Digital Commons Network^™

Introducing Justice And Rights To Students Of Economics, Mark D. White

Publications and Research

Most economics instruction is focused on outcomes, whether evaluated in terms of individual or collective welfare or well-being. This is consistent with economics’ roots in classical utilitarianism, and no consideration is usually given to the process by which these results obtain, which is a deontological concern of right and wrong. This can seem odd to economics students, especially in the context of trade-offs in which one party is benefited at the expense of another, or aggregate welfare is maximized while some individuals are harmed, with no consideration in either of rights, desert, or justice. This chapter argues for the importance …

The Rise Of China: Economic Expansion, Military Modification And The Belt And Road Initiative, Felix Padilla

Dissertations and Theses

In order to analyze China’s rise in power, we have to examine how China has achieved this growth. We need to observe their domestic reforms, international initiatives like the Belt and Road Initiative (BRI), and strategic military advancements. This thesis focuses on China’s economic integration, market reforms and military modernization. The thesis uncovers the effects of this rise on global governance and power balances, especially in trade, security, and geopolitics. I analyze China's vision of a multipolar world and how it contrasts with the current global order and how this fuels rivalry with the U.S. and other powers. China's rise …

Trade Tensions And Consumer Decisions: Evidence From Taxable Sales During The 2018 Us-China Trade War, Eddie Wei

CMC Senior Theses

This paper examines the consumption response to the 2018 US-China trade war. While prior research has largely focused on economic outcomes such as export values, income, and employment, trade policies may also have salient distributional consequences for consumption. On one hand, import tariffs may boost well-being in regions with greater employment in protected sectors, such as manufacturing. On the other hand, retaliatory tariffs may raise prices overall and depress consumption in areas more reliant on the Chinese market, such as agriculture. To explore these dynamics, I construct a novel dataset of county-level taxable sales, capturing both household and business spending. …

The Right Of Big Tech Companies To Issue Money In The Opinion Of Consumers From France And Germany, Robert Huterski

Journal of Banking and Financial Economics

With a vast customer base and the acquisition of information about their customers and their preferences in connection with their services, Big Tech companies are also becoming essential players in the financial sphere. Payment solutions offered by Big Tech companies, such as Google Pay or Alipay, familiarise consumers with the presence of such companies in the monetary sphere. The issuance of private money has the most excellent chance in a form regulated by public authorities and with a value stabilized to the national currency, regardless of whether it would be similar to narrow banking, synthetic CBDC or another, related form. …

Is Knowledge Really Power And Ignorance Bliss? A Study Of Financial And Pension Ignorance, Agata Olechnowicz-Szewczyk, Elżbieta Babula

Journal of Banking and Financial Economics

In this study, we examine the impact of financial and pension ignorance (information avoidance) on the decisionmaking process for long-term savings. We define the concept of pension ignorance, as active avoidance of retirement information, failure to make decisions regarding retirement savings, and a lack of strategic retirement planning. To assess financial ignorance, we utilized the scale developed by Barrafrem et al. (2024), while pension ignorance was evaluated using the scale designed by the authors. The study was conducted with a sample of 1,200 Polish residents aged 18 to 65, using the Computer-Assisted Web Interviewing (CAWI) method. The findings reveal that …

Personal Characteristics And Retirement Intentions (Empirical Evidence From Poland), Patrycja Kowalczyk-Rólczyńska, Madgalena Swacha-Lech, Łukasz Jurek

Journal of Banking and Financial Economics

Retirement intentions depend on a number of different factors. The aim of this paper is to assess the impact of personal characteristics on the willingness to retire as soon as possible among older workers in Poland. The data were collected through a CAWI survey conducted in 2021 among a representative sample of workers aged 50 and over. Statistical analysis was based on logit model. Identified predictors are: age, education, fear about the financial situation in retirement, the use of free time after retirement, and lack time to pursue passions due to work. Those results provide suggestions for strengthening active ageing …

Entire Volume Journal Of Banking And Financial Economics 2025, 2(24)

Journal of Banking and Financial Economics

Entire Volume Journal of Banking and Financial Economics 2025, 2(24)

An Analysis Of Mental Health And Workplace Absenteeism, Kristin Marie Vrona

Graduate Research Theses & Dissertations

This dissertation examines the effect of mental health on own health-related absenteeism among employed adults in the United States, using data from the 2010–2014 Medical Expenditure Panel Survey (MEPS). The MEPS uniquely differentiates between absences due to one’s own health and those due to another person’s health, enabling causal estimation of individual-level factors influencing absence decisions.

