Social and Behavioral Sciences Commons^™

Incentive Based Residential Demand Aggregation, Qinran Hu

Doctoral Dissertations

From the beginning of the twenty-first century, the electrical power industry has moved from traditional power systems toward smart grids. However, with the increasing amount of renewable energy resources integrated into the grid, there is a significant challenge in power system operation due to the intermittency and variability of the renewables. Therefore, the utilization of flexible and controllable demand-side resources to maintain power system efficiency and stability has become a fundamental goal of smart grid initiatives.

Meanwhile, due to the development of communication and sensing technologies, intelligent demand-side management with automatic controls enables residential loads to participate in demand response …

Economics Of Fixed-Dose Combination Drugs Approved In The United States, Jing Hao

Doctoral Dissertations

Patent is the most important form of intellectual property protection for new drugs. Patent extension and market exclusivity currently serve as major regulatory incentives to promote new drugs. Combination drug, or fixed-dose combination (FDC) are formulations that contain two or more active ingredients in a single pill. FDCs, especially combinations of singe drugs that are already in the market, are common strategy for brand-name drug companies to extent the patent and exclusivity life. The substitution of single drug products that soon have generic alternatives with newer, brand-name combinations lead to potential increases in pharmaceutical expenditures and raises concerns on economic …

Essays On Inequality, Credit Constraints, And Growth In Contemporary Mexico, Leopoldo Gómez-Ramírez

Doctoral Dissertations

This dissertation presents four essays on inequality, credit constraints, and economic growth in the Mexican economy in its recent history, or “contemporary Mexico”. In the first essay, it is argued that the possibility that wealth/income inequality could affect economic growth has been neglected in the contemporary Mexican economy literature. Also, preliminary thoughts on the channels through which inequality could have been affecting growth are offered. In the second essay, a time series, macroeconometric analysis on the possible relationship between inequality and aggregate production (GDP) in Mexico is presented. The analysis suggests that an increase in inequality boosts the economy, but …

Three Essays On Macroeconomic Implications Of Contemporary Financial Intermediation, Hyun Woong Park

Doctoral Dissertations

This dissertation contributes to the growing literature on macroeconomic models with a financial intermediary sector. The first two chapters use the circuit of capital modeling methodology to study the relation between growth and profitability in capitalist economy where credit is essential, and the third uses a more standard macrodynamic model to investigate how securitized banking, which relies on short-term collateralized borrowing, as opposed to traditional commercial banking, generates procyclical bank leverage, which in turn leads to supply-led fluctuation in credits and ultimately to a boom-bust cycle of asset prices. In chapter 1, I extend the baseline model of circuit of …

The Labor Share Question In China, Hao Qi

Doctoral Dissertations

In this study I explore why China’s labor share measured by the conventional approach experienced a major decline over the period from the mid-1990s to the outbreak of the global financial and economic crisis in 2008. I adopt a Marxian approach to address this question. Following the Marxian approach, I focus on how the power relation in the sphere of production affects labor’s share. I argue that major changes in the power relation that took place during the transition of China’s economic system have played a crucial role in the changes of distribution. To this end, I build homogenous series …

Essays On Information, Income, And The Sharing Economy, Anders F. Fremstad

Doctoral Dissertations

Many privately-owned items are somewhat non-rival in consumption, so there are often benefits to borrowing and lending underutilized goods and exchanging used goods. Although sharing is ubiquitous, it is understudied in economics. This dissertation seeks to help develop an economics of sharing. Chapter 1 presents a simple mathematical model of the “gains from sharing”, which connects the literatures on club goods, household economies, collective action, community governance, and decentralized cooperation. I argue that the level of sharing in society depends not just on technology but also on the norms that govern how people cooperate, on people’s preferences around privacy and …

Structural Transformation, Culture, And Women’S Labor Force Participation In Turkey, Yasemin Dildar

Doctoral Dissertations

Turkey has experienced important structural and social changes that would be expected to facilitate women’s participation in market work. Social attitudes toward working women have changed in recent years; women are becoming more educated; they are getting married at a later age; and fertility rates are declining. Despite these factors, women’s labor force participation rates are very low in comparison to the countries at a similar development stage. This dissertation analyzes the underlying causes of low female labor force participation in Turkey. In addition to a background chapter (Chapter 2) analyzing structural transformation and employment generation patterns, the dissertation has …

Essays On Growth Complementarity Between Agriculture And Industry In Developing Countries, Joao Paulo De Souza

Doctoral Dissertations

This dissertation examines three aspects of the macroeconomic role of agriculture in the industrialization of developing countries. In the first essay, I utilize instrumental variable techniques to empirically identify the effect of growth in agriculture on growth in manufacturing. Using data for 62 countries and instrumental variable techniques, I find that higher land yields in agriculture raise growth in manufacturing in the short to medium run. Along with extensions of the basic empirical model, this finding suggests that land-saving technical change can stimulate demand for industrial goods, raise fiscal revenues, and provide foreign exchange earnings to finance capital accumulation. In …

Essays On Energy Efficiency And Pricing Behavior In The U.S. Automobile Market: Evidence From Hybrid Electric Vehicles, Sangsoo Park

Doctoral Dissertations

This dissertation consists of three essays on the energy efficiency and pricing behavior of firms in the U.S. automobile market with a focus on Hybrid Electric Vehicles (HEVs).

