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Full-Text Articles in Economics

Bridging The Gap Between The Field And The Lab: Environmental Goods, Policy Maker Input, And Consequentiality, Christian A. Vossler, Mary F. Evans Jan 2009

Bridging The Gap Between The Field And The Lab: Environmental Goods, Policy Maker Input, And Consequentiality, Christian A. Vossler, Mary F. Evans

CMC Faculty Publications and Research

This paper explores the criterion validity of stated preference methods through experimental referenda that capture key characteristics of a stated preference survey for a proposed environmental program. In particular, we investigate whether advisory referenda, where participant votes have either known or unknown weight in the policy decision, can elicit values comparable to that of a standard, incentive-compatible referendum. When participants regard their votes as consequential, our results suggest there is no elicitation bias with advisory referenda. For advisory referenda where participants view their votes as inconsequential, and for purely hypothetical referenda, we observe elicitation bias.

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Financial Liberalization And International Capital Flows, Nancy Neiman Auerbach, Yoonmin Kim, Thana Sompornserm Jan 2009

Financial Liberalization And International Capital Flows, Nancy Neiman Auerbach, Yoonmin Kim, Thana Sompornserm

Scripps Faculty Publications and Research

It is interesting that domestic and international financial liberalization are among the most often cited causes of the 1997–98 crisis. Liberalization in the Asian crisis countries took place prior to the crisis as did large capital inflows, many of which reversed during the crisis in the classic pattern of capital flow bonanzas ending in sudden stops (Calvo, Izquierdo, and Mejía 2008; Reinhart and Reinhart 2008; Sula and Willett 2009). Furthermore, China and India, with much less general financial liberalization and a continuing array of capital controls, were little hit by the crisis. Malaysia’s experiment with increasing capital controls during the …

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Regulation With Direct Benefits Of Information Disclosure And Imperfect Monitoring, Mary F. Evans, Scott M. Gilpatric, Lirong Liu Jan 2009

Regulation With Direct Benefits Of Information Disclosure And Imperfect Monitoring, Mary F. Evans, Scott M. Gilpatric, Lirong Liu

CMC Faculty Publications and Research

We model the optimal design of programs requiring heterogeneous firms to disclose harmful emissions when disclosure yields both direct and indirect benefits. The indirect benefit arises from the internalization of social costs and resulting reduction in emissions. The direct benefit results from the disclosure of previously private information which is valuable to potentially harmed parties. Previous theoretical and empirical analyses of such programs restrict attention to the former benefit while the stated motivation for such programs highlights the latter benefit. When disclosure yields both direct and indirect benefits, policymakers face a tradeoff between inducing truthful self-reporting and deterring emissions. Internalizing …

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Hybrid Allocation Mechanisms For Publicly Provided Goods, Mary F. Evans, Christian A. Vossler, Nicholas E. Flores Jan 2009

Hybrid Allocation Mechanisms For Publicly Provided Goods, Mary F. Evans, Christian A. Vossler, Nicholas E. Flores

CMC Faculty Publications and Research

Motivated by efficiency and equity concerns, public resource managers have increasingly utilized hybrid allocation mechanisms that combine features of commonly used price (e.g., auction) and non-price (e.g., lottery) mechanisms. This study serves as an initial investigation of these hybrid mechanisms, exploring theoretically and experimentally how the opportunity to obtain a homogeneous good in a subsequent lottery affects Nash equilibrium bids in discriminative and uniform price auctions. The lottery imposes an opportunity cost to winning the auction, systematically reducing equilibrium auction bids. In contrast to the uniform price auction, equilibrium bids in the uniform price hybrid mechanism vary with bidder risk …

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Sexual Orientation Wage Gap: The Role Of Occupational Sorting And Human Capital, Heather Antecol, Anneke Jong, Michael Steinberger Jul 2008

Sexual Orientation Wage Gap: The Role Of Occupational Sorting And Human Capital, Heather Antecol, Anneke Jong, Michael Steinberger

CMC Faculty Publications and Research

Using data from the 2000 U.S. Census, the authors explore two alternative explanations for the sexual orientation wage gap: occupational sorting, and human capital differences. They find that lesbian women earned more than heterosexual women irrespective of marital status, while gay men earned less than their married heterosexual counterparts but more than their cohabitating heterosexual counterparts. Results of a Oaxaca-Blinder decomposition indicate that the relative wage advantages observed for some groups of lesbians and gay men were mainly owing to greater levels of human capital accumulation (particularly education), while occupational sorting had little or no influence. The relative wage penalties …

