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Articles 1 - 25 of 25
Full-Text Articles in Entire DC Network
Why Is A Free And Competitive Land Market Indispensable For Resolving The Three Agrarian Issues Through Endogenous Urbanization?, Guanzhong James Wen
Why Is A Free And Competitive Land Market Indispensable For Resolving The Three Agrarian Issues Through Endogenous Urbanization?, Guanzhong James Wen
Faculty Scholarship
No abstract provided.
Remittances And Economic Growth In Mexico: An Empirical Study With Structural Breaks, 1970-2010, Miguel D. Ramirez
Remittances And Economic Growth In Mexico: An Empirical Study With Structural Breaks, 1970-2010, Miguel D. Ramirez
Faculty Scholarship
This paper investigates remittance flows to Mexico during the 1980-2010 period in absolute terms, relative to GDP, in comparison to FDI inflows, and in terms of their regional destination. Next, the paper reviews the growing literature that assesses the impact of remittances on investment spending and economic growth. Third, it presents a simple endogenous growth model that explicitly incorporates the potential impact of remittance flows on economic and labor productivity growth. Fourth, it presents a modified empirical counterpart to the simple model that tests for both single- and two-break unit root tests, as well as performs cointegration tests with an …
The Motherhood Wage Penalty And Non-Working Women, Xiaoyan Youderian
The Motherhood Wage Penalty And Non-Working Women, Xiaoyan Youderian
Faculty Scholarship
No abstract provided.
Is Capitalist Globalization Inevitable In The Marxian Paradigm?, Miguel D. Ramirez
Is Capitalist Globalization Inevitable In The Marxian Paradigm?, Miguel D. Ramirez
Faculty Scholarship
This paper examines Marx’s views on capitalist globalization and its supposed inevitability, and contends that they underwent a substantial evolution and revision after the publication of the Communist Manifesto. In the case of China, a prime example of the Asiatic mode of production, Marx even doubted whether globalization (capitalism) would ever be able to accomplish its historical mission of developing the forces of production and creating the material conditions for a higher mode of production, viz., communism. In the Russian case, he seriously entertained the notion that it could bypass the hardships and vicissitudes of capitalism and forge its own …
Innovation And Optimal Punishment, With Antitrust Applications, Keith N. Hylton, Haizhen Lin
Innovation And Optimal Punishment, With Antitrust Applications, Keith N. Hylton, Haizhen Lin
Faculty Scholarship
This article modifies the optimal punishment analysis by incorporating investment incentives with external benefits. In the models examined, the recommendation that the optimal penalty should internalize the marginal social harm is no longer valid. We focus on antitrust applications. In light of the benefits from innovation, the optimal policy will punish monopolizing firms more leniently than suggested in the standard static model. It may be optimal not to punish the monopolizing firm at all, or to reward the firm rather than punish it. We examine the precise balance between penalty and reward in the optimal punishment scheme.
