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The Distribution Of Information And The Price Efficiency Of Markets, Brice Corgnet, Mark DeSantis, David Porter 2018 Chapman University

The Distribution Of Information And The Price Efficiency Of Markets, Brice Corgnet, Mark Desantis, David Porter

ESI Working Papers

Apparently contradictory evidence has accumulated regarding the extent to which financial markets are informationally efficient. Shedding new light on this old debate, we show that differences in the distribution of private information may explain why informational efficiency can vary greatly across markets. We find that markets are informationally efficient when complete information is concentrated in the hands of competing insiders whereas they are less efficient when private information is dispersed across traders. A learning model helps to illustrate why inferring others’ private information from prices takes more time when information is more dispersed. We discuss the implications of our findings ...


Causal Versus Consequential Motives In Mental Models Of Agent Social And Economic Action: Experiments, And The Neoclassical Diversion In Economics, Vernon L. Smith 2018 Chapman University

Causal Versus Consequential Motives In Mental Models Of Agent Social And Economic Action: Experiments, And The Neoclassical Diversion In Economics, Vernon L. Smith

ESI Working Papers

"In this paper I want to begin with the neoclassical supply and demand model of markets (SDM), whose static equilibrium consequences predicted outcomes far more accurately than were anticipated in laboratory experimental tests of the theory actuated by Jevons (1862, 1871; Smith, 1962). The observed predictive accuracy of SDM was not anticipated because complete information on supply and demand was widely believed, thought and taught to be a necessary condition for finding equilibrium. 1 Jevons’ model required him to have complete information in any particular market, as he only articulated a model of market optimal outcomes, and no model of ...


Comparison Of Country/Economies At Stage Of Development With Movement In Rankings Of Countries On Global Competitiveness, Pradip K. Shukla, M. P. Shukla, Y. P. Shukla, A. P. Shukla 2018 Chapman University

Comparison Of Country/Economies At Stage Of Development With Movement In Rankings Of Countries On Global Competitiveness, Pradip K. Shukla, M. P. Shukla, Y. P. Shukla, A. P. Shukla

Business Faculty Articles and Research

With close to 200 countries in the world today, these countries are at various stages of development from less developed to more develop; these stages are often labeled in a rising numerical sequence such as Stage 1 to 3. Countries in the world compete in a global economy to benefit their domestic firms and citizens. As countries move to a higher stage of economic development they offer more global competitiveness for global businesses seeking new markets for sales, offshore outsourcing, and investments.

“The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business ...


Younger Federal District Court Judges Favor Presidential Power, Tom Campbell, Nathaniel T. Wilcox 2018 Chapman University, Fowler School of Law

Younger Federal District Court Judges Favor Presidential Power, Tom Campbell, Nathaniel T. Wilcox

ESI Working Papers

From 1960 to 2015, Federal District Court opinions involving challenges to Executive Branch authority show that U.S. Federal District Court judges (trial judges) support such authority less as they age, with a sharp decline beginning near age 57. We argue that District judges know that elevation to the Federal Circuit Court of Appeals becomes increasingly improbable, and hence have less reason to ‘cooperate’ with the Executive, with advancing age. Political variables (and other variables) introduced as extra regressors do not reverse our main results. When there are contemporaneous vacancies on their Circuit courts, District judges in the eleven State ...


Big Data In Economics, Matthew Harding, Jonathan Hersh 2018 University of California, Irvine

Big Data In Economics, Matthew Harding, Jonathan Hersh

Economics Faculty Articles and Research

Big Data refers to data sets of much larger size, higher frequency, and often more personalized information. Examples include data collected by smart sensors in homes or aggregation of tweets on Twitter. In small data sets, traditional econometric methods tend to outperform more complex techniques. In large data sets, however, machine learning methods shine. New analytic approaches are needed to make the most of Big Data in economics. Researchers and policymakers should thus pay close attention to recent developments in machine learning techniques if they want to fully take advantage of these new sources of Big Data.


