Digital Commons Network^™

Learning Through Imitation: An Experiment, Marina Agranov, Gabriel Lopez-Moctezuma, Philipp Strack, Omer Tamuz

Cowles Foundation Discussion Papers

We compare how well agents aggregate information in two repeated social learning environments. In the first setting agents have access to a public data set. In the second they have access to the same data, and also to the past actions of others. Despite the fact that actions contain no additional payoff-relevant information, and despite potential herd behavior, free riding and information overload issues, observing and imitating the actions of others leads agents to take the optimal action more often in the second setting. We also investigate the effect of group size, as well as a setting in which agents …

Bitcoin Options Risk-Reversal Predictability, Meng Hwee Neo

Dissertations and Theses Collection (Open Access)

This dissertation examines whether Bitcoin options risk-reversal (RR) spreads predict future Bitcoin returns, using daily Deribit data from April 2021 to December 2025 (1,723 observations).

In the primary 25-delta, 90-day specification, the RR coefficient is significant at the 1% level in a thirteen-variable baseline regression with Newey–West standard errors. Robustness tests across all available delta–tenor specifications show statistically significant RR coefficients in the majority of configurations, concentrating in the 30–180-day maturity band.

The butterfly spread (BF) also predicts returns. Both remain significant after controls are added: the RR t-statistic increases from 1.91 (univariate) to 3.73 (full baseline), and the BF …

Uncertainty, Information, And Major Choice: Evidence From Chinese Gaokao, Sikun Dou

Dissertations and Theses Collection (Open Access)

An unresolved background risk makes people more averse to other, independent  risks—most of all when a high-stakes, irreversible choice must be made under that risk. College major choice is such a setting. In China, students are admitted directly into a major they cannot easily change, and in the early 2000s they had to commit before learning their exam scores, bearing a field’s academic risk on top of an unresolved admission risk. Because STEM fields carry more academic risk and women are on average more risk-averse, this burden falls hardest on women’s entry into STEM. Exploiting a reform that moved application …

Financial Technology And Household Wealth, Rongbo Zhou

Dissertations and Theses Collection (Open Access)

With the spread of mobile payment platforms in China, the micro-foundations of household financial behaviour have been reshaped, and this change is increasingly reflected in household property income. Based on microdata from the China Household Finance Survey (CHFS) for 2015, 2017, 2019, and 2021, this dissertation examines how mobile payment use affects household property income, through which channels this effect is transmitted, and how its impact differs across household groups, regional conditions, and macro-financial environments.

The empirical results show a positive association between the use of mobile payment platforms and household property income. This conclusion remains robust after controlling for …

Analyzing Social Implications Of The Gender Wage Gap, Jessie A. Clarke

Electronic Theses, Projects, and Dissertations

The researcher seeks to understand the gender wage gap in the United States. The research question studied is “Why do women in the United States on average earn less income than men?” Women gain less power and resources as they earn less income than men. The researcher explores the phenomenon in this paper. This research proposal utilizes qualitative methods via interviews, and analysis through coding. In previous research, there is a lack of inclusion on the gender wage gap regarding various identities such as sexual orientation, other gender identities, and race/ethnicity. The researcher hopes to fill in these gaps in …

Trump Opportunity Zones In Louisville, Kentucky: A Look At The Results So Far., Thomas E. Lambert

Faculty and Staff Scholarship

In 2017 the US Congress passes and President Donald J. Trump signs the 2017 Tax Cuts and Jobs Act. Part of the legislation allows states to create opportunity zones (OZs), census tracts which will be targeted for business investment and economic development through federal tax incentives. In Louisville, Kentucky, as in other jurisdictions throughout the US over the last several decades, special district “zones” have been used by local, state, and/or the federal government(s) to try to revive low-income, deteriorated, and blighted areas. These have been typically urban areas but sometimes have included semi-rural and rural areas. Whether named enterprise …

Financial Overconfidence, Borrowing, And Life-Cycle Outcomes, Jessica B. Parkinson

