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16-31 All-Pay Auctions With Ties, Alan Gelder, Dan Kovenock, Brian Roberson 2016 Institute for Defense Analyses

16-31 All-Pay Auctions With Ties, Alan Gelder, Dan Kovenock, Brian Roberson

ESI Working Papers

We study the two-player, complete information all-pay auction in which a tie ensues if neither player outbids the other by more than a given amount. In the event of a tie, each player receives an identical fraction of the winning prize. Thus players engage in two margins of competition: losing versus tying, and tying versus winning. Two pertinent parameters are the margin required for victory and the value of tying relative to winning. We fully characterize the set of Nash equilibria for the entire parameter space. For much of the parameter space, there is a unique Nash equilibrium which is ...


The Value Of Third-Party Certification Of Preconditioning Claims At Iowa Feeder Cattle Auctions, Harun Bulut, John Lawrence 2016 Iowa State University

The Value Of Third-Party Certification Of Preconditioning Claims At Iowa Feeder Cattle Auctions, Harun Bulut, John Lawrence

John Lawrence

After controlling a variety of feeder cattle characteristics and market and sale conditions in Iowa feeder auctions, the price premiums for preconditioning claims (vaccinations and minimum 30 days of weaning) with and without third-party certification (TPC) are estimated as $6.12/cwt and $3.35/cwt, respectively. These premiums differ statistically (p < 0.0001), and their difference exceeds the average participation cost of TPC ($l/cwt). This indicates that TPC is valued in the market to credibly signal preconditioning investment under asymmetric information.


Chinese Consumer Demand For Animal Products And Implications For U.S. Pork And Poultry Exports, Qingbin Wang, Frank Fuller, Dermot J. Hayes, Catherine Halbrendt 2016 University of Vermont

Chinese Consumer Demand For Animal Products And Implications For U.S. Pork And Poultry Exports, Qingbin Wang, Frank Fuller, Dermot J. Hayes, Catherine Halbrendt

Dermot J. Hayes

This paper examines Chinese consumer preference for major animal products and assesses the potential impacts of a reduction in China’s import tariff on its pork and poultry demand and net import. Our analysis suggests that China’s demand for animal products will continue to grow as income increases. Using a trade model, results of our scenario analysis indicate that a reduction in China’s import tariffs will significantly increase its net pork and poultry imports and the U.S. will capture most of the increases. Nevertheless, the impact on the market price in China and the U.S. is ...


Perspective Makes A Difference, Lee L. Schulz 2016 Iowa State University

Perspective Makes A Difference, Lee L. Schulz

Lee Schulz

USDA’S June Hogs and Pigs Report told us where the industry is and where it may be headed. The report showed a big surge in inventories compared to the PEDV-depressed levels a year ago. But inventories aren’t that far out of line with June 2013 levels prior to PEDV.


An 8-Zone Test System Based On Iso New England Data: Development And Application, Dheepak Krishnamurthy, Wanning Li, Leigh Tesfatsion 2016 Iowa State University

An 8-Zone Test System Based On Iso New England Data: Development And Application, Dheepak Krishnamurthy, Wanning Li, Leigh Tesfatsion

Leigh Tesfatsion

This study develops an open-source 8-zone test system for teaching, training, and research purposes that is based on ISO New England structural attributes and data. The test system models an ISO-managed wholesale power market populated by a mix of generating companies and load-serving entities that operates through time over an 8-zone AC transmission grid. The modular extensible architecture of the test system permits a wide range of sensitivity studies to be conducted. To illustrate the capabilities of the test system, we report energy cost-savings outcomes for a comparative study of stochastic versus deterministic DAM security constrained unit commitment (SCUC) formulations ...


Dc Optimal Power Flow Formulation And Solution Using Quadprogj, Junjie Sun, Leigh Tesfatsion 2016 Iowa State University

Dc Optimal Power Flow Formulation And Solution Using Quadprogj, Junjie Sun, Leigh Tesfatsion

Leigh Tesfatsion

Nonlinear AC Optimal Power Flow (OPF) problems are commonly approximated by linearized DC OPF problems to obtain real power solutions for restructured wholesale power markets. We first present a standard DC OPF problem, which has the numerically desirable form of a strictly convex quadratic programming (SCQP) problem when voltage angles are eliminated by substitution. We next augment this standard DC OPF problem in a physically meaningful way, still retaining an SCQP form, so that solution values for voltage angles and locational marginal prices are directly obtained along with real power injections and branch flows. We then show how this augmented ...


Market Design Test Environments, S. Widergren, Junjie Sun, Leigh Tesfatsion 2016 Pacific Northwest National Laboratory

Market Design Test Environments, S. Widergren, Junjie Sun, Leigh Tesfatsion

Leigh Tesfatsion

Power industry restructuring continues to evolve at multiple levels of system operations. At the bulk electricity level, several organizations charged with regional system operation are implementing versions of a wholesale power market platform (WPMP) in response to U.S. Federal Energy Regulatory Commission initiatives. Recently the Energy Policy Act of 2005 and several regional initiatives have been pressing the integration of demand response as a resource for system operations. These policy and regulatory pressures are driving the exploration of new market designs at the wholesale and retail levels. The complex interplay among structural conditions, market protocols, and learning behaviors in ...


