Economics Commons^™

Part 7: The Economics Of Casino Gambling In Hampton Roads, Center For Economic Analysis And Policy, Old Dominion University

State of the Region Reports: Hampton Roads

The experience of other cities tells us that casino gambling would not have a large economic effect upon Hampton Roads. Further, casino gambling brings with it a variety of other costs that must be considered. The net effect may be close to zero.

Next Focal Point Of China's Stock Market: Earnings-But Can We Trust The Numbers?, Shaomin Li, Seung Ho Park

Management Faculty Publications

[Introduction] The recent stock market turmoil and the economic slowdown in China have kept analysts busy projecting where the economy is going and what the government will do. The Chinese government has also issued a number of reforms of state-owned enterprises and other aspects of the economy. However, these reforms and increased scrutiny by both regulators and investors will be futile unless larger problems with market fundamentals in Chinese companies are addressed.

While the world's attention has been fixed on what the Chinese government is going to do next, there has been a tendency to neglect market fundamentals and to …

Part 3: Digging Deeper: A Closer Look At Defense Spending In Virginia, Center For Economic Analysis And Policy, Old Dominion University

State of the Commonwealth Reports

An estimated 11.8 percent of Virginia’s GDP depends upon defense spending. An important part of this are the contracts awarded to Virginia businesses by the Department of Defense. Two regions – Northern Virginia and Hampton Roads – account for 86 percent of these contracts.

Part 4: If You Can Make It There... You Can Make It Even Better In Virginia, Center For Economic Analysis And Policy, Old Dominion University

State of the Commonwealth Reports

The good news is that the “real,” inflation-adjusted incomes of Virginians in nearly every area of the Commonwealth are higher than in nearly all comparable regions along the Atlantic Coast, including New York City.

Part 5: Fly Away With Me: A Look At Virginia's Airports, Center For Economic Analysis And Policy, Old Dominion University

State of the Commonwealth Reports

For several years, both passenger traffic and the number of available seats have been in decline at nearly all of the Commonwealth’s airports. Reagan/Washington National and Charlottesville are the major exceptions. Decisions made by the U.S. Congress have placed a particular burden on Dulles International.

Part 8: Domestic Migration: What Moves Us?, Center For Economic Analysis And Policy, Old Dominion University

State of the Commonwealth Reports

Virginians and all other Americans can vote with their feet and move from one location to another in response to job opportunities, amenities and other factors. Recently, Virginia has experienced very low or even negative levels of net domestic migration. We look at the migration experience of 358 metropolitan regions nationally (including the largest eight in Virginia) to provide some answers.

Part 1: The Virginia Economy Struggles To Cope With Economic Headwinds, Center For Economic Analysis And Policy, Old Dominion University

State of the Commonwealth Reports

The Virginia economy grew 0.02 percent in real terms in 2014, will grow only about 1.33 percent in 2015, and we forecast only a 1.98 percent growth rate in 2016. The villain in this scenario is stagnant or declining federal spending, especially defense spending.

Introduction To The Special Issue: Towards A Theoretical Understanding Of Innovation And Entrepreneurship In India, Sanjay Jain, Anil Nair, David Ahlstrom

Management Faculty Publications

Over the past few decades, India has become one of the world’s most vibrant economies (Chari & Banalieva, 2015). While the first forty years after India’s independence in 1947 was characterized by a sluggish annual growth rate (of approximately 3%), economic reforms initiated in 1991 have resulted in the GDP growing at a rate of around 6.8% in the last quarter century (Chari & Banalieva, 2015;McCloskey, 2010). Conversely, while the pre-reform institutional environment generally underemphasized and undermined entrepreneurial and innovative activity (Bardhan, 1994; Baumol, Litan, & Schramm, 2009;Sivaraman, 1991), the post-reform period has been characterized by a much wider acceptance …

Exploring A Toll Auction Mechanism Enabled By Vehicle-To-Infrastructure Technology, Andrew J. Collins, Erika Frydenlund, R. Michael Robinson, Mecit Cetin

VMASC Publications

High-occupancy toll (HOT) lanes—an increasingly popular solution for congested roadway networks—give drivers the option to access express lanes. The cost of entry often varies with demand, although no standard method of optimizing these price points exists. Using the principles of a Vickrey auction that incentivizes true-value bids, this paper proposes a tolling system that uses vehicle-to-infrastructure technology to optimize toll operator revenue with HOT lane usage. In the scenario, a roadway network consists of a HOT lane and a general-purpose lane, each with identical physical properties. Drivers can access the HOT lane at the start of the facility or at …

Examining Industrial Interdependence Between Japan And South Korea: A Favar Approach, David D. Selover, Takeshi Yagihashi

Economics Faculty Publications

This paper investigates the economic relationship between Japan and South Korea by incorporating disaggregated output measures. Using a factor-augmented vector autoregression (FAVAR) model, we conduct several experiments to test the nature of the interdependence, both in the aggregate and by sector. We find that South Korean output shocks affect the Japanese economy in a significant manner, whereas Japanese output shocks have a limited effect on South Korea. By further examining the transmission mechanism of sectoral output shocks and comparing them with the direction of sectoral trade, we find evidence of cross-border production sharing, which explains the asymmetric results seen in …