All Graduate Reports and Creative Projects, Fall 2023 to Present

This paper studies the effects of overconfidence in a lifetime consumption and savings model that allows for debt accumulation. Overconfidence, a well-documented behavioral bias, leads individuals to hold distorted perceptions of the different interest rates that they face on their savings and on their borrowings. While existing life-cycle models with overconfidence abstract from debt, I introduce a spread between the interest rates on savings and on borrowings, where the overconfident individual forms distorted perceptions of this spread. To model the actual and the perceived spreads, a continuously differentiable logistic function is utilized, and these spreads are incorporated into a standard …

Restorative Justice In Cache Valley: Building Community Resilience Through Restorative Practices, Rivkah Haubner

Undergraduate Honors Capstone Projects

Restorative justice as a field of study is primarily applied to criminal justice proceedings or similar topics. As such, its use as a tool in political organizing is an underdeveloped field. Due to its Indigenous history, restorative justice has intrinsically ant-colonial, anti-imperial, and anti-racist roots and is therefore already situated within the ethos of many progressive movements. Historically, radical movements within the United States and across the world experienced both internal and external pressures that undermined their goals. Restorative justice offers a framework through which to understand political action as a whole and specific tools to address internal conflict within …

Learning From 2002: County-Level Economic Analysis Of The Salt Lake City Winter Olympics And Implications For Utah 2034, Ronan Spencer

Undergraduate Honors Capstone Projects

This paper examines economic and distributional impacts and the existing literature on the 2002 Salt Lake City Winter Olympics to inform policy recommendations for the upcoming 2034 Utah Olympic Games. Using a difference-in-differences (DiD) framework on county-level data from 1995 to 2006, we compare Utah host counties to Colorado counties. Results indicate that the Games generated an average of 1,084 Leisure and Hospitality jobs per host county, suggesting approximately 5,420 total jobs across all five host counties. We saw a positive but marginally significant increase in tourism and hospitality GDP of $37.2 million relative to Colorado controls (p=0.078). We also …

What Do Captains And Lieutenants Believe To Be The Most Effective Professional Development For Fire Officers?, Claudia Haley

Open Access Theses & Dissertations

This dissertation investigates the professional development of fire officers through a blend of research methods and theoretical frameworks. The primary question driving this research is: "What do captains and lieutenants consider to be the most effective professional development for fire officers?" The framework employed to conduct this study was constructivist grounded theory. It was essential to consider the perspectives of those actively working in the industry when developing a professional development program for officers, as their expertise lends significant credibility to the study. The research utilized the Delphi method to identify and ensure the key elements that experts believe are …

Housing Markets In The American West: A Dynamic Time Warping Analysis Of Inter-City Relationships, Daniel Johnson

All Graduate Theses and Dissertations, Fall 2023 to Present

Housing markets revolve around perhaps the most consequential good to the average person, yet the relationships between local housing markets remain understudied. While major American cities appear to follow similar patterns, the nature of these connections is not fully understood. This project looks at housing markets across the western United States, using Dynamic Time Warping (DTW) to identify which cities tend to lead or lag others in price movements, and look at the overall similarity of their market movements. We also explore whether geographic distance, population growth, and income growth help explain why some markets are more similar than others. …

Credit Accessibility In Diverse Urban Communities And The Dynamics Of Their Lending Markets: The Case Of Minority Depository Institutions, Noara Razzak

All Dissertations

In my dissertation, I study credit access in diverse urban communities, the role of the financial institutions that serve them, such as Minority Depository Institutions (MDIs) and non-MDIs. The first chapter studies the effect of bank branch closures (both MDIs and non-MDIs) on credit access in these diverse urban communities. MDIs are US community banks that are owned and operated by minority populations, such as Black-owned, Asian-owned, Hispanic-owned banks or Native-owned banks. The second chapter studies the proximity of Black-owned banks to historically segregated urban neighborhoods. More specifically I study whether surviving Black-owned banks are more likely to be present …

Geography, Income, And The Incidence Of A Massachusetts Carbon Tax, Susan Stratton Sayre

