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Articles 61 - 90 of 855
Full-Text Articles in Social and Behavioral Sciences
Towards A Metatheory Of Budgeting, Dan Williams, Thad D. Calabrese
Towards A Metatheory Of Budgeting, Dan Williams, Thad D. Calabrese
Publications and Research
In this paper. we suggest that many budget theories actually are about appropriating and not about budgeting. We trace this development back to the classic budgeting question posed by V.O. Keys in 1940. To clarify the issue, we examine early normative theories of budgeting, and apply many contemporary theories about budgeting to the budgeting process advocated for in this early work. By analyzing current theories, we show that budget theories are, in many cases, simply focused on parts of the budget process or on the role of techniques in decision making. Our analyses suggest that rather than theories competing with …
The Lasting Effects Of Crime: The Relationship Of Discovered Methamphetamine Laboratories And Home Values, Joshua Congdon-Hohman
The Lasting Effects Of Crime: The Relationship Of Discovered Methamphetamine Laboratories And Home Values, Joshua Congdon-Hohman
Economics Department Working Papers
This study estimates a household’s willingness to pay to avoid the stigma of crime while minimizing concerns of omitted variable bias. By assuming methamphetamine producers locate approximately at random within a narrowly defined neighborhood, this study is able to use hedonic estimation methods to estimate the impact of the discovery of a methamphetamine laboratory on the home values near that location. Specifically, the analysis designates those closest to the site as the treated, while those slightly farther away act as the comparison group. The discovery of a methamphetamine laboratory has a significant effect on the property values of those homes …
(Wp 2011-09) The Development Effects Of Natural Resources: A Geographical Dimension, Fabrizio Carmignani, Abdur Chowdhury
(Wp 2011-09) The Development Effects Of Natural Resources: A Geographical Dimension, Fabrizio Carmignani, Abdur Chowdhury
Economics Working Papers
Despite the recent growth resurgence, Sub-Saharan Africa (SSA) remains the poorest region in the world. At the same time, it is a region that heavily relies on natural resources. In this paper we investigate the extent to which the second fact helps explain the first one. The distinctive feature of our study is that we take a geographical perspective and allow the effect of natural resources to differ across regions of the world. Our findings suggest that (i) the effect of natural resource intensity on per-capita income is positive and significant in general, but almost negligible and possibly negative in …
Pay System Gender Neutrality, Kevin F. Hallock
Pay System Gender Neutrality, Kevin F. Hallock
Economics Faculty Publications
It was Francine Blau's "Equal Pay in the Office" (1977) that laid out some of the seminal research on gender differences in labor market outcomes. Blau and other pioneering researchers established decades ago that the gender pay gap (then around 40%) could not be ignored by academic economists. Many organizations are concerned with whether their individual pay systems are gender neutral, but it is not easy to test robustly a pay system's gender neutrality. To build such a test requires consideration of several issues, including control variables, occupational patterns, statistical specifications, and the often-overlooked difference between wage and salary income …
Risk Classification And Health Insurance, Georges Dionne, Casey G. Rothschild
Risk Classification And Health Insurance, Georges Dionne, Casey G. Rothschild
Economics Faculty Scholarship
Risk classification refers to the use of observable characteristics by insurers to group individuals with similar expected claims, compute the corresponding premiums, and thereby reduce asymmetric information. An efficient risk classification system generates premiums that fully reflect the expected cost associated with each class of risk characteristics. This is known as financial equity. In the health sector, risk classification is also subject to concerns about social equity and potential discrimination. We present different theoretical frameworks that illustrate the potential trade-off between efficient insurance provision and social equity. We also review empirical studies on risk classification and residual asymmetric information.
Prizes Versus Wages With Envy And Pride, Pradeep Dubey, John Geanakoplos, Ori Haimanko
Prizes Versus Wages With Envy And Pride, Pradeep Dubey, John Geanakoplos, Ori Haimanko
Cowles Foundation Discussion Papers
We show that if agents are risk neutral, prizes outperform wages if and only if there is sufficient pride and envy relative to the noisiness of performance. If agents are risk averse, prizes are a necessary supplement to wages (as bonuses).