The analysis incorporates both mental and physical health measures, including diagnostic indicators and self-reported general well being, which are used as proxies for severity that may affect both diagnosed and undiagnosed individuals. Results reveal a consistent pattern: individuals experiencing high psychological distress but lacking …

Efficient Algorithms For Nearest Correlation Matrix Computation With Missing Data, Ibrahim Eniola Oyeyinka

Graduate Research Theses & Dissertations

This thesis investigates efficient algorithms for computing the Nearest Correlation Matrix (NCM) under incomplete financial data. Correlation matrices are vital in portfolio optimization and risk management, yet empirical estimates often violate symmetry, positive semidefiniteness, and unit diagonal conditions due to missing observations. Two projection-based methods are analyzed: the Modified Alternating Projections (MAP) and Anderson Acceleration (AA). Theoretical analysis using convex optimization and normal cone characterization supports numerical evaluation on synthetic and real-world stock-return matrices (550×550, 2020–2025). Missing data are modeled through Missing Completely at Random (MCAR) and Not Missing at Random (NMAR) mechanisms. The results show that AA converges faster …

A Modern Optimization Approach With Data-Driven Analytical Modeling For The Healthcare Business Segment (Hbs) From The S&P 500, Aditya Chakraborty, Chris Tsokos

Epidemiology, Biostatistics, & Environmental Health Faculty Publications

Introduction: The S&P consists of eleven business segments, which are classified according to the type of industry. The current study focuses on developing a non-linear analytical model for the Healthcare Business Segment (HBS) of the S&P 500, as a function of different economic & financial indicators. Materials and Methods: The analytical model used six financial indicators together with four economic indicators to predict the weekly average closing price (WCP) of HBS stocks. Johnson’s SB transformation corrected skewness, while desirability-based optimization identified indicator values maximizing WCP. The model’s performance and generalizability were validated through repeated 10-fold cross-validation. Results: All attributable contributors …

Building Diversity Into The Philosophy And Methodology Of Economics With Stratification Economics, Merve Burnazoglu, John B. Davis

Economics Faculty Research and Publications

Mainstream economics ignores who produces it and what it is about because its average man, Homo economicus ontological entry-point obscures social differences between people. Philosophy and Methodology of Economics that assumes this ontological entry point generally limits itself to epistemological analysis, and this means it fails to make diversity a fundamental concern. Taking diversity seriously entails being clear about one's ontological assumptions, and this requires being clear about the normative scope of one's analysis. This calls for giving up a value-neutral methodological reasoning and adopting a value-explicit methodological posture. To illustrate, we describe how Stratification economics with its social groups …

Impact Of International Trade Competitiveness On Unemployment And Poverty Reduction In Ecowas Region, Ikubor Ofili Jude, Yahaya U. Isah, Ojih U. Abraham, Mazeli O. Mark, Abdul Y. Mary

DLSU Business & Economics Review

This study investigates the impact of trade competitiveness on unemployment and poverty in the ECOWAS region. The study relied on POLS, FE, and RE techniques to analyze the impact of export value and trade openness on unemployment and poverty in the ECOWAS region from 2001 to 2020. Annual time series data were sourced from World Bank and World Integrated Trade Solution databases. Major findings from this study show that unemployment responds strongly and favorably to export value and trade openness, whereas poverty responds favorably to trade openness. Further investigation revealed that trade regulatory environment is a determinant of unemployment and …

Ketahanan Industri Mikro Dan Kecil: Bukti Dari Indonesia, Mukhlis Mukhlis, Bernadette Robiani, Abdul Bashir

Jurnal Ekonomi dan Pembangunan Indonesia

Micro and small industries (MSIs) play a crucial role in the economy, yet their growth confronts various constraints. This study examines the determinants of Indonesian MSIs output, focusing on the roles of capital, labor, added value, efficiency, and productivity. Panel data from 34 provinces (2013–2023) applied fixed effect model. The findings indicate that capital, labor, added value, efficiency, and productivity have a positive and significant impact on output. Capital’s dominant role highlights the need for improved access to finance. Policies supporting value creation, managerial skills, and technology adoption are crucial to unlocking the MSI potential and ensuring sustainable growth.