Concentration, Capacity And Market Power In An Evolutionary Labor Market, Leigh Tesfatsion 2016 Iowa State University

Concentration, Capacity And Market Power In An Evolutionary Labor Market, Leigh Tesfatsion

Leigh Tesfatsion

This paper reports on an experimental study of the relationship between job capacity, job concentration, and market power in the context of an agent-based computational model of a labor market. Job capacity is measured by the ratio of potential job openings to potential work offers, and job concentration is measured by the ratio of work suppliers to employers. For each experimental treatment, work suppliers and employers repeatedly seek preferred work-site partners based on continually updated expected utility, engage in work-site interactions modelled as prisoner's dilemma games, and evolve their work-site behaviors over time. The main finding is that job ...


Agent-Based Computational Economics: Growing Economies From The Bottom Up, Leigh Tesfatsion 2016 Iowa State University

Agent-Based Computational Economics: Growing Economies From The Bottom Up, Leigh Tesfatsion

Leigh Tesfatsion

Agent-based computational economics (ACE) is the computational study of economies modeled as evolving systems of autonomous interacting agents. Thus, ACE is a specialization of economics of the basic complex adaptive systems paradigm. This study outlines the main objectives and defining characteristics of the ACE methodology and discusses similarities and distinctions between ACE and artificial life research. Eight ACE research areas are identified, and a number of publications in each area are highlighted for concrete illustration. Open questions and directions for future ACE research are also considered. The study concludes with a discussion of the potential benefits associated with ACE modeling ...


Agent-Based Computational Economics, Leigh Tesfatsion 2016 Iowa State University

Agent-Based Computational Economics, Leigh Tesfatsion

Leigh Tesfatsion

Agent-based computational economics (ACE) is the computational study of economies modeled as evolving systems of autonomous interacting agents. Starting from initial conditions, specified by the modeler, the computational economy evolves over time as its constituent agents re- peatedly interact with each other and learn from these interactions. ACE is therefore a bottom-up culture-dish approach to the study of economic systems. This chapter discusses the key charac- teristics and goals of the ACE methodology. Eight currently active research areas are highlighted for concrete illustration. Potential advantages and disadvantages of the ACE methodology are considered, along with open questions and possible directions ...


The Long-Term Structure Of Commodity Futures, Na Jin, Sergio H. Lence, Chad Hart, Dermot J. Hayes 2016 Federal Home Loan Bank of Des Moines

The Long-Term Structure Of Commodity Futures, Na Jin, Sergio H. Lence, Chad Hart, Dermot J. Hayes

Dermot J. Hayes

Futures markets on agricultural commodities typically trade with maximum maturity dates of less than four years. If these markets did trade with maturities eight or ten years distant, futures prices would have value as price forecasts and as a way to structure long-term swaps and insurance contracts. Agricultural commodity markets generally exhibit mean reversion in spot prices and convenience yields. Spot markets also exhibit seasonality. This study develops and implements a procedure to generate long-term futures curves from existing futures prices. Data on lean hogs and soybeans are used to show that the method provides plausible results.


16-30 Asymmetric Social Norms, Gabriele Camera, Alessandro Gioffré 2016 Chapman University

16-30 Asymmetric Social Norms, Gabriele Camera, Alessandro Gioffré

ESI Working Papers

Studies of cooperation in infinitely repeated matching games focus on homogeneous economies, where full cooperation is efficient and any defection is collectively sanctioned. Here we study heterogeneous economies where occasional defections are part of efficient play, and show how to support those outcomes through contagious punishments.


The Economic Impacts Of Undocumented Immigrants In The United States, Abdulaziz Alangari 2016 Chapman University

The Economic Impacts Of Undocumented Immigrants In The United States, Abdulaziz Alangari

Honors Papers and Posters

There are about 11 million undocumented immigrants in the U.S., of which all are not granted a work permit. Thus, in order to survive, these immigrants seek jobs that do not require legal status but have wages significantly lower than minimum. In short, by having these immigrants work in low-wage jobs, the U.S. economy benefits by providing a diverse market to U.S. residents and thus creates a vast economy. My research paper will be talking about how the presence of undocumented immigrants is a significant factor in creating and shaping the diverse U.S. economy.


Factors Influencing Greenhouse Gas Emissions From Land Use, Land-Use Change, And Forest Activities, Pattarawan Watcharaanantapong 2016 University of Tennessee, Knoxville

Factors Influencing Greenhouse Gas Emissions From Land Use, Land-Use Change, And Forest Activities, Pattarawan Watcharaanantapong

Doctoral Dissertations

Greenhouse gas (GHG) emissions are a major global issue because of their effects on climate and the resulting environmental and human impacts. The primary greenhouse gases (GHGs), carbon dioxide (CO2), methane (CH4), and nitrous oxide (N2O), are emitted into the atmosphere from a myriad of human activities such as energy supply, manufacturing, transportation, commercial and residential buildings, and waste. Additionally, management activities on agricultural and forest lands can influence GHG emissions substantially. Even though GHGs can be released into the air via the sectors mentioned, GHGs, especially CO2, can be removed from ecosystems through certain ...