The Hukou And Land Tenure Systems As Two Middle Income Traps—The Case Of Modern China [Post-Print], Guanzhong James Wen, Jinwu Xiong
The Hukou And Land Tenure Systems As Two Middle Income Traps—The Case Of Modern China [Post-Print], Guanzhong James Wen, Jinwu Xiong
Faculty Scholarship
China’s prevailing hukou (household registration) system and land tenure system seem to be very different in their applications. In fact, they both function to deny the exit right of rural residents from a rural community. Under these systems, rural residents are not allowed to freely exit from collectives if they do not want to lose their entitlements, such as their rights to using collectively owned land and their land-based properties. Farmers are neither allowed to sell their houses to outsiders, nor allowed to sell to outsiders their rights to contracting a piece of land from the collective where their households …
Communal Dining System And The Puzzle Of Great Leap Famine: Re-Examine The Causality Between Communal Dining And Great Leap Famine [Post-Print], Liu Yuan, Guanzhong James Wen, Wei Xiahai
Communal Dining System And The Puzzle Of Great Leap Famine: Re-Examine The Causality Between Communal Dining And Great Leap Famine [Post-Print], Liu Yuan, Guanzhong James Wen, Wei Xiahai
Faculty Scholarship
The great leap famine started with a good harvest in the end of 1958 and ended when the rural grain consumption per capita touched the lowest level in 1961. All the hypotheses except for communal dining halls could not explain the puzzle. The communal dining system is the most important cause of great leap famine since it can explain the whole sequence from the start, aggravation and end of the famine. Basing on the panel data from 1958 to 1962 of 25 provinces, and employing the sharp change of the participation rate from elementary cooperative in 1954 to advance cooperative …
Reexamining What Survey Data Say About Currency Risk And Irrationality Using The Cointegrated Var, Joshua Stillwagon
Reexamining What Survey Data Say About Currency Risk And Irrationality Using The Cointegrated Var, Joshua Stillwagon
Faculty Scholarship
This paper reports new evidence of a time-varying risk premium, and against the usual interpretation of irrationality, in survey data for three major currency markets. Using the cointegrated VAR to better focus on the issue of persistence, the deviations from Uncovered Interest Parity are found to be non-stationary implying a time-varying risk premium. Further, the "relationship" between the forecast error and the lagged forward discount, which has been interpreted as implying irrationality, is a spurious regression, being non-stationary at the 1% level. In fact, the forecast error and forward discount do not even appear to share the same order of …
Beyond Happiness And Satisfaction: Toward Well-Being Indices Based On Stated Preference [Post-Print], Daniel J. Benjamin, Ori Heffetz, Miles Kimball, Nichole Szembrot
Beyond Happiness And Satisfaction: Toward Well-Being Indices Based On Stated Preference [Post-Print], Daniel J. Benjamin, Ori Heffetz, Miles Kimball, Nichole Szembrot
Faculty Scholarship
This paper proposes foundations and a methodology for survey-based tracking of well-being. First, we develop a theory in which utility depends on "fundamental aspects" of well-being, measurable with surveys. Second, drawing from psychologists, philosophers, and economists, we compile a comprehensive list of such aspects. Third, we demonstrate our proposed method for estimating the aspects' relative marginal utilities—a necessary input for constructing an individual-level well-being index—by asking ~4,600 U.S. survey respondents to state their preference between pairs of aspect bundles. We estimate high relative marginal utilities for aspects related to family, health, security, values, freedom, happiness, and life satisfaction.
From Pigs To Hogs, Stephen J. Choi, Mitu Gulati
From Pigs To Hogs, Stephen J. Choi, Mitu Gulati
Faculty Scholarship
The question of whether, and to what extent, markets price contract terms in government bond issues has been one of considerable debate in the literature. We use a natural experiment thrown up by the Euro area sovereign debt crisis of 2010-2013 to test whether a particular set of contract terms – ones that gave an advantage to sovereign guaranteed bonds over garden variety sovereign bonds – was priced. These contract terms turned out to be important for the holders of guaranteed bonds during the Greek debt restructuring of 2012, where they helped the holders of guaranteed bonds escape the haircut …
Consumption, Risk And Prioritarianism, Matthew D. Adler, Nicolas Treich
Consumption, Risk And Prioritarianism, Matthew D. Adler, Nicolas Treich
Faculty Scholarship
In this paper, we study consumption decisions under risk assuming a prioritarian social welfare function, namely a concave transformation of individual utility functions. Under standard assumptions, there is always more current consumption under ex ante prioritarianism than under utilitarianism. Thus, a concern for equity (in the ex ante prioritarian sense) means less concern for the risky future. In contrast, there is usually less current consumption under ex post prioritarianism than under utilitarianism. We discuss the robustness of these results to learning, and to other forms of prioritarian social welfare functions.
Extended Preferences And Interpersonal Comparisons: A New Account, Matthew D. Adler
Extended Preferences And Interpersonal Comparisons: A New Account, Matthew D. Adler
Faculty Scholarship
No abstract provided.