Health Care Use, Out-Of-Pocket Expenditure, And Macroeconomic Conditions During The Great Recession, Juan Du, Takeshi Yagihashi

Economics Faculty Publications

We study how macroeconomic conditions during the Great Recession affected health care utilization and out-of-pocket expenditures of American households. We use two data sources: the Consumer Expenditure (CE) Survey and the Survey of Income and Program Participation (SIPP); each has its own advantages. The CE contains quarterly frequency variables, and the SIPP provides panel data at the individual level. Consistent evidence across the two datasets shows that utilization of routine medical care was counter-cyclical, whereas hospital care was pro-cyclical during the Great Recession. When we examine the pre-recession period, the relationship between macroeconomic conditions and health care use was either …

Are Religion And Environmentalism Complements Or Substitutes?: A Club-Based Approach, Feler Bose, Timothy M. Komarek

Economics Faculty Publications

In this article, we analyze the causal link between membership in environmental groups and active participation and membership in religious groups. We use a club-based model and employ OLS and spatial econometrics with controls to test for whether membership and participation in a religious group is a substitute or complement for membership in environmental groups. Instrumental variables estimation was used as a robustness check. We found that religious participation and religious membership in evangelical groups are a substitute for environmental membership. Much of the work on environmental concerns has focused on answers to survey questions, not on membership. We used …

Unemployment And Economic Integration For Developing Countries, Haiwen Zhou

Economics Faculty Publications

While financial or trade integration between countries may increase the size of the market and aid the adoption of more advanced technologies, will it also increase the level of urban unemployment for a developing country? In this model, there is unemployment in the urban sector. Manufacturing firms engage in oligopolistic competition and choose increasing returns technologies to maximize profits. Financial firms provide capital to manufacturing firms and they also engage in oligopolistic competition. We show that an increase in the wage rate in the manufacturing sector changes neither the level of technology nor the level of employment in the manufacturing …

Estimating Cost Adjustments Required To Accomplish Target Savings In Chronic Disease Management Interventions: A Simulation Study, Rafael Diaz, Joshua G. Behr, Bruce S. Britton

VMASC Publications

Chronic diseases are persistent ailments that are not preventable or curable with medication or vaccination. Many of the leading chronic conditions in industrialized societies may be related to lifestyle choices. The prevalence of these chronic conditions significantly affects the health, suffering, and longevity of patients. This paper demonstrates the utility of system dynamics as an approach to model and simulate the behavior of key cost factors in the implementation of population health management interventions. The study uses modeling and simulation as an evaluative method to identify potential savings stemming from an intervention within a well-defined population group. The model is …

Intertemporal Elasticity Of Substitution And Risk Aversion: Are They Related Empirically?, Takeshi Yagihashi, Juan Du

Economics Faculty Publications

This article examines the relationship between two types of preference: preference of intertemporal choices and preference towards risk. In the simplest form of the constant relative risk aversion utility function, the intertemporal elasticity of substitution (IES) and risk aversion have an inverse relationship. However, there is no empirical evidence that suggests this inverse relationship holds. We examine the relationship between risk aversion and IES using household consumption data from the Consumer Expenditure Survey during 1996–2010. Multiple risk domains are selected to represent risk preference, and for each domain, we consider some households to be more risk averse than others. We …

The Choice Of Technology And Equilibrium Wage Rigidity, Haiwen Zhou

Economics Faculty Publications

In this general equilibrium model, firms engage in oligopolistic competition and choose increasing returns technologies to maximize profits. Capital and labor are the two factors of production. The existence of efficiency wages leads to unemployment. The model is able to explain some interesting observations of the labor market. First, even though there is neither long-term labor contract nor costs of wage adjustment, wage rigidity is an equilibrium phenomenon: an increase in the exogenous job separation rate, the size of the population, the cost of exerting effort, and the probability that shirking is detected will not change the equilibrium wage rate. …

The State Of The Region: Hampton Roads 2014, James V. Koch, Vinod Agarwal, Chris Colburn, Vicky Curtis, Steve Daniel, Elizabeth Janik, Feng Lian, Sharon Lomax, Alice Mcadory, Janet Molinaro, Ken Plum, Ayush Toolsidass, Shara Weber, Luke Watson, Gilbert Yochum

Economics Faculty Books

This is Old Dominion University's 15th Annual State of the Region Report. While it represents the work of many people connected in various ways to the university, the report does not constitute an official viewpoint of Old Dominion or it's president, John R. Broderick. The report maintains the goal of stimulating thought and discussion that ultimately will make Hampton Roads an even better place to live. We are proud of our region's many successes, but realize that it is possible to improve our performance. In order to do so, we must have accurate information about "where we are" and a …

Modeling Solutions For Prevention Of Medicare Insolvency For The Baby Boomer Generation (Born 1946 - 1964), Gregory Thomas Scott

Health Services Research Dissertations

Medicare, a United States social insurance program operated by the United States federal government, began operating in a deficit in the year 2010. More funding was expended than revenue received for medical care, creating significant shortfalls for the Medicare Trust Fund. This study examined possible initiatives to describe Medicare funding related to issues as financial shortfalls utilizing mathematical modeling and simulation. The Park Conceptual Model is a framework created to identify internal and external changes that influence bankruptcies related to municipalities, and this Model served as the theoretical basis for this study.