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The Persistent Problem: Inequality, Difference, And The Challenge Of Development, Aseema Sinha, John Echeverri-Gent, Leslie Elliott Armijo, Marc Blecher, Daniel Brumberg, Valerie Bunce, Kiren A. Chaudhry, John W. Harbeson, Evelyne Huber, Bronwyn Leebaw, Susanne Hoeber Rudolph, Loren Ryter, Susan L. Woodward Jul 2008

The Persistent Problem: Inequality, Difference, And The Challenge Of Development, Aseema Sinha, John Echeverri-Gent, Leslie Elliott Armijo, Marc Blecher, Daniel Brumberg, Valerie Bunce, Kiren A. Chaudhry, John W. Harbeson, Evelyne Huber, Bronwyn Leebaw, Susanne Hoeber Rudolph, Loren Ryter, Susan L. Woodward

CMC Faculty Publications and Research

This report highlights the complex, multidimensional nature of inequality in the era of globalization. It documents that despite the impressive strides by nations like China and India, absolute inequality between the richest and poorest countries is greater than ever before in history. It demonstrates that the rise of China and India creates a new dimension to the persistent problem of inequality.

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German Banks In The Global Economy: Global Pressures And Public Sector Banking, Jason A. Gorn May 2008

German Banks In The Global Economy: Global Pressures And Public Sector Banking, Jason A. Gorn

Pitzer Senior Theses

German banking is distinguished from neighboring European banking systems by the influence of its public sector banks. Nearly 50 percent of German banking is carried out by government owned state banks (ländesbanken) and regional savings banks (sparkassen) whose roots date from the 18 th century. German banks play a particularly important role in the economy and exert more control over firms and corporations than do their American counterparts. German banks tend to be less profitable than foreign counterparts. German public banks were originally founded to foster local and regional business. However, the operations of German public sector banks now extend …

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Comments On Lederman And Maloney’S ‘In Search Of The Missing Resource Curse’, Cameron Shelton Jan 2008

Comments On Lederman And Maloney’S ‘In Search Of The Missing Resource Curse’, Cameron Shelton

CMC Faculty Publications and Research

The paper by Daniel Lederman and William Maloney is part of a larger project of the authors.1 Their broader goal is to drive home the point that the possession of natural resource wealth does not inevitably lead to lower growth rates and thus lower per capita GDP. In their words, “the central tendency is not negative” and natural resources are neither curse nor destiny.

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Book Chapter: The Lexus And The Olive Branch: Globalization, Democratization And Terrorism, Gregory Hess, S. Brock Blomberg Jan 2008

Book Chapter: The Lexus And The Olive Branch: Globalization, Democratization And Terrorism, Gregory Hess, S. Brock Blomberg

CMC Faculty Publications and Research

This chapter provides an original study into how democratization and globalization influence terrorism, examining the motives of terrorists and how democratic institutions and international integration influence nonstate economic actors.

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From (No) Butter To Guns? Understanding The Economic Role In Terrorism, Gregory Hess, S. Brock Blomberg Jan 2008

From (No) Butter To Guns? Understanding The Economic Role In Terrorism, Gregory Hess, S. Brock Blomberg

CMC Faculty Publications and Research

This chapter provides a comprehensive study of the economic determinants of transnational terrorism and the role that development plays in fostering a more peaceful world.

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Complementarity And The Measurement Of Individual Risk Tradeoffs: Accounting For Quantity And Quality Of Life Effects, Mary F. Evans, V. Kerry Smith Jan 2008

Complementarity And The Measurement Of Individual Risk Tradeoffs: Accounting For Quantity And Quality Of Life Effects, Mary F. Evans, V. Kerry Smith

CMC Faculty Publications and Research

This paper considers the factors responsible for differences with age in estimates of the wage compensation an individual requires to accept increased occupational fatality risk. We derive a relationship between the value of a statistical life (VSL) and the degree of complementarity between consumption and labor supplied when health status serves as a potential source of variation in this relationship. Our empirical analysis finds that variations in an individual’s health status or quality of life and anticipated longevity threats lead to significant differences in the estimated wage/risk tradeoffs. We describe how extensions to the specification of hedonic wage models, including …