The first essay analyzes the market share of HEVs and evaluates consumers' willingness to pay (WTP) for future fuel cost savings by purchasing fuel efficient HEVs. Estimates of consumers' WTP for future fuel cost savings and the finding of an implicit discount rate of 8.35%~14.35% suggest that consumers undervalue future fuel cost savings from purchasing HEVs, and that consumers want a return on their investment on fuel cost saving HEV technology in …

The Effects Of Trade Competition On Health, And Determinants Of Workplace Behavior, Thomas Clayton Mcmanus

Doctoral Dissertations

My dissertation consists of three essays related to workplace behavior. In the first paper, we design a controlled laboratory experiment to study image motives in a setting where decisions signal intelligence. The experiment results show that in some settings social scrutiny can discourage individuals from making choices that signal their intelligence, despite evidence that the signal was privately valuable. In the second paper, we study the effect of Chinese import competition on occupational safety and health at US manufacturers. We find that a change in US trade policy and Chinese import shocks significantly increases worker injury and illness rates in …

Economic Wealth And Social Welfare: A Longitudinal Analysis Of Transnational Well-Being, Kelly Brooke Martin

Doctoral Dissertations

Macro changes in the financial arena have prompted ongoing research focused on global economic trends. As America emerges from an era of stagnant wages, rising unemployment, and growing class stratification it is necessary to explore differences in cross-national socioeconomic behavior to address the changing needs of our country. Many studies attempt to describe statistical correlations between economic wealth and social well-being domestically and abroad by utilizing methodological perspectives that do not account for longitudinal change. To address the gap in existing research, this study seeks to measure variations in econometric indicators between the U.S. and Nordic countries to further explicate …

Analysis Of The U.S. Electric Power Industry, Yin Chu

Doctoral Dissertations

In the U.S., the power industry is a primary energy consumption sector. Accurate knowledge on production efficiency in the industry has vital welfare implication from both economic and environmental perspectives. The first two essays investigate the causal impact of the vertical separation of the electricity transmission sector from the generation sector on production efficiency. In the first essay, I ask whether the specific market restructuring is sufficient to enhance how efficiently production is allocated among producers. Based on a difference-in-difference comparison on cost-sensitivity of utilization between coal-fired generators in the treatment region (Southwest Power Pool) and that in a control …

Three Essays On The Economics Of Higher Education: How Students And Colleges Respond To Financial Aid Programs, Jilleah Gayle Welch

Doctoral Dissertations

This dissertation consists of three chapters that examine the impact of financial aid programs on students' enrollment decisions, student outcomes, and colleges' financial decisions. In the first chapter, I use discontinuities in eligibility criteria for a large merit scholarship program to examine the impact of aid on community college students' outcomes both during and after college. Community colleges enroll a large share of first-time freshmen but represent a much smaller share of financial aid research. Furthermore, researchers have focused on the impact of aid on enrollment and outcomes during college, but none have yet considered the impact of aid on …

The Identification Of Regulatory Impacts Using Panel Data, Jie Deng

Doctoral Dissertations

This dissertation broadly explores the use of panel data methods for identifying the effects of regulation. Chapter 1 applies dynamic panel models to control for potential feedback effects when examining the relationship between environmental regulations and firm performance. Specifically, this chapter uses data from the U.S. manufacturing industry to explore the effects of the Clean Air Act (CAA) on firm performance outcomes related to profitability, employment, and capital expenditures. The evidence suggests that feedback effects are present in the data and, more critically, appropriately modeling these effects can alter conclusions regarding the effects of environmental regulation.

