Economics Commons^™

The Legend Of The Bear Lake Monster, Melissa Anderson Asay

All Graduate Reports and Creative Projects, Fall 2023 to Present

The Bear Lake Monster is a legend that has persisted for centuries. This monster is rooted in Shoshone oral traditions and hold the potential to be based off of fossils found in the Shoshone territory. This living legend was later amplified by Mormon settlers. One settler in particular, Joseph C. Rich, played a significant role in shaping its narrative. Though he eventually admitted to fabricating sightings to encourage settlement, belief in the creature remains alive today. The serpent’s presence in local lore has undeniably influenced the Bear Lake region, shaping both its identity and tourism industry. This legend serves as …

Three Essays In Discrete Choice Analysis: Valuation, Attention Level, And Spatial Heterogeneity, Marcelo Pignatari

All Graduate Theses and Dissertations, Fall 2023 to Present

Understanding how people value food labels and environmental goods is essential for designing policies, incentives, and market mechanisms that improve the well-being of the population. In this study, we found that a local label indicating that fruit was produced in Utah makes Utahns value strawberries, gala apples, and dried tart cherries more. An organic label has a similar effect, which is especially strong for dried tart cherries. In contrast, a freshness label only increases value for fruits with a shorter shelf life, such as strawberries. We also found that people who chose to access clarifying information about what these labels …

Financial Overconfidence, Borrowing, And Life-Cycle Outcomes, Jessica B. Parkinson

All Graduate Reports and Creative Projects, Fall 2023 to Present

This paper studies the effects of overconfidence in a lifetime consumption and savings model that allows for debt accumulation. Overconfidence, a well-documented behavioral bias, leads individuals to hold distorted perceptions of the different interest rates that they face on their savings and on their borrowings. While existing life-cycle models with overconfidence abstract from debt, I introduce a spread between the interest rates on savings and on borrowings, where the overconfident individual forms distorted perceptions of this spread. To model the actual and the perceived spreads, a continuously differentiable logistic function is utilized, and these spreads are incorporated into a standard …

Learning From 2002: County-Level Economic Analysis Of The Salt Lake City Winter Olympics And Implications For Utah 2034, Ronan Spencer

Undergraduate Honors Capstone Projects

This paper examines economic and distributional impacts and the existing literature on the 2002 Salt Lake City Winter Olympics to inform policy recommendations for the upcoming 2034 Utah Olympic Games. Using a difference-in-differences (DiD) framework on county-level data from 1995 to 2006, we compare Utah host counties to Colorado counties. Results indicate that the Games generated an average of 1,084 Leisure and Hospitality jobs per host county, suggesting approximately 5,420 total jobs across all five host counties. We saw a positive but marginally significant increase in tourism and hospitality GDP of $37.2 million relative to Colorado controls (p=0.078). We also …

Restorative Justice In Cache Valley: Building Community Resilience Through Restorative Practices, Rivkah Haubner

Undergraduate Honors Capstone Projects

Restorative justice as a field of study is primarily applied to criminal justice proceedings or similar topics. As such, its use as a tool in political organizing is an underdeveloped field. Due to its Indigenous history, restorative justice has intrinsically ant-colonial, anti-imperial, and anti-racist roots and is therefore already situated within the ethos of many progressive movements. Historically, radical movements within the United States and across the world experienced both internal and external pressures that undermined their goals. Restorative justice offers a framework through which to understand political action as a whole and specific tools to address internal conflict within …

Housing Markets In The American West: A Dynamic Time Warping Analysis Of Inter-City Relationships, Daniel Johnson

All Graduate Theses and Dissertations, Fall 2023 to Present

Housing markets revolve around perhaps the most consequential good to the average person, yet the relationships between local housing markets remain understudied. While major American cities appear to follow similar patterns, the nature of these connections is not fully understood. This project looks at housing markets across the western United States, using Dynamic Time Warping (DTW) to identify which cities tend to lead or lag others in price movements, and look at the overall similarity of their market movements. We also explore whether geographic distance, population growth, and income growth help explain why some markets are more similar than others. …

