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Ten Years Of Economic Analyses For The European Marine Strategy Framework Directive: Overview Of Experiences And Lessons Learned, Rob van der Veeren, Ann Kathrin Buchs, Günter Hörmandinger, Soile Oinonen, Conceição Santos, Max Vretborn 2018 Rijkswaterstaat

Ten Years Of Economic Analyses For The European Marine Strategy Framework Directive: Overview Of Experiences And Lessons Learned, Rob Van Der Veeren, Ann Kathrin Buchs, Günter Hörmandinger, Soile Oinonen, Conceição Santos, Max Vretborn

Journal of Ocean and Coastal Economics

The European Marine Strategy Framework Directive, which came into force in 2008, requires from Member States inter alia to perform various (types of) economic analyses. In order to help Member States to implement this directive, the European working group on Economic and Social Analysis was initiated in 2009. This working group has developed various guidance documents which have been very useful in helping each other to understand the Directive and its requirements, to develop one language, to understand the pros and cons of various approaches, and to share experiences. However, up until now, outside of this working group this information ...


Allisions, Collisions And Groundings: Estimating The Impact Of The Physical Oceanographic Real Time System (Ports(R)) On Accident Reduction, Eric Wolfe, Kenneth N. Mitchell 2018 Dept of Commerce/NOAA/NOS/AAMB

Allisions, Collisions And Groundings: Estimating The Impact Of The Physical Oceanographic Real Time System (Ports(R)) On Accident Reduction, Eric Wolfe, Kenneth N. Mitchell

Journal of Ocean and Coastal Economics

Reductions in the rates of domestic allisions, collisions and groundings (ACGs) are the result of technological advances as well as implementation of best practices in the maritime industry. This study estimates long-term gross benefits derived from expanded implementation of the National Oceanic and Atmospheric Administration’s Physical Oceanographic Real-Time System (PORTS®) with respect to reductions in ACG rates in the United States. Following PORTS® installations that provided expanded coverage of U.S. ports and adjoining areas, concomitant decreases in accident rates occurred. While previous estimates suggested that between twenty and sixty percent of grounding accident reductions were due to PORTS ...


Using Response Times To Measure Ability On A Cognitive Task, Aleksandr Alekseev 2018 Chapman University

Using Response Times To Measure Ability On A Cognitive Task, Aleksandr Alekseev

ESI Working Papers

I show how using response times as a proxy for effort coupled with an explicit process-based model can address a long-standing issue of how to separate the effect of cognitive ability on performance from the effect of motivation. My method is based on a dynamic stochastic model of optimal effort choice in which ability and motivation are the structural parameters. I show how to estimate these parameters from the data on outcomes and response times in a cognitive task. In a laboratory experiment, I find that performance on a Digit-Symbol test is a noisy and biased measure of cognitive ability ...


Why Trust Out-Groups? The Role Of Punishment Under Uncertainty, Xiaofei Pan, Daniel Houser 2018 Bryant University

Why Trust Out-Groups? The Role Of Punishment Under Uncertainty, Xiaofei Pan, Daniel Houser

Economics Faculty Journal Articles

We conducted a hidden-effort trust game, in which we assigned subjects to one of two groups. The groups, which were formed through two different group formation processes, included a “social” group that required sharing and exchange among its members, and a “non-social” group that did not. Once assigned, subjects participated in the game with members from both groups, either with or without the opportunity to punish a trustee who may have defected on them. We found that for investors in the non-social group, the opportunity to punish a trustee worked to promote trust, but only when the trustee was a ...


The Fintech Opportunity, Thomas Philippon 2018 New York University

The Fintech Opportunity, Thomas Philippon

Wharton Pension Research Council Working Papers

This chapter assesses potential impacts of FinTech on the finance industry. First we show that financial services remain surprisingly expensive in the U.S., which helps explain the emergence of new entrants. We then argue that the current regulatory approach is subject to significant political economy and coordination costs, and therefore it is unlikely to deliver much structural change. FinTech can improve both financial stability and access to services, but this will require important changes in the focus of regulations.


