Digital Commons Network^™

The Nih Is A Sound Investment For The Us Taxpayer, Nicholas W. Gilpin

School of Medicine Faculty Publications

Research funded by the National Institutes of Health is essential for improving the health of Americans and developing new drugs and treatments for a wide range of diseases.

How Government-Funded Factories Helped A Generation Access The Middle Class, Andrew Garin, Jonathan Rothbaum

Upjohn Institute Policy and Research Briefs

No abstract provided.

Economic Analysis Of Global And Local Policies For Respecting Planetary Boundaries, Thomas Hertel

Department of Agricultural Economics Faculty Publications

In a series of highly cited papers over the period of 2009–2023, earth system scientists have identified a set of nine planetary boundaries that must not be breached if we wish to avoid catastrophic consequences for nature and humanity. These range from well-mixed, global boundaries, such as climate-altering atmospheric greenhouse gas concentrations, to localized limits on freshwater availability and reactive nitrogen entering the environment. Recent estimates suggest that six of the nine planetary boundaries have already been breached. The food system is a key driver of these exceedances and, therefore, must play a key role in any solutions. However, the …

Democracy And Foreign Aid: How Democratic Institutions Affect Aid Effectiveness, Jonas Bensah

Graduate Research Conference (GSIS)

This research paper examines the comparative effectiveness of foreign aid in Ghana and Zimbabwe, highlighting the critical role of political regimes and democratic institutions. The study underscores that while democratic governance, characterized by transparency, accountability, and citizen participation, significantly enhances aid effectiveness. Ghana’s stable democracy and robust institutions have facilitated the effective use of aid, leading to significant improvements in economic growth, education, healthcare, and infrastructure. In contrast, Zimbabwe’s authoritarian regime, marked by corruption and political repression, has hindered the efficient utilization of aid, exacerbating the country's socio-economic challenges. Policy recommendations for donors emphasize the need for promoting democratic governance, …

From Shatter Zone To Shatterbelt: The Role Of The Three Seas Initiative In Shaping Central And Eastern Europe, Ian Murphy

Graduate Research Conference (GSIS)

The Three Seas Initiative (TSI) is a relatively new political and economic platform aimed at enhancing connectivity and infrastructure development in Central and Eastern Europe (CEE). This initiative seeks to address the region’s historical underdevelopment and lack of north-south connectivity. This paper examines the role of the TSI in the context of a changing geopolitical landscape, where Russia and China are increasingly seeking to exert influence. The central research question is: Does the TSI represent a fundamental shift in the CEE region, and how can it foster interdependence while mitigating the risk of conflict? I argue that the TSI signifies …

Nonstationary Heterogeneous Panels With Multiple Structural Changes, Badi H. Baltagi, Qu Feng, Wei Wang

Center for Policy Research

Nonstationary panels have been widely used in empirical studies in macroeconomics and finance. This paper considers multiple structural changes in nonstationary heterogeneous panels with common factors. Kapetanios, Pesaran, Yamagata (2011) showed that unobserved nonstationary factors can be proxied by cross-sectional averages of observable data. This means that unobserved error factors can be treated as additional regressors, and different break points in slopes and error factor loadings can be considered as multiple breaks in linear regression models with panel data. We generalize the least squares approach by Bai and Perron (1998) to nonstationary panels and show that the break points in …

Working Paper No. 89, Towards A Veblenian View Of The Digital Realm, Tanner Weber

Working Papers in Economics

This inquiry seeks to establish that Thorstein Veblen’s writings offered insights that could assist us in understanding the digital realm in contemporary times. Through advancing his thinking for dealing with the instincts of idle curiosity and workmanship, in particular, Veblen provided an understanding of capital as technologies, especially, that should be valued as contributions to the common and joint stocks of knowledge. Back in his day, Veblen’s understanding of capital, ownership, and private property offered ways for us to think of some of the potential usages of technology as well as a range of possibilities for sabotage. What …

Working Paper No. 93, The Father, The Son, And The ‘Sulphuric’ Spirit: Reflections Upon Gunnar Myrdal's Early Writings Dealing With J. M. Keynes, Plus The ‘Great Recession’, Niccolo Cellini

Working Papers in Economics

This inquiry explores Gunnar Myrdal's contributions to counter-cyclical fiscal policy, emphasizing his belief in accumulating surpluses during economic growth and deploying them during downturns. The first section discusses Myrdal's critique of traditional austerity measures, advocating for transparency in deficit spending and highlighting the psychological impact of fiscal policy. The second section compares Myrdal’s views with John Maynard Keynes’, noting their shared concerns regarding unemployment while emphasizing Myrdal's focus on social equity and institutional reform. The final section applies Myrdal’s framework to the U.S. response to the Great Recession, analyzing the limitations of the American Recovery and Reinvestment Act (ARRA) and …