Partners Or Strangers? Cooperation, Monetary Trade, And The Choice Of Scale Of Interation, Maria Bigoni, Gabriele Camera, Marco Casari 2018 University of Bologna

Partners Or Strangers? Cooperation, Monetary Trade, And The Choice Of Scale Of Interation, Maria Bigoni, Gabriele Camera, Marco Casari

ESI Working Papers

We show that monetary exchange facilitates the transition from small to large-scale economic interactions. In an experiment, subjects chose to play an “intertemporal cooperation game” either in partnerships or in groups of strangers where payoffs could be higher. Theoretically, a norm of mutual support is sufficient to maximize efficiency through large-scale cooperation. Empirically, absent a monetary system, participants were reluctant to interact on a large scale; and when they did, efficiency plummeted compared to partnerships because cooperation collapsed. This failure was reversed only when a stable monetary system endogenously emerged: the institution of money mitigated strategic uncertainty problems.


The Connection Between Race And Performance Of Nba Draft Picks, Jeremiah Mitchell 2018 CUNY Hunter College

The Connection Between Race And Performance Of Nba Draft Picks, Jeremiah Mitchell

School of Arts & Sciences Theses

This paper examines the relationship between race and performance in terms of one of the highest forms of efficiency in basketball, field goal percentage, based on college statistics, with regard to draft position, career earnings and NBA win shares.


The Missing Pieces Of The Economic Debate Over Immigration Reform, Exequiel Hernandez 2018 University of Pennsylvania

The Missing Pieces Of The Economic Debate Over Immigration Reform, Exequiel Hernandez

Penn Wharton Public Policy Initiative

To the extent that immigration reform is discussed in terms of economics, the debate tends to focus exclusively on labor issues-specifically, how immigrants affect jobs and wages for native citizens. But to understand the economic effects of immigration, and thus develop sounder policies, policymakers need to consider how immigration affects all three core components of economic growth: not just labor, but capital and innovation too.

In the Penn Wharton Public Policy Brief, "The Missing Pieces of the Economic Debate Over Immigration Reform/whr.tn/2vmKbK8>," Professor Exequiel Hernandez discusses new research showing that immigration produces gains for the U.S ...


The Impact Of Remittances On Education Attainment: Evidence From Dominican Republic, Tahiya Begum 2018 Honors College, Pace University

The Impact Of Remittances On Education Attainment: Evidence From Dominican Republic, Tahiya Begum

Honors College Theses

This paper will examine the relationship between remittances and education attainment focusing on Dominican Republic in 2002. This study will focus on households in Dominican Republic using surveys from IPUMS international and the data is cross-sectional. Sending remittances increases the income for households, which in return, influences the spending on education. The study of remittances is analyzed in a more cultural and social value rather than entirely economic. The dynamic and structure of a family is crucial when studying the effects of remittances in a developing country. Key findings from this analysis is that the relationship between education attainment and ...


Applied Economics (Clayton), Sheryne Southard, Christie Burton, Bryan LaBrecque, Xueyu Cheng, Elnora Farmer 2018 Clayton State University

Applied Economics (Clayton), Sheryne Southard, Christie Burton, Bryan Labrecque, Xueyu Cheng, Elnora Farmer

Computer Science and Information Technology Grants Collections

This Grants Collection for Applied Economics was created under a Round Ten ALG Textbook Transformation Grant.

Affordable Learning Georgia Grants Collections are intended to provide faculty with the frameworks to quickly implement or revise the same materials as a Textbook Transformation Grants team, along with the aims and lessons learned from project teams during the implementation process.