Free Trade And Corporate Social Responsibility: Ethical Dilemmas In Global Economic Development, Sarah Papion 2018 California State University, Monterey Bay

Free Trade And Corporate Social Responsibility: Ethical Dilemmas In Global Economic Development, Sarah Papion

Capstone Projects and Master's Theses

Through the lens of the free-trade-optimist, it is black and white: corporations bring jobs, and jobs equal a happy and healthy economy. A major oversight in this neoliberal Utopian ideology is that corporations are not in the business of building communities, nor do they have an interest in keeping their operations stationary enough to allow economic growth to occur over a span of years. Corporations abandon communities as quickly as they arrive to find their next cheap labor hub. Quite contradictory to the original purpose of free trade, economic growth in Free Trade Zones is not long term or secure ...


Slow-Fast Analysis Of A Multi-Group Asset Flow Model With Implications For The Dynamics Of Wealth, Mark DeSantis, David Swigon 2018 Chapman University

Slow-Fast Analysis Of A Multi-Group Asset Flow Model With Implications For The Dynamics Of Wealth, Mark Desantis, David Swigon

Economics Faculty Articles and Research

The multi-group asset flow model is a nonlinear dynamical system originally developed as a tool for understanding the behavioral foundations of market phenomena such as flash crashes and price bubbles. In this paper we use a modification of this model to analyze the dynamics of a single-asset market in situations when the trading rates of investors (i.e., their desire to exchange stock for cash) are prescribed ahead of time and independent of the state of the market. Under the assumption of fast trading compared to the time-rate of change in the prescribed trading rates we decompose the dynamics of ...


On Booms That Never Bust: Ambiguity In Experimental Asset Markets With Bubbles, Brice Corgnet, Roberto Hernán-González, Praveen Kujal 2018 Chapman University

On Booms That Never Bust: Ambiguity In Experimental Asset Markets With Bubbles, Brice Corgnet, Roberto Hernán-González, Praveen Kujal

ESI Working Papers

We study the effect of ambiguity on the formation of bubbles and on the occurrence of crashes in experimental asset markets à la Smith, Suchanek, and Williams (1988). We extend their framework to an environment where the fundamental value of the asset is ambiguous. We show that, when the fundamental value is ambiguous, asset prices tend to be lower than when it is risky although bubbles form in both the ambiguous and the risky environments. Additionally, bubbles do not crash in the ambiguous case whereas they do so in the risky one. These findings regarding depressed prices and the absence ...


Equilibrium Sorting And Moral Hazard In Residential Energy Contracts, Jieun Chang 2018 Southwestern Oklahoma State University

Equilibrium Sorting And Moral Hazard In Residential Energy Contracts, Jieun Chang

Faculty Articles & Research

Summary

•This paper studies tenant behavior in rental housing when the landlord pays for heating.

•For a fixed cost of heating, households that choose tenant-pay contracts prefer higher thermostat settings than households that choose landlord-pay contracts.

•Eliminating moral hazard by forcing all renters to pay their own bill reduces energy consumption by 25% due to renters turning down the heat (22%) and choosing smaller units (3%).

•Moral hazard in residential energy contracts cost $839 million per year in welfare losses.


Low Income Households Investment In Energy Efficient Appliances, Jieun Chang 2018 Southwestern Oklahoma State University

Low Income Households Investment In Energy Efficient Appliances, Jieun Chang

Faculty Articles & Research

Introduction

•Does adopting energy efficient appliances reduce electricity consumption among low income households?