A Trillion-Dollar Question: What Predicts Student Loan Delinquencies?, Alvaro Mezza, Kamila Sommer 2016 Federal Reserve Board

A Trillion-Dollar Question: What Predicts Student Loan Delinquencies?, Alvaro Mezza, Kamila Sommer

Journal of Student Financial Aid

The recent significant increase in student loan delinquencies has generated interest in understanding the key factors predicting the non-performance of these loans. However, despite the large size of the student loan market, existing analyses have been limited by lack of data. This paper studies predictors of student loan delinquencies using a nationally representative panel data set that anonymously combines individual credit bureau records with Federal Pell Grant and federal student loan recipient information, records on college enrollment, graduation and major, and school characteristics. We show that borrower-level credit characteristics are important predictors of student loan delinquencies. In particular, credit scores ...


16-29 Using Experiments To Compare The Predictive Power Of Models Of Multilateral Negotiations, Cary Deck, Charles J. Thomas 2016 Chapman University

16-29 Using Experiments To Compare The Predictive Power Of Models Of Multilateral Negotiations, Cary Deck, Charles J. Thomas

ESI Working Papers

We conduct unstructured negotiations in a laboratory experiment designed to empirically assess the predictive power of three approaches to modeling the multilateral negotiations observed in diverse strategic settings. For concreteness we consider two sellers negotiating with a buyer who wants to make only one trade, with the modeling approaches distinguished by whether the buyer negotiates with the sellers sequentially, simultaneously, or in a “take-it-or-leave-it” fashion. Our experiment features two scenarios within which the three approaches have observationally distinct predictions: a differentiated scenario with one high-surplus and one low-surplus seller, and a homogeneous scenario with identical high-surplus sellers. In both scenarios ...


An Evolutionary Trade Network Game With Preferential Partner Selection, Leigh Tesfatsion 2016 Iowa State University

An Evolutionary Trade Network Game With Preferential Partner Selection, Leigh Tesfatsion

Leigh Tesfatsion

An evolutionary trade network game (TNG) is proposed for studying the interplay between evolutionary game dynamics and preferential partner selection in various market contexts with distributed adaptive agents. The modular form of the TNG facilitates experimentation with alternative specifications for trade partner matching, trading, expectation updating, and trade strategy evolution. Experimental results obtained using a C-t-f implementation suggest that the conventional optimal properties used to evaluate agent matching mechanisms in static market contexts may be in an equate measures of optimal from an evolutionary perspective.


Financial Development And Environmental Quality.Docx, Nawaz Ahmad, Muhammad Shahbaz, syed shahzad, syed shahzad, Shista Alam 2016 COMSATS Institute of Information Technology, Pakistan

Financial Development And Environmental Quality.Docx, Nawaz Ahmad, Muhammad Shahbaz, Syed Shahzad, Syed Shahzad, Shista Alam

Nawaz Ahmad

The present paper re-examines the asymmetric impact of financial development on environmental quality in Pakistan for the period 1985Q1 to 2014Q4. A comprehensive index of financial development is generated using Bank- and Stock market-based financial development indicators. The results show that inefficient use of energy adversely affects the environmental quality. This suggests adoption of energy efficient technology at both production and consumption levels. These technologies would be helpful to improve environmental quality, enhance the productivity in long-run and save energy. Bank-based financial development also impedes the environment. The government should encourage lenders to ease the funding for energy sector and ...


Employment And Wage Dynamics In Estonia, 1989-95, Rivo Noorkoiv, Peter F. Orazem, Allan Puur, Milan Vodopivec 2016 EKE ARIKO Consulting Ltd

Employment And Wage Dynamics In Estonia, 1989-95, Rivo Noorkoiv, Peter F. Orazem, Allan Puur, Milan Vodopivec

Peter Orazem

This study monitors the effects of economic transition on wages and employment in a former Soviet Republic. Estonia's case is of particular interest because of its early adoption of relatively free labour market policies. Relative wages for the highest educated groups rose for all age groups. There were also rapid increases in returns to job experience, particularly at young ages. Increasing wage dispersion across human capital groups was accompanied by narrowing wage dispersion within human capital groups. Relative wages rose in sectors which gained relative employment, while they fell in shrinking sectors. In addition, there were large flows of ...


Editor's Introduction To The Special Edition: The Economics Of Climate Change In Coastal Areas, Charles S. Colgan 2016 Middlebury Institute of International Studies at Monterey

Editor's Introduction To The Special Edition: The Economics Of Climate Change In Coastal Areas, Charles S. Colgan

Journal of Ocean and Coastal Economics

Editor's introduction to the Special Edition on the Economics of Climate Change Adaptation in Coastal Areas


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