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Articles 31 - 60 of 415
Full-Text Articles in Economics
An Experiment On Innovation And Collusion, Andrew Smyth
An Experiment On Innovation And Collusion, Andrew Smyth
Economics Faculty Research and Publications
This paper examines the relationship between product innovation and the success of price collusion using novel laboratory experiments. Average market prices in low innovation (LO) experiments are significantly higher than those in high innovation, but otherwise identical experiments. This price difference is attributed to LO experimental subjects' greater common market experience. The data illustrate how collusion can be perceived as the "only way to make it" in LO markets where product innovation is not a viable strategy for increasing profits. They suggest that product homogeneity can be a proximate cause, and product innovation an ultimate cause, of collusion.
Elite Influence On Climate Change Skepticism: Evidence From Close Gubernatorial Elections, Andrew G. Meyer
Elite Influence On Climate Change Skepticism: Evidence From Close Gubernatorial Elections, Andrew G. Meyer
Economics Faculty Research and Publications
Many theorize that public opinion follows political elite on climate change skepticism, yet evidence of a causal link is lacking. I use a regression discontinuity design to establish the impact of the political party of a governor on constituents’ global warming beliefs. I find that, relative to the election of a Democratic governor, the election of a Republican governor significantly decreases the probability of a Republican constituent believing in global warming by approximately 11–15 percentage points; there is no significant impact on Democratic constituents. I also find a negative effect of a Republican governor on belief in human-caused global warming …
The Great Recession And Public Education, William N. Evans, Robert M. Schwab, Kathryn L. Wagner
The Great Recession And Public Education, William N. Evans, Robert M. Schwab, Kathryn L. Wagner
Economics Faculty Research and Publications
We examine the impact of the Great Recession on public education finance and employment. Five major themes emerge from our work. First, nearly 300,000 school employees lost their jobs. Second, schools that were heavily dependent financially on state governments were particularly vulnerable to the recession. Third, local revenues from the property tax actually increased during the recession, primarily because millage rates rose in response to declining property values. Fourth, inequality in school spending rose sharply during the Great Recession. We argue, however, that we need to be very cautious about this result. School spending inequality has risen steadily since 2000; …
State-Level Fdi And Within-Occupation Wage Inequality In The United States, Miao Wang, M. C. Sunny Wong, Hong Zhuang
State-Level Fdi And Within-Occupation Wage Inequality In The United States, Miao Wang, M. C. Sunny Wong, Hong Zhuang
Economics Faculty Research and Publications
Our paper explores the relationship between inward foreign direct investment (FDI) and within-occupation wage inequality at the state level in the U.S. We argue that sectoral FDI may affect different occupations differently, and our study looks at possible heterogeneous effects of sectoral FDI on wage inequality for 22 occupations. Using data over 1999–2007, our results show that state-level manufacturing FDI tends to reduce wage inequality, measured by the ratio of the 90th percentile wage and the 10th percentile wage in an occupation. Manufacturing FDI is significantly associated with less wage inequality in the production occupations and the construction and extraction …
Expected Inflation And The Sacrifice Ratio, Joseph P. Daniels, Sandeep Mazumder, David D. Vanhoose
Expected Inflation And The Sacrifice Ratio, Joseph P. Daniels, Sandeep Mazumder, David D. Vanhoose
Economics Faculty Research and Publications
Using inflation forecasts from the OECD Economic Outlook as proxy measures of inflation expectations, we examine the impact of inflation expectations on the sacrifice ratio for 20 OECD countries. The regression analysis considers four different empirical models of the determinants of the sacrifice ratio typically found in the existing literature. The impact of the level of inflation expectations is negative and significant, implying that a higher level of expected inflation is associated with lower sacrifice ratios. This result is consistent with the theoretical role of nominal wage and price rigidities in that reductions in wage and price stickiness diminish the …
Bank Efficiency And Regional Economic Growth: Evidence From China, Hong Zhuang, Haiyan Yin, Miao Grace Wang, Jiawen Yang
Bank Efficiency And Regional Economic Growth: Evidence From China, Hong Zhuang, Haiyan Yin, Miao Grace Wang, Jiawen Yang
Economics Faculty Research and Publications
This paper examines for the first time the relationship between bank efficiency and regional economic growth in China with provincial data over 1995 - 2014. We find consistent and strong evidence that bank efficiency positively affects regional economic growth. Further, bank efficiency exerts a more pronounced impact on economic growth in inland provinces than coastal regions. The insignificant effect of the quantity of credit in our regressions suggests that a mere expansion of financial volume is not effective in promoting regional economic growth, whereas the improvement in the quality of financial intermediation plays an important role fostering provincial economic growth.