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Cost Estimating Certifications Offered By Professional Societies In The United States And Abroad, Donald S. Remer, Karen Ahle, Kevin Alley, John Silny, Karen Hsin, Elijah Kwitman, Allison Hutchings Jun 2007

Cost Estimating Certifications Offered By Professional Societies In The United States And Abroad, Donald S. Remer, Karen Ahle, Kevin Alley, John Silny, Karen Hsin, Elijah Kwitman, Allison Hutchings

All HMC Faculty Publications and Research

Many projects in industry and government go over budget and schedule. In most engineering economics courses, the emphasis is on how to compare alternatives and learn about time value of money and interest and inflation rates. The students are usually given the costs and asked to compare the alternatives. However, this is the easy part of the analysis. The hard part of real project evaluations is developing the cost and investment numbers to do the engineering economics analysis. In most engineering economic textbooks, there is at most one chapter on cost estimation. More and more companies and government organizations are …

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India’S Unlikely Democracy: Economic Growth And Political Accommodation, Aseema Sinha Apr 2007

India’S Unlikely Democracy: Economic Growth And Political Accommodation, Aseema Sinha

CMC Faculty Publications and Research

There is no doubt that India’s democracy has become stable, yet economic change could create distributional conflicts and stresses on its democratic institutions. Economic change and liberalization have served to reinforce and further stabilize democracy rather than undermining it. This has happened partly because of the nature of economic and social transition, which has allowed the rich many options in the private, urban, and global economy. Simultaneously, the poor are divided and seek redress through electoral and democratic channels. Weak coalition governments in the 1990s have responded to claims from the poor contributing to the continuing stability of Indian democracy.

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Trade, Production Networks And The Exchange Rate, Sven W. Arndt, Alex Huemer '99 Jan 2007

Trade, Production Networks And The Exchange Rate, Sven W. Arndt, Alex Huemer '99

CMC Faculty Publications and Research

This paper examines the effect of cross-border production sharing on trade and exchange-rate behavior. When a country’s exports contain imported components, changes in exchange rates tend to have offsetting effects on imports and exports. Imports may fall, remain unchanged or even rise with depreciation, depending on the share of domestic value-added in exports. The effect of domestic and foreign GDP on imports and exports is also altered by production sharing. These behavior patterns are identified in trade in motor vehicles between the United States and Mexico with the aid of OLS and VEC techniques.

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Assessing The State Of Tennessee’S Environment, Mary F. Evans Jan 2007

Assessing The State Of Tennessee’S Environment, Mary F. Evans

CMC Faculty Publications and Research

This 2007 volume of An Economic Report to the Governor of the State of Tennessee is the thirty-first in a series of annual reports compiled in response to requests by state government officials for assistance in achieving greater interdepartmental consistency in planning and budgeting efforts sensitive to the overall economic environment. Both short-term, or business cycle-sensitive forecasts, and longer-term, or trend forecasts, are provided in this report.

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Testing Tenure: Let The Market Decide, Michael Shermer Dec 2006

Testing Tenure: Let The Market Decide, Michael Shermer

CGU Faculty Publications and Research

Tenure debates and disputes are often irresolvable because of the complex and multivariate nature of contractual relationships between faculty and administration, and the nuanced and varying beliefs about tenure held by the professoriate. The Ceci et al. study leads this commentator to suggest a simple solution - allow individual institutions to define the parameters of tenure according to their unique core values.

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How Much Does Violence Tax Trade?, S. Brock Blomberg, Gregory Hess Nov 2006

How Much Does Violence Tax Trade?, S. Brock Blomberg, Gregory Hess

CMC Faculty Publications and Research

We investigate the empirical effect of violence, as compared to other trade impediments, on trade flows. Our analysis is based on a panel data set with annual observations on 177 countries from 1968 to 1999, which brings together information from the Rose data set, the iterate data set for terrorist events, and data sets of external and internal conflict. We explore these data with traditional and theoretical gravity models. We calculate that, for a given country year, the presence of terrorism together with internal and external conflict is equivalent to as much as a 30% tariff on trade. This is …

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Senturion: Predictive Political Simulation Model, Mark Abdollahian, Michael Baranick, Brian Efird, Jacek J. Kugler Jan 2006