Documents are in .pdf format, with a separate .docx (Word) version available for download. Each collection contains the following materials:

  • Linked Syllabus
  • Initial Proposal
  • Final Report


Equilibrium Wage Rigidity In Directed Search, Gabriele Camera, Jaehong Kim 2018 Chapman University

Equilibrium Wage Rigidity In Directed Search, Gabriele Camera, Jaehong Kim

ESI Working Papers

Matching frictions and downward wage rigidity emerge as equilibrium phenomena in a twosided labor market where firms sustain variable wage adjustment costs. Firms post wages to attract workers and matches are endogenous. Reducing the wage relative to the wage previously posted is costly to the firm, where the cost is proportional to the size of the proposed cut. Shocks to the firm’s profitability may yield an equilibrium wage above what the firm would offer absent proportional adjustment costs. Wage cuts can be partial or full, immediate or delayed, and are non-linear in the shock size. Importantly, wages are sticky ...


Moderate Growth With A Stronger Industrial Sector, Eric Thompson 2018 University of Nebraska-Lincoln

Moderate Growth With A Stronger Industrial Sector, Eric Thompson

Business in Nebraska

Nebraska will record solid economic growth during the forecast period but will lag U.S. growth. While Nebraska’s large farming sector has stabilized, it will not contribute much to economic growth during the forecast period. Job growth also will be sluggish in transportation, retail trade and state and local government. Job growth, however, will be stronger in the services, finance, manufacturing and construction. Projected growth rates for 2018 to 2020 are presented in Table 1.

Employment will grow by 0.8% to 1.0% per year, below the national rate. Non-farm income will grow between 3.6% and 3 ...


Solar Energy For The Soul: Solving America’S Fuel Poverty Problem With Solar Panels For The Poor, Samantha St. Marie 2018 Union College

Solar Energy For The Soul: Solving America’S Fuel Poverty Problem With Solar Panels For The Poor, Samantha St. Marie

Honors Theses

In the United States today, at least 14 million Americans live in fuel poverty. These Americans spend at least ten percent of household income on energy costs ranging from fuel to electricity. The purpose of this thesis is to identify an innovative solution to mitigate the effects of the energy affordability crisis in the United States. After examining national trends and researching localized efforts, I determined that solar panels may be able to support the modern energy needs of the fuel poor. The study uses a least squares regression model with fixed effects to determine factors influencing solar adoption at ...


Romania -- Systematic Country Diagnostic: Background Note-Agriculture (English), Edinaldo Tebaldi, Anatol Gobjila 2018 Bryant University

Romania -- Systematic Country Diagnostic: Background Note-Agriculture (English), Edinaldo Tebaldi, Anatol Gobjila

Economics Faculty Journal Articles

Agriculture plays a significant socio-economic role in Romania and its transformation to a modern, vibrant, and market-oriented sector is central to fighting poverty, promoting social inclusion, and reducing the urban/rural development divide. Most of Romania's poor live in rural areas and earn their living from agriculture or agriculture-related activities. In 2016, eight out of ten people who were at risk of poverty or social exclusion lived either in rural areas or in towns and suburbs that were predominately rural. Using microdata from the 2013 Household Budget Survey (HBS), this report finds that individuals living in rural areas are ...


The Fisheries Crisis And Its People: An Econometric Sustainable Livelihoods Application For Low-Income Artisanal Fishers In Sierra Leone, Nathan Brock 2018 University of Wyoming

The Fisheries Crisis And Its People: An Econometric Sustainable Livelihoods Application For Low-Income Artisanal Fishers In Sierra Leone, Nathan Brock

Honors Theses AY 17/18

The global fisheries crisis is a topic of significant research across fields, including economics. It is evident that the current global fish stocks are declining, which has motivated environmental protection measures to be implemented. Low-income countries and their inhabitants are unevenly harmed by these environmental impacts, as artisanal fishing villages are dependent on fisheries for subsistence and livelihood. This case is particularly true in Sierra Leone, where poverty is evident, artisanal fishing communities exist, and dependence on fisheries is high (Kassam, et al. 2017; Teh, et al. 2016). Policy makers in these countries are faced with the challenge of mitigating ...


