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Articles 1 - 10 of 10
Full-Text Articles in Social and Behavioral Sciences
Sports Arenas, Teams And Property Values: Temporary And Permanent Shocks To Local Amenity Flows, Yulia Chikish, Brad Humphreys, Adam Nowak
Sports Arenas, Teams And Property Values: Temporary And Permanent Shocks To Local Amenity Flows, Yulia Chikish, Brad Humphreys, Adam Nowak
Economics Faculty Working Papers Series
Professional sports facilities and teams generate local amenity flows in cities that may affect property values. Previous research shows evidence of important positive and negative local amenity flows based on case studies of changes in residential property values in specific cities. We analyze changes in residential property values in Oklahoma City over a period, 2000 to 2016, where both temporary and permanent exogenous shocks to local sports-related amenities occurred. Results from hedonic price models and repeat sales regression models show that nearby residential property prices increased after the opening of a new arena and the arrival of a new, permanent …
Costs And Benefits Of Building Faster Payment Systems: The Uk Experience, Claire Greene, Marc Rysman, Scott Schuh, Oz Shy
Costs And Benefits Of Building Faster Payment Systems: The Uk Experience, Claire Greene, Marc Rysman, Scott Schuh, Oz Shy
Economics Faculty Working Papers Series
: A number of countries have implemented faster payment services that allow consumers and businesses to rapidly transfer money between bank accounts. These services compete with slower, existing payment services. In 2008, the United Kingdom implemented its Faster Payments Service (FPS) at a cost of less than ₤200 million (.014 percent of U.K. GDP, or $307 million) spread over seven years, plus investment costs borne by each participating bank to connect to the FPS. This paper examines the economic cost-benefit analysis underlying the U.K. FPS investment decision and describes the subsequent diffusion and use of FPS through 2014.
Confucius Institute's Effects On China's Higher Education Exports: A Perspective From Cultural Difference And Institutional Quality, Donald Lien, Feng Yao, Fan Zhang
Confucius Institute's Effects On China's Higher Education Exports: A Perspective From Cultural Difference And Institutional Quality, Donald Lien, Feng Yao, Fan Zhang
Economics Faculty Working Papers Series
This article uses a panel data of international student flows to China from 2000–2014 to investigate Confucius Institute (CI)’s effects on China’s educational service exports. We find that CI, as a comprehensive platform for promoting Chinese language and cultural exchange, has a significant positive effect on China’s education exports. The effects of CI on China’s education exports are transmitted through promoting Chinese language, bridging cultural gaps, and reducing psychic distance. We further find that the effects of CI on China’s education exports are heterogeneous, depending on the level of cultural difference and institutional quality in the host country. The effects …
Rent-Seeking In The Classroom And Textbooks: Where Are We After 50 Years, Joshua C. Hall, Josh Matti, Yang Zhou
Rent-Seeking In The Classroom And Textbooks: Where Are We After 50 Years, Joshua C. Hall, Josh Matti, Yang Zhou
Economics Faculty Working Papers Series
No abstract provided.
Estimation Of A Partially Linear Regression In Triangular Systems, Xin Geng, Carlos Martins-Filho, Feng Yao
Estimation Of A Partially Linear Regression In Triangular Systems, Xin Geng, Carlos Martins-Filho, Feng Yao
Economics Faculty Working Papers Series
We propose kernel-based estimators for the components of a partially linear regression in a triangular system where endogenous regressors appear both in the linear and nonparametric components of the regression. Compared with other estimators currently available in the literature, e.g. the sieve estimators proposed in Ai and Chen (2003) or Otsu (2011), our estimators have explicit functional form and are much easier to implement. They rely on a set of assumptions introduced by Newey et al. (1999) that characterize what has become known as the “control function” approach for endogeneity in regression. We explore conditional moment restrictions that make this …
The Spatial Distribution Of Urban Consumer Service Firms: Evidence From Yelp Reviews, Brad Humphreys, Josh Matti
The Spatial Distribution Of Urban Consumer Service Firms: Evidence From Yelp Reviews, Brad Humphreys, Josh Matti
Economics Faculty Working Papers Series
A growing literature employs distance-based measures of localization to assess the spatial distribution of firms with a focus on manufacturing across a country. We analyze the spatial concentration of a variety of consumer services firms in the Phoenix, AZ area using geo-referenced Yelp data from over 29,000 establishments. Results from a K-density approach indicate substantial localization and service differentiation among localized firms. Firm concentration varies across service cost and quality; higher quality/cost establishments tend to cluster. Our results further understanding of the modern urban landscape as cities are increasingly centers of consumption.
Towards A Rule-Based Model Of Human Choice: On The Nature Of Homo Constitutionalus, Roger Congleton
Towards A Rule-Based Model Of Human Choice: On The Nature Of Homo Constitutionalus, Roger Congleton
Economics Faculty Working Papers Series
Anglo-American jurisprudence emphasizes the rule of reason; it grossly neglects the reason of rules. We play socioeconomic-legal-political games that can be described empirically only by their rules. But most of us play without an understanding or ap-preciation of the rules, how they came into being, how they are enforced, how they can be changed, and most important, how they can be normatively evaluated. (Bren-nan and Buchanan, 1985, preface).
Does The Asset Pricing Premium Reflect Asymmetric Or Incomplete Information?, Crocker H. Liu, Adam Nowak, Patrick S. Smith
Does The Asset Pricing Premium Reflect Asymmetric Or Incomplete Information?, Crocker H. Liu, Adam Nowak, Patrick S. Smith
Economics Faculty Working Papers Series
We develop a framework for using text as data in asset pricing models. We use the framework to test whether real estate agents exploit their informational advantage to sell properties they own for a premium. Consistent with the previous literature, baseline estimates that exclude textual information indicate agents sell their own house at a 3 to 4 percent premium in both Phoenix, AZ and Atlanta, GA. However, this premium dissipates when textual information is included. The results suggest that the baseline estimates suffer from an omitted variable bias, which previous studies incorrectly ascribe to market distortions associated with asymmetric information.
Evaluating Crime As A Negative Externality Of Hosting Mega-Events: Econometric Analysis Of The 2012 London Summer Olympics, Nicholas Le
Economics Faculty Working Papers Series
Analysis of the benefits and the drawbacks of hosting large-scale sporting events like the Olympics or World Cup frequently ignore the effects of crime due to its relatively small economic impact in comparison to employment and consumption effects. Literature has frequently tied sporting events and tourism to crime, in addition to observing proximity effects on crime during sporting events. This research seeks to confirm both by implementing a difference-in-difference regression that can show whether crime increased during the Olympics, in particular in London boroughs which hosted venues for the Games. Ultimately, the research concludes that crime in London as a …
A Test Of The Institutionally Induced Equilibrium Hypothesis: On The Limited Fiscal Impact Of Two Celebrity Governors, Roger D. Congleton, Yang Zhou
A Test Of The Institutionally Induced Equilibrium Hypothesis: On The Limited Fiscal Impact Of Two Celebrity Governors, Roger D. Congleton, Yang Zhou
Economics Faculty Working Papers Series
We test for the stabilizing effects of political institutions on fiscal policies by examining the impact of two unlikely governors on their state’s fiscal policies. Fiscal policies are joint products of executive and legislative decisions. These institutional factors tend to moderate the effect of changes in the chief executive, as does partisan competition for office. Jesse Ventura of Minnesota’s and Arnold Schwarzenegger of California were unique—surprise—governors of their respective states. Although both governors were arguably less constrained by partisan loyalties than most others, the other institutional factors would still tend to limit their impact on public policy. Our evidence suggests …