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Financial Liberalization And Banking Crises: A Cross-Country Analysis, Apanard P. Angkinand, Wanvimol Sawangngoenyuang, Clas Wihlborg 2010 Milken Institute

Financial Liberalization And Banking Crises: A Cross-Country Analysis, Apanard P. Angkinand, Wanvimol Sawangngoenyuang, Clas Wihlborg

Business Faculty Articles and Research

Several studies indicate that financial liberalization contributes to the likelihood of a financial crisis. We focus on banking crises and argue that they are most likely to occur after an intermediate degree of liberalization. Using a recently updated dataset for financial reforms in 48 countries between 1973 and 2005, we find an inverted U-shaped relationship between liberalization and the likelihood of crisis. We ask whether the relationship remains when institutional characteristics of countries and dynamic effects of liberalization are considered. The empirical results indicate that the relationship between liberalization and banking crises depends strongly on the strength of capital regulation ...


Personality And The Consistency Of Risk Taking Behavior: Experimental Evidence, Cary Deck, Jungmin Lee, Javier Reyes 2010 Chapman University

Personality And The Consistency Of Risk Taking Behavior: Experimental Evidence, Cary Deck, Jungmin Lee, Javier Reyes

ESI Working Papers

Researchers have found that an individual’s risk attitude is not stable across elicitation methods. Results reported by Deck et al. (2009) suggest that personality may help explain the apparent inconsistency, offering support to Borghans et al.’s (2008) argument that economists should consider a multi‐domain approach to measuring risk attitudes. This paper uses laboratory methods to compare risk attitudes as measured by the Holt and Laury (2002) procedure under two different frames. We find that, as in Deck et al. (2009), one’s willingness to take financial risks (as measured by Weber et al. 2002) significantly affects behavior ...


Tariff-Rate Quotas, Rent-Shifting And The Selling Of Domestic Access, Bruno Larue, Harvey E. Lapan, Jean-Philippe Gervais 2010 Universite Laval

Tariff-Rate Quotas, Rent-Shifting And The Selling Of Domestic Access, Bruno Larue, Harvey E. Lapan, Jean-Philippe Gervais

Economics Publications

Tariff-rate quotas (TRQs) have replaced quotas at the end of the Uruguay Round. We analyze TRQs when a foreign firm competes against a domestic firm in the latter's market. Our benchmark is the strategic rent-shifting tariff. We show that the domestic price-equivalent TRQ is a better instrument welfare-wise, as it can extract all of the rents from the foreign firm. We show that different pairs of within-quota tariff and quota can support full rent extraction. The implication is that reduction of the former and enlargement of the latter, holding the above-quota tariff constant, may have no liberalizing effects. The ...


Food And Consumer Economics, Laurian Unnevehr, James Eales, Helen Jensen, Jayson Lusk, Jill McCluskey, Jean Kinsey 2010 United States Department of Agriculture

Food And Consumer Economics, Laurian Unnevehr, James Eales, Helen Jensen, Jayson Lusk, Jill Mccluskey, Jean Kinsey

Economics Publications

Agricultural economists first carried out demand studies in order to understand determinants of farm prices and incomes. The shift to a focus on consumer welfare began with studies of the role of food and food assistance in standards of living. Now the profession is more concerned with how information and quality attributes influence consumer behavior. Agricultural economists’ empirical work in this field has informed the development of household production theory, hedonic price theory, definitions of poverty thresholds, complete demand systems, and survey and experimental techniques to elicit preferences.


Assessing The Welfare Effects Of Us Biofuel Policies, Giancarlo Moschini, Harvey Lapan, Jingbo Cui, Joseph Cooper 2010 Iowa State University

Assessing The Welfare Effects Of Us Biofuel Policies, Giancarlo Moschini, Harvey Lapan, Jingbo Cui, Joseph Cooper

Economics Publications

This article assesses the main welfare implications of US policies to support biofuels, with an emphasis on corn-based ethanol. The analysis relies on an open economy, multimarket equilibrium model that links world and domestic energy and agricultural markets and explicitly accounts for the externalities of carbon emissions. The first-best policy in our context entails a carbon tax (implemented with a tax on fuel and a subsidy for ethanol), an import tariff on oil, and an export tax on corn. Although this policy is likely not feasible, we show that a second- best policy with an optimally chosen fuel tax and ...