“Robbing Peter To Pay Paul”: Economic And Cultural Explanations For How Lower-Income Families Manage Debt, Laura M. Tach, Sara Sternberg Greene
“Robbing Peter To Pay Paul”: Economic And Cultural Explanations For How Lower-Income Families Manage Debt, Laura M. Tach, Sara Sternberg Greene
Faculty Scholarship
This article builds upon classic economic perspectives of financial behavior by applying the narrative identity perspective of cultural sociology to explain how lower-income families respond to indebtedness. Drawing on in-depth qualitative interviews with 194 lower-income household heads, we show that debt management strategies are influenced by a desire to promote a financially responsible, self-sufficient social identity. Families are reluctant to ask for assistance when faced with economic hardship because it undermines this identity. Because the need to pay on debts is less acute than the need to pay for regular monthly expenses like rent or groceries, debts receive a lower …
Social Hierarchies And The Formation Of Customary Property Law In Pre-Industrial China And England, Taisu Zhang
Social Hierarchies And The Formation Of Customary Property Law In Pre-Industrial China And England, Taisu Zhang
Faculty Scholarship
Comparative lawyers and economists have often assumed that traditional Chinese laws and customs reinforced the economic and political dominance of elites and, therefore, were unusually “despotic” towards the poor. Such assumptions are highly questionable: Quite the opposite, one of the most striking characteristics of Qing and Republican property institutions is that they often gave significantly greater economic protection to the poorer segments of society than comparable institutions in early modern England. In particular, Chinese property customs afforded much stronger powers of redemption to landowners who had pawned their land. In both societies, land-pawning occurred far more frequently among poorer households …
Differentiating Among International Investment Disputes, Julie A. Maupin
Differentiating Among International Investment Disputes, Julie A. Maupin
Faculty Scholarship
Can investor-state arbitration tribunals, which exercise jurisdiction over limited claims involving discrete parties, render awards that deliver individualized justice while also promoting systemic fairness, predictability and coherence? The answer, I argue, is a qualified yes – provided that the methods employed are tailored to the particular characteristics of each dispute. Using three well-known investment arbitrations as case studies, I illustrate that investor-state disputes vary widely in terms of their socio-legal, territorial, and political impacts. Significant variances along these three dimensions call for a differentiated approach to investor-state dispute resolution. I outline what such an approach might look like and analyze …
Advancing The Empirical Research On Lobbying, John M. De Figueiredo, Brian Kelleher Richter
Advancing The Empirical Research On Lobbying, John M. De Figueiredo, Brian Kelleher Richter
Faculty Scholarship
This essay identifies the empirical facts about lobbying which are generally agreed upon in the literature. It then discusses challenges to empirical research in lobbying and provides examples of empirical methods that can be employed to overcome these challenges—with an emphasis on statistical measurement, identification, and casual inference. The essay then discusses the advantages, disadvantages, and effective use of the main types of data available for research in lobbying. It closes by discussing a number of open questions for researchers in the field and avenues for future work to advance the empirical research in lobbying.
Are Individuals Fickle-Minded?, Mathew D. Mccubbins, Mark Turner
Are Individuals Fickle-Minded?, Mathew D. Mccubbins, Mark Turner
Faculty Scholarship
Game theory has been used to model large-scale social events — such as constitutional law, democratic stability, standard setting, gender roles, social movements, communication, markets, the selection of officials by means of elections, coalition formation, resource allocation, distribution of goods, and war — as the aggregate result of individual choices in interdependent decision-making. Game theory in this way assumes methodological individualism. The widespread observation that game theory predictions do not in general match observation has led to many attempts to repair game theory by creating behavioral game theory, which adds corrective terms to the game theoretic predictions in the hope …
Book Review, Matthew D. Adler
Brief Of Financial Economists As Amici Curiae In Support Of Respondents, Ernest A. Young
Brief Of Financial Economists As Amici Curiae In Support Of Respondents, Ernest A. Young
Faculty Scholarship
No abstract provided.
