Economics Commons^™

The Political Business Cycle: Endogenous Election Timing & Hyperbolic Memory Discounting, Jake R. Cottle

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

In the models analyzed in this paper, there exists an incumbent politician with one objective, two choices, and voters who remember the past differently. The politician's primary goal is to get reelected, which is done by maximizing the number of votes on the day of election. The politician can increase their chances of reelection if they influence the state of the economy over time and ensure the economy is in its 'best' state on the days leading up to the election.

In conducting this research, I wanted to study how different rates of memory decay influences the choices the politician …

The Introduction Of Bitcoin Futures: An Examination Of Volatility And Potential Spillover Effects, Benjamin M. Blau, Ryan J. Whitby

Economics and Finance Faculty Publications

Theory in Stein (1987) suggests that introducing derivative contracts, such as futures, can destabilize underlying asset prices if the contracts attract enough speculative traders. This paper examines how the introduction of Bitcoin futures influences the underlying Bitcoin market. Consistent with Stein (1987), we find that that Bitcoin's volatility increases significantly during the post-introduction period. Perhaps more importantly, however, we observe significant spillover effects into related markets. For instance, in other cryptocurrencies, the increase in volatility in these markets is greater than the post-introduction increase in Bitcoin.

Minimum Quotation Size And Market Quality: Evidence From The Modern Otc Markets, Kemerey Thompson

All Graduate Plan B and other Reports, Spring 1920 to Spring 2023

I examine the effects of a change in the minimum quotation size on liquidity and volatility in the modern over-the-counter (OTC) markets. On November 12, 2012, the Financial Industry Regulatory Agency (FINRA) introduced a pilot program to adjust the minimum quote sizes for securities transactions in the OTC markets. I find that an increase in the minimum quote size decreases OTC market quality as spreads widen and volatility increases. In contrast, I find that a decrease in the minimum quote size improves OTC market quality, but the results are sensitive to the price of the security. These results offer important …

The Effects Of Demographic Changes On State Fiscal Balances In The U.S., Patrick Nartey

All Graduate Plan B and other Reports, Spring 1920 to Spring 2023

The share of the population that is 65 or older keeps on rising over the years in the U.S. According to the 2017 US population projection, the rate of growth of older population is much faster than other age groups. The growing aging population will affect the economy in many ways, especially in fiscal balance of regional governments. The main goal of the study is to examine the fiscal implication of increasing old-age population in U.S states. The old-age dependency ratio is used to measure aging population, which derived by diving the population 65 years and over by the 18 …

The Value Of Farmland: Mapping Assessor Data To Understand Land Use Change, Lyndi Perry

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

Ideas developed by regional economists have potential applications within the urban planning field. One potential application is toward conserving farmland, and within this thesis this topic is examined for the study area of Utah County, Utah. Using assessor data, a land value map is created and further used to develop a regional economic model and spatial models that were analyzed for patterns of land use change.

Findings show that representing land value as continuous surface maps is a useful approach. The maps reveal that Utah County has densified as its population increased while farmland loss still occurred in agriculturally-important areas. …

The Effect Of "Drought Tolerant" Labeling On Consumers' Preferences And Willingness To Pay For Ornamental Plants, Susanne Tábara Cenador

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

Utah’s water resources are endangered by low rainfall rates, high per capita water consumption and a strong projected increase of residents. The irrigation of ornamental plant landscaping is estimated to account for 60% of residential water use, and is, therefore, a target of education programs in the effort to promote water conservancy. The water-wise “Yellow Tag” program developed by the Utah Division of Water Resources seeks to provide retail nurseries with free tags for labeling plants which are considered low water use with the objective of promoting water conservation. The objective of this study is to determine consumer preferences for …

The Impact Of Immigration On Financial Markets, Jesse Baker

All Graduate Plan B and other Reports, Spring 1920 to Spring 2023

This paper studies the impact of immigration policy on financial markets. I estimate the cumulative abnormal returns surrounding two events the effective start date of the Immigration Act of 1990 and the implementation of the Temporary Protected Status (TPS) of Nicaragua and Honduras in 1999. Focusing on agriculture, construction, and manufacturing firms, I find that the CARs surrounding the events are indeed positive and significant, suggesting that the market anticipated growth among industries that are likely to hire Central American immigrants.

Firm Leverage And Performance, Zongbin Li

All Graduate Plan B and other Reports, Spring 1920 to Spring 2023

This paper examines the relationship between deviations from firm leverage and firm performance over time. Our results indicate that overlevered and underlevered firms both adversely affect corporate profitability. We use the 1987 tax cut as an event study, to reduce endogeneity concerns.