•Low income households: households below 150% of the federal poverty level

•Energy efficient appliances:

energy star refrigerators and energy star room air conditioners


Conditional Independence In A Binary Choice Experiment, Nathaniel Wilcox 2018 Chapman University

Conditional Independence In A Binary Choice Experiment, Nathaniel Wilcox

ESI Working Papers

Experimental and behavioral economists, as well as psychologists, commonly assume conditional independence of choices when constructing likelihood functions for structural estimation. I test this assumption using data from a new experiment designed for this purpose. Within the limits of the experiment’s identifying restriction and designed power to detect deviations from conditional independence, conditional independence is not rejected. In naturally occurring data, concerns about violations of conditional independence are certainly proper and well-taken (for well-known reasons). However, when an experimenter employs contemporary state-of-the-art experimental mechanisms and designs, the current evidence suggests that conditional independence is an acceptable assumption for analyzing ...


Selection In The Lab: A Network Approach, Aleksandr Alekseev, Mikhail Freer 2018 Chapman University

Selection In The Lab: A Network Approach, Aleksandr Alekseev, Mikhail Freer

ESI Working Papers

We study the selection problem in economic experiments by focusing on its dynamic and network aspects. We develop a dynamic network model of student participation in a subject pool, which assumes that students' participation is driven by the two channels: the direct channel of recruitment and the indirect channel of student interaction. Using rich recruitment data from a large public university, we find that the patterns of participation and biases are consistent with the model. We also find evidence of both short- and long-run selection biases between males and females, as well as between cohorts of students. Males tend to ...


A Theory Of Conservative Revivals, Murat Iyigun, Jared Rubin, Avner Seror 2018 University of Colorado, Boulder

A Theory Of Conservative Revivals, Murat Iyigun, Jared Rubin, Avner Seror

ESI Working Papers

Why do some societies fail to adopt more efficient political and economic institutions in response to changing economic conditions? And why do such conditions sometimes generate conservative ideological backlashes and, at other times, progressive social and political movements? We propose an explanation that highlights the interplay--or lack thereof--between productivity, cultural beliefs and institutions. In our model, production shocks that benefit one sector of the economy may induce forward-looking elites to provide public goods associated with a different, more traditional sector that benefits their interests. This investment results in more agents generating cultural beliefs complementary to the provision of the ...


Agglomeration And The Extent Of The Market: An Experimental Investigation Into Spatially Coordinated Exchange, Jordan Adamson 2018 Chapman University

Agglomeration And The Extent Of The Market: An Experimental Investigation Into Spatially Coordinated Exchange, Jordan Adamson

ESI Working Papers

How and why do agglomerations emerge? While economic historians emphasize trade and economic geographers emphasize variety, we still don’t understand the role of coordination. I fill this gap by extending the model of Fudenberg and Ellison (2003) to formalize Smith’s (1776) theory of agglomeration. I then test the model in a laboratory experiment and find individuals tend to coalesce purely to coordinate exchange, with more agglomeration when there is a larger variety of goods in the economy. I also find that tying individuals to the land reduces agglomeration, but magnifies the effect of variety.


Coordination And Evolutionary Dynamics: When Are Evolutionary Models Reliable?, Daniel Graydon Stephenson 2018 Chapman University

Coordination And Evolutionary Dynamics: When Are Evolutionary Models Reliable?, Daniel Graydon Stephenson

ESI Publications

This study reports a continuous-time experimental test of evolutionary models in coordinated attacker–defender games. It implements three experimental treatment conditions: one with strong coordination incentives, one with weak coordination incentives, and one with zero coordination incentives. Each treatment exhibits identical equilibrium predictions but distinct evolutionary predictions. Observed behavior was tightly clustered around equilibrium under both the zero coordination treatment and the weak coordination treatment but widely dispersed from equilibrium under the strong coordination treatment. This result was anticipated by explicitly dynamic models but not by conventional stability criteria. In contrast to the widely maintained assumption of sign-preservation, subjects frequently ...


