differential. Changes to the wage differential (as measured by the urban-rural income gap) are predicted to lead to movement between urban and rural areas until a new equilibrium wage is reached.

This dissertation first identifies a ...


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