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Social and Behavioral Sciences Commons™
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- Smuggling (5)
- Wages (5)
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Articles 1 - 30 of 42
Full-Text Articles in Social and Behavioral Sciences
Evolutions Of Institutions In China, Sun He, John Sondey
Evolutions Of Institutions In China, Sun He, John Sondey
Economics Staff Paper Series
Economic reforms in rural development are of special significance to the future of agriculture in China and hence the Chinese economy. This paper follows the trend of changes in agricultural institutions in China, and explains the reasons why those reforms should occur and the direction they would give the Chinese economy. Unlike many articles which have described China's reforms as a process of the government's self-selection, this paper considers the variety of forces pushing Chinese reforms in agriculture forward; not only government's policies but also farmers' reactions to and their interactions with farm policy. Since 1978, many policies directed at …
Irrational Markets, Irrational Investors: The Foreign Card, John Sondey, Tony Jacobson
Irrational Markets, Irrational Investors: The Foreign Card, John Sondey, Tony Jacobson
Economics Staff Paper Series
The full arrival of the information age, transported through the medium of the internet, provides the individual investor with quicker access to more information than ever before. Economic theory tells us that greater transparency in investment decisions should make for more efficient financial markets; i.e. smaller deviations of security prices from their "true" or intrinsic values. However, recent evidence based in US stock market performance suggests that the vastly improved information flow may cause investors to act in a less rational manner, leading to greater market volatility and less efficient financial markets. The argument that information technology (IT) provides the …
Analysis Of U.S.-Canada Intra-Industry Trade, Bashir Qasmi, Scott Fausti, Moore Liuyi
Analysis Of U.S.-Canada Intra-Industry Trade, Bashir Qasmi, Scott Fausti, Moore Liuyi
Economics Staff Paper Series
Determinants of U.S.- Canada Intra-industry trade in industry groups: a) Food and live products, b) Manufacturing products, and c) Machinery and transportation products are investigated. The analysis uses the OECD data for 1997 U.S.-Canada bilateral trade flows combined with the U.S. industry characteristics data from the U.S. Economic Census. Levels of intra-industry trade, measured by the Grubel Lloyd Index, were regressed on a number of industry characteristics using OLS techniques. Empirical results show that selected measures of product differentiation, economies of scale, and oligopolistic behavior are important determinants of U.S.-Canada bilateral trade in the selected industries. There are however, differences …
Random Walks, Lemmings, And Behaviorism; The Search For A Market Lodestar, John Sondey
Random Walks, Lemmings, And Behaviorism; The Search For A Market Lodestar, John Sondey
Economics Staff Paper Series
Random Walk: Burton Malkiel defines a random walk as "one in which future steps or directions cannot be predicted on the basis of past actions." Within the context of the stock market, a random walk for a stock's price means that it is as likely to fall as to rise, regardless of previous price performance (Malkiel, 1996). To hold the random walk hypothesis as truth is to foresake all punditry regarding fundamental and technical analysis and to abandon long-standing shibboleths such as evolving industries and sectoral rotation. Essentially, random walk implied that "winners" could not consistently be picked. The Wall …
A Comparative Review Of Structural Changes In South Korea And South Dakota Agriculture, Larry Janssen, Yong Kwon
A Comparative Review Of Structural Changes In South Korea And South Dakota Agriculture, Larry Janssen, Yong Kwon
Economics Staff Paper Series
Structural change is an ongoing feature of economic development around the world. Despite vast differences in the structural organization of South Korean and South Dakota (U.S) agriculture, many structural changes are similar. This paper includes a comparative review of selected structural changes in Korean and South Dakota (U.S.) agriculture and the relative impact of forces affecting structural changes in both nations. Reduced economic impact of farm sector, farm population and farm size trends, full-time vs. part-time farming, changing food consumption, imports and exports are some of the major structural trends examined. Implications of changing agricultural structure in South Korea and …
Are Worker's Wages Driven By National Or Local Factors?, Dwight Adamson, David Clark, Mark Partridge
Are Worker's Wages Driven By National Or Local Factors?, Dwight Adamson, David Clark, Mark Partridge
Economics Staff Paper Series