Senturion: Predictive Political Simulation Model, Mark Abdollahian, Michael Baranick, Brian Efird, Jacek J. Kugler

CGU Faculty Publications and Research

This paper summarizes work utilizing the Senturion predictive analysis software at the National Defense University (NDU). The Center for Technology and National Security Policy (CTNSP) at NDU has been testing the Senturion capability since 2002, and has begun to support the application of this new technology in DOD. In this paper, we begin by describing the methodology underlying the software, and then provide an overview of three case studies that used the software: a predictive analysis of the stabilization and reconstruction phase of Operation Iraqi Freedom (OIF), the run-up to the Iraqi elections in January 2005, and the leadership transition …

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Understanding The Rise And Transformation Of Business Collective Action In India, Aseema Sinha Aug 2005

Understanding The Rise And Transformation Of Business Collective Action In India, Aseema Sinha

CMC Faculty Publications and Research

Scholars of business associations have recently learned a great deal about how associations contribute to development, but much less about the origins of such developmental associations. This essay introduces and assesses a new political explanation for the origins of ‘developmental associations.’ Conventional wisdom holds that developmental associations must be able to rise above political and collusive pressures and establish autonomy from states. Yet, I argue that these associations’ developmental capacities emerge as a result of active state support by key actors, and in response to challenges and threats posed by competitive business organizations. Developmental associations emerge and acquire their capacities …

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Discussion: Narrow Money, Broad Money, And The Transmission Of Monetary Policy, Gregory Hess Jan 2005

Discussion: Narrow Money, Broad Money, And The Transmission Of Monetary Policy, Gregory Hess

CMC Faculty Publications and Research

Monetary policy and theory have been greatly transformed since Dale Henderson, Richard Porter, and Peter Tinsley (HPT) first crossed the Board's threshold more than thirty years ago. Judging from the sustained levels of robust growth and moderate rates of inflation in the United States since the early 1980s, both theory and policy have moved in a welfare-improving direction. The dramatic evolution of monetary policy during HPT's tenure simply cannot be overstated. A revolution took place during their watch, and as the custodians and facilitators of research at the Federal Reserve Board, these three amigos should certainly take some credit.

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Marriage And Consumption Insurance: What’S Love Got To Do With It?, Gregory Hess Apr 2004

Marriage And Consumption Insurance: What’S Love Got To Do With It?, Gregory Hess

CMC Faculty Publications and Research

When markets are incomplete, individuals may choose to marry to diversify their labor income risk. Love, however, can complicate the picture. If love is fleeting or the resolution of agents’ income uncertainty occurs predominantly later in life, then marriages with good economic matches last longer. In contrast, if love is persistent and the resolution of uncertainty to agents’ income occurs early, then marriages with good economic matches are more likely to be caught short with too little love to save a marriage. Consequently, once married, the partners will be more likely to divorce. Evidence is provided to distinguish between these …

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The Changing Nature Of Employment-Related Sexual Harassment: Evidence From The U.S. Federal Government, 1978 – 1994, Heather Antecol, Deborah Cobb-Clark Apr 2004

The Changing Nature Of Employment-Related Sexual Harassment: Evidence From The U.S. Federal Government, 1978 – 1994, Heather Antecol, Deborah Cobb-Clark

CMC Faculty Publications and Research

This paper examines the changing nature of attitudes toward and reports of sexual harassment using data for 1978–94 drawn from the U.S. Merit Systems Protection Board (USMSPB) of the U.S. federal government. The authors find that although unwanted sexual behavior reported by federal government employees changed only slightly in overall incidence over the period, its pattern changed noticeably. Unwanted sexual attention by supervisors, for example, declined in incidence; crude and offensive behavior by co-workers increased; and the likelihood that harassment would occur only once (rather than repeatedly) increased. Employees’ attitudes toward sexual harassment changed markedly, with a dramatically increased willingness …

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Trade Diversion And Production Sharing, Sven W. Arndt Jan 2004

Trade Diversion And Production Sharing, Sven W. Arndt

CMC Faculty Publications and Research

This paper examines the repercussions of cross-border production sharing for the welfare effects of preferential trade liberalization. In a general-equilibrium context, a free trade agreement (FTA), which incorporates production sharing, raises the likelihood of welfare improvement. Thus, two members of a free trade area, who each have comparative disadvantage in the production of a final product relative to a non-member, may nevertheless enjoy net trade creation if they jointly possess comparative advantage in key components of that product. At a minimum, cross-border production sharing reduces the trade-diverting elements of an FTA. It follows, that rules of origin, viewed as constraints …