Economics: Faculty Publications

I use spatial microsimulation to estimate the geographic incidence of the consumer-facing portion of various revenue-neutral carbon tax designs in Massachusetts. I identify a substantial urban-rural disparity in impacts that is reduced, but not eliminated, by proposed revenue-targeting mechanisms. I further demonstrate that seemingly small variations in the definition of rural households can have substantial impacts on urban-rural equity and the distribution of gains and losses. Proposed policies are highly progressive in the aggregate with most low-income households receiving more in rebates than they pay in taxes, but notable numbers of low-income households are likely to experience significant losses. Methodologically, …

Long Run Effect Of Industrial Place-Based Policy On County Level Complexity, An Investigation Of The Tennessee Valley Authority, Anita Ifeyinwa Umunnah

Master's Theses

This paper studies the long-term effects of large federal investments in place-based industrial policies on regional economic development, contributing new evidence on how industrial policies shape regional local productive capabilities over time. While extensive research show that industrial policies impact regional development by advancing productive technology (capabilities), the fundamental question remains how to measure this technological transformation. The study employs the use of Economic Complexity Index (ECI) as a measure of “technological advancements” resulting from large federal investments in place-based industrial policies. Previous evaluations of such investment were based on livelihood, employment and income outcomes, with productive capability of receiving …

Exploring Self-Sufficiency And Economic Behavior In Economic Education Students, Rizza Megasari, Sheerad Sahid

International Conference on Business and Management Research (ICBMR)

This study investigates the self-sufficiency and economic behaviors of economics education students, focusing on how independent living shapes their financial management, consumption habits, and overall approach to life. Data was collected through in-depth interviews, using a question list informed by literature on 21st-century skills, sustainable development, and self-sufficiency. The interview explored the student's understanding and practice of self-sufficiency, examining their experiences with financial management (budgeting, saving, spending), living arrangements (boarding house choices, facilities, and habits), consumption patterns (food, clothing, transportation), and engagement in self-reliant activities (cooking, minor repairs). The study highlights the interplay between economic knowledge, personal values, and practical …

Tourism, Institutions, And The Paradox Of Inclusion: How Institutional Quality Moderates Tourism’S Impact On Inclusive Growth In High-Income European Countries, Saqib Munir, Abdul Ghaffar, Mushab Rashid

Arab Economic and Business Journal

Inclusive economic growth in high-income European economies remains contested despite strong institutions and advanced tourism sectors, with limited understanding of how institutional quality and gender-inclusive governance condition the tourism–inclusivity nexus. This study examines the independent and interactive effects of tourism development, institutional quality, gender-inclusive governance, digital infrastructure, environmental sustainability, and income inequality on inclusive economic growth across 15 European countries over 2000–2024. Using World Bank and WGI data, a panel ARDL framework, supported by FMOLS robustness checks is applied to capture dynamic long- and short-run relationships among mixed-order integrated variables. Results indicate that tourism development (β = 5.351, p < 0.001) and institutional quality (β = 8.029, p < 0.001) decisively enhance inclusive growth, yet their interaction exerts a significant negative effect (β = –5.271, p < 0.001), suggesting over-regulation may dampen tourism’s inclusivity potential. Environmental sustainability also contributes positively (β = 0.164, p < 0.001), while income inequality shows a counterintuitive long-run positive association (β = 0.026, p < 0.001). Gender-inclusive governance has a small but significant positive effect (β = 0.005, p = 0.004), whereas digital infrastructure is statistically insignificant. These findings extend institutional economics and endogenous growth theory by revealing governance flexibility as critical to unlocking inclusive tourism benefits, and they inform SDG 8 and 10 policies by advocating balanced regulatory frameworks, renewable energy investment, and targeted redistributive mechanisms in advanced economies.

