Social and Behavioral Sciences Commons^™

Get In Or Get Out: The Impact Of Financial Liberalization On China's Economic Growth, Licheng Yin

Honors Theses, 1963-2015

After the major system failure in 2008, policy makers have started to question about whether the western financial system is still an optimal choice. Continuing financial liberalization or restricting foreign banks from entering are two choices for the developing world to consider. Thus, it is important to know whether China’s 2006 policy, which liberalizes China’s banking sector, has had a positive impact on its economic growth. The theories and empirical findings in the current literature provide an ambiguous answer to the economic impact of foreign banks’ presence. As such, this paper evaluates China’s 2006 policy on economic growth by using …

American Philanthropic Exceptionalism?, Michael Hemesath

Administration Publications

No abstract provided.

Los Efectos De Las Transformaciones Agrícolas En Los Antiguos Países Socialistas: Algunas Consideraciones Para Cuba, Mario A. Gonzalez-Corzo

Publications and Research

Este estudio ofrece una síntesis de los efectos principales de las transformaciones agrícolas en un grupo selecto de antiguos países socialistas de Asia y Europa, tomando en base la importancia de indicadores como la producción física, la productividad laboral y los rendimientos agrícolas, y evalúa algunas consideraciones relevantes en el caso de Cuba. Por razones de espacio, el estudio no incluye otros indicadores de los efectos de las reformas agrícolas como los ingresos rurales, el impacto ambiental y los costos de oportunidad relacionados con la transición. Los países incluidos en el estudio son: China, Vietnam, Rusia, Ucrania, Estonia, La Republica …

Inequality And Family Structure, Michael Hemesath

Administration Publications

No abstract provided.

The Innovation Commons, Herbert J. Hovenkamp

All Faculty Scholarship

This book of CASES AND MATERIALS ON INNOVATION AND COMPETITION POLICY is intended for educational use. The book is free for all to use subject to an open source license agreement. It differs from IP/antitrust casebooks in that it considers numerous sources of competition policy in addition to antitrust, including those that emanate from the intellectual property laws themselves, and also related issues such as the relationship between market structure and innovation, the competitive consequences of regulatory rules governing technology competition such as net neutrality and interconnection, misuse, the first sale doctrine, and the Digital Millennium Copyright Act (DMCA). Chapters …

Distributive Justice And Consumer Welfare In Antitrust, Herbert J. Hovenkamp

All Faculty Scholarship

The dominant view of antitrust policy in the United States is that it is intended to promote some version of economic welfare. More specifically, antitrust promotes allocative efficiency by ensuring that markets are as competitive as they can practicably be, and that firms do not face unreasonable roadblocks to attaining productive efficiency, which refers to both cost minimization and innovation.

The distribution concern that has dominated debates over United States antitrust policy over the last several decades is whether antitrust should adopt a “consumer welfare” principle rather than a more general neoclassical “total welfare” principle. In The Antitrust Paradox Robert …

Competition For Innovation, Herbert J. Hovenkamp

All Faculty Scholarship

Both antitrust and IP law are limited and imperfect instruments for regulating innovation. The problems include high information costs and lack of sufficient knowledge, special interest capture, and the jury trial system, to name a few. More fundamentally, antitrust law and intellectual property law have looked at markets in very different ways. Further, over the last three decades antitrust law has undergone a reformation process that has made it extremely self conscious about its goals. While the need for such reform is at least as apparent in patent and copyright law, very little true reform has actually occurred.

Antitrust has …

An Aggregation Matrix Matlab Function, Caleb Stair

Regional Research Institute Technical Documents

This Technical Document describes the foundations for an aggregation matrix function implemented in MATLAB, including the format and structure of the required aggregation vector used as an argument to the function. The function is passed with the Ndimensional aggregation vector as an argument. The aggregation vector contains N values ranging from 1 to M, each of which is the aggregate index corresponding to the N preaggregation indices. The function returns an aggregation matrix with M rows and N columns. Pre-multiplying an existing matrix with N rows by the aggregation matrix reduces the row dimensionality from N to M by adding …

Integrating Input-Output And Life Cycle Assessment: Mathematical Foundations, Randall Jackson

Regional Research Institute Resource Documents

Input-output (IO) and Life Cycle Assessment (LCA) modeling share a strikingly similar mathematical foundation and formulation, yet melding the two frameworks is not completely straightforward. In particular, the boundaries of the two systems must be brought into alignment carefully, so as to avoid double counting. In this document, the two frameworks and their mathematical foundations are presented in brief, and the salient issues that enter into procedures integrating the two are highlighted.

When Investing In Human Capital Is Not Enough: Economic Pain In Europe, Michael Hemesath

Administration Publications

No abstract provided.

St. Cloud Area Quarterly Business Report, Vol. 15, No. 4, King Banaian, Richard A. Macdonald

St. Cloud Area Quarterly Business Report

No abstract provided.