Bridging Gaps In Data Utilization: An Evaluation Of The Rural Utah Data Symposium, Paul A. Hill

Outcomes and Impact Quarterly

This study evaluates the effectiveness of the Rural Utah Data Symposium, an event designed to address data-driven decision-making among rural leaders. The symposium features expert-led presentations on the rural economy, healthcare, housing, mobility, broadband, and wellbeing. Data were collected through an online exit survey with a 67% response rate (n = 35). Attendees rated presentation quality, learning outcomes, and overall satisfaction. Findings show high ratings and positive learning outcomes, demonstrating the symposium’s value in empowering informed decision-making. Recommendations include increasing interactivity among attendees, broadening content scope, and expanding statewide representation to further support data utilization in rural Utah.

Farmers Markets As Community Infrastructure: Evidence From A Three-Year Statewide Data Project In Utah, Jaclyn Pace, Roslynn Mccann, Blue Cook, Steven Price, Lorali Smith, Dianna Parkynn, Joshua Cafferty

Outcomes and Impact Quarterly

Utah farmers markets play a critical role in food access, small business viability, and community connection, yet limited statewide data document their impact. The Utah Farmers Market Network (UFMN) and Utah State University (USU) Extension conducted a mixed-methods evaluation (2023–2025) and found that farmers markets make valuable contributions to the community.

An Empirical Investigation Of The Effects Of Gunshot Detection Technology In Detroit, Joe Davis

All Graduate Reports and Creative Projects, Fall 2023 to Present

This paper evaluates the impact of acoustic gunshot detection technology (GDT) on crime and policing outcomes in Detroit, Michigan. Leveraging the implementation of ShotSpotter across high-crime neighborhoods, I analyze outcomes including crime rates, emergency calls, police response times, and case clearance. My findings indicate that ShotSpotter installation is associated with a 6% reduction in violent crime but a modest increase in nonviolent crime. The technology also produces a large increase in the reporting of gunfire incidents—over 300% more gunshot-related calls for service—yet police respond 7% slower to ShotSpotter alerts than to citizen-reported gunshots. Consistent with prior research, I find no …

The Economic Impact Of Drought On Alfalfa Price Formation And Irrigation Modernization Feasibility In The Western U.S., Saba Ardakani

All Graduate Theses and Dissertations, Fall 2023 to Present

This research examines how drought severity affects alfalfa hay prices across nine Western states from 2021 to 2024, using detailed economic analysis and market data. The findings show that droughts significantly raise alfalfa prices, especially when combined with other market and product factors such as forage quality and package, while other factors like corn prices also influence the market. Additionally, the research examines the economic potential of upgrading wheel-line irrigation systems with technologies such as low-pressure sprinklers and automated controls. Modernization substantially reduces water, labor, and energy costs while boosting crop yields, offering a practical solution for farmers. In Utah, …

Intergenerational Transfers In A Tractable Overlapping-Generations Setting, James Feigenbaum, T. Scott Findley, Sepideh Raei

Economics and Finance Faculty Publications

Motivated by the Generation-Skipping Transfer Tax (GSTT) in the United States, we examine how varying estate tax rates by the heir’s age affects welfare. Methodologically, we introduce a parsimonious constant elasticity of substitution (CES) bequest utility that is markedly more tractable than the altruistic specifications commonly used in the literature, delivering closed-form optimal rules and transparent parameterization. Using this new framework, we provide a proof of concept showing how transfers from older to younger generations can enhance equilibrium welfare in a dynamically efficient economy à la Samuelson (1975). We embed the tractable bequest utility in a two-period overlapping-generations model with …

Evaluating The “What’S Up Down South” Economic Summit: Accelerating Growth And Expanding Impact, Paul A. Hill

Outcomes and Impact Quarterly

This study evaluates the effectiveness of the 2025 What’s Up Down South economic summit, a platform for regional economic development. Data were collected through an online exit survey with a 30% response rate (n = 176), incorporating quantitative ratings and open-ended feedback to assess learning outcomes and program quality. The evaluation examined attendees’ perceptions of keynote and breakout sessions, overall satisfaction, and suggestions for improving the event. Findings indicate that the summit delivered valuable economic insights and programming while citing opportunities to improve speaker diversity, event logistics, and data collection. These insights will guide future planning to sustain the summit’s …

