Economics Commons^™

Essays On Population Aging And Social Security In The U.S., Shantanu Bagchi

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

Over the past few decades, falling birth rates and increasing life expectancies have threatened the viability of social security programs all across the Organisation for Economic Co-operation and Development (OECD). In this dissertation, I attempt to shed some light on the extent of the crisis that the social security program in the United States (U.S.) currently faces, and I also recommend one possible reform policy. In the first essay, I provide an alternative estimate of the impact of population aging on the future social security benefits in the U.S., while accounting for the household-level and macroeconomic adjustments to population aging. …

Three Essays On The Economic Impact Of Bovine Spongiform Encephalopathy In The United States, Rachna Gollamudi

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

The first native-born case of Bovine Spongiform Encephalopathy (BSE or commonly known as Mad Cow Disease) in North American continent was reported on 20 May 2003 in central Alberta, Canada. The first case of BSE in the United States was announced on 23 December 2003.

My dissertation is divided into three essays on the economic impact of the outbreak of Bovine Spongiform Encephalopathy (BSE) in the United States in December 2003. The first essay focuses on quantifying the impact of the outbreak of BSE in the United States and Canada on the stock returns of major publicly traded agribusiness firms …

Black-White Differences In Wealth Accumulation Among Americans Nearing Retirement, Eun Hyei Shin

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

Using data from the 2006 Health and Retirement Study (HRS), this study examines what types of assets and levels of savings are held by Black near-retirees, while comparing how types of assets and levels of savings of Black near-retirees differ from those of White near-retirees. Through the use of multivariate analyses, this study further investigates the effects of being Black on the levels of savings, the likelihood of holding IRAs, and the likelihood of being financially prepared for retirement. The study sample includes 4,077 individuals between the ages of 51 and 64, and the subsamples consist of 680 Black and …

Three Essays On Environmental- And Spatial-Based Valuation Of Urban Land And Housing, Lu Liu

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

This dissertation attempts to provide a comprehensive examination on the non-market valuation of the effect of open space amenities and local public infrastructure on the value of urban land and housing with both spatial heterogeneity and project heterogeneity. The demand for raw land is a derived demand for housing built on it. Therefore, we need to examine the land market and the housing market together. On the one hand, we estimate the value of urban land in a market that does not satisfy the usual assumptions of a competitive market structure as well as incentive incompatibility issues for transaction participants, …

Three Essays In Forward Rate Unbiasedness Hypothesis, Devalina Chatterjee

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

The objective of this dissertation is to verify and explain the forward exchange rate unbiasedness hypothesis in the foreign exchange market. Since in most of the cases the unbiasedness hypothesis fails to hold, we try to provide three different explanations of this puzzling behavior in the three essays. The first essay tries to resolve the forward premium puzzle by addressing the model misspecification issue and thereby adding a time-varying risk premium term in the percentage change specification. The risk premium term is modeled using the GARCH-M representation and the model is estimated by applying a GARCH (1, 1) specification. The …

Probing The Mechanics Of Environmental Kuznets Curve Theory, Jeremy Lynn Kidd

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

The theory of the Environmental Kuznets Curve (EKC) proposes to answer important questions regarding the connections between economic growth (development) and the environment. The theory postulates the environment need not always suffer as the economy develops, and it has generated strong support and opposition. Rather than attempting to defend or debunk EKC theory, this research challenges a practice engaged in by proponents and opponents alike. Simplifying assumptions are a necessary part of economic analysis, but this research shows that any assumptions may not be universally applicable. Utilizing, in turn, a simple one-good model and then a more complicated two-good model, …

A Critical Analysis Of The Cooperatives Working Together Program, Spencer N. Parkinson

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

This study analyzes the effectiveness of the Cooperatives Working Together (CWT) program. This program is believed to have improved the farm-level price of milk since it began in July 2003. To date, no publicly available analysis addressing this question has been conducted. Total milk removed by the program was determined and expressed as a percentage of total milk produced nationally during the same time frame. Elasticity measures from prior studies were adapted to determine the impact of the program. This analysis suggests the program has had a significantly positive effect on the price of milk. Issues dealing with future action …

Essays On Investment Fluctuation And Market Volatility, Chaoqun Lai

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

This dissertation includes two different groups of objects in macroeconomics and financial economics. In macroeconomics, the aggregate investment fluctuation and its relation to an individual firm's behavior have been extensively studied for the past three decades. Most studies on the interdependence behavior of firms' investment focus on the key issue of separating a firm's reaction to others' behavior from reaction to common shocks. However, few researchers have addressed the issue of isolating this endogenous effect from a statistical and econometrical approach. The first essay starts with a comprehensive review of the investment fluctuation and firms' interdependence behavior, followed by an …