Working Paper No. 32, Canada And The United States: A Comparison Of Their Philosophical Bases, Lorraine M. Hutton

Working Papers in Economics

Americans and Canadians seem similar in many ways; however, their dissimilar historical experiences have shaped very different attitudes and philosophies that underpin their institutions. Canadians promote equality and collective responsibility under a restrained, parliamentary state, whilst the Americans stress self-reliance, individualism and freedom. Canadians embraced the hierarchical structure of the British and French Empires and Americans revolted against all ties to it. What appear to be minor distinctions between the two countries and cultures are actually fundamental philosophies rooted in the past.

Export Controls: A Contemporary History, Bert Chapman

Libraries Faculty and Staff Presentations

Provides highlights of my recently published book Export Controls: A Contemporary History. Describes the roles played by multiple U.S. Government agencies and congressional oversight committees in this policymaking arena including the Commerce, Defense, State, and Treasury Departments. It also reviews the roles played by international government organizations such as the Missile Technology Control Regime, export oriented businesses, and research intensive universities.

Our Town: A Neighborhood Assessment, Christina Davila, Ramya Kumaran, Calvin P. Lesueur, Brett Michaelson, Renee Petrucelli, Katie Raynor, Daniel Sheets-Poling, Katie Simpson, Matthew Tomlin, Rachelle Ann Wilson

Community Project Design and Management Reports - Sociology

This report addresses the question: What factors have the strongest impact on communal and individual well-being in different neighborhoods in McLean County? It is one part of the larger United Way of McLean County Community Assessment 2014, which will evaluate the assets and needs of McLean County by focusing on respondents’ experiences receiving health and human services. Our findings are based on data from five key informant interviews and four focus groups. This information was collected from four geographically and economically distinct neighborhoods: rural Lexington, East Bloomington, Normal, and West Bloomington. Common themes that emerged from these sessions are: the …

A Dynamic Model Of Competitive Entry Response, Matthew Selove

Business Faculty Articles and Research

I develop a dynamic investment game with a “memoryless” research and development process in which an incumbent and an entrant can invest in a new technology, and the entrant can also invest in the old technology. I show that an increase in the probability of successfully implementing a technology can cause the incumbent to reduce its investment. Under certain conditions, if the success probability is high, the incumbent allows the entrant to win the new technology so that firms reach an equilibrium in which they use different technologies, and threats of retaliation prevent attacks; but if the success probability is …

The National Longitudinal Survey Of Public Health Systems: Selected Findings And Applications, Glen P. Mays

Health Management and Policy Presentations

This presentation reviews the National Longitudinal Survey of Public Health Systems and its applicability for monitoring the effects of the Affordable Care Act on public health delivery within the U.S.

The Pope As Economist: Part Ii, Michael Hemesath

Administration Publications

No abstract provided.

The Undergrad's Dilemma: N-Person Games And Information Asymmetry In Undergraduate Course Selection, Michael A. Verlezza

Honors Program Theses and Projects

In 2012, the White House released its College Scorecards for institutions of higher education. In their overview, the White House states that Bridgewater State University in Bridgewater, MA, has a six-year graduation rate of just 51.7 percent. By approaching the question of low graduation rates as a consequence of economic inefficiency, my research led me to treat undergraduate course selection as a Nash n-person game. From there, my investigation led to an analysis of information asymmetry as I attempted to identify the various internal and external information sources driving course selection. Specific attention was given to Bridgewater State’s internal system, …

Gmm Estimation Of Spatial Autoregressive Models With Autoregressive And Heteroskedastic Disturbances, Osman Dogan, Süleyman Taşpınar

Economics Working Papers

We consider a spatial econometric model containing a spatial lag in the dependent variable and the disturbance term with an unknown form of heteroskedasticity in innovations. We first prove that the maximum likelihood (ML) estimator for spatial autoregressive models is generally inconsistent when heteroskedasticity is not taken into account in the estimation. We show that the necessary condition for the consistency of the ML estimator of spatial autoregressive parameters depends on the structure of the spatial weight matrices. Then, we extend the robust generalized method of moment (GMM) estimation approach in Lin and Lee (2010) for the spatial model allowing …

(Wp 2013-10) Neuroeconomics And Identity, John B. Davis

Economics Working Papers

This short paper discusses majority and minority views in economics regarding the value of neuroscience for economics – and thus the value of the neuroeconomics research program. It argues that neuroeconomics’ reception ultimately depends on whether economists adopt a philosophy of science thinking closer to what exists in other sciences. It then argues that an inadvertent product of this debate is whether people can be identified as relatively independent agents. The paper concludes with comments on what this debate implies about the conception of the decision-maker as a relatively independent identity.

Subsidizing Non-Polluting Goods Vs. Taxing Polluting Goods For Pollution Reduction, Robert S. Main

Scholarship and Professional Work - Business

Pigovian taxes on polluters are politically unpopular, but subsidies for non-polluting sources are politically attractive. This paper presents a linear demand and supply model and numerical example to explore the trade-offs between taxing polluting sources of a good versus subsidizing non-polluting sources of the same good. While the model (along with the associated numerical example) shows the optimality of Pigovian taxes, it also shows how much welfare is reduced if subsidies for nonpolluters are employed instead. Further, it shows the optimal tax, given any level of subsidy and the optimal subsidy, given any level of tax.