Economic Base In Emerging Economies: Estimating Regional Multipliers In Ecuador, Justin Perry

All Graduate Plan B and other Reports, Spring 1920 to Spring 2023

When a subnational input-output matrix is unavailable, a non-governmental organization (NGO) may turn to a shortcut method in order to project its indirect economic impact in a region. The location quotient is the most common choice in developed nations, but has serious theoretical flaws in a developing-nation context. We explore the minimum requirements method as a cost-effective yet robust method to project the impact of an NGO in the Imbabura province of Ecuador. We find that every $1 of exogenous local spending stimulates between $1.32 and $1.62 of indirect economic impact in the region.

How Can Occupational Licensing Reforms Improve Access To Dental Care?, Jacob M. Caldwell, Brian Isom

Undergraduate Honors Capstone Projects

Occupational licensing laws have a large effect on the American economy and requirements affect all levels of professional work, from hairdressers and plumbers to doctors and lawyers.Those laws vary by state and exist to protect consumers from asymmetric information problems. Yet a growing body of literature finds that occupational licensing raises costs for consumers without necessarily raising the quality of service.

The dental field is one such sector of employment that commonly is licensed. Oral health is an important indicator of overall individual health and general wellbeing. Unfortunately, consumers lack access to dental care in many parts of the United …

The Sue-And-Settle Phenomenon: Its Impact On The Law, Agency, And Society, Katie L. Colton

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

Sue-and-settle is the name applied to a federal agency’s use of litigation to create policy outside of the normal regulatory process. This paper discusses the impact that the sue-and-settle policy has had on Congress, the judiciary, and the Environmental Protection Agency. Specifically, this paper will discuss the issues caused by the perception of collusion within the sue-and-settle policy. First, this paper examines whether a relationship occurs between the litigants. The paper then discusses whether the relationship between the litigants in sue-and-settle cases tends to be collusive or not. The second part of the paper examines how Congress, the Environmental Protection …

Untangling The Economic And Social Impediments To Producer Adoption Of Organic Wheat, Donya L. Ralph-Quarnstrom

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

Consumer demand for organic products has shown double-digit growth in recent years encouraging the development of a wider range of goods (Greene, 2017). Americans with an annual household income under $30,000 actively purchase organic foods at nearly the same rate as households with over $75,000 in annual incomes, 42% versus 49% (Greene et al., 2017). Previous research observed the adoption of organic farming practices on a combination of different grains, fruits and vegetables, meat, and dairy products from across the globe. However, this is the first study to examine the adoption of organic wheat in the Western U.S. By addressing …

Three Essays On Land Property Rights, Water Trade, And Regional Development, Muyang Ge

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

This dissertation explores how property rights to a natural resource affect economic decisions for investment or sale, and how these decisions may in turn impact other areas of the economy. The first essay focuses on how incomplete land ownership on Indian Reservations in the United States affects landowner incentives to engage in agricultural production. The second essay explores how the transfer of water in arid regions via water right sales affects local labor markets and environmental outcomes. The third essay seeks to understand how shale-gas drilling has affected organic food production. This dissertation provides several policy implications. First, the findings …

The Organic Wheat Market: Three Essays On Pricing, Consumer Segments, And The Importance Of Labels, Tatiana Drugova

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

This dissertation aims to address issues related to supply and demand of organic wheat either as a commodity or contained in the final consumer products. Objectives for the first essay are to evaluate organic wheat price and premium risk, how it affects the profitability of organic wheat production, and examine whether hedging and forecasting can be used to manage the organic wheat price risk. A side objective is to apply and evaluate several data imputation methods to recover missing organic wheat price observations. Objectives for the second essay are to identify “very likely,” “likely,” and “unlikely” consumers of organic wheat …

Smoothing, Discounting, And Demand For Intra-Household Control For Recipients Of Conditional Cash Transfers, Diego Aycinena, Szabolcs Blazsek, Lucas Rentschler, Betzy Sandoval

Economics and Finance Faculty Publications

Inter-temporal preferences are important determinants of investment decisions, including investments in human capital. Yet, little is known about these preferences for recipients of conditional cash transfers (CCTs). We simultaneously estimate utility curvature (preference for consumption smoothing), discounting, and present biasedness for such recipients. We also introduce a financially motivated method of measuring willingness to forgo funds to control household finances. We find that female participants in a CCT program in Guatemala have very high degrees of utility curvature and low discount factors, which may lead to low levels of investment by participants in the human capital of the household. We …