Three Essays On Asset Pricing And Risk Factors, Yuzhou Liu

Graduate Research Theses & Dissertations

This dissertation explores whether alternative economic and financial factors serve as risk factors in asset pricing. It consists of three essays that examine policy uncertainty, macroeconomic expectations, and accounting-based factors in asset pricing models. The first essay studies the shocks in U.S. Economic Policy Uncertainty (EPU) index and its categorical indices. Shocks in monetary policy uncertainty and sovereign debt/currency crisis policy uncertainty significantly price assets and earn significant premiums. The second essay distinguishes expected (ex-ante) and realized (ex-post) macroeconomic factors using a state space model via Kalman filter. Ex-ante economic activity are significantly priced along with ex-post size, ex-post and …

The Impact Of Ambient Air Quality On Asthma Outcomes In California, Abigail Obour

Graduate Student Theses, Dissertations, & Professional Papers

This study investigates the relationship between ambient air quality and asthma-related health outcomes in California, focusing on emergency department visits and hospitalizations from 2005 to 2022. Despite California’s strict air quality standards, individuals still face significant pollution challenges contributing to poor respiratory health, particularly among vulnerable populations. Therefore, this study looks at how fine particulate matter (PM2.5) affects asthma outcomes using panel data from 37 counties. A fixed effects regression model is employed to control for unobserved heterogeneities that are constant over time but vary across individual counties, ensuring robust estimates of the impact of pollution on health outcomes. This …

The Resource Curse And U.S. Timber Harvest In Western Rural Economies, Lucas Paul Koch

Graduate Student Theses, Dissertations, & Professional Papers

There is limited understanding of the relationship between timber harvest and economic outcomes in the western United States. I use resource curse theory to examine the connection. The theory assumes a negative relationship between timber harvest and economic performance at the county level, and similar methods have been used to look at other natural resources and geographic areas. I use timber harvest intensity—the ratio of timber harvest volume to timberland acres—alongside several common economic controls including education, poverty, and competing industry activity to estimate wage and employment performance in a fixed-effects econometric model. Also estimated are least squares dummy variable …

Certificate Of Need Laws' Effect On Provisions Of Uncompensated Care, Connor Anthony Mostek

Graduate Student Theses, Dissertations, & Professional Papers

Certificate of need (CON) laws are regulations that require healthcare facilities to seek permission from a state government board to enter a market or expand/modify their established business. Proponents of CON laws claim that, among other things, CON laws protect hospitals and other healthcare providers from competition, allowing them to charge private or fully insured patients more in order to use the profits to “cross-subsidize” free care for low-income and uninsured patients. By employing an unbalanced panel dataset on hospital cost reports for the years 2012, 2014, 2016, and 2019, this study finds that there is no strong evidence that …

Trust During Troubled Times: Evidence From Sierra Leone’S Ebola Epidemic, Colin Cannonier

Funded Scholarship

Existing literature provides evidence that crises can considerably impact public trust. However, research on these dynamics in lower-income and postconflict countries like Sierra Leone is limited. Using nationally representative survey data and district-level Ebola infection data, herein, we examine the relationship between the Ebola epidemic and various measures of government trust. Our analysis, which employs propensity score matching and other techniques, reveals a notable decline in trust among individuals exposed to the outbreak. Our estimates indicate that individual perceptions of trust in government and other government entities decreased by 11.6%– 33.6% following the Ebola epidemic. This relationship is driven by …

Analyzing Real-Time Behavioral Shifts In Response To Tourism Policy Using Google Trends Data And Advanced Difference-In-Differences (Did) Methods, Aaron Bradley Scott

