Other Economics Commons^™

Longevity And Lifetime Education: Global Evidence From 919 Surveys, Mohammad Mainul Hoque, Elizabeth M. King, Claudio M. Montenegro, Peter Orazem

Economics Working Papers

Data from 919 household surveys conducted between 1960 and 2012 spanning 147 countries are used to evaluate the relationship between rising life expectancy at birth and lifetime years of schooling for successive birth cohorts between 1905 and 1988. We find significant positive effects of increased life expectancy at birth on lifetime completed years of schooling in 95% of the surveys with significant negative effects found in only 2.3%.

Rising life expectancy at birth for a birth cohort has intergenerational benefits in that their children’s schooling also increases. Rising life expectancy at birth since 1905 can explain 70% of ...

17-14 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 Effects Of Employment On Recidivism Among Delinquent Juveniles, Leigh Kassem

Electronic Theses and Dissertations

Current research indicates an association between intense adolescent work (twenty hours or more per week) and delinquent behavior. It has been widely speculated that this relationship is spurious, occurring only as a result of other factors which are common to both offending and intense employment. The current study attempts to fill a gap in the literature by utilizing the Pathways to Desistance dataset to examine the evolution of the relationship between work and self-reported offending in a longitudinal sample of juvenile offenders. Work intensity and consistency, social capital, and expectations for success were analyzed as potential predictors of recidivism or ...

Braided Cobwebs: Cautionary Tales For Dynamic Retail Pricing In End-To-End Power Systems, Auswin George Thomas, Leigh Tesfatsion

Leigh Tesfatsion

This study investigates the effects of dynamic-price retail contracting on end-to-end power system operations. Performance is evaluated by means of carefully defined metrics for system stability, market efficiency, and market participant welfare. The study is carried out for an Integrated Retail and Wholesale (IRW) Test Case for which households have smart (price-responsive) air-conditioning (A/C) systems. A simplified version of the IRW Test Case with a directly postulated linear household demand curve is first used to derive, analytically, a set of necessary and sufficient conditions for system stability under dynamic-price retail contracting. A key finding is that dynamicprice retail contracts ...

Braided Cobwebs: Cautionary Tales For Dynamic Retail Pricing In End-To-End Power Systems, Auswin George Thomas, Leigh Tesfatsion

Economics Working Papers

This study investigates the effects of dynamic-price retail contracting on end-to-end power system operations. Performance is evaluated by means of carefully defined metrics for system stability, market efficiency, and market participant welfare. The study is carried out for an Integrated Retail and Wholesale (IRW) Test Case for which households have smart (price-responsive) air-conditioning (A/C) systems. A simplified version of the IRW Test Case with a directly postulated linear household demand curve is first used to derive, analytically, a set of necessary and sufficient conditions for system stability under dynamic-price retail contracting. A key finding is that dynamicprice retail contracts ...

17-13 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.

Modeling Economic Systems As Locally-Constructive Sequential Games, Leigh Tesfatsion

Economics Working Papers

Real-world economies are open-ended dynamic systems consisting of heterogeneous interacting participants. Human participants are decision-makers who strategically take into account the past actions and potential future actions of other participants. All participants are forced to be locally constructive, meaning their actions at any given time must be based on their local states; and participant actions at any given time affect future local states. Taken together, these properties imply real-world economies are locally-constructive sequential games. This study discusses a modeling approach, agent-based computational economics (ACE), that permits researchers to study economic systems from this point of view. ACE modeling principles and ...

A Swing-Contract Market Design For Flexible Service Provision In Electric Power Systems, Wanning Li, Leigh Tesfatsion

Economics Working Papers

The need for flexible service provision in electric power systems has dramatically increased due to the growing penetration of variable energy resources, as has the need to ensure fair access and compensation for this provision. A swing contract (SC) facilitates flexible service provision because it permits multiple service attributes to be offered together in bundled form with each attribute expressed as a range of possible values rather than as a single point value. This paper discusses a new SC Market Design for electric power systems that permits SCs to be offered by any dispatchable resource. An analytical optimization formulation is ...

Producing Energy While Sequestering Carbon? The Relationship Between Biochar And Agricultural Productivity, Nathan Kauffman, Jerome Dumortier, Dermot J. Hayes, Robert C. Brown, David Laird

Robert C. Brown

A partial solution to problems associated with anthropogenic greenhouse gas (GHG) emissions could be the development and deployment of carbon-negative technologies, i.e., producing energy while reducing atmospheric carbon dioxide levels. Biofuels have been considered a possibility but have faced limitations due to competition with food production and GHG emissions through indirect land-use change (ILUC). In this article, we show how emissions from ILUC can potentially be reduced by producing food and bioenergy from biochar amended soils. The possibility of yield improvements from biochar would reduce the land requirement for crop production and thus, lead to a reduction in emissions ...

A Review On Literature Of Waqf For Poverty Alleviation Between 2006-2016, Nur Atikah Atan, Fuadah Johari

Library Philosophy and Practice (e-journal)

Background - The success of Waqf as a source of socio-economic financing in Islamic history in developing a country by providing the social and public goods to the society have been a major factor for Waqf practices to be retrieved back today. In order to exterminate the poverty, depending in Zakat alone is not enough. Waqf can be an alternative in solving the socio-economic problem of the Ummah which covers the issues such as poverty, inequality and rising cost of living as well in promoting the social well-being in the society. Purpose - The purpose of this article is to analyze the ...