Previous studies of the linkage of national and regional labor markets have focused on aggregate employment growth and migration. By focusing on the separate effects of national and regional labor market economic conditions on wages, this study differs from much of the previous literature. In particular, this paper will extend the previous literature in two key directions. First, it will explore whether local economic activity and location-specific amenities have different effects on metropolitan and nonmetropolitan area wages. Second, it will determine whether these effects on workers varied by education level between metro and nonmetro workers. These issues will be explored …
The Effect Of Educational And Residential Characteristics On The Private Return To Education, Dwight Adamson, James Swenson
The Effect Of Educational And Residential Characteristics On The Private Return To Education, Dwight Adamson, James Swenson
Economics Staff Paper Series
This paper attempts to investigate the individual wage rate of return to college education. Over the last twenty years, the return to college education has increased dramatically. We propose to investigate how the return to college differs across educational and residential characteristics. We first consider differential returns to an associate, bachelor, advanced, and professional degrees and what characteristics of an individual's college education influence the rate of return to different degrees. Secondly, we focus on the variation in the return to college education in different areas of residence by comparing the return to education across regions and metropolitan and nonmetropolitan …
Individual Characteristics, Spatial Labor Market Differences, And Amenity Influences On Nonmetro/Metro Migration Patterns, Dwight Adamson, David Clark, Mark Partridge
Individual Characteristics, Spatial Labor Market Differences, And Amenity Influences On Nonmetro/Metro Migration Patterns, Dwight Adamson, David Clark, Mark Partridge
Economics Staff Paper Series
Previous studies of the linkage of national and regional labor markets have focused on aggregate employment growth and migration. By focusing on the separate effects of national and regional labor market economic conditions on wages, this study differs from much of the previous literature. In particular, this paper will extend the previous literature in two key directions. First, it will explore whether local economic activity and location-specific amenities have different effects on metropolitan and nonmetropolitan area wages. Second, it will determine how regional labor markets and locality amenities affect metro and non-metro migration of workers. These issues will be explored …
The Effect Of China's Economic Reform Program On The Employment Structure In China's Urban Areas, Feng Xu, Scott Fausti, Dwight Adamson, H. Kim
The Effect Of China's Economic Reform Program On The Employment Structure In China's Urban Areas, Feng Xu, Scott Fausti, Dwight Adamson, H. Kim
Economics Staff Paper Series
A review of China's economic and political reforms since 1978 is provided and then linked to structural change in China's urban labor force as a result of the reform process. Analysis of data on urban labor allocation in China from 1978-97 indicates labor is being reallocated from the public sector to the private sector at a very rapid pace. The data indicates the urban labor has doubled and employment in the private sector has increased from nearly zero to a little over 30% in a 20 year period. The data also suggest that Chinese estimates of urban employment and unemployment …
Impressions Of Korea, Larry Janssen
Impressions Of Korea, Larry Janssen
Economics Staff Paper Series
No abstract provided.
Asymmetric Information And Wage Differences Across Groups: Labor Market Discrimination Or Nondiscriminatory Market Outcome, Dwight Adamson, Scott Fausti
Asymmetric Information And Wage Differences Across Groups: Labor Market Discrimination Or Nondiscriminatory Market Outcome, Dwight Adamson, Scott Fausti
Economics Staff Paper Series
Labor market discrimination is defined as a failure to receive compensation equivalent to workers' productivity. In an efficient labor market, a worker's productivity attributes-labor force experience, education, tenure, etc.-and innate ability will be duly rewarded regardless of race, gender, ethnicity, or other individual characteristics. Workers receive pay commensurate with individual productivity. Employers do discriminate in pay and employment between individual productivity characteristics and ability. This is not labor market discrimination. It reflects market efficiency, since workers with productivity attributes and abilities that are highly demanded by employers receive the highest wage rates. It is also well known that females and …
Uncertainty Over The Quality Of Labor Inputs: A Nonmonopoly Theory Of Union Wages And Hours Worked, Dwight Adamson, Scott Fausti
Uncertainty Over The Quality Of Labor Inputs: A Nonmonopoly Theory Of Union Wages And Hours Worked, Dwight Adamson, Scott Fausti
Economics Staff Paper Series
A theoretical model of labor demand under uncertainty which incorporates the propositions found in the union voice literature is presented. The model generates a positive union effect on wages and hours worked without union monopoly power. The model provides a more detailed conceptual framework for explaining why the union voice effect may improve efficiency within the firm than that currently found in the literature.