State-Level Analysis Of Minimum Wage And Teen Employment Across The U.S. In 2024, Owen Siegel

Celebrating Scholarship and Creativity Day (2018-)

This study examines whether differences in state minimum wage levels are associated with variation in teen employment across U.S. states in 2024. Using a cross-sectional regression framework, the analysis estimates the relationship between minimum wage policy and the employment rate of individuals aged 16–19 while controlling for educational attainment, demographic composition, income, and regional differences. The results indicate that higher minimum wages are associated with lower teen employment rates. Specifically, a one-dollar increase in the minimum wage is associated with an estimated 0.87 percentage-point decrease in teen employment, holding other factors constant. This result is statistically significant and economically meaningful, …

Understanding Statutory Corporate Tax Rates And Corporate Tax Revenue: Evidence From Oecd Countries, 2015–2023, Carter Johnson

Celebrating Scholarship and Creativity Day (2018-)

This paper analyzes the relationship between statutory corporate tax rates and corporate tax revenues among the OECD countries from 2015-2023. Since the 1980’s, statutory corporate tax rates have been gradually declining, however, the relationship between rate and revenue remains unclear. The Laffer Curve helps motivate the relationship between rate and revenue within the theoretical model. Foreign Direct Investment (FDI) and Real GDP are included as control variables, along with incorporating inflation and per capita measurements. The fixed effects panel regression findings conclude there is no direct relationship between corporate tax rate and revenue. However, FDI and Real GDP were found …

Credential Shortages In Higher Education Programs In Mountain West Metro Areas, 2024, Isabelle G. Graham, Kristian Thymianos, Olivia K. Cheche, William E. Brown Jr.

Economic Development & Workforce

This fact sheet reports data on workforce demand for middle-skills jobs across five high-paying occupational categories: healthcare, management, blue-collar, protective services, and STEM. The Georgetown University Center on Education and the Workforce report, “Missed Opportunities: Credential Shortages in Programs Aligned with High-Paying Middle-Skills Jobs in 55 US Metro Areas,” includes metro-level data on 55 metro areas in the United States in 2024.2 This fact sheet focuses on data for five Mountain West metro areas, including Denver-Aurora-Lakewood, CO; Las-Vegas-Henderson-Paradise, NV; Phoenix-Mesa-Chandler, AZ; Salt Lake City, UT; and Tucson, AZ.

From The Ground To The Stars: How Research And Development In Aerospace Plays A Massive Role, Bryan Sohan

Honors College Theses

Aerospace technology is a long-standing field of innovation, yet it has experienced renewed momentum in recent years due to increased public and private investment. This study analyzes how changes in budget allocations to aerospace-related firms and government organizations influence the pace and scope of technological development within the aerospace sector. By examining historical trends in aerospace innovation alongside recent funding initiatives and policy decisions, this research evaluates the relationship between financial investment and technological advancement. This analysis focuses on Hypothesis 1 (H1): that higher aerospace R&D expenditure is positively correlated with innovation output. Using a two-period state-level panel (FY2021 and …

The Economic Impact Of Grand Forks Airbase On North Dakota Using Input – Output Analysis & Va Mortgage Loan Evaluation, Jack S. Weikum

Undergraduate Theses and Senior Projects

In this paper, I examine the economic contributions of the Grand Forks Air Force Base to our community. This paper and research seek to find out what the total economic impact of the base truly is compared to its public reports. The base’s own impact statements do not consider the indirect effects associated with its operations. To fully examine its true economic impact, we must consider two important aspects that affect the local economy and other industry sectors. Specifically, I will first examine the economic impact that base operations directly have on expenditures, employment, and labor income. This information will …

China-Canada Resource Diplomacy: New Era Of Land Grabbing, Valdrin Dragusha

Bridges: An Undergraduate Journal of Contemporary Connections

This paper examines the evolving economic relationship between China and Canada, particularly in the context of China's transition from a strictly social economy to an authoritarian socialist market economy. It highlights the implications of China's Going Out Policy initiated in 2000, aimed at securing vital natural resources amidst growing domestic demands driven by rapid economic expansion. The paper analyzes China's significant demand for resources, its sustainable development policies, and the changing dynamics of land acquisitions, particularly in relation to Canada, which is perceived as a strategic investment destination due to its abundant natural resources and technological advancements in clean energy. …

Treaty Database Project, Elisabeth Smith

Honors Capstones

International environmental governance is shaped by a complex network of treaties addressing issues such as water, agriculture, air and atmosphere, energy, wild species and ecosystems, mineral resources, and waste and hazardous substances, among many others.. However, information about these agreements is often fragmented across multiple sources, making it difficult for researchers, policymakers, and the public to understand how different treaties relate to one another. This project develops a structured database of environmental treaties that captures key attributes such as thematic focus, geographic scope, participating countries, and implementation mechanisms.