Greek Debt And American Debt: Graduation Speech At The University Of Athens Economics And Business School, John Geanakoplos
Greek Debt And American Debt: Graduation Speech At The University Of Athens Economics And Business School, John Geanakoplos
Cowles Foundation Discussion Papers
This is the graduation speech I gave on receiving an honorary doctorate at the University of Athens Economics and Business School. I talk about my Greek family, about how I got interested in economics, and then how in the 1990s I came to think about default, collateral, and leverage as the central features of the financial/macro economy, despite their complete absence (even now) from any textbooks. Finally I suggest that the Greek debt problem, and on a bigger scale, the American debt problem, can only be cured when lenders are prodded to forgive. That would be better for the borrowers …
Simultaneity Between Trade And Conflict: Endogenous Instruments Of Mass Destruction, Cullen F. Goenner
Simultaneity Between Trade And Conflict: Endogenous Instruments Of Mass Destruction, Cullen F. Goenner
Economics & Finance Faculty Publications
The classical liberal belief is trade, which economically benefits countries, creates ties binding the interests of countries and reduces conflict. While the vast majority of the empirical literature supports this view, recent research questions these findings by also considering the reciprocal relationship between trade and conflict. If conflict also influences trade, then trade is an endogenous right hand side regressor and previous estimates which ignore this are inconsistent. This article determines when one uses appropriate instruments for the endogenous regressors that trade reduces conflict and conflict reduces trade. Failure to use such instruments results in inconsistent estimates and can lead …
Technology, Distribution And The Rate Of Profit In The Us Economy: Understanding The Current Crisis, Deepankar Basu, Ramaa Vasudevan
Technology, Distribution And The Rate Of Profit In The Us Economy: Understanding The Current Crisis, Deepankar Basu, Ramaa Vasudevan
Economics Department Working Paper Series
This paper offers a synoptic account of the state of the debate within Marxist scholars regarding the current structural crisis of capitalism, identifies two broad streams within the literature dealing, in turn, with aggregate demand and profitability problems, and proceeds to concentrate on an analysis of issues surrounding the profitability problem in two steps. First, evidence on profitability trends for the Nonfarm Nonfinancial Corporate Business, the Nonfinancial Corporate Business and the Corporate Business sectors in post-War U.S. are summarized. A broad range of profit rate measures are covered and data from both the U.S. Bureau of Economic Analysis (NIPA and …
Pricing Under The Threat Of Piracy: Flexibility And Platforms For Digital Goods, Dirk Bergemann, Thomas Eisenbach, Joan Feigenbaum, Scott Shenker
Pricing Under The Threat Of Piracy: Flexibility And Platforms For Digital Goods, Dirk Bergemann, Thomas Eisenbach, Joan Feigenbaum, Scott Shenker
Cowles Foundation Discussion Papers
We consider the optimal design of flexible use in a digital-rights-management policy for a digital good subject to piracy. Consumers can acquire the digital good either as a licensed product or as an unlicensed copy. The ease of access to unlicensed copies is increasing in the flexibility accorded to licensed copies. The content provider has to trade off consumers’ valuation of a licensed copy against the sales lost to piracy. We enrich the basic model by introducing a “secure platform” that is required to use the digital good. We show that the platform allows for the socially optimal provision of …
Sensitivity Analysis In Semiparametric Likelihood Models, Xiaohong Chen, Elie Tamer, Alexander Torgovitsky
Sensitivity Analysis In Semiparametric Likelihood Models, Xiaohong Chen, Elie Tamer, Alexander Torgovitsky
Cowles Foundation Discussion Papers