The Impacts Of Natural Disasters On Educational Attainment: Cross-Country Evidence From Macro Data, Lois Onigbinde 2018 The University of San Francisco

The Impacts Of Natural Disasters On Educational Attainment: Cross-Country Evidence From Macro Data, Lois Onigbinde

Master's Theses

Do natural disasters impact educational attainment? Education as a paramount factor of economic development suffers from the uncontrollable effects of these increasing events from storms to floods, earthquakes to wildfires. Globally, educational resources are destroyed, directly and indirectly, students and teachers are displaced or killed, parents’ income is affected because of natural disasters. Investments in human capital for rich- and low-income countries are exposed to the uneven impact of natural disasters that adjusts household and country-level decisions, leaving them to short and long-run losses. Exploring the influence of natural disasters on secondary school attainment across a sample of 85 countries ...


The Impacts Of Natural Disasters On Educational Attainment: Cross-Country Evidence From Macro Data, Lois Onigbinde 2018 The University of San Francisco

The Impacts Of Natural Disasters On Educational Attainment: Cross-Country Evidence From Macro Data, Lois Onigbinde

Master's Theses

Do natural disasters impact educational attainment? Education as a paramount factor of economic development suffers from the uncontrollable effects of these increasing events from storms to floods, earthquakes to wildfires. Globally, educational resources are destroyed, directly and indirectly, students and teachers are displaced or killed, parents’ income is affected because of natural disasters. Investments in human capital for rich- and low-income countries are exposed to the uneven impact of natural disasters that adjusts household and country-level decisions, leaving them to short and long-run losses. Exploring the influence of natural disasters on secondary school attainment across a sample of 85 countries ...


Preemption Through Non-Disclosure, Jing Li, Tingjung Liu, Ran Zhao 2018 University of Hong Kong

Preemption Through Non-Disclosure, Jing Li, Tingjung Liu, Ran Zhao

Accounting Faculty Articles and Research

An informed bidder can voluntarily disclose his private information on the value of an auctioned asset to rival bidders and the seller. We examine the informed bidder's optimal disclosure policy and the resulting consequences on the seller's payoff. We show that the informed bidder strategically withholds information to create a winner's curse for rival bidders, which has a preemptive effect on the rival's participation. Taking into account this strategic response, we show that increased competition among bidders may reduce the seller's payoff, a surprising result that is contrary to the common belief that bidder competition ...


Swimming For More Than Gold: How Swimming Participation And Success In Elite International Swimming Events Can Decrease Drowning Rates Across The World, Joshua R. Cottle 2018 Grinnell College

Swimming For More Than Gold: How Swimming Participation And Success In Elite International Swimming Events Can Decrease Drowning Rates Across The World, Joshua R. Cottle

Undergraduate Economic Review

International swimming provides an opportunity for thousands of swimmers to compete at the highest level of the sport. In this paper, I argue that participation and success in these events can influence drowning rates across the world. My analysis suggests that one of the most notable negative influences on drowning rates is swimming participation in countries that have the smallest roster sizes and the lowest average income levels. My analysis shows that swimming success in the Olympics has a significant positive effect on drowning rates in countries in the middle-income brackets.


Mapping Wyoming's Future: A Gis-Based Mapping Analysis Of Wyoming's Industry Assets, Sam Mallory 2018 University of Wyoming

Mapping Wyoming's Future: A Gis-Based Mapping Analysis Of Wyoming's Industry Assets, Sam Mallory

Honors Theses AY 17/18

To support economic planning and development in Wyoming, the University of Wyoming (UW), the Wyoming Geographic Information Science Center (WyGISC) and the Wyoming Business Council (WBC) developed a series of over 150 maps intended to communicate various industry assets available in the state to leverage growth and development of associated industry sectors. This paper discusses the context and objectives of this project, the geographic information systems methodology developed for the creation of these maps, a critique of the maps, as well as a demonstration of their intended use.


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