Doctor of Business Administration Dissertations

Google Trends is a publicly available aggregate search data portal that allows researchers to capture and review search interests. This dissertation analyzes real-time behavioral shifts resulting from tourism policy changes in Venice, Italy using Google Trends data. This work contributes to the current literature in DiD modeling, by using information-seeking behavior that is ahead of observable, lagged, outcomes. Through the integration of recent DiD advancements, this work further extends DiD applications in tourism econometrics, and a case-example of real-world tourism policy assessment. This dissertation highlights changes in search behavior immediately following policy implementation. Additionally, this work highlights Google Trends as …

Social And Commercial Crowdfunding Through The Lens Of The Theory Of Planned Behaviour And Financial Well-Being, Joanna Adamska, Urszula Mrzygłód

Journal of Banking and Financial Economics

A unique feature of crowdfunding is that it relies on numerous individuals contributing financially to the project, which sets it apart from traditional financing channels. Unlike banks, where funding decisions are subject to strict prudential criteria and the creditworthiness of the borrowing entity, crowdfunding projects appeal to various worldviews and values held by potential backers. Therefore, the financial decision to support the crowdfunding project becomes a unique problem in personal finance. This study aims to analyse the psychological and financial factors influencing crowdfunding participation, comparing social and commercial projects using the Theory of Planned Behaviour (hereinafter: TPB) and subjective financial …

Quantum Immortality: A Perspective If Ai Doomers Are Probably Right, Alexey Turchin, James Miller

Economics: Faculty Publications

What should you believe will be the likely cause of your survival if you are an AI Doomer who believes in quantum immortality? An AI Doomer believes that if their understanding of AI existential risks is correct, humanity must get extremely lucky to survive. A person who believes in quantum immortality thinks that the many-worlds interpretation of quantum physics implies that their consciousness will necessarily continue in some branch of the multiverse. This article shows that combining these two beliefs requires rejecting or going beyond simple Bayesian reasoning when estimating one's most likely cause of survival. Such estimates may have …

On The Design Of An Optimal Immigration Policy, Armando R. Lopez-Velasco

School of Economics and Finance Faculty Publications

This paper constructs a model for the study of optimal immigration from the perspective of natives. They have preferences over redistributive transfers, a public good subject to congestion, and over the level of family-based migration. Border enforcement is costly. The model derives conditions for an optimal immigration policy, which balances skill-based against family-based migration, equalizes the fiscal opportunity cost of unauthorized immigration with the marginal cost of enforcement, and balances the effects on transfers against the implied congestion effects. A parameterized version of the model studies the 1994–2008 period and finds legislation projects on immigration consistent with the model's predictions.

Bogging Down Investors: An Unintended Consequence Of Litigation Risk, Siwen Fu, Ke Wang, Liandong Zhang, Liu Zheng

Research Collection School Of Accountancy

Securities litigation risk is a well-recognized yet underexplored source of financial reporting complexity or unreadability. This study examines the effect of litigation risk on the readability of corporate financial reports. The 1999 Silicon Graphics Inc. (SGI) court ruling unexpectedly reduced litigation risk for firms within the Ninth Circuit Court’s jurisdiction. Using a difference-in-differences design centered on the SGI court ruling, we find that, while the readability of financial reports generally declines over the sample period, treated firms in the Ninth Circuit experience a comparatively smaller decline in readability than control firms in other states after the ruling. Put differently, treated …

A Different Risk-Return Relationship, Aydin Selim Oksoy, Matthew R. Farrell, Shaomin Li

Management Faculty Publications

We challenge the widely accepted premise that the valuation of an early-stage firm is simply the capital invested (USD) divided by the equity received (%). Instead, we argue that this calculation determines the break-even point for the investor; for example, investing USD 1.0 in exchange for a 10% equity sets a firm-level free cash flow target of USD 10.0, resulting in a 0% return for the investor. The design of our study is that of a descriptive analysis of the phenomenon, based on three assumptions: that angel investing is a two-issue negotiation, that negotiation positions are communicated sequentially from capital …