Chapter 2 uses panel …

Social Systems And Psychic Confluence: Flash Mobs, Communications, And Agency, Nicholas John Hauman

Doctoral Dissertations

This dissertation involves two components: 1) an analysis of the history of flash mobs including detailed descriptions of specific flash mobs and 2) an exploration of what this analysis elucidates concerning the interaction between individuals and social structure. By focusing on the flash mob as a form of communication, the dissertation displays how the flash mob has communicated multiplicitously through various social systems (e.g. art, mass media, economy, politics) to achieve various and often divergent ends. Within this larger understanding of the interaction between flash mobs and social structure this dissertation also finds, through an application of Luhmannian systems theory, …

Arbitrage Risk, Investor Sentiment And Maximum Daily Returns, Kenneth A. Tah

Doctoral Dissertations

We test the cross-sectional relation between daily maximum return (MAX) and return in the following month for stocks with high and low idiosyncratic volatility. We use portfolio level analysis and firm-level cross-sectional regression to find that the negative and significant relation between MAX and expected stock return (known as the "MAX effect") is a non-January phenomenon observed predominantly on a sample of stocks with high idiosyncratic volatility. We find that the effect of investor sentiment on the MAX effect depends on arbitrage risk. Our findings suggest that arbitrageurs find it difficult to correct the mispricing of stocks with extreme positive …

A Theoretical And Experimental Investigation Of Efficiency, Equity, And Uncertainty In Tournaments, Nicholas Busko

Doctoral Dissertations

This dissertation consists of three essays centered around labor incentives that arise in relative compensation contracts. Chapter 1 poses the question: if devotion to a core competence were truly optimal, why would firms do otherwise? We argue that the behavior of drifting from the core may be motivated by the competitive incentives faced by managers who seek to rise within a firm. We find competition creates an incentive for a manager to look for less correlated opportunities that pull the firm in a new direction. In a symmetric equilibrium all managers behave this way, leading to lower expected output for …

Theory And Experiments Exploring Behavioral, Financial, And Public Economics, Matthew John Mcmahon

Doctoral Dissertations

I study three questions which relate to one another only in that each explores facets of economics. First, I theoretically examine the conditions under which introducing an impure public good decreases total public provision. I introduce a central planner who can tax the private good to correct this and identify the market characteristics that typify this scenario. Second, I test the two standard competing dividend puzzle hypotheses using a laboratory experiment. Evidence from the lab, including variables unobservable in the field, reinforces empirical work supporting the outcome model over the substitute. Last, I obscure from dictators information regarding recipients' income …

Exploring The Heterogeneity Of Other-Regarding Preferences, Langchuan Peng

Doctoral Dissertations

This project studies the impact of heterogeneous other-regarding preferences on many issues, such as taxation, government revenue and income inequality. The first two chapters build upon the literature of relative income effects pioneered by Duesenberry (1949). This hypothesis says that the utility of an individual depends on not only his absolute income level, but also his relative income position. An individual gains utility if his income exceeds the income of most members in his comparison group and loses utility if his income falls below the income of most members in the group. Most previous studies consider either a symmetric or …

Essays In Environmental Economics And The Economics Of Higher Education, Justin R. Roush

Doctoral Dissertations

Maximizing welfare in the economy requires effective policies that mitigate negative externalities and incentivize positive externalities. My first paper concerns emissions at manufacturing plants in the US, a major source of negative externalities. Globalization has created concerns that pollution can move across country boarders. Therefore, I study the environmental performance of foreign manufacturing establishments in the US to test if foreign establishments in pollution intensive industries are heavy emitters. I find that foreign firms are not dirtier than domestic establishments on average. However, they are significantly cleaner in industries with high fixed costs and dirtier in industries with low fixed …

Anchoring Bias, Idiosyncratic Volatility And The Cross-Section Of Stock Returns, Cedric Tresor Luma Mbanga

Doctoral Dissertations

Ang, Hodrick, Xing and Zhang (2006) document an anomaly in the cross-section of stock returns. They show that high idiosyncratic volatility (IVOL) firms earn lower returns in the following month. Specifically, they find after sorting stocks in quintile portfolios based on the previous month's IVOL that a zero-investment portfolio long the most volatile quintile of stocks and short the least yields about -1% during the subsequent month. The evidence reported in Ang, Hodrick, Xing and Zhang (2006) is primarily puzzling because traditional asset pricing theories suggest that (i) only systematic risk should be priced, (ii) to the extent that markets …

Three Essays On Economic Inequality And Environmental Degradation, Klara Zwickl

Doctoral Dissertations

Rising income and wealth disparities are increasingly viewed as serious economic and social problems, but what are the environmental consequences of an unequal distribution of income and wealth? Are low income neighborhoods disproportionately negatively affected by pollution exposure, and does economic inequality thus manifest itself in environmental inequality? Are poor or unequal communities less successful in collectively organizing local environmental improvements and does inequality thus increase pollution exposure for all residents? This dissertation provides some empirical evidence on these questions. Chapter 1 analyzes regional variations in environmental disparities in US cities. Using geographic micro-data from EPA's Risk Screening Environmental Indicators …