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Sentiments, Conduct, And Trust In The Laboratory, Vernon Smith, Bart J. Wilson 2017 Chapman University

Sentiments, Conduct, And Trust In The Laboratory, Vernon Smith, Bart J. Wilson

ESI Publications

In this essay we provide a brief account and interpretation of The Theory of Moral Sentiments showing that it departs fundamentally from contemporary patterns of thought in economics that are believed to govern individual behavior in small groups, and contains strong testable propositions governing the expression of that behavior. We also state a formal representation of the model for individual choice of action, apply the propositions to the prediction of actions in trust games, report two experiments testing these predictions, and interpret the results in terms directly related to the model. In short, we argue that the system of sociability ...


Endogenous Lifetime And Economic Growth Revisited, Helle Bunzel, Xue Qiao 2017 Iowa State University

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 2017 Iowa State University

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 2017 Iowa State University

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 2017 Portland State University

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

Hatfield Graduate Journal of Public Affairs

Today, falling trends of species and ecosystem in the world due to overconsumption and destruction of natural resources are at critical levels. It is vital for humanity to operate with sustainable and resilient modes of production and consumption. In this regard, this paper examines the basic premise of rationality and introduces sustainability as an advancement to the theoretical concept of rationality. Thus, a rational mindset and a sustainable mindset are compared under depletion of environmental resources. The understanding of rationality in the analysis is based on Garett Hardin’s (1968) ‘the tragedy of the commons’ model, in which actors are ...


Considerations Of Socio-Economic Input, Related Challenges And Recommendations For Ecosystem-Based Maritime Spatial Planning: A Review, Mavra Stithou 2017 Independent researcher and consultant

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 ...


More Balanced Economic Growth, Eric Thompson 2017 University of Nebraska-Lincoln

More Balanced Economic Growth, Eric Thompson

Business in Nebraska

There has been a re-balancing of both global and domestic economic growth during 2017. Globally, growth is improving in Europe and China, yielding more balanced international growth. Within the United States, growth also has become more balanced across industries. As in past years, the service sector, supported by growth in employment and real wages, has grown steadily with increases in retail trade, business services, personal services and construction activity. However, in recent months, there also has been improved growth in the industrial sector, with a rebound in the energy sector, and more business investment in capital equipment. The result is ...


Avian Influenza Economic Impacts In Iowa, David Swenson 2017 Iowa State University

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 2017 Iowa State University

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 2017 Iowa State University

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 2017 Iowa State University

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 2017 Iowa State University

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.


The Economic Contribution Potential Of Local Foods Production In Kane County, Illinois, David Swenson 2017 Iowa State University

The Economic Contribution Potential Of Local Foods Production In Kane County, Illinois, David Swenson

David Swenson

This project was a partnership with the American Farmland Trust, the Kane County, Il, planning department, and the author to demonstrate the regional economic gains that could be anticipated were the county able to expand local fresh fruits and vegetable production for both local and regional sales. The report is important in that it takes into consideration the density of regional demand for local foods in light of regional production and establishes realistic thresholds of production gains for area producers.


Misadventures In Regionalism: Reaffirming The Importance Of Central Places In Regional Economic Development Assistance, David Swenson, Liesl Eathington 2017 Iowa State University

Misadventures In Regionalism: Reaffirming The Importance Of Central Places In Regional Economic Development Assistance, David Swenson, Liesl Eathington

David Swenson

Multi‐jurisdictional regional planning and problem solving approaches have been the mainstay in rural development efforts in recent decades, and regional partnerships are often a prerequisite for state or federal funding. The authors believe that many such initiatives utilize regions of convenience rather than regions of substance. This paper describes a shift in our preferred geography for providing research and technical assistance in nonmetropolitan areas in Iowa. This shift has led us, at least regarding rural development assistance, to move towards emphasizing the provision of community development services to regionally‐important nonmetropolitan urban centers, i.e., central places that clearly ...


Equilibrium Selection In Global Games With Strategic Complementarities, David M. Frankel, Stephen Morris, Ady Pauzner 2017 Iowa State University

Equilibrium Selection In Global Games With Strategic Complementarities, David M. Frankel, Stephen Morris, Ady Pauzner

David Frankel

We study games with strategic complementarities, arbitrary numbers of players and actions, and slightly noisy payoff signals. We prove limit uniqueness: as the signal noise vanishes, the game has a unique strategy profile that survives iterative dominance. This generalizes a result of Carlsson and van Damme (Econometrica 61 (1993) 989–1018) for two-player, two-action games. The surviving profile, however, may depend on fine details of the structure of the noise. We provide sufficient conditions on payoffs for there to be noise-independent selection.


