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16-21 Impulsive Behavior In Competition: Testing Theories Of Overbidding In Rent-Seeking Contests, Roman M. Sheremeta 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, Gabriele Camera, Dror Goldberg, Avi Weiss 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?, Gabriele Camera, Cary Deck, David Porter 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.


Economic Contributions Of Atv-Related Activity In Maine, Jonathan Rubin, Charles Morrris 2016 University of Maine - Main

Economic Contributions Of Atv-Related Activity In Maine, Jonathan Rubin, Charles Morrris

Jonathan Rubin

Riding ATVs has become a highly visible recreational activity in Maine. During the 2003/2004 season from July 1, 2003 to June 30, 2004 there were 59,057 ATVs registered in Maine to 45,561 separate households in Maine and from outside of Maine. During 2004, the Margaret Chase Smith Policy Center at the University of Maine in conjunction with the Maine Department of Conservation conducted a study to determine the total contribution to Maine’s economy that results from the spending related directly to the purchase and use of ATVs in Maine. We also examined the environmental and economic ...


The Peculiar Role Of The Delaware Courts In The Competition For Corporate Charters, Jill E. Fisch 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.


16-16 Focality And Asymmetry In Multi-Battle Contests, Subhashish M. Chowdhury, Dan Kovenock, David Rojo Arjona, Nathaniel Wilcox 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 ...


Uncovering The Relationship Between Women’S Employment And Trade Orientation Using Firm-Level Data, Mohammad Amin, Asif Islam, Khrystyna Kushnir 2016 World Bank

Uncovering The Relationship Between Women’S Employment And Trade Orientation Using Firm-Level Data, Mohammad Amin, Asif Islam, Khrystyna Kushnir

Mohammad Amin

Existing cross-country studies linking women’s employment and trade liberalization are largely based on aggregate or macro-level data. There are exceptions where studies focus on a single country and utilize household survey data. Thus, existing studies are limited in informing models of women’s employment that highlight various firm-level determinants. Furthermore, there are theoretical reasons to believe that the women’s employment and trade liberalization relationship is heterogeneous across firm-level factors such as firm-size, age and industry. This study attempts to overcome these shortcomings by using firm-level survey data for over 17,000 manufacturing firms across 81 developing countries. Based ...


The Influence Of The Electric Supply Industry On Economic Growth In Less Developed Countries, Edward Richard Bee 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 ...


Essays In Applied Economics: Applications Of Transformed Ordinal Quantile Regression, Okila R. Elboeva 2016 University of Tennessee, Knoxville

Essays In Applied Economics: Applications Of Transformed Ordinal Quantile Regression, Okila R. Elboeva

Doctoral Dissertations

This dissertation consists of three essays on the application of Transformed Ordinal Quantile Regression (TORQUE) developed by Hong and He (2010). TORQUE is based on jittered response, a nonparametric link function, a semiparametric quantile estimation. When the response variable is categorical an application of the standard quantile regression is not optimal. TORQUE technique generalizes ordinary quantile regression, and as a semiparametric method it is more robust than Maximum Likelihood Estimators.

In the first essay I estimate conditional quantiles of happiness using the data from British Household Panel Survey (BHPS) for 2006. I find the continuity assumption of happiness ranking does ...


Introducción A La Economia, Vicente German-Soto 2016 Universidad Autonoma de Coahuila

Introducción A La Economia, Vicente German-Soto

Vicente German-Soto

Unidad 3 del curso de Introducción a la Economía.


Multiple Openings And Competitiveness Of Forward Markets: Experimental Evidence, José Luis Ferreira, Praveen Kujal, Stephen Rassenti 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, E. Lance Howe, James J. Murphy, Drew Gerkey, Colin Thor West 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 ...


Combine Harvester Econometric Model With Forward Speed Optimization, Nathan E. Isaac, Graeme R. Quick, Stuart J. Birrell, William M. Edwards, Bruce A. Coers 2016 CNH America

Combine Harvester Econometric Model With Forward Speed Optimization, Nathan E. Isaac, Graeme R. Quick, Stuart J. Birrell, William M. Edwards, Bruce A. Coers

william edwards

A combine harvester econometric simulation model was developed with the goal of matching the combine forward speed to the maximum harvested net income per acre. The model considers the machinery management costs of owning a combine and platform header for harvesting wheat. A statistical Design of Experiment (DOE) was used to evaluate the model using tri-level variables; the medium values constituted the model base case. Of the 27 input variables, the optimum speed was significantly influenced by the crop area, G/MOG ratio, grain unit price, field yield, field efficiency, grain moisture content, probability of a working day in the ...


Self-Correcting Kelly Strategies For Skeptical Traders, Aaron C. Brown 2016 AQR

Self-Correcting Kelly Strategies For Skeptical Traders, Aaron C. Brown

International Conference on Gambling and Risk Taking

The Kelly criterion gives the appropriate bet size in idealized situations with known parameters. In financial trading situations parameters are generally unknown and the mathematical assumptions underlying the Kelly proof are not met precisely. Moreover a risk manager typically must cooperate with a trader who may be skeptical about both the Kelly criterion specifically and the concept of mathematical optimization of bet size in general.