Testing The Boundaries Of The Double Auction: The Effects Of Complete Information And Market Power, Erik O. Kimbrough, Andrew Smyth
Testing The Boundaries Of The Double Auction: The Effects Of Complete Information And Market Power, Erik O. Kimbrough, Andrew Smyth
Economics Faculty Research and Publications
We report boundary experiments testing the robustness of price convergence in double auction markets for non-durable goods in which there is extreme earnings inequality at the competitive equilibrium (CE). Following up on a conjecture by Smith (1976a), we test whether the well-known equilibrating power of the double auction institution is robust to the presence of complete information about traders’ values and costs and the presence of symmetric market power. We find that complete information is insufficient to impede convergence to CE prices; however, introducing market power consistently causes prices to deviate from the CE, whether or not subjects possess complete …
Team Payroll, Pitcher And Hitter Payrolls And Team Performance: Evidence From The U.S. Major League Baseball, Xing Lu, Jason Matthews, Miao Wang, Hong Zhuang
Team Payroll, Pitcher And Hitter Payrolls And Team Performance: Evidence From The U.S. Major League Baseball, Xing Lu, Jason Matthews, Miao Wang, Hong Zhuang
Economics Faculty Research and Publications
We use the U.S. Major League Baseball team level data in 1985-2015 and find an inverse U-shaped relationship between team payrolls and winning percentages. Furthermore, when investigating the winning effects of pitcher and hitter payrolls, we find the similar curvilinear relationship between pitcher/hitter salaries and team performance.
Shakeout In The Early Commercial Airframe Industry, Taylor Jaworski, Andrew Smyth
Shakeout In The Early Commercial Airframe Industry, Taylor Jaworski, Andrew Smyth
Economics Faculty Research and Publications
The commercial airframe industry in the US experienced a shakeout from the early 1930s into the post‐Second World War period. Unlike shakeouts in automobiles, tyres, or televisions, the commercial airframe industry's early life cycle was affected by external factors, particularly government demand. Using newly digitized data on all planes introduced in the commercial market between 1926 and 1965, we find that commercial airframe manufacturers with bomber contracts during the Second World War were more likely to have postwar market share than firms without such contracts, controlling for plane characteristics and other forms of government contracting. We attribute the effect of …
The Effectiveness Of Central Bank Forward Guidance Under Inflation And Price-Level Targeting, Stephen J. Cole
The Effectiveness Of Central Bank Forward Guidance Under Inflation And Price-Level Targeting, Stephen J. Cole
Economics Faculty Research and Publications
This paper examines the effectiveness of central bank forward guidance under inflation and price-level targeting monetary policies. The results show that the beneficial effects of forward guidance increase if a central bank pursues price-level targeting instead of inflation targeting. Output and inflation respond more favorably to forward guidance with price-level targeting than inflation targeting. A monetary policy rule that aggressively reacts to inflation and includes interest rate inertia narrows the performance gap between the two policy regimes. However, forward guidance with price-level targeting is still preferred to forward guidance with inflation targeting after performing multiple robustness checks.
Free Trade Agreements And Volatility Of Stock Returns And Exchange Rates: Evidence From Nafta, Bram Daelemans, Joseph P. Daniels, Farrokh Nourzad
Free Trade Agreements And Volatility Of Stock Returns And Exchange Rates: Evidence From Nafta, Bram Daelemans, Joseph P. Daniels, Farrokh Nourzad
Economics Faculty Research and Publications
This paper uses GARCH models and daily data to investigate the effect of the Canada – U.S. Free Trade Agreement (CUSFTA) and NAFTA on the volatility of, and the relationship between stock market returns and changes in bilateral exchange rates of the member countries. Empirical results indicate that the CUSFTA had a stabilizing effect on the Canadian and U.S. equity markets while increasing the volatility of the CAD/USD exchange rate. NAFTA further reduced the two stock markets’ volatility, however unlike CUSFTA, NAFTA also reduced the volatility of the CAD/USD exchange rate. Additional results indicate that during NAFTA, the Mexican stock …
Religious Identity Formation: Constraints Imposed On Religious Institutions And Implications For The Meaning Of Religious Affiliation, Marc Von Der Ruhr, Paul Ngo, Joseph P. Daniels
Religious Identity Formation: Constraints Imposed On Religious Institutions And Implications For The Meaning Of Religious Affiliation, Marc Von Der Ruhr, Paul Ngo, Joseph P. Daniels
Economics Faculty Research and Publications
Religiosity in the United States remains a strong social force. The United States persistently demonstrates higher religious participation than Europe. Some recent trends documented by the Pew Research Center in its 2008 and 2015 publications on the U.S. religious landscape, however, cite evidence that different religious groups are experiencing very different trends in participation. These trends show a recent and significant decline among many moderate Protestant denominations but a modest increase in participation at fundamentalist churches. The Pew Research Center similarly documents significant inconsistencies between what a religious hierarchy teaches versus what individuals personally choose to believe. For example, and …
Revenue Sharing And Player Salaries In Major League Baseball, James Richard Hill, Nicholas A. Jolly
Revenue Sharing And Player Salaries In Major League Baseball, James Richard Hill, Nicholas A. Jolly
Economics Faculty Research and Publications
This article analyzes how changes made to the revenue sharing agreement in the 2007 Major League Baseball collective bargaining agreement influenced the salaries of position players and pitchers. The tax rates associated with revenue sharing decreased following ratification of the 2007 agreement. Theoretically, these changes should increase players’ marginal revenue product and, therefore, salaries. Results indicate that position players experienced an increase in salary following the 2007 agreement. Pitchers’ salaries also increased, but by a smaller amount. The effect of the 2007 agreement was different throughout the salary distribution for position players, but uniform throughout the distribution for pitchers.
