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2011

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Economics

Institution
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Articles 1 - 30 of 1053

Full-Text Articles in Social and Behavioral Sciences

Markets In Ip And Antitrust, Herbert J. Hovenkamp Dec 2011

Markets In Ip And Antitrust, Herbert J. Hovenkamp

Faculty Scholarship at Penn Law

The purpose of market definition in antitrust law is to identify a grouping of sales such that a single firm who controlled them could maintain prices for a significant time at above the competitive level. The conceptions and procedures that go into “market definition” in antitrust can be quite different from those that go into market definition in IP law. When the issue of market definition appears in IP cases, it is mainly as a query about the range over which rivalry occurs. This rivalry may or may not have much to do with a firm’s ability to charge ...


Local Negotiation With Heterogeneous Groundwater Users, Gordon C. Rausser, Susan Stratton Sayre, Leo K. Simon Dec 2011

Local Negotiation With Heterogeneous Groundwater Users, Gordon C. Rausser, Susan Stratton Sayre, Leo K. Simon

Economics: Faculty Publications

This paper assesses the political implications of intra-aquifer heterogeneity in the benefits and costs of optimal groundwater management. We use simulation modeling to predict groundwater extraction regimes under two alternative local decision-making structures and compare these structures to optimal management. Local collective action performs poorly when the intra-aquifer disparity in the potential gains is large. Moreover, large intra-aquifer disparity is generally associated with large potential gains. As a result, local collective action is unlikely to be successful in capturing the largest welfare gains. Individual subregions within a groundwater basin almost always benefit most from political structures whose outcomes diverge from ...


Economic Impact Of Agriculture On South Dakota, Gary Taylor Dec 2011

Economic Impact Of Agriculture On South Dakota, Gary Taylor

Economics Commentator

No abstract provided.


Catching A Cold: A Look At The Expected Contagion Effect Of Neighboring Income Inequality, Jared Dellinger Dec 2011

Catching A Cold: A Look At The Expected Contagion Effect Of Neighboring Income Inequality, Jared Dellinger

Master's Theses - Economics

Previous literature relative to income inequality has made available a number of demographic, economic, and policy determinants. This paper, using growth transmission literature as a basis for analysis, develops an argument showing that these results are biased and unreliable due to an omitted variable bias and a model misspecification. The model developed in this paper corrects for the bias by including a missing spatial factor that accounts for a contagion effect experienced by neighboring states. Income inequality is shown to be transmissible through multiple channels and may therefore be combatted only through a concerted group effort, rather than through individual ...


Economic Outlook Heading Into 2012, Emmanuel Opoku, Scott W. Fausti Dec 2011

Economic Outlook Heading Into 2012, Emmanuel Opoku, Scott W. Fausti

Economics Commentator

No abstract provided.


Driving Qi With Research: Findings From Public Health Pbrns, Glen P. Mays Dec 2011

Driving Qi With Research: Findings From Public Health Pbrns, Glen P. Mays

Health Management and Policy Presentations

Public health agencies are increasingly experimenting with quality improvement (QI) strategies designed to enhance the effectiveness and efficiency of their efforts. Does QI work in public health, and if so for whom and under what circumstances? What QI strategies work best for which types of public health process failures, and at what cost? Research underway through the Public Health Practice-Based Research Networks (PBRN) Program is examining these types of questions to build an evidence base for public health QI.


Agglomeration Economics: Small Establishments/Big Effects: Agglomeration, Industrial Organization And Entrepreneurship, Stuart S. Rosenthal, William Strange Dec 2011

Agglomeration Economics: Small Establishments/Big Effects: Agglomeration, Industrial Organization And Entrepreneurship, Stuart S. Rosenthal, William Strange

Economics - Faculty Scholarship

No abstract provided.