A Comparison Of The Economic Profitability Of Specified Risk Management Alternatives For Intermountain West Farmers, Cody D. Bingham

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

The purpose of this research is to provide quantitative and limited qualitative analysis for the United States Intermountain West on the economic effectiveness of risk management alternatives in an agricultural operation. This research is not meant to be an exhaustive comparison of every potential combination of alternatives and risk scenarios. Instead, specific parameters such as farm size, crops grown, risk attitudes and risk management strategies are set to guide the research and offer a basis of comparison.

This research evaluates several levels of coverage using Multiple Peril Crop Insurance, Crop Revenue Coverage Insurance, Adjusted Gross Revenue – Lite Insurance and …

Transportation And Quality Adjusted Basis: Does The Law Of One Price Hold For Feeder Cattle?, Chad Harris

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

Beef cattle and calves are raised in all areas of the United States. Since beef cattle are scattered throughout the US, there are many different types of cattle with numerous different quality characteristics which are valued differently. Many calves raised until weaning age across the US are then sent to cattle feeding areas primarily located in Texas, Kansas, Colorado, and Nebraska. The prices that are offered for beef calves vary considerably based on quality and location. The theory of the law of one price suggests that prices in areas that trade should not differ by more than the cost of …

An Assessment Of Housing Affordability In Cache County, Utah, Melanie Jewkes

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

Multiple housing affordability indexes are used to measure and assess housing affordability. Each index has its own definition of affordability, causing varying viewpoints on what is to be considered affordable or unaffordable. Four indexes were used in this study: two from the Department of Housing and Urban Development (HUD), one from the National Association of Realtors (NAR), and the last from the National Low Income Housing Coalition. The indexes were applied to Census data to assess the housing affordability situation of both homeowners and renters in the census tracts of Cache County, Utah. The measures together show distinct differences in …

Effect Of Land In Commons On The Decision-Making Behavior Of The Pastoralists In The Central Rangelands Of Somalia, Abdinasir Mohamed Abdulle

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

Degradations of the rangelands is very common around the permanent settlements of the central rangelands of Somalia. This degradation is attributed to overstocking resulting form the fact that the rangelands are communally owned and herders are ignoring the shadow value of the forage. Information about the optimal herd size would help halt the rangeland degradation.

In this study, two allocation mechanisms were compared. The first was the private ownership solution where someone owns the rangeland and decides how many animals should be grazed there. The second was the solution where the rangeland is owned in common by the dwellers of …

A Dynamic Analysis Of The Global Timber Market And Carbon Flux Of Forest Under Global Warming: An Integrated Modeling Approach, Dug Man Lee

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

As global warming migrates ecosystems toward the poles, the result has been a change in the distribution of ecosystem types and the productivity of ecosystem as well. Similar to other natural resources, forests are also potentially affected as ecosystems move toward the poles. Consequently, human beings are forced to adapt, and global warming will generate an impact on the global timber market through changes in timber harvests, regeneration inputs, stumpage prices, etc. In addition, the dynamic process of forest change in response to economic activities of human beings will accelerate or dampen the amount of carbon in the atmosphere. In …

Returns To Public Agricultural Expenditure Under Uncertainty, Sanjeev Misra

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

A vast literature has investigated the returns to investment in agriculture research and generally found extremely high rates of return. These results suggest policymakers would do well to maintain or increase resource allocation to public agricultural research. Remarkably little attention has been paid, however, to the issue of how best to allocate public agricultural research funding between competing research areas and organizations. This paper considers the relative returns to alternative uses of public agricultural research funds committed to the agricultural experiment stations of 10 western states of the United States over the years 1967-91. A model of expected utility maximization …

Riparian Zone Protection: The Use Of The Willingness-To-Accept Format In A Contingent Valuation Study, Catherine A. Broadhead

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

The contingent valuation method (CVM) is used to evaluate the minimum compensation landowners require to forego production on farm riverbanks areas. The elicitation format used in the survey is a yes-no participation question followed by an open-ended question.