We provide methods for inference on a finite dimensional parameter of interest, θ in Re ^{ d _θ}, in a semiparametric probability model when an infinite dimensional nuisance parameter, g , is present. We depart from the semiparametric literature in that we do not require that the pair (θ, g ) is point identified and so we construct confidence regions for θ that are robust to non-point identification. This allows practitioners to examine the sensitivity of their estimates of θ to specification of g in a likelihood setup. To construct these confidence regions for θ, we invert a profiled sieve …
Monitoring Leverage, John Geanakoplos, Lasse H. Pedersen
Monitoring Leverage, John Geanakoplos, Lasse H. Pedersen
Cowles Foundation Discussion Papers
We discuss how leverage can be monitored for institutions, individuals, and assets. While traditionally the interest rate has been regarded as the important feature of a loan, we argue that leverage is sometimes even more important. Monitoring leverage provides information about how risk builds up during booms as leverage rises and how crises start when leverage on new loans sharply declines. Leverage data is also a crucial input for crisis management and lending facilities. Leverage at the asset level can be monitored by down payments or margin requirement or and haircuts, giving a model-free measure that can be observed directly, …
Driving The Economy Home: What Matters Most To Northeast Ohio's Economy (Dashboard Of Economic Indicators 2011), Emily Garr, Ziona Austrian, Merissa Piazza
Driving The Economy Home: What Matters Most To Northeast Ohio's Economy (Dashboard Of Economic Indicators 2011), Emily Garr, Ziona Austrian, Merissa Piazza
All Maxine Goodman Levin School of Urban Affairs Publications
This report describes trends which occur between 2007 and 2010, the most recent year for which data are available. The essay distinguishes between those that take place in the “recession period” (from the peak of the economic cycle in 2007 to the start of economic recovery in 2009) and the “recovery period” (from 2009 to 2010).
First Price Auctions, Lotteries, And Risk Preferences Across Institutions, Russell P. Engel
First Price Auctions, Lotteries, And Risk Preferences Across Institutions, Russell P. Engel
WCBT Faculty Publications
There is an unsettled debate in experimental economics literature regarding the consistency of individuals' risk preferences in varying institutions. Much of this debate stems from observations of subjects' bids in sealed-bid auctions and the implications of those bids. In this paper, I have subjects participate in a sealed-bid auction experiment and then examine if the ostensible risk parameter that one can back out from subjects' bids matches up with their elicited risk preference from a separate task in the experiment. I find that subjects do exhibit consistent risk preferences. The aggregate measure of the subjects' risk parameter is stable across …
Review Of Identity Economics By Akerlof And Kranton, John B. Davis
Review Of Identity Economics By Akerlof And Kranton, John B. Davis
Economics Faculty Research and Publications
No abstract provided.
The Incidence Of The Mortgage Interest Deduction: Evidence From The Market For Home Purchase Loans, Andrew Hanson
The Incidence Of The Mortgage Interest Deduction: Evidence From The Market For Home Purchase Loans, Andrew Hanson
Economics Faculty Research and Publications
This article examines the incidence of the largest housing-related subsidy in the federal budget, the home mortgage interest deduction (MID). The author uses the difference in interest rates for loans made around the MID limit to identify the incidence of the subsidy. Using data on individual mortgages originated in 2004, the author estimates that for every $1,000 borrowed without the MID, the interest rate on the entire loan decreases by between 3.3 and 4.4 percent. Results suggest that lenders capture between 9 and 17 percent of the subsidy created by the home MID through higher mortgage interest rates.