Social Entrepreneurship: An Overview Of A Public University Alumni Survey, Kevin Kimle, Li Yu, Peter Orazem, Robert W. Jolly Dec 2011

Social Entrepreneurship: An Overview Of A Public University Alumni Survey, Kevin Kimle, Li Yu, Peter Orazem, Robert W. Jolly

Economics Working Papers (2002–2016)

This report presents an overview of social entrepreneurship activities of public university graduates obtained from a survey. Almost 3 percent of respondents had created at least one nonprofit organization. The primary focus of the organizations founded by social entrepreneur respondents was education and youth related causes, with services geared heavily toward local needs. The nonprofit organizations founded to meet these needs were typically small, with one or two paid employees and 5 to 15 volunteers.


Reasons To Shop At Farmer's Market: A Survey Study In South Dakota, Kuo-Liang Chang, Jerry Warmann Dec 2011

Reasons To Shop At Farmer's Market: A Survey Study In South Dakota, Kuo-Liang Chang, Jerry Warmann

Economics Commentator

No abstract provided.


Mergers, Market Dominance And The Lundbeck Case, Herbert J. Hovenkamp Dec 2011

Mergers, Market Dominance And The Lundbeck Case, Herbert J. Hovenkamp

Faculty Scholarship at Penn Law

In Lundbeck the Eighth Circuit affirmed a district court’s judgment that a merger involving the only two drugs approved for treating a serious heart condition in infants was lawful. Although the drugs treated the same condition they were not bioequivalents. The Eighth Circuit approved the district court’s conclusion that they had not been shown to be in the same relevant market.

Most mergers that are subject to challenge under the antitrust laws occur in markets that exhibit some degree of product differentiation. The Lundbeck case illustrates some of the problems that can arise when courts apply ideas derived ...


Do Gender Differences In Risk Preferences Explain Gender Differences In Labor Supply, Earnings Or Occupational Choice?, In Soo Cho Dec 2011

Do Gender Differences In Risk Preferences Explain Gender Differences In Labor Supply, Earnings Or Occupational Choice?, In Soo Cho

Economics Working Papers (2002–2016)

This paper examines the extent to which differences in risk preferences between men and women explain why women have a lower entrepreneurship rate, earn less, and work fewer hours than men. Data from the NLSY79 confirms previous findings that women are more risk averse than men. However, while less risk averse men tend to become self-employed and more risk averse men are likely to choose paid-employment, there is no significant effect of risk preferences on women's entrepreneurship decisions. Similarly, more risk aversion is associated with higher earnings for male entrepreneurs, but it has no effect on female entrepreneurial earnings ...


Similarities In Fan Preferences For Minor-League Baseball Across The American Southeast, Tyler Anthony, Tim Kahn, Briana Madison, Rodney Paul, Andrew Weinbach Dec 2011

Similarities In Fan Preferences For Minor-League Baseball Across The American Southeast, Tyler Anthony, Tim Kahn, Briana Madison, Rodney Paul, Andrew Weinbach

College Research Center

Three Minor League Baseball leagues across the Southeastern United States are studied in order to determine what drives fan attendance. Individual game attendance and game characteristics are examined for three leagues located in the American southeast, the Florida State League, the Southern League, and the South Atlantic League. Despite the three leagues encompassing different levels of play (from A to AA), the determinants of attendance are similar across leagues. Factors affecting attendance such as winning percentage, weather conditions, local income and population, and individual game promotions, such as fireworks, are explored.


Longevity Risk Management In Singapore’S National Pension System, Joelle H Y Fong, Benedict S K Koh, Olivia Mitchell Dec 2011

Longevity Risk Management In Singapore’S National Pension System, Joelle H Y Fong, Benedict S K Koh, Olivia Mitchell

Business Economics and Public Policy Papers

Although annuities are a theoretically appealing way to manage longevity risk, in the real world relatively few consumers purchase them at retirement. To counteract the possibility of retirees outliving their assets, Singapore's Central Provident Fund, a national defined contribution pension scheme, has recently mandated annuitization of workers’ retirement assets. More significantly, the government has entered the insurance market as a public-sector provider for such annuities. This article evaluates the money's worth of life annuities and discusses the impact of the government mandate and its role as an annuity provider on the insurance market.