Do The Theoretical Frameworks Surrounding Union Wage Negotiations Align With Empirical Data?, Sajid Bin Hasnat

All Graduate Reports and Creative Projects, Fall 2023 to Present

This paper investigates whether the strategic bargaining models developed in game theory align with outcomes observed in laboratory and field settings. We aim to synthesize theoretical literature with experimental and field data to assess the predictive power of game-theoretic models in labor-union wage negotiation contexts. We analyze Rubinstein's bargaining model and its extensions, focusing on how relaxed assumptions affect equilibrium behavior, gains from trade, and dispute occurrence. The theoretical analysis reveals that many bargaining failures stem from asymmetric information between both parties, where delay, transaction costs, deadlines, and reputational effects lead to distinct equilibrium predictions. To test these theoretical predictions, …

Tax Increment Financing: A History And Analysis Of Its Success And Failure, Justin Cederlof

All Graduate Reports and Creative Projects, Fall 2023 to Present

Tax increment financing (TIF) is used by cities and towns to subsidize projects within their jurisdictions. The name derives from the growth in the tax base that a (re)development is theoretically responsible for. The increase in tax revenue is directed to funds to pay for the project. TIF is used in 49 U.S. states and each state has unique legislation for its use of it, though there are large similarities between states on how it’s implemented. Research suggests mixed results with whether or not the increase in the tax base is enough to pay off how much money went toward …

Correlative Assessment Of Demographic Markers And Health Insurance On Self-Reported Health Status, Ismat Ara Sharin Sajnee

All Graduate Reports and Creative Projects, Fall 2023 to Present

This study investigates whether known demographic groups report poorer health status even after adjusting for health insurance. Research analyzes the factors that correlate with poor reported health status and demographic markers associated with inequitable healthcare access. Sealy-Jefferson et al. (2015) explores the rate of health insurance as a primary mechanism to mitigate the financial risk of accessing health care, but significant racial and ethnic health disparities continue to exist among insured populations.

This study uses pooled cross-sectional data from the National Health Interview Survey (NHIS) from 2019 to 2023 and simple linear regression models to examine the relationship between demographic …

The Impact On Life-Cycle Consumption, Saving, Labor Supply, And On Bequests When Individuals Possess Time-Inconsistent Preferences, Barna Bose

All Graduate Reports and Creative Projects, Fall 2023 to Present

This study examines how the presence of time-inconsistent preferences affects a representative individual's decisions about how much to consume, to save, and how intensively to work, in addition to the size of a bequest to leave behind at death. The model is used to analyze the behavior of both time-inconsistent individuals (characterized by a hyperbolic discount function) and the behavior of time-consistent individuals (characterized by an exponential discount function). The model demonstrates how these two representative types of individuals make intertemporal choices over time. While the model distinguishes between time-inconsistent and time-consistent individuals with respect to using alternative discount functions, …

Preparing Youth For Careers In Drone Aviation: Evaluating Washington County 4-H Drone Camps, Paul A. Hill, Aubree L. Miller, Katarina J. Aikens

Outcomes and Impact Quarterly

Drone technology presents growing career opportunities, yet youth access to education in this field remains limited. This study evaluates the Washington County 4-H Drone Camps, which aimed to equip youth in 4^th – 8^th graders with essential knowledge and skills in drone aviation. The Drone Camps focused on competencies such as drone anatomy, FAA regulations, and piloting skills. Evaluation results indicated youth improved in all competency areas after completing the camp. The Washington County 4-H Drone Camps effectively allowed youth to explore drone technologies and prepare them for a possible career pathway.