Developing And Implementing An Internet-Based Financial System Simulation Game, Joseph Santos
Developing And Implementing An Internet-Based Financial System Simulation Game, Joseph Santos
Economics Staff Paper Series
Thanks to the internet and server-side technology such as Active Server Pages (ASP), developing and implementing interactive pedagogy is proving quickly to be both user-friendly and relatively inexpensive, requiring of faculty and students only pedestrian programming skills and access to the internet, respectively. The Financial System Simulator (FSS), developed over a summer term, is one such example. The FSS is an internet-based, interactive teaching aid that introduces undergraduate students to the domestic and international consequences of monetary policy. While simulators are common among computer-aided interactive learning devices in today's undergraduate economics curricula the FSS is unique because students, representing nations, …
Can Futures Markets Quell Money Market Volatility? A Look At Us Money Markets Before And Since Commodities Futures Contracts, Joseph Santos
Can Futures Markets Quell Money Market Volatility? A Look At Us Money Markets Before And Since Commodities Futures Contracts, Joseph Santos
Economics Staff Paper Series
This paper offers the introduction of futures markets, and the resulting substitution away from consignment contracts around 1874, as the reason why early US money markets are relatively more volatile, and far less seasonal, than their post-1874 counterparts. Until 1874, movements in interest rates were erratic and financial instabilities imparted relatively large shocks to money markets, particularly in the autumn months. After 1874, the effects of financial instabilities on interest rates diminished and the regularization of seasonal movements was attained. The paper demonstrates the plausibility of this claim using the standard mean-variance framework of the spot price volatility literature, where …
Three Monographs: International Monetary Fund; Treasury Systems; Military Conscription And Conscientious Objection, John Sondey
Three Monographs: International Monetary Fund; Treasury Systems; Military Conscription And Conscientious Objection, John Sondey
Economics Staff Paper Series
No abstract provided.
Comparative Efficiencies: National And Military Service, John Sondey
Comparative Efficiencies: National And Military Service, John Sondey
Economics Staff Paper Series
The National Service Act of 1993 is viewed as a means of inculcating a sense of personal and social responsibility in young adults. The present emphasis on fiscal responsibility and budget reduction implies that any new expenditure program be funded by either: (a) reductions in present programs; or, (b) new taxes. As new taxes are regarded as "politically incorrect" by legislators seeking to extend their tenure, program cuts become mandatory. It is proposed that military downsizing is one means of funding national service; and that the tradeoff is suboptimal. Downsizing adversely affects minorities and the least skilled - who benefit …
The Influence Of International On Union Firm Hiring And Worker Union Choice, Dwight Adamson, Mark Partridge
The Influence Of International On Union Firm Hiring And Worker Union Choice, Dwight Adamson, Mark Partridge
Economics Staff Paper Series
Union opposition to free trade policies suggests that international trade damages the union movement. Previous research has found little relationship between union wages and international trade. However, greater trade may hinder unions by reducing the likelihood that workers enter the union sector. A bivariate partial observability probit model is used to predict union choice with respect to risk aversion, union strategic behavior, and product market effects of trade. The model estimates the probability of workers entering the union sector queue and the probability of being hired from the union queue. The results suggest that trade has had some adverse effects …
Uncertainty Over The Quality Of Labor Inputs: A Nonmonopoly Theory Of Union Wages And Hours Worked, Dwight Adamson, Scott Fausti
Uncertainty Over The Quality Of Labor Inputs: A Nonmonopoly Theory Of Union Wages And Hours Worked, Dwight Adamson, Scott Fausti
Economics Staff Paper Series
Traditional theoretical explanations of union wage effects rely on a monopoly theory of wage determination. Using union monopoly power to set wages implies that unions face a tradeoff between higher wages and lower union sector employment. Earle and Pencavel (1990) find a positive union effect (relative to the nonunion sector) on wages and hours of work. Their empirical result appears to be inconsistent with the theoretical implications of union monopoly power. If unions are able to force unionized firms off their labor demand curve to the point where both wages and hours worked increase, then in a competitive environment, nonunion …
Capturing The Impacts Of North American Free Trade Agreement On South Dakota's Economy, Bashir Qasmi, Scott Fausti