Perfect And Imperfect Real-Time Monitoring In A Minimum-Effort Game, Cary Deck, Nikos Nikiforakis 2010 Chapman University

Perfect And Imperfect Real-Time Monitoring In A Minimum-Effort Game, Cary Deck, Nikos Nikiforakis

ESI Working Papers

This paper presents the results from a minimum-effort game in which individuals can observe the choices of others in real time. We find that under perfect monitoring almost all groups coordinate at the payoff-dominant equilibrium. However, when individuals can only observe the actions of their immediate neighbors in a circle network, monitoring improves neither coordination nor efficiency relative to a baseline treatment without real-time monitoring. We argue that the inefficiency of imperfect monitoring is due to information uncertainty, that is, uncertainty about the interpretation of the information available regarding the actions of others.


Price Increasing Competition? Experimental Evidence, Cary Deck, Jingping Gu 2010 Chapman University

Price Increasing Competition? Experimental Evidence, Cary Deck, Jingping Gu

ESI Working Papers

Economic intuition suggests that increased competition generates lower prices. However, recent theoretical work shows that a monopolist may charge a lower price than a firm facing a competitor selling a differentiated product. The direction of the price change when competition is introduced is dependent upon the joint distribution of buyer values for the two products. We explore this relationship using controlled laboratory experiments. Our results indicate that the distribution of buyer values does affect prices in a manner consistent with the theoretical predictions, although price increasing competition is rare due in part to overly intense competition regardless of the distribution ...


Readdressing The Fertilizer Problem, Nicholas D. Paulson, Bruce A. Babcock 2010 University of Illinois

Readdressing The Fertilizer Problem, Nicholas D. Paulson, Bruce A. Babcock

Economics Publications

The production literature has shown that inputs such as fertilizer can be defined as riskincreasing. However, farmers also consistently overapply nitrogen. A model of optimal input use under uncertainty is used to address this paradox. Using experimental data, a stochastic production relationship between yield and soil nitrate is estimated. Numerical results show that input uncertainty may cause farmers to overapply nitrogen. Survey data suggest that farmers are risk averse, but prefer small chances of high yields compared to small chances of crop failures when expected yields are equivalent. Furthermore, yield risk and yield variability are not equivalent.


Revitalizing The Signaling Power Of Class Rank At Colby College, Nicholas Van Niel 2010 Colby College

Revitalizing The Signaling Power Of Class Rank At Colby College, Nicholas Van Niel

Honors Theses

Consistent with trends at American colleges and universities nationwide, grades have been monotonically increasing at Colby College over the past decade while controlling for student aptitude. A rich data set that describes every Colby student over three cohorts is used to predict student performance. By comparing the mean predicted grade to the mean actual grade in a department, it is seen that some departments award mean grades that are significantly higher than predicted grades warranted by explainable factors. With some departments giving significantly higher grades than other departments, the current grading system is susceptible to awarding unwarranted higher grades to ...


Testing For Adverse Selection In Insurance Markets, Alma Cohen, Peter Siegelman 2009 university of connecticut law school

Testing For Adverse Selection In Insurance Markets, Alma Cohen, Peter Siegelman

Peter Siegelman

This paper reviews and evaluates the empirical literature on adverse selection in insurance markets. We focus on empirical work that seeks to test the basic coverage–risk prediction of adverse selection theory—that is, that policyholders who purchase more insurance coverage tend to be riskier. The analysis of this body of work, we argue, indicates that whether such a correlation exists varies across insurance markets and pools of insurance policies. We discuss various reasons why a coverage–risk correlation may not be found in some pools of insurance policies. The presence of a coverage-risk correlation can be explained either by ...


Buyer Market Power And Vertically Differentiated Retailers, Shinn-Shyr Wang, Christian Rojas, Nathalie Lavoie 2009 University of Massachusetts - Amherst

Buyer Market Power And Vertically Differentiated Retailers, Shinn-Shyr Wang, Christian Rojas, Nathalie Lavoie

Nathalie Lavoie

We consider a model of vertical competition where downstream firms (retailers) purchase an upstream input from a monopolist and are able to differentiate from each other in terms of quality. Our primary focus is to study the effects of introducing a large retailer, such as a Wal-Mart Supercenter, that is able to lower wholesale prices (i.e. buyer market power). We obtain two main results. First, the store with no buyer market power responds to the presence of the large retailer by increasing its quality, a finding that is consistent with recent efforts by traditional retailers to enhance shoppers’ buying ...


Ceo Compensation At Tarp Institutions, Karl T. Muth 2009 University of Chicago

Ceo Compensation At Tarp Institutions, Karl T. Muth

Karl T Muth

This is a PowerPoint presentation given at the University of Chicago Booth School of Business on March 10, 2010. It requires the newest version of Microsoft PowerPoint.