Cagan Type Rational Expectations Model On Time Scales With Their Applications To Economics, Funda Ekiz
Cagan Type Rational Expectations Model On Time Scales With Their Applications To Economics, Funda Ekiz
Masters Theses & Specialist Projects
Rational expectations provide people or economic agents making future decision with available information and past experiences. The first approach to the idea of rational expectations was given approximately fifty years ago by John F. Muth. Many models in economics have been studied using the rational expectations idea. The most familiar one among them is the rational expectations version of the Cagans hyperination model where the expectation for tomorrow is formed using all the information available today. This model was reinterpreted by Thomas J. Sargent and Neil Wallace in 1973. After that time, many solution techniques were suggested to solve the …
Student Performance In A Quantitative Methods Course Under Online And Face-To-Face Delivery, P. Verhoeven, Victor Wakeling
Student Performance In A Quantitative Methods Course Under Online And Face-To-Face Delivery, P. Verhoeven, Victor Wakeling
Faculty and Research Publications
In a study conducted at a large public university, the authors assessed, for an upper-division quantitative methods business core course, the impact of delivery method (online versus face-to-face) on the success rate (percentage of enrolled students earning a grade of A, B, or C in the course). The success rate of the 161 online students was 55.3%, significantly lower (p = .000) than that (72.6%) of the 212 face-to-face students. Both students with a strong (A or B) grade in the lower-division statistics prerequisite and students with a weak (C or D) grade in the prerequisite had a significantly lower …
Land, Poverty And Human Development In Kenya, Mwangi Wa Githinji
Land, Poverty And Human Development In Kenya, Mwangi Wa Githinji
Economics Department Working Paper Series
The question of poverty has become central to the work of development economists in the last decade and a half. The 2000 World Development Report was entitled Attacking Poverty and the UN held a series of World Conferences in the 1990s, all of which addressed in some form or fashion the problem of poverty. Despite this and because of limited data there has been relatively little empirical work at the household level on determinants of poverty in Africa generally and Kenya specifically. In the few econometric studies that have been done for Kenya land has not been a significant determinant …
Small And As Productive : Female Headed Households And The Inverse Relationship Between Land Size And Output In Kenya, Mwangi Wa Githinji, Charalampos Konstantinidis, Andrew Barenberg
Small And As Productive : Female Headed Households And The Inverse Relationship Between Land Size And Output In Kenya, Mwangi Wa Githinji, Charalampos Konstantinidis, Andrew Barenberg
Economics Department Working Paper Series
Access to land and particularly its distribution has reemerged as an important part of both academic and policy discussions in the last decade, leading to the resuscitation of the debate on the relationship between size of holdings and output per land unit. Across the world, studies have suggested the existence of a decreasing relationship between land size and output per unit of land. The most-widely accepted explanation for this relationship is that households with smaller holdings tend to be labor rich relative to land, and therefore can achieve higher output through the increased application of labor. Despite the rich literature …
Brief 2: Overcoming Fragmented Governance: The Case Of Climate Change And The Mdgs, Oran R. Young
Brief 2: Overcoming Fragmented Governance: The Case Of Climate Change And The Mdgs, Oran R. Young
Governance and Sustainability Issue Brief Series
Fragmented governance hampers efforts to address tightly coupled challenges, like coming to grips with climate change and fulfilling the Millennium Development Goals. The way forward is to launch programmatic initiatives focusing on adaptation to climate change and the transition to a green economy that appeal to many separate bodies as win-win opportunities.
Rhode Island Current Conditions Index — November 2011, Leonard Lardaro
Rhode Island Current Conditions Index — November 2011, Leonard Lardaro
The Rhode Island Current Conditions Index
No abstract provided.
Specification Sensitivity In Right-Tailed Unit Root Testing For Explosive Behavior, Peter C. B. Phillips, Shu-Ping Shi, Jun Yu
Specification Sensitivity In Right-Tailed Unit Root Testing For Explosive Behavior, Peter C. B. Phillips, Shu-Ping Shi, Jun Yu
Research Collection School Of Economics
Right-tailed unit root tests have proved promising for detecting exuberance in economic and financial activities. Like left-tailed tests, the limit theory and test performance are sensitive to the null hypothesis and the model specification used in parameter estimation. This paper aims to provide some empirical guidelines for the practical implementation of right-tailed unit root tests, focusing on the sup ADF test of Phillips, Wu and Yu (2011), which implements a right-tailed ADF test repeatedly on a sequence of forward sample recursions. We analyze and compare the limit theory of the sup ADF test under deferent hypotheses and model specifications. The …