Broader Questions And A Bigger Toolbox:A Problem-Centered And Student-Centered Approach To Teaching Pluralist Economics, Julie A. Nelson Dec 2011

Broader Questions And A Bigger Toolbox:A Problem-Centered And Student-Centered Approach To Teaching Pluralist Economics, Julie A. Nelson

Economics Faculty Publication Series

This essay discusses a "broader questions and bigger toolbox" approach to teaching pluralist economics. This approach has three central characteristics. First, economics is defined so as to encompass a broad set of (provisioning) concerns. Second, emphasis is placed on contemporary real-world issues, institutions, and current events, rather than on debates in the history of economic thought. Third, a variety of concepts and theories are introduced, all of which are treated as partial and fallible--useful in some (perhaps very limited) situations while not so useful in others. Possible reasons an instructor might want to adopt this approach, and examples of use ...


The Effects Of Government Intervention On The Market For Corporate Terrorism Insurance, Erwann Michel-Kerjan, Paul A. Raschky Dec 2011

The Effects Of Government Intervention On The Market For Corporate Terrorism Insurance, Erwann Michel-Kerjan, Paul A. Raschky

Finance Papers

Nine OECD countries presently have national terrorism insurance programs based on some type of public–private risk sharing. While such arrangements have helped provide the necessary insurance capacity in the post-September 11, 2001 era, little is known about the effect of such governmental intervention on terrorism insurance markets. This paper focuses on the United States, where the Terrorism Risk Insurance Act of 2002 (TRIA) provides insurers with no cost federal reinsurance up to an industry-wide loss of $100 billion. We present an empirical analysis to compare how insurers' diversification behavior varies between property coverage (no governmental intervention) and terrorism coverage ...


St. Cloud Area Quarterly Business Report, Vol. 13, No. 4, King Banaian, Richard A. Macdonald Dec 2011

St. Cloud Area Quarterly Business Report, Vol. 13, No. 4, King Banaian, Richard A. Macdonald

St. Cloud Area Quarterly Business Report

No abstract provided.


China's Growing Role In World Trade: Trade Growth, Production Fragmentation, And China's Environment, Judith M. Dean, Mary Lovely Dec 2011

China's Growing Role In World Trade: Trade Growth, Production Fragmentation, And China's Environment, Judith M. Dean, Mary Lovely

Economics - Faculty Scholarship

No abstract provided.


(Wp 2011-10) Obituary: Warren J. Samuels (1933-2011), John Davis Dec 2011

(Wp 2011-10) Obituary: Warren J. Samuels (1933-2011), John Davis

Economics Working Papers

This paper examines the research and career of the late Warren J. Samuels (1933-2011), an influential institutionalist economist in the Wisconsin John Commons tradition and well-known historian and methodologist of economics. It discusses four main positions Samuels developed and held regarding the history of economic thought as intellectual history, the theory of economic policy, methodological pluralism, and the invisible hand doctrine. Among the views considered are: his matrix approach to meaningfulness, his characterization of intellectual systems, his emphasis on the centrality of the social order, his theory of economic policy as a neglected subject, his discourse analysis of language, his ...


Introduction To The Symposium On 'Financial Risks And Economic Stability In Emerging Market Economies', Lucjan Orlowski Dec 2011

Introduction To The Symposium On 'Financial Risks And Economic Stability In Emerging Market Economies', Lucjan Orlowski

WCBT Faculty Publications

Developing resilience to contagion effects from global financial crises and economic recessions has been an ongoing crucial task for policymakers in emerging market economies. The recent global financial crisis of 2007-2009 has underscored the importance of pursuing disciplined macroeconomic policies and of devising sound macroprudential regulations that would strengthen the immunity of emerging markets and their institutions to various types of risks, including credit, default, sovereign, liquidity and market risks. The studies included in this symposium are not intended to provide a comprehensive overview of financial vulnerabilities in a broad spectrum of emerging markets. Rather, they share a common aim ...