Building on this database, the project also provides an intuitive front-end interface …

Money And State Politics: State Legislature Partisan Dynamics And Ideology Outcomes Following Citizens United V. Fec, Jillian E. Pastore

Bates College Journal of Political Studies

What effect has Citizens United v. FEC had on state-level partisanship and the policy outcomes that follow from it? Scholarship on the influence of corporate and union spending in political campaigns has largely centered on federal elections. In this paper, I extend the analysis to the state level, leveraging the fact that Citizens United created a natural experiment across the states. Prior to the Supreme Court ruling, roughly half of the states prohibited corporate and union independent expenditures in state elections (including for governor, state senate, state house, and state supreme court races). The Citizens United decision effectively nullified these …

Luja Volume 6: Issue 1 (Full Volume)

Laurier Undergraduate Journal of the Arts

No abstract provided.

Supporting Those Who Serve: The Impact Of Peer Support On Law Enforcement Suicide, Emily N. Warren

Honors College Theses

Individuals working in law enforcement face daily stressors that far exceed those experienced by the general population. This elevated exposure to stress has been associated with increased rates of mental health disorders and suicide among law enforcement officers. In response, peer support programs have gained recent attention, with new state and federal legislation promoting peer support as a strategy to address the mental health crisis within law enforcement. This paper examines the impact of statewide peer support programs on law enforcement suicide rates through statistical analysis. A difference-in-differences analysis is used to compare state-level law enforcement suicide rates before and …

Quantifying Overconsumption In The United States: A Multiple Linear Regression Analysis, Morgan Davis

Honors Projects

This study examines overconsumption in the United States by analyzing how socioeconomic factors influence household spending relative to income. Overconsumption is defined as elevated discretionary spending relative to income, with a focus on categories such as apparel, entertainment, and food away from home. Using 2024 Consumer Expenditure Survey (CEX) data, three multiple linear regression models were created to evaluate predictors of overall consumption, discretionary consumption, and apparel spending as proportions of income.

Results show that income is the most significant predictor across all models, with higher-income households consistently spending a smaller share of their income. Age and household size also …

Expectations And Realities In Primary Care Appointment Access In The United States: A National Study, Brigham Walker, Ethan Tsai, Alexandra Shimanovsky, Edel Doherty, Sarah E. Tinkler, Rajiv Sharma

Economics Faculty Publications and Presentations

Objective: While patients expect timely appointments, little is known about how accurately patient expectations reflect the realities of access to a primary care physician.

Methods: We deployed a national survey (N = 6119, conducted in 2021) to measure patient expectations and a separate national field experiment (N = 11,016, conducted between 2013 and 2016) where trained research assistants called physician offices seeking an appointment to measure physician availability.

Results: Using multivariate regression analyses, we find that patients expected to call 1.9 physicians to secure an appointment, consistent with an appointment offer rate of 49%. However, expectations of 5.4 days wait …

Caregiving For Older Adults: How The Child And Dependent Care Credit Could Help, Gabrielle Pepin, Yulya Truskinovsky

Upjohn Institute Policy and Research Briefs

No abstract provided.

Performance-Based Budgeting Implementation Strategies For Improving Financial Performance, Waleed Ibrahim Alsyaegh

Walden Dissertations and Doctoral Studies

The lack of effective strategies for allocating organizational financial resources can lead to adverse business outcomes. Business managers are concerned about the ineffective allocation of financial resources, as it can impede financial performance and sustainability.Grounded in stakeholder theory, the purpose of this qualitative single-case study was to explore the performance-based budgeting strategies that business managers use to sustain financial profitability. The participants were 10 business managers who oversee subsidiaries that successfully implemented performance-based budgeting.Data were collected through semistructured interviews and the review of organization documents. Through thematic analysis, four themes were identified: (a) traditional versus contemporary budgeting; (b) importance of …