Essays On Robust Inference Under Multiway Clustering, Jiahao Lin

Electronic Theses & Dissertations (2024 - present)

The first chapter studies wild bootstrap-based inference for regression models with multiway clustering. Our proposed methods are multiway counterparts to the (one-way) wild cluster bootstrap approach introduced by Cameron et al. (2008). We establish the validity of our methods for studentized statistics. Theoretical results are provided, accommodating arbitrary serial dependence in the common time effects – an aspect excluded by existing two-way bootstrap-based approaches. Simulation experiments document the potential for enhanced inference with our novel approaches. We illustrate the effectiveness of the methods by revisiting an empirical study involving multiway clustered and serially correlated data.

The second chapter studies jackknife …

Thorstein Veblen: The Independent Thinker Whose Contributions Advanced A Distinct Tradition Of Heterodox Economics, John B. Hall

Economics Faculty Publications and Presentations

Challenging Charles Camic’s perspective, this article argues that Thorstein Veblen’s time at the top amounted to about nineteen years; a fraction of his professional career. While drawing from and building upon challenges associable with a changing world which he faced – related to the ending of Laissez-faire and the rise of big business; the institutions initiated for prosecuting World War I; and the accompanying rise of the vested interests – Veblen’s writings effectively and propitiously provided a solid foundation for an American school of heterodox thought known as Original Institutional Economics.

Essays On Health Economics, Quan Qi

Electronic Theses & Dissertations (2024 - present)

The first chapter examines whether Medicare Part D---the largest expansion of Medicare in recent decades---had a lasting impact on retirement behavior by providing subsidized prescription drug coverage to older adults. We employ a difference-in-difference-in-differences framework that compares changes in labor supply among individuals aged 65–68 versus 55–64 in a treatment group with employer-sponsored retiree health insurance (RHI) only until age 65, relative to a control group with lifetime RHI, before and after the 2006 implementation of Part D. Using data from Health and Retirement Study (2000-2018), we find that Part D reduces full-time employment by 6.52 percentage points among the …

Essays On Health Economics, Yiran Han

Electronic Theses & Dissertations (2024 - present)

The first chapter examines relationships between physicians exposed to new drugs’ clinical trials and prescribing. Clinical trials benefit patients directly by providing novel treatments, but little is known about the indirect effects of clinical trials on physician prescribing through localized knowledge spillover. This study examines whether exposure to a clinical trial of a new drug in a physician’s local geographic area affects the physician’s propensity to prescribe the drug, i.e. a localized knowledge spillover from clinical trial sites to physician. Utilizing the Medicare Part D prescribing patterns of more than 10,000 physicians across 29 new cancer drugs approved by the …

Essays On Technological Change And Scientific Research, Max Mayca

Electronic Theses & Dissertations (2024 - present)

The primary objective of economic science has long been to understand and promote growth, as it contributes to a more prosperous civilization and improves individual well-being. The core drivers of growth—capital accumulation, human capital development, and technological progress—are well-established. While capital deepening enables scaling of production, and human capital enhances labor productivity, technological and scientific advancements remain the most critical, as they continually redefine the efficiency frontier. Given this centrality, it is essential to understand how technological progress affects labor markets, how research resources should be allocated, and how technology relates to human capital formation.

The first part of this …

Can Financial Inclusion-Based Interventions For Poverty Alleviation Build Sustainable Livelihoods? Voices From Mutual Solidarity Groups (Muso) In Haiti., Meera R. Bhat

Electronic Theses & Dissertations (2024 - present)

Scholars, policymakers, changemakers, and social workers have attempted to define, understand, and eradicate poverty. Its endurance raises the prospect that these efforts may be incomplete or faulty. This thesis will probe this concern by examining poverty and poverty alleviation programs through the lens of a holistic intervention-based framework known as the Sustainable Livelihoods Framework (SLF). The first paper introduces the SLF and uses it to undertake a conceptual analysis comparing demand and supply driven poverty alleviation interventions that are based on financial inclusion. Next it uses the SLF as a methodological tool to compare financial inclusion programs, as operationalized by …