Chapter 2 presents the results of the survey. The Heckman approach is used in the econometric analysis to take care of the self-selection problem arising with this formatting of the questions. Chapter 3 is devoted to further examining the potential for undertaking valuation exercises using the willingness-to-accept format (WTA)

WTA estimates obtained with open-ended format are compared to WTA estimates obtained when …

Regional Economic Effects Of Wilderness Designations In Six Western States, Marca L. Hagenstad

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

This study investigated the existence of impacts on per capita incomes from the designations of wilderness areas. It developed one model to explain county-level per capita incomes in the six western states of Utah, Colorado, New Mexico, Arizona, Idaho, and Wyoming. This model examined effects of various factors believed to affect incomes, such as the industry mix of an economy, population densities, unemployment rates, government expenditures, and the existence of colleges, Indian reservations, and wilderness areas.

The analysis indicated that per capita incomes in these states did not fall by an increase in wilderness lands. In fact, counties in Utah, …

The Economic Impact Of Federal Land On County Governments In Utah, Daniel C. Hope

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

County governments cannot assess property taxes on federal land, yet local governments are required to provide similar services as they do on all other areas of the county. Federal government payment programs have been implemented to compensate county governments for the expenditures incurred due to federal land.

In the mid-1960s, the Public Land Law Review Commission implemented and completed a study which analyzed whether selected individual states and counties were being compensated for the expenditures incurred on federal land. It also estimated tax revenues local governments would receive if federally owned acreage was privately owned. The study then compared these …

Essays On The Impact Of Foreign Aid On Economic Growth And Development: The Case Of Jordan, Jamal G. Husein

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

This dissertation examines the role of foreign aid in economic growth and development of Jordan. The flow of foreign capital takes two main forms: private foreign investment, mostly foreign direct investment by large multinational corporations, and public development assistance (foreign aid) from both individual national governments and multinational donor agencies. The distinguishing characteristic of foreign aid is the concessional element. In this dissertation, recent techniques and advances in time-series analysis are used in the empirical section of Chapters 2 and 3, i.e., vector autoregression (VAR), impulse response functions, and variance decompositions. In the fourth chapter, we use a nonlinear three-stage …

Essays On Scale Economies And Efficiency In Public Education, Kalyan Chakraborty

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

Efficiency in public education is a significant issue in the United States. Nationwide, real expenditure per student increased 8% per year between 1960 and 1993, but output as measured by standardized test scores has not increased and in some cases (i.e., the verbal SAT [Scholastic Achievement Test] score) has declined. One explanation is that resources are not being utilized efficiently either in the technical or allocative sense. Also, the issue is important because substantial savings are possible by consolidation of schools and/or districts.

This dissertation explores efficiency by measuring technical efficiency at the school district level from four perspectives. The …

The Impacts Of Privatization And Government Intervention In The Economy: An Empirical Analysis (Two Essays), Tayseer Al-Sumadi

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

In this dissertation, we provide empirical assessment of government involvement in economic activities. This assessment is done within the framework of a two-part strategy. In the first part, we evaluate the effects of the government size on the overall rate of economic growth of a group of 30 developing countries. This approach can be regarded as macroeconomic in the sense that the economywide growth is the subject of investigation. In the second part, we conducted a comparative study of technical efficiency between privately owned and publicly owned companies in the international oil industry. We refer to this approach as microeconomic …

Essays On The Determination Of Equilibrium Real Exchange Rate For Taiwan, 1981-1993, Mei-Ling Chen

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

Taiwan is one of the four smaller Asian economies. Before 1960, Taiwan pursued industrialization policies by limiting imports of manufactured goods, gradually adopting an open and outward-oriented economic policy, believing it would expend exports and yield gained ground.

With this increasingly open and outward-oriented economic policy as the background, we will study the real exchange rate (RER) misalignment in Taiwan over the period 1981-93. The RER plays a critical role in maintaining external competitiveness. Hence, from the policy point of view, this rate should not be allowed to deviate much from its equilibrium level. Since the equilibrium real exchange rate …

Price And Trade Relations And Market Integration In Pacific Pork Markets, Jau-Rong Li

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

Market integration testing is important to agricultural marketing, industrial organization, international trade, and international model design. With reliable market integration information, decision makers can undertake appropriate actions to maximize profits, welfare, or both. Level I market analysis, which uses price data solely, has proved unreliable especially in the presence of discontinuous or bidirectional trade, or significant or nonstationary transaction costs.

Level II market analysis methods, which incorporate both transactions costs and prices, permit spatial markets to be integrated in some periods and segmented in others, thereby obviating many level I method problems. However, level II methods still fail to distinguish …

An Empirical Study Of The Real Exchange Rate Misalignment And Its Effects On The Macro-Economic Performance Of Bangladesh, Md. Shahnawaz Karim

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

This paper provides empirical study of whether there was a misalignment of the real exchange rate (RER) in the Bangladesh economy during 1976-1991. The time series of multilateral and bilateral RER indexes were computed for the period 1976-1991. The computed series of RER were indexed to a base year of when the RER attained its highest level and thereby appeared to be closer to the actual long-run equilibrium RER.