A Comprehensive Parcel-Level Dataset On Farmland Assessment: Addressing Grid-Cell Data Bias Estimation, Wai Yan Siu, Man Li, Arthur J. Caplan

Applied Economics Faculty Publications

Grid-cell data are increasingly used in research due to the growing availability and accessibility of remote sensing products. However, grid-cell data often fails to represent the actual decision-making unit, leading to biased estimates in socio-economic analysis. To this end, this paper presents a comprehensive parcel-level dataset for Salt Lake County, Utah, spanning from 2008 to 2018. This dataset combines detailed spatial and temporal data on land ownership, land use, and preferential farmland tax assessments under the Greenbelt program. Compiled from multiple geospatial sources, the dataset includes nearly 200,000 parcel-year observations, providing valuable insights into landowner decision-making and the impact of …

Estimating The Impacts Of Utah's Down Payment Assistance Program (Sb240): A Framework For Analyzing State And Regional Dpa Policies, Dylan Fallentine

All Graduate Reports and Creative Projects, Fall 2023 to Present

I examine the impact of Utah's Senate Bill 240, a targeted down payment assistance program for new homes priced under $450,000, on housing affordability and developer behavior. Using Synthetic Difference-in-Differences, Bayesian Structural Time-Series, Fixed Effects Difference-in-Differences, and Event Study Analysis, I assess whether SB240 influenced the construction of more affordable homes and led to reduced lot sizes, thereby fueling affordability.

My empirical analysis reveals that SB240 significantly reduced the transaction price of entry-level new homes in Utah, with an estimated average reduction of approximately $23,000. This effect is robust across various econometric models and data pools, indicating that the policy …

Aggregate And Disaggregate Effects Of The Us-China Trade War On Us Agriculture, Aflatun Kaeser

All Graduate Theses and Dissertations, Fall 2023 to Present

In 2018 and 2019, the US-China trade war caused a significant shift in US agricultural trade dynamics. This thesis conducts an aggregate and disaggregate analysis of the impact, using event study analysis to reveal varying effects on US agricultural exports, with a substantial effect on Soybean and Dairy exports. The analysis also found that there are heterogeneous effects on other agricultural commodities such as fruits, wheat, and tree nuts. Using Bayesian Structural Time Series Modeling, the study finds a 29% decline in soybean exports during the trade war period. These findings underscore the importance of considering the heterogeneity in the …

Exploring Resilience: Insights From The Western U.S. Drink Tourism Industry During The Covid-19 Pandemic, Camillo Salvi

All Graduate Theses and Dissertations, Fall 2023 to Present

COVID-19 harmed the resilience of the United States tourism industry, undermining its economic stability. Specifically, the drink tourism sector was negatively affected by the pandemic due to its heavy reliance on consumer demand. Enhancing the ability to withstand, recover, and adapt to changing conditions is fundamental to promoting financial development and economic growth. This study aims to explore the determinants of resilience within this industry, focusing on wineries, breweries, and distilleries in the western United States during 2020 and 2021. Through a survey-based analysis, we identified what factors impacted their resilience and how these influenced the drink tourism domain, thereby …

Building Resilience: Incentivizing Agricultural Water Conservation In Utah Amid Climate Uncertainty And Prior Appropriation Water Rights, Man Li

Funded Research Records

No abstract provided.

Dynamic Optimization With Timing Risk, Erin Cottle Hunt, Frank N. Caliendo

Economics and Finance Faculty Publications

Timing risk refers to a situation in which the timing of an economically important event is unknown (risky) from the perspective of an economic decision maker. While this special class of dynamic stochastic control problems has many applications in economics, the methods used to solve them are not easily accessible within a single, comprehensive survey. We provide a survey of dynamic optimization methods under comprehensive assumptions about the nature of timing risk. We also relax the assumption of full information and summarize optimization with limited information, ambiguity, imperfect hedging, and dynamic inconsistency. Our goal is to provide a concise user …

Habits And Externalities, Arthur J. Caplan

Applied Economics Faculty Publications

We develop a conceptual model characterizing two types of individuals: one myopic and the other hyperopic. A myopic individual ignores his private contributions to both a social and private negative externality, as well as the effect that his accumulation of stuff (i.e., the stock of consumption goods) has on his habit parameter. A hyperopic individual internalizes both externalities as well as his habit-formation effect. We find that the hyperopic individual consumes a greater amount of a clean good and a lesser amount of a dirty good, with the magnitude of the latter difference being greater than the magnitude of the …