Working Paper No. 94, Franklin Roosevelt, His New Deal Policies, And The Ending Of Laissez-Faire, Amanda F. Worman

Working Papers in Economics

This inquiry seeks to establish that what were widely known and recognized as Franklin Roosevelt’s distinct ‘New Deal’ policies sought to offset some of the disruptive effects associated with the ending of Laissez-faire. Roosevelt’s upbringing, education, as well as his entry into the political sphere¾ starting out in New York State¾helped to shape the economic thinking that would later provide a foundation for what would become his New Deal policies advanced by his administration during the years of the Great Depression. Actions and policies indicative of Roosevelt’s policy thrust also align with arguments presented by the British economist, John Maynard …

Firm Selection And Growth In Carbon Offset Markets: Evidence From The Clean Development Mechanism, Qiaoyi Chen, Nicholas Ryan, Daniel Yi Xu

Discussion Papers

We study carbon offsets sold by firms in China under the Clean Development Mechanism (CDM). We find that offset-selling firms, meant to cut carbon emissions, instead increase them by 49% after starting an offset project. In a model of firm investment decisions and offset review, we estimate that CDM firms increase emissions due to both the selection of higher-growth firms into projects (35 pp) and because offset projects themselves boost firm growth and therefore emissions (14 pp). The CDM reduces global surplus by causing damages from increased emissions four times greater than private gains from trade in the offset market.

Working Paper No. 90, Social Hierarchies In The Music Industry And Thorstein Veblen's Understanding Of Institutions, Citlactli Carrera López

Working Papers in Economics

This inquiry seeks to establish that Thorstein Veblen’s understanding of institutions could be used to offer insights into social hierarchies found within the music industry. Institutions, as viewed by Veblen, are structures that are influenced by and extensions of habits that provide an understanding of human behavior. Society creates standards which determine the way that the population operates, setting levels of what is considered as correct and incorrect behaviors. Institutions have a way of altering the way society is governed, setting expectations and new mindsets of how people should interact with each other. Through the introduction of new technologies, these …

"Firm Selection And Growth In Carbon Offset Markets: Evidence From The Clean Development Mechanism", Qiaoyi Chen, Nicholas Ryan, Daniel Yi Xu

Cowles Foundation Discussion Papers

We study carbon offsets sold by firms in China under the Clean Development Mechanism (CDM). We find that offset-selling firms, meant to cut carbon emissions, instead increase them by 49% after starting an offset project. In a model of firm investment decisions and offset review, we estimate that CDM firms increase emissions due to both the selection of higher-growth firms into projects (35 pp) and because offset projects themselves boost firm growth and therefore emissions (14 pp). The CDM reduces global surplus by causing damages from increased emissions four times greater than private gains from trade in the offset market.

Bubble Mitigation Policies: Counterfactual Analysis And Treatment Effect Inference, Ye Chen, Peter C.B. Phillips, Shuping Shi

Cowles Foundation Discussion Papers

To safeguard economic and financial stability policymakers regularly take actions designed to increase resilience to systemic risks and curb speculative market behavior. To assess the effectiveness of such mitigation policies, we introduce a counterfactual approach tailored to accommodate the mildly explosive dynamics that occur during speculative bubbles. We derive asymptotics of the estimated treatment effect under a common factor structure that allows for explosive, I(1), and stationary factors, thereby having applicability to a wide range of prevailing economic conditions. An inferential procedure is proposed for the policy treatment effect that has asymptotic validity and demonstrates satisfactory finite sample performance. An …

Data-Driven Mechanism Design: Jointly Eliciting Preferences And Information, Dirk Bergemann, Marek Bojko, Paul Duetting, Renato Paes Leme, Haifeng Xu, Song Zuo

Cowles Foundation Discussion Papers

We study mechanism design when agents have private preferences and private information about a common payoff-relevant state. We show that standard message-driven mechanisms cannot implement socially efficient allocations when agents have multidimensional types, even under favorable conditions.

To overcome this limitation, we propose data-driven mechanisms that leverage additional post-allocation information, modeled as an estimator of the payoff-relevant state. Our data-driven mechanisms extend the classic Vickrey-Clarke-Groves class. We show that they achieve exact implementation in posterior equilibrium when the state is either fully revealed or the utility is affine in an unbiased estimator. We also show that they achieve approximate implementation …

Working Paper No. 88, Algorithms And Thorstein Veblen’S ‘Machine Process’, Eunji Jang

Working Papers in Economics

This inquiry seeks to establish that the ‘machine process’ which Thorstein Veblen introduced into the Economics literature back in 1904, exhibits similarities to algorithms that are readily found in contemporary times--more than one hundred years on. In The Theory of Business Enterprise [1904] (2005), Veblen defines the machine process as a system that prioritizes efficiency, standardization, and automation. Relatedly, this inquiry argues that algorithms are based upon similar principles and exhibit similar tendencies that yield similar outcomes. Additionally, this inquiry explores the institutional role of algorithms, elaborating upon how their increasing prevalence and solidification might serve to enhance efficiency in …

Working Paper No. 91, The Emergence Of Industrial ‘Sabotage’ In The Evolution American Health Insurance, H. J.