The Supply Side Determinants Of Territory And Conflict, Jordan Adamson, Erik O. Kimbrough 2018 Chapman University

The Supply Side Determinants Of Territory And Conflict, Jordan Adamson, Erik O. Kimbrough

ESI Working Papers

What determines the geographic extent of territory? We microfound and extend Boulding’s “Loss of Strength Gradient” to predict the extensive and intensive margins of conflict across space. We show how economies of scale in the production of violence and varying costs of projecting violence at a distance combine to affect the geographic distribution of conflict and territory. We test and probe the boundaries of this model in an experiment varying the fixed costs of conflict entry. As predicted, higher fixed costs increase the probability of exclusive territories; median behavior closely tracks equilibrium predictions in all treatments.


A Bit Like Cash: Understanding Cash-For-Bitcoin Transactions Through Individual Vendors, Stephanie J. Robberson, Mark R. McCoy 2018 University of Central Oklahoma

A Bit Like Cash: Understanding Cash-For-Bitcoin Transactions Through Individual Vendors, Stephanie J. Robberson, Mark R. Mccoy

Journal of Digital Forensics, Security and Law

As technology improves and economies become more globalized, the concept of currency has evolved. Bitcoin, a cryptographic digital currency, has been embraced as a secure and convenient type of money. Due to its security and privacy for the user, Bitcoin is a good tool for conducting criminal trades. The Financial Crimes Enforcement Network (FinCEN) has regulations in place to make identification information of Bitcoin purchasers accessible to law enforcement, but enforcing these rules with cash-for-Bitcoin traders is difficult. This study surveyed cash-for-Bitcoin vendors in Oklahoma, Texas, Arkansas, Missouri, Kansas, Colorado, and New Mexico to determine personal demographic information, knowledge of ...


Experimental Research On Contests, Roman M. Sheremeta 2018 Chapman University

Experimental Research On Contests, Roman M. Sheremeta

ESI Working Papers

Costly competitions between economic agents are modeled as contests. Researchers use laboratory experiments to study contests and test comparative static predictions of contest theory. Commonly, researchers find that participants’ efforts are significantly higher than predicted by the standard Nash equilibrium. Despite overbidding, most comparative static predictions, such as the incentive effect, the size effect, the discouragement effect and others are supported in the laboratory. In addition, experimental studies examine various contest structures, including dynamic contests (such as multi-stage races, wars of attrition, tug-of-wars), multi-dimensional contests (such as Colonel Blotto games), and contests between groups. This article provides a short review ...


Black Gold In A Changing World: An Examination Of Saudi Arabia’S Dependence On Oil And The Possibility Of A Solar Energy Transition, Sofia Mouritsen 2018 SIT Study Abroad

Black Gold In A Changing World: An Examination Of Saudi Arabia’S Dependence On Oil And The Possibility Of A Solar Energy Transition, Sofia Mouritsen

Independent Study Project (ISP) Collection

This paper examines Saudi Arabia’s dependence on oil, considering the profound effects that the resource has on the domestic, socioeconomic, and international affairs of the Kingdom. It is determined, after examining the economic and environmental factors that make it necessary, that Saudi Arabia must reduce its dependence on oil and diversify its economy, ideally by pursing solar energy. This conclusion is reached by considering Saudi Arabia’s domestic challenges, which include unemployment and rising domestic energy demand, as well as factors such as the price volatility of oil and changing global energy trends. A Saudi transition to solar power ...


Productivity, Competition, And Empowerment? The Experience Of Pondicherry Fisherwomen In The Context Of Neoliberal Development, Amelia Colliver 2018 SIT Study Abroad

Productivity, Competition, And Empowerment? The Experience Of Pondicherry Fisherwomen In The Context Of Neoliberal Development, Amelia Colliver

Independent Study Project (ISP) Collection

The subject of this study is female fisherwomen from the fishing village of Veerampattinam in Tamil Nadu who have experienced impacts of neoliberal economics in India. Neoliberalism is here defined as a political economic movement that determines the viability of both an individual and a government based on its economic productivity. Populations reliant on traditional livelihoods are not as efficient as mechanized sectors of their industry, and therefore they are often separated from easy access to their livelihoods by neoliberal policies. This is especially true for women, who are frequently left behind in neoliberalism because their work is considered less ...


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