Capturing The Impacts Of North American Free Trade Agreement On South Dakota's Economy, Bashir Qasmi, Scott Fausti
Economics Staff Paper Series
In August 1992, representatives of Canada, Mexico, and the United States concluded their negotiations of the North American Free Trade Agreement (NAFTA). The treaty has been subsequently signed and ratified by all three countries. As of January 1, 1994, NAFTA created the largest free trade area in the world, with more than 360 million people and a combined gross domestic product of roughly $6.5 trillion (in U.S. dollars). A comparison of NAFTA with the European Union (EU) is provided in appendix A. NAFTA essentially lifts trade barriers between Mexico, Canada, and the United States. At the time of signing of …
The Effect Of Joint-Product Export Smuggling On Export Tax Policy, Scott Fausti
The Effect Of Joint-Product Export Smuggling On Export Tax Policy, Scott Fausti
Economics Staff Paper Series
This paper analyzes the effect of joint-product export smuggling on the revenue-maximizing export tax rate and tax revenue collection under the small country assumption. The results indicate that the effect of introducing joint product export smuggling is dependent on whether legal and illegal exports are considered a substitutable or complementary activity for the exporting firm. The results of the model are applied to the issue of cigarette smuggling in the United States. The paper concludes that if legal and illegal interstate trade in cigarettes are substitutable activities for firms in the wholesale and retail tobacco industry, then states levying relatively …
Economic Development And Trade Liberalization: The Indonesian Experience, Scott Fausti, Rony Bishry
Economic Development And Trade Liberalization: The Indonesian Experience, Scott Fausti, Rony Bishry
Economics Staff Paper Series
From 1950 to 1965, Indonesia followed an import substitution industrialization development strategy. From 1966 to the present, Indonesia has moved toward an export oriented development strategy. This paper tests the predictions of the Heckscher-Ohlin- Samuelson (HOS) model of international trade by comparing Indonesia's economic performance under two contrasting development strategies. The paper concludes that Indonesia's economic performance under the opposing development strategies supports the predictions of the HOS model. Furthermore, the Indonesian experience under the two development strategies supports the "trade as an engine of growth" hypothesis.
Production Uncertainty, Enforcement And Smuggling: A Stochastic Model, Scott Fausti
Production Uncertainty, Enforcement And Smuggling: A Stochastic Model, Scott Fausti
Economics Staff Paper Series
This paper merges the existing smuggling literature with the literature concerning competitive firm behavior under uncertainty. A stochastic, joint product, model of smuggling is developed. The model introduces production uncertainty, generated by enforcement activity, into a Pitt (1981) type of smuggling production function. This modelling technique allows the trade pattern and welfare results which evolve under smuggling with uncertainty to be compared to smuggling in a world of certainty. It is demonstrated that mere presence of uncertainty increases the real resource cost associated with smuggling, reduces legal and illegal trade, and welfare, when compared to smuggling in a world of …
Enhanced Human Capital Stock And The Military Experience: A Modest Policy Proposal, John Sondey
Enhanced Human Capital Stock And The Military Experience: A Modest Policy Proposal, John Sondey
Economics Staff Paper Series
George Washington's sentiments on the obligations of citizens were clear. He regarded military service as the duty of every male citizen who enjoyed the privileges of democracy. He stressed that an army composed of citizen-soldiers was preferable, from a point of social cohesion and political stability, to one composed of professional soldiers - and cited the Swiss Army as the proper example (Graham, 1971). In spite of these perceived benefits, the United States has historically been of two minds with respect to providing for the national defense. That is, should the military be composed of professional soldiers, induced to enlist …
Deregulation And Trade Liberalization: The Indonesia Reform Program, Scott Fausti, Rony Bishry
Deregulation And Trade Liberalization: The Indonesia Reform Program, Scott Fausti, Rony Bishry
Economics Staff Paper Series
Beginning in the early 1980s, Indonesia embarked on the most comprehensive trade liberalization program in its history. The long-term goal of the reform program is to replace Indonesia's industrial development strategy of import substitution industrialization with one of export oriented industrial growth. The issues to be discussed in this paper are: 1) the historical context from which the current liberalization program evolved, 2) the recent reform measures implemented by the Indonesian government, 3) the pattern of liberalization with respect to the sequencing and speed of reforms, and 4) the successes and failures of the new trade regime.
