A Trillion-Dollar Question: What Predicts Student Loan Delinquencies?, 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 ...
Factors Influencing Greenhouse Gas Emissions From Land Use, Land-Use Change, And Forest Activities, 2016 University of Tennessee, Knoxville
Factors Influencing Greenhouse Gas Emissions From Land Use, Land-Use Change, And Forest Activities, Pattarawan Watcharaanantapong
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 ...
Using Experiments To Compare The Predictive Power Of Models Of Multilateral Negotiations, 2016 Chapman University
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, 2016 Iowa State University
An Evolutionary Trade Network Game With Preferential Partner Selection, 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, 2016 COMSATS Institute of Information Technology, Pakistan
Financial Development And Environmental Quality.Docx, Nawaz Ahmad, Muhammad Shahbaz, Syed Shahzad, Syed Shahzad, Shista Alam
Employment And Wage Dynamics In Estonia, 1989-95, 2016 EKE ARIKO Consulting Ltd
Employment And Wage Dynamics In Estonia, 1989-95, Rivo Noorkoiv, Peter F. Orazem, Allan Puur, Milan Vodopivec
Peter F. 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, 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
Welfare Costs And Benefits Of Non-Tariff Measures In Trade: A Conceptual Framework And Application, 2016 Iowa State University
Welfare Costs And Benefits Of Non-Tariff Measures In Trade: A Conceptual Framework And Application, John Beghin, Anne-Celia Disdier, Stephan Marette, Frank Van Tongeren
This paper provides a systematic welfare-based approach to analyze the impact of non-tariff measures (NTMs) on trade and welfare in presence of market imperfections. We focus on standard-like measures such as technical barriers and sanitary and phytosanitary regulations. The approach overcomes the shortcomings of the mainstream approach based on the analysis of forgone trade caused by trade costs. The latter ignores market imperfections: welfare increases when NTMs are removed and trade expands. We explain how to account for external effects and market failures in trade-focused welfare analysis, leading to a more balanced overall assessment of measures despite a potential reduction ...
Decoupled Farm Payments & The Role Of Base Updating Under Uncertainty, 2016 Iowa State University
Decoupled Farm Payments & The Role Of Base Updating Under Uncertainty, Arathi Bhaskar, John Beghin
In the context of the U.S farm policy, this paper analyzes the effect that expectations about base updating in future policies have on a farmer’s acreage decision in the presence of price, yield and policy uncertainty. We consider a risk neutral farmer producing a single crop whose income consists of market revenue and government payments. We consider two policy regimes. Decisions made in the current policy regime are linked to government payments in the future policy regime through the possibility of a base update in the future regime. There is policy uncertainty about the possibility of a base ...
Economic Analysis With Systematically Biased Agents, 2016 Chapman University
Economic Analysis With Systematically Biased Agents, Mark Schneider
ESI Working Papers
A tenet of behavioral economics is that biases are systematic and should have visible effects in economic applications. Expected utility maximization has been widely applied in economic analysis, but progress has been slower incorporating 'systematically biased' agents into applications involving risk. This contrasts with the widespread application of present-biased preferences in intertemporal settings. To address this gap, we advocate a model of quasi-rank dependent probability weighting as a natural analog to quasi-hyperbolic discounting for decisions under risk. The model satisfies stochastic dominance and transitivity and transforms individual rather than cumulative probabilities. We illustrate the model’s tractability in several economic ...
A Meta-Analysis Of The Impact Of Technical Barriers To Trade, 2016 Iowa State University
A Meta-Analysis Of The Impact Of Technical Barriers To Trade, Yuan Li, John Beghin
A meta-analysis explains the variation in estimated trade effects of technical barriers to trade broadly defined, using available estimates from the empirical international trade literature, and accounting for data sampling and methodology differences. Agriculture and food industries tend to be more impeded by these barriers than other sectors. SPS regulations on agricultural trade flows from developing exporters to high-income importers tend to impede trade. Controlling for “multilateral resistance” lowers the propensity to find that these policies impede trade. Estimations correcting endogeneity by using panel data and time fixed effect yield more negative (or less positive) trade effects of technical measures.
The Impacts Of Biofuels Targets On Land-Use Change And Food Supply: A Global Cge Assessment, Govinda R. Timilsina, John Beghin, Dominique Van Der Mensbrugghe, Simon Mevel
We analyze the long-term impacts of large-scale expansion of biofuels on land-use change, food supply and prices, and the overall economy in various countries or regions using a multi-country, multi-sector global computable general equilibrium model augmented with an explicit land-use module and detailed biofuel sectors. We find that an expansion of biofuel production to meet the existing or even higher targets in various countries would slightly reduce GDP at the global level but with mixed effects across countries or regions. Significant land re-allocation would take place with notable decreases in forest and pasture lands in a few countries. The expansion ...
The Pros And Cons Of Workplace Tournaments, 2016 Chapman University
The Pros And Cons Of Workplace Tournaments, Roman M. Sheremeta
ESI Working Papers
Tournaments are commonly used in the workplace to determine promotion, assign bonuses, and motivate personal development. Tournament-based contracts can be very effective in eliciting high effort, often outperforming other compensation contracts, but they can also have negative consequences for both managers and workers. The benefits and disadvantages of workplace tournaments have been identified in theoretical, empirical, and experimental research over the past several decades. Based on these findings, I provide suggestions and guidelines for when it might be beneficial to use tournaments in the workplace.