Working Papers in Economics

This inquiry seeks to establish that over the years the American health insurance industry has evolved in the direction of offering more and more disadvantages versus advantages to consumers as holders of insurance policies as well as healthcare products and services. In the tradition of Thorstein Veblen, this tendency should be considered as an institutional evolution that can be traced back in time to its origins in mutual aid societies and lodge practices. With the industrialization of the American economy, the healthcare industry exhibits signs of advancing, and but one indicator of this advance is that insurance plans became formalized. …

Working Paper No. 87, The Double-Edged Sword Of American Philanthropy, Nathan Lewis-Lusso

Working Papers in Economics

This inquiry seeks to establish that American philanthropy, often hailed as a moral virtue, is in part a reflection of systemic policy failures that have forced private individuals to address public needs. While one blade of the philanthropic sword has historically provided essential support in areas such as education, healthcare, and poverty alleviation, the other blade of the sword has also allowed for wealthy individuals to shape public priorities, often reinforcing existing inequalities. By analyzing the historical development of philanthropy, its role in addressing policy gaps, and its potential in undermining democratic governance, this inquiry highlights the complex and often …

Three Essays Exploring The Interaction Between Health And Labor Market Outcomes, Jingxin Nie

USF Tampa Graduate Theses and Dissertations

This dissertation investigates the influence of health policies and employment disruptions on individual health, behavior, and cognitive outcomes, utilizing quasi-experimental methods to address causal inference challenges across three distinct studies.

The first chapter examines the effects of Medicaid expansion under the Affordable Care Act on workers' compensation claims, leveraging variation in insurance coverage resulting from the policy change. Employing a difference-in-differences (DID) approach and a staggered DID framework following Callaway & Sant'Anna, this study uses data from the Current Population Survey’s Annual Social and Economic Supplements (ASEC). The findings reveal that despite increasing insurance coverage, Medicaid expansion did not significantly …

Are Stock Returns And Output Growth Higher Under Democrats?, Ray C. Fair

Cowles Foundation Discussion Papers

Recent literature suggests that both stock returns and economic growth are significantly higher under Democratic presidential administrations. This is a puzzle in that persistent differences in stock returns seem unlikely in efficient markets, and it is not obvious why Democrats should do better. Often these kinds of results go away upon further analysis or more data, and this appears to be true in the present case. In this paper the sample is extended to 28 administrations, fromWilson-1 through Biden. While the mean stock return under the Democrats is higher, none of the differences in means is significant at conventional significance …

The Theoretical Consequences Of Mr. Churchill Gold Standard Policy And The ‘Long Struggle Of Escape’, Nathaniel Cline, Matias Vernengo

Working Papers

No abstract provided.

The Market Value Of Partisan Balance, Brian D. Feinstein, Daniel J. Hemel

Northwestern University Law Review

For the past century, Delaware’s constitution has provided that no more than a bare majority of judges on the state’s courts may hail from the same political party. Some scholars and jurists theorize that Delaware’s commitment to a politically balanced judiciary increases the state’s attractiveness to out-of-state corporations and adds value to Delaware-chartered firms. These claims echo a larger literature in law and the social sciences positing that ideological diversity improves decisional quality. Recently, a series of federal court decisions in the case of Adams v. Carney put these claims to the test. In December 2017, a federal district court …

A Qualitative Exploration Of The Robert Smith Gift At Morehouse College, Kinnis Gosha, Nina Gilbert, Whitney Nelson, Kaylah Mackroy, Mi'kayla Newell, Amber Reid, Kaela S. Jackson

Journal of Student Financial Aid

Previous scholars investigating the effects of student loan debt have conducted survey analyses involving large samples to examine the relationships among debt forgiveness, loan repayment behavior, income earnings, and returning home. Fewer works have explored the outcomes of student loan elimination in a qualitative study. In 2019, Robert Smith donated a Gift (RSGift) to the graduating class of Morehouse College, which eliminated the new graduates’ student loan debt, inviting further inquiry into their developments since receiving the gift. This study employs a qualitative investigation to examine how student loan elimination influenced the graduating classes. This study also applies Yosso’s Community …

Social Security And Retirement Income In The Mountain West, 2022, Dre Boyd-Weatherly, Taylor Volk, Caitlin J. Saladino, William E. Brown Jr.