Metropolitan Report - December 2013, Division Of Business And Economic Research, College Of Business Administration, University Of New Orleans

UNO Metropolitan Report

No abstract provided.

(Wp 2013-09) Virtual Currency And The Financial System: The Case Of Bitcoin, Abdur Chowdhury, Barry K. Mendelson

Economics Working Papers

Technological development and the increased use of the internet have led to the proliferation of virtual communities. Some of these communities have created and circulated their own currency for exchanging goods and services. Bitcoin is currently the most popular among these virtual or digital currencies and has been in news recently because of the wild fluctuations in its ‘value’ and also significant venture capital investment in entities associated with it.1 Bitcoin is relevant in several areas of the financial system and is therefore of interest to central banks, consumers and investors. Digital currencies are part of a broader group of …

The Impact Of The Great Recession On Nevada’S Latino Community, John P. Tuman, David F. Damore, Maria J.F. Agreda

Brookings Mountain West Publications

The emergence of the Great Recession of 2008 had a profound impact in Nevada. The economic downturn generated high unemployment levels and led to turbulence in many sectors, particularly residential home construction and the hospitality industry. In the wake of the crisis, median home prices in Nevada plunged, while the residential foreclosure rate increased and remains one of the highest rates in the country. By 2009, it was evident that a tightening of commercial bank lending for new mortgages, combined with the impact of rising joblessness and plunging housing values, was hampering recovery efforts in the housing sector and Nevada’s …

The Wage Gap Vs. The Total Compensation Gap, Kevin F. Hallock

Economics Faculty Publications

Clearly, most organizations seek to have fair and objective pay practices. And, as a check, they sometimes take a data-driven look inside their companies to consider whether employees of different demographic characteristics are paid similarly or if there is some pay gap. But most organizations only consider wages or salaries in looking for such gaps. Existing research on pay preferences, however, shows that employees can value differently different kinds of pay. There are many massive demographic surveys of individuals which record, along with wage and salary earnings, information on individuals' schooling, gender, race, work hours, occupation, geographic location, etc. These …

Information And Volatility, Dirk Bergemann, Tibor Heumann, Stephen Morris

Cowles Foundation Discussion Papers

In an economy of interacting agents with both idiosyncratic and aggregate shocks, we examine how the structure of private information influences aggregate volatility. The maximal aggregate volatility is attained in a noise free information structure in which the agents confound idiosyncratic and aggregate shocks, and display excess response to the aggregate shocks, as in Lucas [14]. For any given variance of aggregate shocks, the upper bound on aggregate volatility is linearly increasing in the variance of the idiosyncratic shocks. Our results hold in a setting of symmetric agents with linear best responses and normal uncertainty. We establish our results by …

Uniform Consistency Of Nonstationary Kernel-Weighted Sample Covariances For Nonparametric Regression, Degui Li, Peter C.B. Phillips, Jiti Gao

Cowles Foundation Discussion Papers

We obtain uniform consistency results for kernel-weighted sample covariances in a nonstationary multiple regression framework that allows for both fixed design and random design coefficient variation. In the fixed design case these nonparametric sample covariances have different uniform convergence rates depending on direction, a result that differs fundamentally from the random design and stationary cases. The uniform convergence rates derived are faster than the corresponding rates in the stationary case and confirm the existence of uniform super-consistency. The modelling framework and convergence rates allow for endogeneity and thus broaden the practical econometric import of these results. As a specific application, …

Information And Volatility, Dirk Bergemann, Tibor Heumann, Stephen Morris

Cowles Foundation Discussion Papers

In an economy of interacting agents with both idiosyncratic and aggregate shocks, we examine how the information structure determines aggregate volatility. We show that the maximal aggregate volatility is attained in a noise free information structure in which the agents confound idiosyncratic and common components of the payoff state, and display excess response to the common component, as in Lucas (1972). The upper bound on aggregate volatility is linearly increasing in the variance of idiosyncratic shocks, for any given variance of aggregate shocks. Our results hold in a setting of symmetric agents with linear best responses and normal uncertainty. We …

Emissions, Humberto Llavador, John E. Roemer, Joaquim Silvestre

Cowles Foundation Discussion Papers

Mankind must cooperate to reduce GHG emissions to prevent a catastrophic rise in global temperature. How can the necessary costs of reducing GHG emissions be allocated across regions of the world, within the next few generations, and simultaneously address growth expectations and economic development? We postulate a two-region world and, based on sustainability and egalitarian criteria, calculate optimal paths in which a South, like China, and a North, like the United States, converge in welfare per capita to a path of sustained growth of 1% per year by 2080, while global CO2 emissions are restricted to the Representative Concentration Pathway …

Do School District Bond Guarantee Programs Matter?, Michael Cirrotti

Economics Student Scholarship

The State of Washington enacted a school district bond credit enhancement program in 1999. Oregon did the same in 1998. I use data from the National Center for Education Statistics for a representative sample of states in order to examine whether or not these programs increased the likelihood that school districts in Washington and Oregon issued bonds. I isolate the programs’ impact in Washington and Oregon through difference-in-differences analysis to control for other variation in the data in ten other representative states during the same time period. The results suggest that state-level school district bond guarantee programs increase the likelihood …