This presentation tackles the problem of designing a Kelly-based system for setting trade risk management parameters that is both self-correcting (the system delivers good results even if initial parameter are misestimated or parameters change) and ...


Lockouts And Player Productivity: Evidence From The National Hockey League, Qi Ge, Michael J. Lopez 2016 Skidmore College

Lockouts And Player Productivity: Evidence From The National Hockey League, Qi Ge, Michael J. Lopez

Qi Ge

We implement a propensity score matching technique to present the first evidence on the impact of professional sports lockouts on player productivity. In particular, we utilize a unique natural experiment from the 2012-2013 National Hockey League lockout, during which approximately 200 players decided to play overseas, while the rest stayed in North America. We separate players based on their nationality and investigate the effect of playing abroad on postlockout player performance. We find limited evidence of enhanced productivity among European players and no evidence of a benefit or drawback for North American players. Our study contributes to the understanding of ...


Life Satisfaction Among Aboriginal Peoples In The Canadian Prairies: Evidence From The Equality, Security And Community Survey, Christopher P. Barrington-Leigh, Sabina Sloman 2016 McGill University

Life Satisfaction Among Aboriginal Peoples In The Canadian Prairies: Evidence From The Equality, Security And Community Survey, Christopher P. Barrington-Leigh, Sabina Sloman

The International Indigenous Policy Journal

Subjective measures of overall quality of life are built in to numerous surveys in Canada and around the world, and are increasingly analyzed and used as indicators of human well-being and social progress. Yet, even in Canada, federal surveys exclude Aboriginal peoples on-reserve and, in general, there are very few data sources on life satisfaction among Aboriginal respondents. We report on two exceptional surveys that do solicit life satisfaction assessments from Aboriginal respondents, and compare inferences from these data to the general Canadian population. We generally find comparable effects of objective life circumstances for the two groups, and use these ...


Air Pollution, Temperature And Cognitive Performance In The Short Run: Evidence From Women’S Ability To Recall Dates, Ke Yang 2016 University of San Francisco

Air Pollution, Temperature And Cognitive Performance In The Short Run: Evidence From Women’S Ability To Recall Dates, Ke Yang

Master's Theses

Abstract: Cognitive performance is important to productivity across many fields and potentially correlated to air pollution and extreme temperatures. We study the effects of daily ambient air pollution and monthly temperature on women’s ability of recalling dates across 42 developing countries from 1997 to 2009. We use an estimated natural air pollution data, and calculate the AQI to get an aggregate effect of air pollution. We find that one standard deviation increase in the AQI leads to a statistical decrease in women’s probability to recall dates such as birthdays, marriage date or children’s birthdays by 0.44 ...


Air Pollution And Fetal Loss In The Global Tropics, Shuqiao Cheng 2016 University of San Francisco

Air Pollution And Fetal Loss In The Global Tropics, Shuqiao Cheng

Master's Theses

Abstract: Recent work has shown that in-utero air pollution has negative effects on both contemporaneous birth outcomes and long-term human capital outcomes. However, only a few studies explore the effects of in-utero exposure to air pollution on fetal loss, and none of the studies has been done in developing countries. In this study, we examine the impact of naturally caused CO and PM 2.5 on reproductive outcomes in 40 developing countries from 1997 to 2009. We present childbirths and birth gender as measures for potential fetal losses. The richest model identified using variation in pollution between pregnancies with controlling ...


Long-Term Effects Of Gender Representation Quotas On Political Interest Within Latin America, Lismer E. Ovalle 2016 CUNY Hunter College

Long-Term Effects Of Gender Representation Quotas On Political Interest Within Latin America, Lismer E. Ovalle

School of Arts & Sciences Theses

This work measures the long-term effects of gender representation quotas within Latin American countries on various measures of political interest. Measuring effects on 18 countries provides a quasi-panel study with control using non-quota countries. Quotas have positive effects on confidence in government but negative effects on political interest.


16-12 Dynamic Behavior And Player Types In Majoritarian Multi-Battle Contests", Alan Gelder, Dan Kovenock 2016 Chapman University

16-12 Dynamic Behavior And Player Types In Majoritarian Multi-Battle Contests", Alan Gelder, Dan Kovenock

ESI Working Papers

In a dynamic contest where it is costly to compete, a player who is behind must decide whether to surrender or to keep fighting in the face of bleak odds. We experimentally examine the game theoretic prediction of last stand behavior in a multi-battle contest with a winning prize and losing penalty, as well as the contrasting prediction of surrendering in the corresponding contest with no penalty. We find varied evidence in support of these hypotheses in the aggregated data, but more conclusive evidence when scrutinizing individual player behavior. Players’ realized strategies tend to conform to one of several “types ...


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