Nebraska Business And Consumer Confidence Indexes: June 2, 2017, Eric Thompson 2017 University of Nebraska-Lincoln

Nebraska Business And Consumer Confidence Indexes: June 2, 2017, Eric Thompson

Leading Economic Indicator Reports

Consumer confidence fell in Nebraska during May 2017 while business confidence remained very strong. The Consumer Confidence Index – Nebraska (CCI-N) fell to roughly neutral during May. The CCI-N stood at 102.5 in April but fell to 100.4 during May, which is only slightly above the neutral value of 100.0. The outlook of Nebraska businesses remained very strong. The Business Confidence Index – Nebraska (BCI-N) rose to 110.2 in May, above its April value of 109.1 and well above the neutral value. Business confidence has been very strong in Nebraska during the first five months of 2017 ...


Evaluating Food-Fuel Trade-Offs Via Market Choice: The Case Of Iowa Corn Producers, Tun-Hsiang Yu, Chad Hart, Wen You 2017 University of Tennessee, Knoxville

Evaluating Food-Fuel Trade-Offs Via Market Choice: The Case Of Iowa Corn Producers, Tun-Hsiang Yu, Chad Hart, Wen You

Chad Hart

This study examines food-fuel trade-offs from the perspective of crop producers and their choices in marketing their grain among food, feed and fuel use. Based on a recent survey of Iowa grain producers, this study finds that price competition from ethanol plants has increased the share of the corn marketed directly to ethanol plants and lowered the market share of corn marketed for domestic and international food/feed purposes. Other factors, such as farm size and market distance, affect the share of corn directed to the fuel, food, and feed markets. The results indicate corn producers are willing to bear ...


Collegiate Football Attendance In El Paso: 1967-2014*, Thomas M. Fullerton Jr., Wesley A. Miller 2017 University of Texas at El Paso

Collegiate Football Attendance In El Paso: 1967-2014*, Thomas M. Fullerton Jr., Wesley A. Miller

Border Region Modeling Project

This study examines potential determinants of American football game attendance for the University of Texas at El Paso (UTEP) Miners program. Time series data are utilized to analyze UTEP attendance from 1967 to 2014. Parameter estimation is carried out using two-staged least squares regression analysis. Among the more notable outcomes, ticket sales are not strongly affected by the local business cycle and are not inversely correlated with unemployment. Demand for tickets is also found to be upward sloping. Forecasts are generated for the 2015 season and several quantitative metrics indicate that good out-of-sample simulation performance is attained. Replication of this ...


The Effect Of Integration: A Study On The Impact Of Diversity On Economic Indicators, Luke H. Schleier 2017 University of San Diego

The Effect Of Integration: A Study On The Impact Of Diversity On Economic Indicators, Luke H. Schleier

Undergraduate Honors Theses

This paper examines the effect of diversity, measured by the dissimilarity index, on the economic strength of an area. Economic strength is measured using five economic indicators: median home value, median income, median gross rent, percentage of people with health insurance, and firms per capita. The work aims to show that there is a positive economic impact due to integrating and creating communities that are more diverse. Previous work shows there is a positive impact of diversity on economic indicators such as wages, rents, and production but previous studies do not look at the effect on these economic indicators. This ...


A Dual-Role Analysis Of Game Form Misconception And Cognitive Bias In Financial And Economic Decision Making, Chinedum D. Nwadiora 2017 University of New Orleans

A Dual-Role Analysis Of Game Form Misconception And Cognitive Bias In Financial And Economic Decision Making, Chinedum D. Nwadiora

University of New Orleans Theses and Dissertations

The endowment and the framing effect are widely examined cognitive biases. The experimental economics literature, using choice data gathered through an elicitation device, commonly finds evidence of these biases. Recent work by Cason & Plott (2014) shows that the interpretation of choice data as consistent with biases related non-standard preference theory could also be consistent with confusion or misconception of the game type used to elucidate preferences. I use the Cason and Plott card auction framework to analyze offers of buyers and sellers in an experimental setting with subjects from the University of New Orleans simulating 97 sellers and 90 buyers. The two games have symmetric payoffs in order to examine cognitive biases given subjects’ misconception of the game form. Subjects of both games display misconception of game form that explains both endowment and framing effects by rational confused choice; however, buyers display a much greater dispersion of offers than sellers. I estimate card implied valuation of sellers and buyers given game form misconception and find no statistical endowment effect, but I do find valuation is more uncertain in the buyer’s game. The theory of Rational Inattention predicts this lack of offer symmetry is due to the additional cognitive steps necessary in calculating buyer offers.


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