Specification Testing For Nonparametric Structural Models With Monotonicity In Unobservables, Stefan Hoderlein, Liangjun Su, Halbert White
Specification Testing For Nonparametric Structural Models With Monotonicity In Unobservables, Stefan Hoderlein, Liangjun Su, Halbert White
Research Collection School Of Economics
Monotonicity in a scalar unobservable is a now common assumption in economic theory and applications. Among other things, it allows one to recover the underlying structural function from certain conditional quantiles of observables. Nevertheless, monotonicity is a strong assumption, and its failure can have substantive adverse consequences for structural inference. So far, there are no generally applicable nonparametric specification tests designed to detect monotonicity failure. This paper provides such a test for cross-section data. We show how to exploit an exclusion restriction together with a conditional independence assumption, plausible in a variety of applications, to construct a test. Our statistic …
Dating The Timeline Of Financial Bubbles During The Subprime Crisis, Peter C. B. Phillips, Jun Yu
Dating The Timeline Of Financial Bubbles During The Subprime Crisis, Peter C. B. Phillips, Jun Yu
Research Collection School Of Economics
A new recursive regression methodology is introduced to analyze the bubble characteristics of various financial time series during the subprime crisis. The methods modify a technique proposed in Phillips, Wu, and Yu (2011) and provide a technology for identifying bubble behavior with consistent dating of their origination and collapse. The tests serve as an early warning diagnostic of bubble activity and a new procedure is introduced for testing bubble migration across markets. Three relevant financial series are investigated, including a financial asset price (a house price index), a commodity price (the crude oil price), and one bond price (the spread …
Double Asymptotics For An Explosive Continuous Time Model, Xiaohu Wang, Jun Yu
Double Asymptotics For An Explosive Continuous Time Model, Xiaohu Wang, Jun Yu
Research Collection School Of Economics
This paper develops a double asymptotic limit theory for the persistent parameter (θ) in an explosive continuous time model with a large number of time span (N) and a small number of sampling interval (h). The limit theory allows for the joint limits where N → ∞ and h → 0 simultaneously, the sequential limits where N → ∞ is followed by h → 0, and the sequential limits where h → 0 is followed by N → ∞. All three asymptotic distributions are the same. The initial condition, either fixed or random, appears in the limiting distribution. The simultaneous …
Mncs And The Labour Crunch: Local Jobs May Suffer If Foreign Supply Is Curbed, Hian Teck Hoon
Mncs And The Labour Crunch: Local Jobs May Suffer If Foreign Supply Is Curbed, Hian Teck Hoon
Research Collection School Of Economics
No abstract provided.
Intertemporal Substitution In The Time Allocation Of Married Women, Ken Yamada
Intertemporal Substitution In The Time Allocation Of Married Women, Ken Yamada
Research Collection School Of Economics
This paper studies a life-cycle model of home production to examine how married women change their allocation of time in response to evolutionary movements along the life-cycle wage profile in Japan. After accounting for the potential bias due to heterogeneity, measurement error, weak instruments, and missing data, the estimates of intertemporal substitution elasticity obtained from the home production model are moderate and similar to those obtained from the standard labor supply model.
Custodes Invicem Custodiunt: Commitment Through Competition, Madhav S. Aney, Giovanni Ko
Custodes Invicem Custodiunt: Commitment Through Competition, Madhav S. Aney, Giovanni Ko
Research Collection School Of Economics
How can specialists in violence, such as the military or the police, commit not to expropriate from producers? In this paper we propose competition between these agents as one of the mechanisms that can deter predation. In our model, even if specialists in violence could expropriate all output costlessly, it is attractive to protect producers from predators. This is because there is a marginal defensive advantage and consequently defense is an effective way to potentially eliminate other specialists in violence, reducing competition and leading to higher future payoffs. Hence, producers can offer transfers to specialists in violence that make defense …
A New Necessary Condition For Implementation In Iteratively Undominated Strategies, Takashi Kunimoto, Roberto Serrano
A New Necessary Condition For Implementation In Iteratively Undominated Strategies, Takashi Kunimoto, Roberto Serrano
Research Collection School Of Economics
We uncover a new necessary condition for implementation in iteratively undominated strategies by mechanisms that satisfy the “best element property” where for each agent, there exists a strategy profile that gives him the highest payoff in the mechanism. This class includes finite and regular mechanisms. We conclude that either the quasilinearity-like assumptions of available sufficiency results cannot be completely dispensed with or some mechanisms that do not satisfy the best element property must be employed. We term the condition “restricted deception-proofness.” It requires that, in environments with identical preferences, the social choice function be immune to all deceptions, making it …