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Social and Behavioral Sciences Commons™

Open Access. Powered by Scholars. Published by Universities.®

Gettysburg College

Journal

2013

Articles 1 - 7 of 7

Full-Text Articles in Social and Behavioral Sciences

Price Barriers In The Stock Market And Their Effect On The Black-Scholes Option Pricing Model, Nathan A. Blyler Jan 2013

Price Barriers In The Stock Market And Their Effect On The Black-Scholes Option Pricing Model, Nathan A. Blyler

Gettysburg Economic Review

The predicted price of an American option by the Black-Scholes (B-S) Option Pricing Model is known to differ from the market price of that option systematically with respect to time to expiration, distance in- or out-of-the-money, and liquidity of the option. We examine the possibility of price barriers in the stock market causing further systemic pricing differences between the market price and B-S predicted price. These differences occur when an option’s strike price is near a price barrier and differ in effect and significance depending on the position of the barrier relative to the underlying stocks’ price. We find round …

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Renewable Resource Extraction: Experimental Analysis Of Resource Management Policies Under Assumptions Of Resource Migration, Kevin B. Lugo Jan 2013

Renewable Resource Extraction: Experimental Analysis Of Resource Management Policies Under Assumptions Of Resource Migration, Kevin B. Lugo

Gettysburg Economic Review

This paper presents research using a spatially explicit and dynamic common pool resource experiment to compare renewable resource extraction behavior between four treatments combining (1) open access and sole ownership institutions with (2) mobility and non-mobility of the renewable resource. The primary purpose of this research is to test the theory that introducing resource mobility into a sole ownership regime will remove the incentive for subjects to maximize the resource, instead causing them to revert to the myopic strategy predicted for the open access regime. I also test the hypothesis that open access firms are indifferent to resource dispersal. The …

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The Gettysburg Economic Review, Volume 7, Spring 2013 Jan 2013

The Gettysburg Economic Review, Volume 7, Spring 2013

Gettysburg Economic Review

No abstract provided.

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On The Orthodox Nature Of Heterodox Income Distribution Theory, Ross A. Nichols Jan 2013

On The Orthodox Nature Of Heterodox Income Distribution Theory, Ross A. Nichols

Gettysburg Economic Review

The goal of this paper is to show that orthodox and heterodox theories of personal income distribution developed in the mid-twentieth century are effectively identical, despite their claims to the contrary. While segmented labor market theory contends that neoclassical theories of personal income distribution, such as human capital theory, ignore the impact of social institutions on the labor market, human capital theory actually implicitly incorporates them. Social institutions are, therefore, just as important in the orthodox approach to personal income distribution. Yet, while this is the case, the heterodox perspective is valuable because of the stress it places on social …

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Welfare Incentives And Interstate Migration: An Analysis Of The Migration Decisions Of Poor, Single Mothers, John P. Weis Jan 2013

Welfare Incentives And Interstate Migration: An Analysis Of The Migration Decisions Of Poor, Single Mothers, John P. Weis

Gettysburg Economic Review

The purpose of this paper is to examine the role of welfare incentives in the decision to move for poor, single mothers. Using micro-level data from the Panel Study of Income Dynamics (PSID) and other sources, I develop an econometric model that estimates the influence of state welfare benefits on the interstate migration decisions of poor, single mothers, whether that be moving from states with low benefits or to states with high benefits. This study builds upon previous literature concerning interstate migration by considering new methodological approaches and theoretical models. Ultimately, the evidence suggests that while the welfare benefits offered …

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China’S Local Government Debt And Economic Growth, Jia Qi Zhou Jan 2013

China’S Local Government Debt And Economic Growth, Jia Qi Zhou

Gettysburg Economic Review

This paper explores the impact of China’s local government debt on economic growth. This analysis, based on a panel of 31 provinces over 14 years, takes into account a broad range of economic growth determinants as well as various estimation issues including heteroskedascity and omitted variable. The empirical results suggest an inverse relationship between China’s local government debt and economic growth, controlling for other determinants of growth: on average, a 10 percentage point increase in the debt-to-GDP ratio is associated with a slowdown in annual real per capita GDP growth of around 0.27 percentage points per year.

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Europe’S Little Tiger?: Reassessing Economic Transition In Slovakia Under The Mečiar Government 1993-1998, David A. Wemer Jan 2013

Europe’S Little Tiger?: Reassessing Economic Transition In Slovakia Under The Mečiar Government 1993-1998, David A. Wemer

The Gettysburg Historical Journal

Vladimir Mečiar, the first Prime Minister of independent Slovakia, is often criticized for his suppression of free media, political repression, and the widespread corruption of his government from 1993-1998. Mečiar has also been attacked for his economic policies, which critics suggest slowed down privatization and left Slovakia in a huge debt crisis. A closer look at macroeconomic data, however, demonstrates an impressive economic record for Mečiar, who oversaw several years of strong GDP growth, and relatively low levels of unemployment and inflation. By slowing down the privatization process, retaining control of key industries, and maintaining the social safety net, Mečiar …

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