Institutionalization, Investment Adviser Regulation, And The Hedge Fund Problem, Anita Krug Dec 2011

Institutionalization, Investment Adviser Regulation, And The Hedge Fund Problem, Anita Krug

All Faculty Scholarship

This Article contends that more effective regulation of investment advisers could be achieved by recognizing that the growth of hedge funds, private equity funds, and other private funds in recent decades is a manifestation of institutionalization in the investment advisory context. That is, investment advisers today commonly advise these “institutions,” which have supplanted other, smaller investors as advisory clients. However, the federal securities statute governing investment advisers, the Investment Advisers Act of 1940, does not address the role of private funds as institutions that now intermediate those smaller investors’ relationships to investment advisers. Consistent with that failure, investment adviser regulation ...


Happiness And Time Preference: The Effect Of Positive Affect In A Random-Assignment Experiment, John Ifcher, Homa Zarghamee Dec 2011

Happiness And Time Preference: The Effect Of Positive Affect In A Random-Assignment Experiment, John Ifcher, Homa Zarghamee

Economics

We conduct a random-assignment experiment to investigate whether positive affect impacts time preference, where time preference denotes a preference for present over future utility. Our result indicates that, compared to neutral affect, mild positive affect significantly reduces time preference over money. This result is robust to various specification checks, and alternative interpretations of the result are considered. Our result has implications for the effect of happiness on time preference and the role of emotions in economic decision making, in general. Finally, we reconfirm the ubiquity of time preference and start to explore its determinants. (JEL D12, D83, I31)


World Food Crisis: Imperfect Markets Starving Development, A Decomposition Of Recent Food Price Increases, Christine Costello Dec 2011

World Food Crisis: Imperfect Markets Starving Development, A Decomposition Of Recent Food Price Increases, Christine Costello

Dissertations, Theses, and Student Research from the College of Business

The recent decade has experienced two rather substantial food price spikes. This thesis sets out to provide an in-depth look at the recent food price increases by achieving two goals: assessing the forces driving food prices, and determining the magnitude of those forces. These goals are reached by reviewing selected rhetoric on the recent food price increases, analyzing case studies, and lastly determining our modeling capabilities in decomposing food price changes. Additionally, this thesis will serve as a tool for stakeholder's to better address critical policy issues surrounding food, agriculture, and energy policies.

Adviser: Hendrik Van Den Berg


Beneath And Beyond The Chinese Miracle, Singapore Management University Dec 2011

Beneath And Beyond The Chinese Miracle, Singapore Management University

Perspectives@SMU

China’s rapid economic progress from an impoverished communist state to the world’s second largest economy within just three decades has enthralled many economists. That the country shifted from the classical centrally-planned command economy to one espousing free market practices while maintaining communist rule, has all given rise to this question: What exactly is the China model? Is it the hybrid of innovative state ownership and tight political control? Or is the rapid growth the result of liberal economic and political reforms?


Extreme Risks In Financial Markets And Monetary Policies Of The Euro-Candidates, Hubert Gabrisch, Lucjan Orlowski Dec 2011

Extreme Risks In Financial Markets And Monetary Policies Of The Euro-Candidates, Hubert Gabrisch, Lucjan Orlowski

WCBT Faculty Publications

This study investigates extreme tail risks in financial markets of the euro-candidate countries and their implications for monetary policies. Our empirical tests show the prevalence of extreme risks in the conditional volatility series of selected financial variables, that is, interbank rates, equity market indexes and exchange rates. We argue that excessive instability of key target and instrument variables should be mitigated by monetary policies. Central banks in these countries will be well-advised to use both standard and unorthodox (discretionary) tools of monetary policy while steering their economies out of the financial crisis and through the euro-convergence process.