In the empirical part of this thesis, five different RER indexes were computed: multilateral real exchange rate index 1 (MRER1), multilateral real exchange rate index 2 (MRER2), bilateral real exchange index …

Financial Innovation, José C. Blanco

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

This dissertation was a study of the impact of financial innovation upon financial institutions and some of the collateral macroeconomics effects. Financial innovation has impacted the distribution of household assets throughout the Group of Seven (G-7) countries and indirectly negatively influenced the usage of traditional monetary aggregates as a reliable tool to forecast the growth in the domestic money supply between 1960 and 1990.

The empirical results indicate that the adoption of financial innovations by large U.S. commercial banks has not influenced their return on equity and the return of assets between 1990 and 1994. The variability of the return …

A Partial Equilibrium Analysis Of Nafta And Its Impact On U.S. Beef Trade With Canada And Mexico, Srinidhi Ananthramiah

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

In September 1993, the United States Congress formally ratified the North American Free Trade Agreement (NAFTA) in conjunction with the legislatures of Canada and Mexico. NAFTA phases out tariff barriers between the United States, Canada, and Mexico over a period of several years.

The primary purpose of this study is to provide an empirical tool for evaluating the effects of NAFTA on beef trade between Canada, Mexico, and the United States. Trends were identified in U.S. beef exports and imports to Canada and Mexico over a period of several years. From the data on import/export quantities and prices, relevant elasticities …

Measuring Nonuse Values For Wilderness Designation In Utah-By Contingent Valuation Method, Van R. Johnson

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

Since 1964, when Congress wrote the Wilderness Act, there has been an increasing amount of controversy between opponents and advocates of wilderness. Wilderness areas in Utah are not immune to this controversy. Public policy makers and land managers are in the middle of this debate. They have the responsibility to assess the resource and estimate the benefits and costs associated with creating policy.

This thesis focusses on helping policy makers and land managers recognize a benefit currently not being assessed. Nonuse values are values other than in situ use, where individuals have a value for existence of wilderness or a …

Time Series Analysis Of Macroeconomic Conditions In Open Economies, Gover Barja

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

Three macroeconomic issues are examined in separate self-contained studies. The first study tests the business cycle theory with application of an enhanced Augmented Dickey-Fuller test on the U.S. time series of real gross national product. Unlike previous studies, the null hypothesis of a unit root is rejected. The second study tests for IS-LM conditions in the U.S. during the post-Bretton Woods era by combining the Johansen's approach to cointegration with bootstrap algorithms. The estimated model produces a dynamic version of the IS-LM that permits short-term evaluations of fiscal and monetary policies. The third study seeks to explain the observed persistence …

Property Tax Capitalization: Theory And Empirical Evidence, Jay M. Lillywhite

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

In an environment of increasing government expenditures financed largely viii through taxes, including a relatively visible and large residential property tax, the issue of whether property taxes are capitalized into market values is increasingly important. Property tax capitalization is the reflection of property taxes in the value of real property. The capitalization of property tax does not necessarily pose a problem; rather, problems arise when homes identical to each other have different taxes and these differentials are then capitalized into market values. These capitalized tax differentials result in large capital gains and losses to owners of real estate.

This study …

Agribusiness Management In Utah Dairies, Rick L. Hirschi

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

This thesis outlines the theoretical factors impacting dairy profitability. The theoretical portion includes: a general review of production and profit maximization theory, a review of related studies, and an outline of the variables impacting dairy profitability.

An empirical study follows using data gathered from three applied technology centers in Utah in conjunction with dairy herd improvement production records for the farms where these data were available. The empirical section includes a synopsis of the methods and procedures used to collect and analyze the data. Regression analysis was used to determine the significant production and financial factors influencing returns per cow; …

Alternative Exchange Rate Theories (Mundell-Fleming, Monetary, And Equilibrium Approach): An Empirical Investigation, Joon-Ho Lee

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

With the shift to a system of floating exchange rates among major currencies in 1973, there was a shift of emphasis from the external balance to the exchange rate determination. Attempts have been made to explain the behavior of the exchange rate both theoretically and empirically over the last 20 years. Most models could not explain what happened, as in the 1980s, when the exchange rate moved a lot. Alternative models based on different approaches give different explanations and suggest different policies. This study examines the implications of the models to see what light the empirical results shed on the …