The following study addressed insolvency as negative cash …

Transnational Organized Crime And The Illegal Wildlife Trade Global Ties And Global Crime, Zachariah Edward Long

Graduate Program in International Studies Theses & Dissertations

World biodiversity is faced with many different threats in today's globalized world. One such threat is the emergence of transnational organized crime in the illegal wildlife trade. But why would transnational organized crime which is traditionally associated with such crimes like illegal drugs, weapons, and human trafficking be interested in the illegal wildlife trade? This thesis seeks to explore why transnational organized crime as a rational business actor would it be interested in participating in the illegal wildlife trade. To explore this relationship, this thesis will look at several different variables. First the economic conditions oflocals living with wildlife and …

The World Of Goods In Pre-Revolutionary Virginia, Ronald C. Merritt Jr.

History Theses & Dissertations

This paper will study the effects that the expansion of consumerism and nonimportation had in the colony of Virginia. It will analyze the validity of the arguments made by T. H. Breen's The Marketplace of Revolution. Breen's first contention was that a world of goods had been formed in the American colonies and that this consumer culture helped unite the colonists. This second contention was that the non-importation and non-consumption associations were successful in unifying the colonies and quelling opposition to the Continental cause.

Evidence of the growth of consumerism in mid-eighteenth century America will be analyzed and a …

Life In Hampton Roads Survey Press Release #2: A Tale Of Many Cities: Economy, Crime, And Politics, Social Science Research Center, Old Dominion University

Life in Hampton Roads Survey Report

This report examines regional and sub-regional measures of economy, crime, and politics perceptions from the 2014 Life In Hampton Roads survey (LIHR 2014) conducted by the Old Dominion University Social Science Research Center.

Front Matter: The State Of The Region: Hampton Roads 2014, Regional Studies Institute, Old Dominion University

State of the Region Reports: Hampton Roads

Cover, front matter, table of contents, sponsors, and other materials for the 2014 The State of the Region report authored by the Regional Studies Institute at Old Dominion University

Part 2: Mixed Signals: Migration Data And Regional Economic Vitality, Regional Studies Institute, Old Dominion University

State of the Region Reports: Hampton Roads

Between 2010 and 2013, our region experienced net out-migration, after taking account of births and deaths. We are, however, attracting many new immigrants from abroad.

Part 1: Rebounding, Albeit Slowly, Regional Studies Institute, Old Dominion University

State of the Region Reports: Hampton Roads

In a nutshell, our regional economy continues to recover, but still has not regained the jobs lost in the 2008 recession.

Part 3: Megachurches In Hampton Roads, Regional Studies Institute, Old Dominion University

State of the Region Reports: Hampton Roads

There are 14 “megachurches” in Hampton Roads and each enjoys an average attendance in excess of 2,000 weekly. They are redefining organized religion in our region.

Part 4: Homeless Children In Hampton Roads: Estimating The Costs To Society, Regional Studies Institute, Old Dominion University

State of the Region Reports: Hampton Roads

More than 22 percent of homeless people are children under age 18. We focus on the work of the organization ForKids Inc. as a way to estimate these costs and benefits of homelessness to society.

Part 6: Economic Development Incentives: Compteting Against Ourselves, Regional Studies Institute, Old Dominion University

State of the Region Reports: Hampton Roads

Is the time-honored strategy of providing financial incentives to attract new firms the most productive way for our region to proceed, or instead should we be looking at alternatives such as “gardening” existing firms and creating “innovation districts”?

Part 5: The Impact Of Vehicle Tolls On Hampton Roads: Job Mobility, Residential Living Choices And Regional Cohesion, Regional Studies Institute, Old Dominion University

State of the Region Reports: Hampton Roads

This was one of the hottest topics in Hampton Roads this past year and we analyze the probable effects of those tolls on our region.

Part 7: The Answer Is Always "Yes": How Our Cities Repeatedly Ignore The Evidence And Choose To Construct Unprofitable And Unneeded New Convention And Hotel Capacity, Regional Studies Institute, Old Dominion University

State of the Region Reports: Hampton Roads

In a related chapter, we point out that our cities persistently ignore available evidence and choose to provide large financial subsidies for arenas, stadiums, convention centers and hotels.

Great Powers, The Persian Gulf, And Global Oil: A Comparative Analysis, Katerina Oskarsson

Graduate Program in International Studies Theses & Dissertations

Using original data, this study explores the changing capabilities of the United States, China, and Russia in the conflict-ridden Persian Gulf since 1980. It reveals what such shifts mean for American hegemony, the international distribution of capabilities in the region, relations among the great powers, and global oil security.