The Effect Of Uncertainty On A Joint Product Model Of Smuggling, Scott Fausti
The Effect Of Uncertainty On A Joint Product Model Of Smuggling, Scott Fausti
Economics Staff Paper Series
Extending the seminal work of Bhagwati and Hansen (1973) on smuggling, Pitt (1981) developed a joint export smuggling model to investigate the welfare effect of illegal transactions. This paper develops an extension of Pitt's original model which allows many of the interesting features of the Bhagwati and Hansen model to be reexamined within a joint product model of smuggling framework. The extension is made through the following modifications to Pitt's assumptions: 1) firms that export are free to engage in joint product smuggling or strictly legal trade; and 2) uncertainty is introduced into the model via active government enforcement. The …
Deregulation And Trade Liberalization: The Indonesian Experience, Scott Fausti, Rony Bishry
Deregulation And Trade Liberalization: The Indonesian Experience, Scott Fausti, Rony Bishry
Economics Staff Paper Series
From 1950 to 1965, Indonesia followed an import substitution industrialization development strategy. From 1966 to the present, Indonesia has moved toward an export oriented development strategy. This paper tests the predictions of the Heckscher-Ohlin-Samuelson(HOS) model of international trade by comparing Indonesia's economic performance under two contrasting development strategies. The paper concludes that Indonesia• s economic performance under the opposing development strategies supports the predictions of the HOS model. Furthermore, the Indonesian experience under the two development strategies supports the "trade as an engine of growth" hypothesis.
The Effect Of Uncertainty On A Joint Product Model Of Smuggling, Scott Fausti
The Effect Of Uncertainty On A Joint Product Model Of Smuggling, Scott Fausti
Economics Staff Paper Series
Extending the seminal work of Bhagwati and Hansen (1973) on smuggling, Pitt (1981) developed a new approach to investigate the welfare effect of smuggling. This paper develops an extension of Pitt's original model which allows many of the interesting features of the Bhagwati and Hansen model to be revaluated within a joint product model of smuggling framework. The extension is made through the following modifications to Pitt's assumptions: 1) firms that export are free to engage in joint product smuggling or strictly legal trade; and 2) uncertainty is introduced into the model via active government enforcement. The modifications enable the …
The Empirical Issue Of Smuggling: A Discussion Of Methodology, Scott Fausti
The Empirical Issue Of Smuggling: A Discussion Of Methodology, Scott Fausti
Economics Staff Paper Series
The theoretical results attained from the literature on Illegal Transactions in International Trade suggest: 1) a positive link between the duty levied and the level of smuggling effort; 2) a nonnegative domestic relative price effect; and 3) an ambiguous social welfare effect. The theoretical results predict the generation of some type of distortion. The literature labels these distortions "disparities" and divides them into three categories: price, value, and quantity. These distortions represent the empirically measurable effects of smuggling on the domestic economy. This paper makes the proposition that the "price disparity" distortion is the variable that empirical studies should examine …
Smuggling And Parallel Markets For Exports, Scott Fausti
Smuggling And Parallel Markets For Exports, Scott Fausti
Economics Staff Paper Series
This paper proposes a model of smuggling consistent with the coexistence of firms involved in strictly legal trade with firms involved in smuggling. A framework is presented in which a firm's degree of risk aversion and the level of government enforcement are the determining factors in the decision of the firm to smuggle or not to smuggle. The model demonstrates that smuggling must be welfare enhancing or all smuggling activity will end. This paper also provides a theoretical analysis of the effect enforcement has on smuggling and welfare. Increased enforcement is shown to have a negative effect on welfare. Government …
Instructions For Using Crop Insure, Bart Wittnebel, Gerald Toland, Burton Pflueger
Instructions For Using Crop Insure, Bart Wittnebel, Gerald Toland, Burton Pflueger
Economics Staff Paper Series
This publication is intended to assist users of the CROP INSURE computer software developed by the American Association of Crop Insurers. Crop insurance will continue to be an important consideration for South Dakota agricultural producers. The decision to purchase crop insurance or find alternative ways to protect the crop production expenditure investment will have to be made by each individual producer. The economic considerations of this decision will vary by each producer, by crop, by field, and by yield history. The CROP INSURE computer software program is designed to assist in making this decision. These instructions were partly adopted from …