Endogenous Lifetime And Economic Growth Revisited, Helle Bunzel, Xue Qiao

Helle Bunzel

Chakraborty [Journal of Economic Theory, 2004] introduces endogenous mortality in a two period overlapping generations model by postulating that the probability of surviving from the first period to the second depends on tax−funded public health. His central result on the existence of multiple steady states (including development traps) summarized in Proposition 1 is incorrect. This paper presents the correct proposition and its proof, and in the process, uncovers several new, interesting results. Contrary to Chakraborty's analysis, high mortality yet high capital nations may not be able to escape the poverty trap. Interestingly, TFP growth can help economies escape ...

Powerful Trend Function Tests That Are Robust To Strong Serial Correlation With An Application To The Prebish Singer Hypothesis, Helle Bunzel, Timothy J. Vogelsang

Helle Bunzel

We propose tests for hypotheses on the parameters of the deterministic trend function of a univariate time series. The tests do not require knowledge of the form of serial correlation in the data, and they are robust to strong serial correlation. The data can contain a unit root and still have the correct size asymptotically. The tests that we analyze are standard heteroscedasticity autocorrelation robust tests based on nonparametric kernel variance estimators. We analyze these tests using the fixed-b asymptotic framework recently proposed by Kiefer and Vogelsang. This analysis allows us to analyze the power properties of the tests with ...

The Design And Economics Of Low Carbon Fuel Standards, Gabriel E. Lade, C.-Y. Cynthia Lin Lawell

Gabriel Lade

Low carbon fuel standards (LCFS) are increasingly common policy tools used to decrease emissions and increase the penetration of renewable energy technologies in the transportation sector. In this paper, we discuss important design elements of the policy, and provide a background on prominent policies that are currently enacted or proposed. The economics of an LCFS are presented using a simple conceptual model, and the economic literature on the policy is reviewed. Important opportunities to build on the extant literature are identified, including studying the role of low carbon fuel standards in spurring technical change, and the interaction of the policy ...

Advancing Rationality With Sustainability: An Analysis Of Agent-Based Simulation, Osman Goktug Tanrikulu

Hatfield Graduate Journal of Public Affairs

This paper tests the basic premise of rationality and introduces sustainability as a new dimension. In this regard, the behavioral consequences of the classic rational mindset and a sustainable mindset are compared under depletion of environmental resources. By utilizing agent-based modeling, both rational and sustainable mindsets are modeled and their relative behavior are put into action in computer simulation. The experiment results reveal that the classic understanding of rationality is not always going to maximize the utility of agents. Instead, there might be environmental conditions where having a sustainable mindset generates more wealth. In a scenario of resource depletion, the ...

Considerations Of Socio-Economic Input, Related Challenges And Recommendations For Ecosystem-Based Maritime Spatial Planning: A Review, Mavra Stithou

Journal of Ocean and Coastal Economics

Socio-economics in an ecosystem-based Marine Spatial Planning (MSP) process cover a wide range from specifying socio-economic objectives, respective indicators, organising stakeholder engagement, to data, methods and tools (e.g., environmental valuation and cost-benefit analysis) for example to identify issues, assess ecosystem services, provide an insight on human behaviour and compare alternative marine plans with potentially competing goals. In addition, social principles such as that of social equity have an important role to play in achieving sustainability in marine management. However, the use of socio-economics in making the ecosystem-based MSP framework operational, poses certain challenges to researchers, regulators and policy-makers. The ...

Avian Influenza Economic Impacts In Iowa, David Swenson

David Swenson

The avian influenza (AI) outbreak in Iowa has resulted in the loss of as much as a third of the state’s current egg producing capacity along with smaller, but still significant, losses among some turkey and pullet producers. As with any disaster, there will be losses to those operations, to the suppliers to those operations, and, ultimately, to the regions of the state where those operations are located. This analysis assumes a 34 percent reduction in poultry sector output for one full year.

The Economic Value Of The University Of Northern Iowa, David Swenson

David Swenson

This analysis measures the regional economic value of the University of Northern Iowa. There are two dimensions evaluated: the overall worth of operating the university and the value of student spending in the area economy. This analysis incorporates a number of best practices for measuring the worth of universities to regional economies.

The Economic Value Of Iowa’S Public Universities, David Swenson

David Swenson

This analysis measures the economic value of Iowa’s public universities – The University of Iowa, Iowa State University, and the University of Northern Iowa. There are two dimensions evaluated: the overall worth of operating the universities as educational and service institutions and the value of student spending in their respective area economies. This analysis incorporates a number of best practices for measuring the worth of universities to regional economies.

The Economic Value Of Iowa State University, David Swenson

David Swenson

This analysis measures the regional economic value of Iowa State University. There are two dimensions evaluated: the overall worth of operating the university and the value of student spending in the area economy. This analysis incorporates a number of best practices for measuring the worth of universities to regional economies.

The Economic Value Of The University Of Iowa, David Swenson

David Swenson

This analysis measures the regional economic value of The University of Iowa. There are two dimensions evaluated: the overall worth of operating the university and the value of student spending in the area economy. This analysis incorporates a number of best practices for measuring the worth of universities to regional economies.