Buyer Market Power And Vertically Differentiated Retailers, Shinn-Shyr Wang, Christian Rojas, Nathalie Lavoie 2009 University of Massachusetts - Amherst

Buyer Market Power And Vertically Differentiated Retailers, Shinn-Shyr Wang, Christian Rojas, Nathalie Lavoie

Christian Rojas

We consider a model of vertical competition where downstream firms (retailers) purchase an upstream input from a monopolist and are able to differentiate from each other in terms of quality. Our primary focus is to study the effects of introducing a large retailer, such as a Wal-Mart Supercenter, that is able to lower wholesale prices (i.e. buyer market power). We obtain two main results. First, the store with no buyer market power responds to the presence of the large retailer by increasing its quality, a finding that is consistent with recent efforts by traditional retailers to enhance shoppers’ buying ...


Juridische Kaders In De Sociale Economie: Een Rechtseconomische Doorlichting, Astrid Coates, Wim Van Opstal 2009 Universiteit Antwerpen

Juridische Kaders In De Sociale Economie: Een Rechtseconomische Doorlichting, Astrid Coates, Wim Van Opstal

Wim Van Opstal

De sociale economie hanteert in ons land hoofdzakelijk het vzw-statuut en bestaat traditioneel ook uit (erkende) coöperatieve vennootschappen. In 1995 werd hier ook de vennootschap met sociaal oogmerk aan toegevoegd. In dit artikel bespreken we enkele randvoorwaarden voor een geslaagd ontwerp en een succesvolle implementatie van juridische kaders voor de sociale economie. Vervolgens bespreken we bondig de essentiële kenmerken van deze drie juridische kaders. We besluiten met een vergelijkende analyse en belichten daarbij de belangrijkste relatieve troeven en zwaktes ten opzichte van elkaar.


Measuring Poverty And Human Capital Development In Sudan, Professor Issam A.W. Mohamed 2009 Department of Economics. Al Neelain University, Khartoum, Sudan

Measuring Poverty And Human Capital Development In Sudan, Professor Issam A.W. Mohamed

Professor Issam A.W. Mohamed

Catastrophes in Sudan are of many dimensions. Food security is a chronic and intrinsic problem in Sub Saharan Africa which is a fact recognized by the international society. Political instability, civil wars and finally recent secession of its Southern part is another fact which may be taken as a vivid example for other regions of that previously largest African country to be followed. The present paper introduces an analysis and assessment of measurements for human development indices in Sudan. It is empirically concluded that human welfare is invisible. The parameters are very low. Strategies are needed to provide for basic ...


Principal-Agent Problems In Fisheries, Niels Vestergaard 2009 University of Southern Denmark

Principal-Agent Problems In Fisheries, Niels Vestergaard

Niels Vestergaard

No abstract provided.


Industria Manufacturera Y Crecimiento Económico En La Frontera Norte De México, Isaac Leobardo Sánchez Juárez, Edgar Campos 2009 Universidad Autonoma de Ciudad Juarez

Industria Manufacturera Y Crecimiento Económico En La Frontera Norte De México, Isaac Leobardo Sánchez Juárez, Edgar Campos

Isaac Sánchez-Juárez

La frontera norte de México es una región que desde hace varias décadas se caracteriza por su dinamismo, en especial con el cambio de modelo económico orientado a los mercados externos. El desempeño económico de las entidades que la componen ha sido, en términos relativos, mejor que en el resto del país. Con los datos de 1993 a 2008, es posible afirmar que es una zona ganadora en función del comportamiento de la tasa de crecimiento del producto per cápita. En este documento, mediante un marco teórico alternativo al neoclásico de crecimiento, se demuestra que el incremento en las industrias ...


The Journey To Safety: Conflict-Driven Migration Flows In Colombia, Gianfranco Piras, Nancy Lozano-Gracia, Geoffrey Hewings, Ana Maria Ibanez 2009 Regional Research Institute, West Virginia University

The Journey To Safety: Conflict-Driven Migration Flows In Colombia, Gianfranco Piras, Nancy Lozano-Gracia, Geoffrey Hewings, Ana Maria Ibanez

Gianfranco Piras

No abstract provided.


Intellectual Property And Antitrust Limits On Contract: Comment, Matthew J. Holian, Neil Nguyen 2009 San Jose State University

Intellectual Property And Antitrust Limits On Contract: Comment, Matthew J. Holian, Neil Nguyen

Matthew J. Holian

In their chapter in Dynamic Competition and Public Policy (2001, Cambridge University Press), Burtis and Kobayashi never defined their model's discount rate, making replicating their simulation results difficult. Through our own simulations, we were able to verify their results when using a discount rate of 0.10. We also identified two new types of equilibria that the authors overlooked, doubling the number of distinct equilibria in the model.


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