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Global Production Networks And Regional Integration, Sven W. Arndt Jan 2004

Global Production Networks And Regional Integration, Sven W. Arndt

CMC Faculty Publications and Research

The rest of the chapter is organized as follows. Section 2 lays out the basic argument in a standard general equilibrium framework, while Section 3 examines key welfare effects of joint production in a partial equilibrium framework. Section 4 studies the effect of production sharing on the exchange-rate sensitivity of trade and discusses alternative measurements of the balance of trade. Section 5 deals with the real-exchange-rate effects of an investment cycle associated with the implementation of joint production. Section 6 considers exchange-rate regime choice. Section 7 concludes.

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Review: Liah Greenfeld, The Spirit Of Capitalism: Nationalism And Economic Growth (Cambridge, Mass., 2001), Andre Wakefield Dec 2003

Review: Liah Greenfeld, The Spirit Of Capitalism: Nationalism And Economic Growth (Cambridge, Mass., 2001), Andre Wakefield

Pitzer Faculty Publications and Research

Reviewed work: Liah Greenfeld. The Spirit of Capitalism: Nationalism and Economic Growth. Cambridge, Mass.: Harvard University Press, 2001. Pp. xi+541. $45.00

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The Political Economy Of Perverse Financial Liberalization: Examples From The Asian Crisis, Nancy Neiman Auerbach, Thomas D. Willett Jan 2003

The Political Economy Of Perverse Financial Liberalization: Examples From The Asian Crisis, Nancy Neiman Auerbach, Thomas D. Willett

Scripps Faculty Publications and Research

Debates continue to rage about the causes of recent currency and financial crises around the globe and their implications for the desirability of domestic and international financial liberalization. Beneath the heated exchanges of the most vocal disputants, a quiet consensus is beginning to emerge among serious scholars and policy officials. The big lesson from these crises is that while financial liberalization is still a desirable goal, it must be approached very carefully. It’s not just that without the proper pre-conditions liberalization will not provide full benefits. The results can sometimes be disastrous. What was once considered to be an arcane …

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The Pros And Cons Of North American Monetary Integration, Sven W. Arndt Jan 2003

The Pros And Cons Of North American Monetary Integration, Sven W. Arndt

CMC Faculty Publications and Research

This study examines the major arguments for and against enhanced monetary integration in North America, with particular emphasis on the Canadian perspective. In this context, the question is whether the current floating rate regime should be replaced by greater fixity of exchange rates in relation to the U.S. dollar. While the choice among fixed rate systems is wide in principle, for practical purposes the Canadian debate centres on the pros and cons of monetary union. As other countries in the northern hemisphere may be reluctant to embrace monetary union, the following discussion also examines other potential candidate regimes, including currency …

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Production Sharing And Singapore’S Global Competitiveness, Sven W. Arndt Jan 2003

Production Sharing And Singapore’S Global Competitiveness, Sven W. Arndt

CMC Faculty Publications and Research

Singapore has made spectacular progress in recent decades in pushing its economy into the world's top ranks. One important payoff has been a substantial rise in living standards. Among the main drivers behind this accomplishment have been entrepot trade, which exploits an important natural comparative advantage, on the one hand, and enlightened education, social, and economic policies, which have built up man-made comparative advantage based on human capital, on the other.

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Production Sharing And Regional Integration, Sven W. Arndt Jan 2002

Production Sharing And Regional Integration, Sven W. Arndt

CMC Faculty Publications and Research

Preferential trade agreements between dissimilar economies are known to encourage inter-industry specialization, but when they take place between developed and developing countries, they also change the nature of intra-industry trade by facilitating cross-border production sharing. When such arrangements liberalize foreign direct investment as well as trade, production is internationalized and component or intra-product trade increases. Using a standard trade model, this paper derives the conditions under which integration of this type improves competitiveness and raises employment, output, and welfare.

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Future Exchange Rate Regimes For Developing East Asia: Exploring The Policy Options, Sven W. Arndt Jan 2002

Future Exchange Rate Regimes For Developing East Asia: Exploring The Policy Options, Sven W. Arndt

CMC Faculty Publications and Research

No abstract provided.

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