Cities & Metros

This fact sheet presents data on the mean total retirement income for forty-four cities in the Mountain West: Arizona (13), Colorado (14), Nevada (9), New Mexico (3), and Utah (5). The Smart Asset report, “Social Security and Retirement Income Are Highest in These Cities – 2024 Study,” reports data from the 2022 one-year American Community Survey conducted by the U.S Census Bureau.

Strategies U.S. Hospital Leaders Use To Recruit, Hire, And Retain Physicians To Sustain Profitability, Terence Christopher Williams

Walden Dissertations and Doctoral Studies

Poor physician retention negatively impacts the quality of community healthcare, leading to financial losses and increased operational costs for hospitals. Hospital administrators and the governing boards are particularly concerned with addressing this issue to ensure sustainable healthcare delivery. Grounded in the Hertzberg’s two factor theory, the purpose of this qualitative pragmatic inquiry was to explore strategies that hospital administrators can utilize to improve physician retention. The participants included eight high-ranking hospital administrators within the geographic region of North Carolina who had an active role in provider retention. Data was collected using semistructured interviews, identify five critical themes: (a) implement mentorship, …

Capital Structure Strategies For Catalyzing The Growth Of Mining Companies In Developing Countries, Pepe Kalombo Kapompa

Walden Dissertations and Doctoral Studies

A lack of effective strategies to develop capital structures affects operational profit and growth. Consequently, leaders of mining companies in the Democratic Republic of Congo are concerned about the significant financial losses resulting from these deficiencies. Grounded in trade-off theory of capital structure, the purpose of this qualitative multiple case study was to explore strategies that leaders of mining companies in the Democratic Republic of Congo used to develop capital structures that enhance operational profit and growth. The participants included three business leaders from three mining companies who successfully implemented such strategies. Data were collected from semistructured interviews and company …

Partisanship And The Social Construction Of Deservingness In The United States, Christopher Ellis, Chris Faricy

Working Papers

No abstract provided.

Speculative Bubbles In The Recent Ai Boom: Nasdaq And The Magnificent Seven, Rerotlhe B. Basele, Peter C.B. Phillips, Shuping Shi

Cowles Foundation Discussion Papers

The recent artificial intelligence (AI) boom covers a period of rapid innovation and wide adoption of AI intelligence technologies across diverse industries. These developments have fueled an unprecedented frenzy in the Nasdaq, with AI-focused companies experiencing soaring stock prices that raise concerns about speculative bubbles and real-economy consequences. Against this background the present study investigates the formation of speculative bubbles in the Nasdaq stock market with a specific focus on the so-called ‘Magnificent Seven’ (Mag-7) individual stocks during the AI boom, spanning the period January 2017 to January 2025. We apply the real time PSY bubble detection methodology of Phillips …

A Model Of A Veteran-Friendly Community, Manuel Reyes-Loya

Hibbs Brief

This issue highlights how the Tyler Metropolitan Statistical Area (MSA) earned the Veteran‑Friendly Community (VFC) designation from the East Texas Council of Governments by demonstrating strong support for veterans in areas such as healthcare, employment, education, and quality of life. It outlines the community's existing military‑related distinctions (like Purple Heart City status and Military Friendly Schools®) and emphasizes how local economic opportunities, world‑class healthcare, educational programs, and extensive veteran support organizations contribute to making Tyler a welcoming place for veterans and their families. The brief also offers goals to sustain and expand these services, reinforcing Tyler's model approach to honoring …

Analysis Of Systematic Trade-Offs Between Military And Healthcare Expenditure Alongside Gdp Growth Of Select Asian And Western Exporting Economies In The 21st Century, Rahul Balamurugan, Carlos Gershenson, Preethi Nanjundan, Hiroki Sayama

Northeast Journal of Complex Systems (NEJCS)

This study explores the complexity in the trade-offs between military expenditure, healthcare expenditure, and GDP growth across select Asian nations and major weapon-exporting countries, examining how nations allocate finite resources between national security and human well-being over the past two decades. Using a systems science approach, the research integrates Granger causality testing to analyze temporal and directional relationships among GDP growth, military expenditure, and healthcare expenditure, uncovering their dynamic interdependencies. The methodology includes trend and slope analysis, Granger causality testing, outlier detection, and clustering to identify heterogeneity in resource allocation strategies. Developed, weapon-exporting nations exhibit complementary trends, with strong causality …

A New Induction Proof Of The Gibbard-Satterthwaite Theorem, Sarvesh Bandhu, Rohit Kumar

Working Papers

In this paper, we provide a new induction proof of the Gibbard–Satterthwaite theorem, where the induction argument builds on n = 1 rather than the existing proofs using n = 2. The provided proof is much shorter, and the arguments are very intuitive, which will be helpful in teaching and for beginners in this field.