The Economic Costs And Benefits Of Implementing The Clean Power Plan, 2016 University of Pennsylvania
The Economic Costs And Benefits Of Implementing The Clean Power Plan, Jose Miguel Abito, Christopher R. Knittel, Konstantinos Metaxoglou, Andre Trindade
Penn Wharton Public Policy Initiative
This brief looks at the costs of implementing the EPA’s Clean Power Plan. Specifically, it examines whether implementing the CPP on a state-by-state basis—that is, with each state meeting its own individual target for emissions reduction by 2030, rather than establishing regional targets—is economically efficient. The economic analysis uses data from electricity-generating firms participating in the Pennsylvania-New Jersey-Maryland (PJM) Interconnection to examine the relative economic efficiency of regional versus state-by-state implementation of the CPP. The research indicates that state-by-state implementation would yield the lowest electricity prices in 2030.
Does Agglomeration Matter Everywhere?: New Firm Location Decisions In Rural And Urban Markets, 2016 Iowa State University
Does Agglomeration Matter Everywhere?: New Firm Location Decisions In Rural And Urban Markets, Georgeanne M. Artz, Younjun Kim, Peter Orazem
Peter F. Orazem
We test whether commonly used measures of agglomeration economies encourage new firm entry in both urban and rural markets. Using new firm location decisions in Iowa and North Carolina, we find that measured agglomeration economies increase the probability of new firm entry in both urban and rural areas. Firms are more likely to locate in markets with an existing cluster of firms in the same industry, with greater concentrations of upstream suppliers or downstream customers, and with a larger proportion of college-educated workers in the local labor supply. Firms are less likely to enter markets with no incumbent firms in ...
An Indirect Test For The Specification Of Expectation Regimes, 2016 Iowa State University
An Indirect Test For The Specification Of Expectation Regimes, Peter Orazem, John A. Miranowski
Peter F. Orazem
This paper develops an empirical strategy for testing competing hypotheses of expectation regimes when direct measures of expectations are unavailable. The procedure takes as given an assumed structural relationship between expected values of exogenous variables and a given decision variable. By imposing different expectation regimes on this model, we obtain an artificial nesting of the hypothesized regimes which allows us to test whether any specification dominates. This methodology is extended to multiple equation applications with any number of hypothesized expectation regimes. The tests are illustrated using a model of the response of county-level farm acreage allocation to expected commodity prices.
Amenities And Non-Farm Employment Growth In The U.S. Midwest: The Impact Of Recreational Amenities In Neighboring Counties, 2016 University of Southern Mississippi
Amenities And Non-Farm Employment Growth In The U.S. Midwest: The Impact Of Recreational Amenities In Neighboring Counties, Daniel C. Monchuk, John A. Miranowski
This study examines the role of recreational amenities, both within the county as well in neighboring counties, on employment growth using data from 618 counties in the U.S. Midwest. Using a wide range of amenity variables and spatial econometric methods, we find that natural and recreational amenities have played a role in non-farm employment growth over the years 1969 to 2000. Further, the results also indicate that the presence of recreational amenities in neighboring counties have also played an important role in explaining employment growth as opposed to only amenities within the county itself.
Angels And Demons: Using Behavioral Types In A Real-Effort Moral Dilemma To Identify Expert Traits, 2016 Chapman University
Angels And Demons: Using Behavioral Types In A Real-Effort Moral Dilemma To Identify Expert Traits, Hernan Bejerano, Ellen P. Green, Stephen Rassenti
In this article, we explore how independently reported measures of subjects' cognitive capabilities, preferences, and sociodemographic characteristics relate to their behavior in a real-effort moral dilemma experiment. To do this, we use a unique dataset, the Chapman Preferences and Characteristics Instrument Set (CPCIS), which contains over 30 standardized measures of preferences and characteristics. We find that simple correlation analysis provides an incomplete picture of how individual measures relate to behavior. In contrast, clustering subjects into groups based on observed behavior in the real-effort task reveals important systematic differences in individual characteristics across groups. However, while we find more differences, these ...
Improving Spatio-Temporal Benefit Transfers For Pest Control By Generalist Predators In Cotton In The Southwestern Us, Ruscena Wiederholt, Kenneth J. Bagstad, Gary F. Mccracken, Jay E. Diffendorfer, John B. Loomis, Darius J. Semmens, Amy L. Russell, Chris Sansone, Kelsie Lasharr, Paul Cryan, Claudia Reynoso, Rodrigo A. Medellin, Laura Lopez-Hoffman
Amy L. Russell
A Discourse On Diversity: The Impact Of Management Team Heterogeneity On Firm Performance., 2016 University of Warwick
A Discourse On Diversity: The Impact Of Management Team Heterogeneity On Firm Performance., Robert J. Brown
Undergraduate Economic Review
Quantile models are used to test the association between management team gender, ethnic and educational diversity and firm performance, employing an IV technique developed by Chernozhukov and Hansen (2008) to address the potential endogeneity issues. Estimated associations between measures of diversity and firm EBITDA margins are close to zero across much of the dependent variable distribution, but increase in magnitude for higher margin firms. No evidence of a statistically significant causal relationship between gender and ethnic diversity and firm EBITDA margins is found. Marginal evidence of a statistically significant association between margins and educational diversity is found for high margin ...