Why Was China Trapped In An Agrarian Society? An Economic Geographical Approach To The Needham Puzzle [Post-Print], Guanzhong James Wen Dec 2011

Why Was China Trapped In An Agrarian Society? An Economic Geographical Approach To The Needham Puzzle [Post-Print], Guanzhong James Wen

Faculty Scholarship

This paper argues that before the world started to globalize, the differences in the geographical endowments that different populations faced were the most important constraints to their long-term production and consumption. The paper uses this central hypothesis to explain the sharp contrast between the flourishing Song and the stagnant Ming and Qing. During the Song dynasty, despite the fact that China lost a significant amount of arable land to invading nomads as its population peaked, China witnessed a higher urbanization level, more prosperous commerce and international trade, and an explosion of technical inventions and institutional innovations. However, after having significantly ...


Mountain Monitor-3rd Quarter 2011, Mark Muro, Kenan Fikri Dec 2011

Mountain Monitor-3rd Quarter 2011, Mark Muro, Kenan Fikri

Mountain Monitor

Economic recovery in the Intermountain West’s major metropolitan areas edged forward in the third quarter of 2011, after idling for much of the year. Nationally, high technology and automotive-oriented metros showed the strongest signs of recovery; in the Intermountain West, manufacturing-intensive and technology-oriented metros had the strongest quarter. Employment and output grew in most metropolitan areas, and the unemployment rate fell throughout the region. At the same time, the housing market freefall came to an end—or at least paused—across most of the region, as home prices ticked upwards for the first time since the Monitor began tracking ...


The Impact Of Chinese Purchases Of U.S. Government Debt On The Treasury Yield Curve, Radhames A. Lizardo, Andre V. Mollick Dec 2011

The Impact Of Chinese Purchases Of U.S. Government Debt On The Treasury Yield Curve, Radhames A. Lizardo, Andre V. Mollick

Economics and Finance Faculty Publications and Presentations

Examining monthly data from May of 1985 to May of 2008, we find that increases in Chinese purchases of U.S government debt lead to decreases in Treasury yields. The effect is stronger as the maturity increases: a one percent increase in purchases of U.S. Treasuries by Chinese investors lowers the two-year (ten-year) Treasury yield by 10 to 38 basis points (39 to 55 basis points) on average, ceteris paribus . Overall, the demand-side variable capturing Chinese purchases of U.S. Treasuries improves the cointegrating properties of U.S. interest rates. In-sample and out-of-sample forecasts reinforce that the model with ...


Integrated Economic And Climate Modeling, William D. Nordhaus Dec 2011

Integrated Economic And Climate Modeling, William D. Nordhaus

Cowles Foundation Discussion Papers

This survey examines the history and current practice in integrated assessment models (IAMs) of the economics of climate change. It begins with a review of the emerging problem of climate change. The next section provides a brief sketch of the rise of IAMs in the 1970s and beyond. The subsequent section is an extended exposition of one IAM, the DICE/RICE family of models. The purpose of this description is to provide readers an example of how such a model is developed and what the major components are. The final section discusses major important open questions that continue to occupy ...


Nonparametric Inference Based On Conditional Moment Inequalities, Donald W.K. Andrews, Xiaoxia Shi Dec 2011

Nonparametric Inference Based On Conditional Moment Inequalities, Donald W.K. Andrews, Xiaoxia Shi

Cowles Foundation Discussion Papers

This paper develops methods of inference for nonparametric and semiparametric parameters defined by conditional moment inequalities and/or equalities. The parameters need not be identified. Confidence sets and tests are introduced. The correct uniform asymptotic size of these procedures is established. The false coverage probabilities and power of the CS’s and tests are established for fixed alternatives and some local alternatives. Finite-sample simulation results are given for a nonparametric conditional quantile model with censoring and a nonparametric conditional treatment effect model. The recommended CS/test uses a Cramér-von-Mises-type test statistic and employs a generalized moment selection critical value.


Rhode Island Current Conditions Index — December 2011, Leonard Lardaro Dec 2011

Rhode Island Current Conditions Index — December 2011, Leonard Lardaro

The Rhode Island Current Conditions Index

No abstract provided.