How Are Global Trade Relationships Affected By Western Sanctions?, Colin A. Martinez

All Graduate Reports and Creative Projects, Fall 2023 to Present

Do sanctions actually have an impact on their intended targets? This paper seeks to fill a gap in the existing literature on the effectiveness of sanctions by measuring potential impacts on the trade relationships of targeted states after the imposition of sanctions. To do so, it turns to a comprehensive dataset that combines all trade and sanctions data for each of 229 states, arranged in 23,132 dyads, from 2000 through 2019. It then examines 792 regressions using a hybrid fixed effects difference-in-difference model applied to twelve different types of sanctions, differentiated by the sanctioning state’s membership in certain groups of …

Conveniently Pessimistic: Manipulating Beliefs To Excuse Selfishness In Charitable Giving, Zeeshan Samad

Economics and Finance Faculty Publications

This paper demonstrates how people can manipulate their beliefs in order to obtain the self-image of an altruistic person. I present an online experiment in which subjects need to decide whether to behave altruistically or selfishly in an ambiguous environment. Due to the nature of ambiguity in this environment, those who are pessimistic have a legitimate reason to behave selfishly. Thus, subjects who are selfish but like to think of themselves as altruistic have an incentive to overstate their pessimism. In the experiment, I ask subjects how optimistic or pessimistic they feel about an ambiguous probability and then, through a …

Measuring Heterogeneous Preferences For The Preservation Of Prime Farmland With And Without Agrivoltaics, Arthur J. Caplan, Tiffany Woods, Brent Chamberlain, Sarah Klain

Applied Economics Faculty Publications

This study fills a gap in cultural ecosystem service (CES) assessment of prime farmland located in peri-urban areas by presenting results from a choice experiment recently conducted in Utah's Wasatch Front region. The choice experiment was designed to account for heterogeneous effects associated with a wide array of socio-demographic and attitudinal characteristics on household preferences for farmland preservation, including farmland used for the joint production of solar power and agricultural products. We apply a mixed-logit model to our data that controls for preference heterogeneity among Wasatch Front households along two dimensions – at the individual household level and according to …

Drip Irrigation And Water Conservation In Onions; An Economic Analysis, Jenny De Boer

All Graduate Reports and Creative Projects, Fall 2023 to Present

Water diversions for irrigated agriculture have contributed to increased water stress in drought prone areas across the globe. Previous research finds that farmers increase irrigation intensity per unit of product grown, increase total area under irrigation, and switch to more water intensive crops to increase yields and compensate for the cost of drip irrigation installation. Other studies have shown that drip irrigation can produce yields that parity surface irrigated yields or even surpass them using less water and increasing profits. Ultimately this plot trial showed drip irrigated onion yields were 6.31% greater than surface irrigated onion yields using an average …

How Do Immigration And Technological Growth Affect One Another? Providing Guiding Principles For Policymakers, Nate Karren

All Graduate Reports and Creative Projects, Fall 2023 to Present

The relationship between immigration and technological growth is more nuanced than a simple statement of positive or negative correlation. How one affects the other varies depending on the skill level of the immigrant and the field where they work. Conclusions drawn by the literature form patterns that can be used to best understand the relationship between immigration and technology. High-skilled immigration boosts technological development through a complementary relationship, but low-skilled immigration can be a complement or a substitute with technological growth depending on the sector. Policymakers interested in promoting long-term economic growth through technological growth should have a clear picture …

Exploring Farmers' Willingness To Accept Payment For Agricultural Conservation In Utah, Asif Ahmed Khan

All Graduate Theses and Dissertations, Fall 2023 to Present

In view of Utah’s drought situation and the need for conservation of water use, this thesis tries to calculate the compensation required for farmers to switch from cultivating alfalfa-which requires a lot of water, to less water-consuming crops like wheat, hay and even pasture. It proposes a new technique for this calculation using big data, including satellite images from National Aeronautics and Space Agency (NASA), agricultural statistics from National Agricultural Statistics Service (NASS), climate data from Parameter-elevation Regressions on Independent Slopes Model (PRISM) climate group and land use data from the state of Utah. These data are integrated into a …