The Social Value Of Mortality Risk Reduction: Vsl Vs. The Social Welfare Function Approach, Matthew D. Adler, James K. Hammitt, Nicolas Treich
The Social Value Of Mortality Risk Reduction: Vsl Vs. The Social Welfare Function Approach, Matthew D. Adler, James K. Hammitt, Nicolas Treich
Faculty Scholarship
We examine how different welfarist frameworks evaluate the social value of mortality risk reduction. These frameworks include classical, distributively unweighted cost–benefit analysis—i.e., the “value per statistical life” (VSL) approach—and various social welfare functions (SWFs). The SWFs are either utilitarian or prioritarian, applied to policy choice under risk in either an “ex post” or “ex ante” manner. We examine the conditions on individual utility and on the SWF under which these frameworks display sensitivity to wealth and to baseline risk. Moreover, we discuss whether these frameworks satisfy related properties that have received some attention in the literature, namely equal value of …
Santa Anna And His Black Eagle: The Origins Of Pari Passu?, Benjamin Chabot, Mitu Gulati
Santa Anna And His Black Eagle: The Origins Of Pari Passu?, Benjamin Chabot, Mitu Gulati
Faculty Scholarship
One of the most debated issues in international finance is the meaning of the pari passu clause in sovereign bonds. The clause is ubiquitous; it is in almost every single foreign-law sovereign bond out there. Yet, almost no one seems to agree on its meaning. One way to cut the Gordian knot is to track down the origins of the clause. Modern lawyers may have simply copied the clause from the documents of their predecessors without understanding its meaning. But surely the people who first drafted the clause knew what it meant. Four enterprising students at Duke Law School may …
The Parcel Tax As A Local Revenue Source For California Public Schools, Bree J. Lang
The Parcel Tax As A Local Revenue Source For California Public Schools, Bree J. Lang
Faculty Scholarship
No abstract provided.
The Gathering Storm: Restructuring Sovereign Contingent Liabilities, Lee C. Buchheit, Mitu Gulati
The Gathering Storm: Restructuring Sovereign Contingent Liabilities, Lee C. Buchheit, Mitu Gulati
Faculty Scholarship
The contingent liabilities of a sovereign, such as guarantees of the debts of third parties, can normally be kept off the balance sheet of the sovereign guarantor. That is their charm. As the debt to GDP ratios of many developed countries approach red-zone levels, contingent liabilities are increasingly being favored over direct, on-the-balance-sheet, borrowings.
But what happens if a country carrying large contingent liabilities needs to restructure its debt? The borrower dare not leave its contingent claims out of the restructuring. To do so would risk undermining the financial predicates of the sovereign’s economic recovery program should the beneficiaries of …
Measuring Benchmark Damages In Antitrust Litigation, Justin Mccrary, Daniel L. Rubinfeld
Measuring Benchmark Damages In Antitrust Litigation, Justin Mccrary, Daniel L. Rubinfeld
Faculty Scholarship
We compare the two dominant approaches to estimation of benchmark damages in antitrust litigation, the forecasting approach and the dummy variable approach. We give conditions under which the two approaches are equivalent and present the results of a small simulation study.
How To Improve The Financial Architecture And Its Resilience, Dirk Helbing, Eve Mitleton-Kelly, Jean-Philippe Bouchaud, Fabio Caccioli, J. Doyne Farmer, Steve Keen, Katharina Pistor, Dennis J. Snower, Olsen Richard, Angelo Ranaldo, Norbert Häring, Edward Fullbrook
How To Improve The Financial Architecture And Its Resilience, Dirk Helbing, Eve Mitleton-Kelly, Jean-Philippe Bouchaud, Fabio Caccioli, J. Doyne Farmer, Steve Keen, Katharina Pistor, Dennis J. Snower, Olsen Richard, Angelo Ranaldo, Norbert Häring, Edward Fullbrook
Faculty Scholarship
This financial resilience survey was circulated on behalf of a working group of the Complexity Council of the World Economic Forum comprised of Prof. Eve Mitleton-Kelly of London School of Economics and Prof. Dirk Helbing at ETH Zurich's Risk Center. It was sent to a few dozens of financial experts with the aim to create an inventory of ideas of how the financial system might be improved and made more resilient. Unconventional ideas were also welcome.