The Impact Of Demographic Transition (Elderly Dependency Ratio) On Fiscal Balance, Patrick Nartey

Student Research Symposium

The united states currently is the third populous nation in the world after china and India. This represents about 4.5% of the world's population. the U.S population was estimated at 308.7 million during the 2010 census. The share of the population that is 65 and over keeps rising over the years .Over the last ten years the 65 and over population has jumped from 12.55 to 15%.This paper seeks to find the relationship between the fiscal balance and the demographic variables. Proper understanding of this dynamics enables policy-makers to develop pragmatic projection with regards to government expenditure on some essential …

High Reliability In A Constrained Environment, Isaac Rhea

Student Research Symposium

This paper seeks to understand the effects of formal and informal constraints on the operations and success of Highly Reliable Teams. Constraints reduce the risks that are inherently present during missions, but formal constraints, such as policies and standard operating procedures, are limited by the ability of regulators and teams to anticipate problems. Culture, social norms, and other informal constraints are not subject to the same limitation, and develop over time to support the process of complex problem solving in emergency response situations.

Lobbying Legislation And Cumulative Abnormal Returns, Brenan Stewart

All Graduate Plan B and other Reports, Spring 1920 to Spring 2023

The Honest Leadership and Open Government Act of 2007 (Pub.L. 110-81, 121 Stat. 735, enacted September 14, 2007) was passed by the U.S. Congress in order “to strengthen public disclosure requirements concerning lobbying activity and funding. It placed more restrictions on gifts for members of Congress and their staff, and provides for mandatory disclosure of earmarks in expenditure bills.” Treating this event as a natural experiment, we examine how this legislation affected the Cumulative Abnormal Returns (CARs) of firms that lobbied in the year(s) leading up to the passing of the legislation. We find that companies that lobbied in the …

Renewable Portfolio Standards And Environmental Goals, Josh T. Smith

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

Renewable portfolio standards (RPS) are one of the most common state policies meant to encourage clean energy use. They require that utilities purchase electricity from certain qualifying electricity generators, usually with no reference to the cost of that electricity. AlthoughRPS are meant to clean up electricity generation through using clean energy sources instead of fossil fuels, they may not do so effectively. Further, some energy companies may lobby state legislators to include their energy sources regardless of their actual environmental benefit. The actual relationship between enacting an RPS and a state’s emissions from energy production is unclear. I explore RPS …

Institutional Adaptation To Water Scarcity In Utah Irrigation Companies, Grant Patty

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

A review of how water institutions in the American West have changed in response to arid conditions as a means of examining the possibility of further change as an adaptation to climate change induced water scarcity. Two institutions are examined, prior appropriation and shares.

While much of the American West operates under prior appropriation formally, irrigators have found Coasian methods of lowering transaction costs by forming irrigation companies. Irrigation companies own appropriative rights and redefine them, typically as shares. Lower transaction costs allow irrigators to trade more freely within companies, though trades between companies still face high transaction costs.

Using …

The Power Law Distribution Of Agricultural Land Size, Lauren Chamberlain

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

This paper demonstrates that the distribution of county level agricultural land size in the United States is best described by a power-law distribution, a distribution that displays extremely heavy tails. This indicates that the majority of farmland exists in the upper tail. Our analysis indicates that the top 5% of agricultural counties account for about 25% of agricultural land between 1997-2012. The power-law distribution of farm size has important implications for the design of more efficient regional and national agricultural policies as counties close to the mean account for little of the cumulative distribution of total agricultural land. This has …

Examining Market Channels For Local Produce: Consumer Affordability And Producer Profitability, Karli A. Salisbury

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

This study examines the price differences of commonly consumed produce between farmers’ markets and grocery stores in Utah. Our first objective is to compare price differences of a basket of produce between farmers’ markets and grocery stores. We compare these price differences in terms of low-income consumer affordability and if an individual can afford a market basket of produce using a combination of Farmers’ Market Nutrition Program (FMNP) dollars and Double Up Food Bucks (DUFB) incentive dollars. Our second objective for this study is to establish the price premiums of individual produce items based on where the produce was sold, …

Bounded Rationality And The Choice Of Jury Selection Procedures, Martin Van Der Linden

Economics and Finance Faculty Publications

A peremptory-challenge procedure allows the parties to a jury trial to dismiss some prospective jurors without justification. Complex challenge procedures offer an unfair advantage to parties who are better able to strategize. I introduce a new measure of strategic complexity based on level-k thinking and use this measure to compare challenge procedures often used in practice. In applying this measure, I overturn some commonly held beliefs about which jury selection procedures are strategically simple.

Is Uber A Substitute Or Complement For Public Transit?, Jonathan D. Hall, Craig Palsson, Joseph Price

Economics and Finance Faculty Publications

How Uber affects public transit ridership is a relevant policy question facing cities worldwide. Theoretically, Uber’s effect on transit is ambiguous: while Uber is an alternative mode of travel, it can also increase the reach and flexibility of public transit’s fixed-route, fixed-schedule service. We estimate the effect of Uber on public transit ridership using a difference-in-differences design that exploits variation across U.S. metropolitan areas in both the intensity of Uber penetration and the timing of Uber entry. We find that Uber is a complement for the average transit agency, increasing ridership by five percent after two years. This average effect …

The Effects Of Economic Policy Uncertainty On Common Stock And American Depository Receipts, Bradley David Zynda Ii

All Graduate Plan B and other Reports, Spring 1920 to Spring 2023

Uncertainty can have profound implications on both firms and individuals who hope to optimally make decisions in their best interest. In this research, I seek to examine the impact that economic policy uncertainty has on domestic and foreign stock. In particular, I take a market microstructure perspective focused on stock liquidity and volatility measures in response to changes in economic policy uncertainty. Understanding the directional flow of economic policy uncertainty and the magnitude of the consequences at home and abroad can both help prepare agents to make good decisions about the future and exhort policy makers to be more efficient …

Three Essays On The Economics Of Controlling Mobile-Source Episodic Air Pollution, Ramjee Acharya

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

Cache County and the Wasatch Front, Utah have persistently experienced some of the nation’s worst air quality over the past decade. Elevated PM2.5 concentrations during wintertime “red air day” episodes frequently exceed the National Ambient Air Quality Standards (NAAQS). We investigate the possible effects of two different economic policies in controlling these regional problems. Adapting a model originally developed to calculate the social investment necessary to control nationwide disease outbreaks, we estimate an optimal preventative capital stock (for example, investment in public transportation) of between $4.1 million and $14.1 million to control red air day episodes in Cache County, and …

An Empirical Study Of The Impact Of The Change In Real Effective Exchange Rate On China's Inflow Of Foreign Direct Investment, Mingyu Niu

All Graduate Plan B and other Reports, Spring 1920 to Spring 2023

With the development of worldwide economic and globalization, China plays an important role in international trade. Since the "reform and openness" and "five years' plan", China’s economy became the second largest in the world. During the period of economic development, Foreign Direct Investment became an important part of improving market socialism in China. In this paper, I use monthly data on foreign direct investment (FDI) in China and the index of real effective exchange rate (REER) of the Chinese RMB for the period from Jan 2008 to Nov 2017. I develop a statistical model to test the causality between FDI …

Do Congressmen Really Drive Cars?, Tyler Brown

All Graduate Plan B and other Reports, Spring 1920 to Spring 2023

My research focuses on stock returns around term elections. I will be looking at the 50 most held stocks of congressmen, and taking the returns of these stocks against the market average during election season. I examine if there are Cumulative Abnormal Returns (CARs) that can be realized as a result of information about the elections. I want to find any possible trading strategy that investors could use to obtain returns that are in excess of the market average. I am attempting to discover how the market behaves when election season is occurring. This information could prove to be very …

Investing In Agribusiness Stocks And Farmland: A Boom Or Bust Analysis, Asif Rasool

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

As intelligent investors, we should always consider holding assets of different classes. Investing in assets from various classes allows us to minimize portfolio risks. In this paper, we recommend a better way of devoting money, especially for the investors who are interested in the agricultural sector. Historically fund managers use Markowitz framework to create financial portfolios. However, that framework has some fundamental limitations. A copula is a modern approach that counters the disadvantages of the Markowitz framework, to deal with portfolio construction. Copula also identifies the downside risk (the maximum amount of money you can lose) of a portfolio.

We …

Essays On Natural Resources And Economic Development, Ahsan Kibria

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

This dissertation studies the political economy of natural resources and how these resources may pose an opportunity or a threat to a country and comprises three essays.

The first essay explores how economic development can impact the consumption behavior of natural resources, with focus on fossil fuels. It suggests the existence of an inverted U-shaped relationship between fossil fuel share in the energy mix and economic development. Particularly, the essay illustrates an evidence that fossil fuel's share in the energy mix increases as a country develops, however, after reaching a real income per capita of around US$16,000, the country reduces …