Does Athletic Success Influence Persistence At Higher Education Institutions? New Evidence Using Panel Data, Daniel C. Hickman, Andrew G. Meyer
Does Athletic Success Influence Persistence At Higher Education Institutions? New Evidence Using Panel Data, Daniel C. Hickman, Andrew G. Meyer
Economics Faculty Research and Publications
This study examines the relationship between athletic success and student persistence toward a degree. We build an updated panel of National Collegiate Athletic Association (NCAA) Division I institutions and utilize within-institution variation to identify the effects of athletic success. Using a ranking of all institutions, we find that having more successful men's basketball and football teams has a significant positive effect on first-year retention rates. We also find some evidence that improved basketball rankings increase graduation rates, and that success in the NCAA tournament may have a sizable impact on retention. Although the estimated effects are generally modest in scale, …
Perceptions Of Institutional Quality: Evidence Of Limited Attention To Higher Education Rankings, Andrew G. Meyer, Andrew R. Hanson, Daniel C. Hickman
Perceptions Of Institutional Quality: Evidence Of Limited Attention To Higher Education Rankings, Andrew G. Meyer, Andrew R. Hanson, Daniel C. Hickman
Economics Faculty Research and Publications
Rankings of colleges and universities provide information about quality and potentially affect where prospective students send applications for admission. We find evidence of limited attention to the popular U.S. News and World Report rankings of America’s Best Colleges. We estimate that applications discontinuously drop by 2%–6% when the rank moves from inside the top 50 to outside the top 50 whereas there is no evidence of a corresponding discontinuous drop in institutional quality. Notably, the ranking of 50 corresponds to the first page cutoff of the printed U.S. News guides. The choice of college is typically a one-time decision with …
Do College Admissions Counselors Discriminate? Evidence From A Correspondence-Based Field Experiment, Andrew R. Hanson
Do College Admissions Counselors Discriminate? Evidence From A Correspondence-Based Field Experiment, Andrew R. Hanson
Economics Faculty Research and Publications
I design and implement a correspondence based field experiment to test for race and gender discrimination among college admissions counselors in the student information gathering stage. The experiment uses names to identify student race and gender, and student grade, SAT score, and writing differences to reflect varying levels of applicant quality. I find that counselors do not respond differently by race in most cases, but there are measurable differences in response/non-response and in the type of correspondence sent that favor female students. I also find that the quality of the student induces large differences in the type of response.
Corporate Income Taxes And Labor: An Investigation Of Empirical Evidence, Andrew R. Hanson, Ike Brannon
Corporate Income Taxes And Labor: An Investigation Of Empirical Evidence, Andrew R. Hanson, Ike Brannon
Economics Faculty Research and Publications
With the highest top marginal corporate tax rate among OECD nations and the third-highest in the world at 35 percent, it is not surprising that policymakers have long evinced a desire to lower the U.S. federal corporate income tax rate. Reducing the corporate income tax rate has implications for a wide-range of outcomes – from federal revenues to foreign direct investment, but the effects of such a change on workers is less understood. This paper examines the empirical literature on the effect of corporate income taxes on labor, specifically on employment and worker incomes. In general, empirical work with the …
Safety Regulation In Professional Football: Empirical Evidence Of Intended And Unintended Consequences, Andrew R. Hanson, Nicholas A. Jolly, Jeremy Peterson
Safety Regulation In Professional Football: Empirical Evidence Of Intended And Unintended Consequences, Andrew R. Hanson, Nicholas A. Jolly, Jeremy Peterson
Economics Faculty Research and Publications
In response to increasing public awareness and negative long-term health effects of concussions, the National Football League implemented the “Crown-of-the-Helmet Rule” (CHR). The CHR imposes penalties on players who initiate contact using the top of the helmet. This paper examines the intended effect of this policy and its potential for unintended consequences. We find evidence supporting the intended effect of the policy- a reduction in weekly concussion reports among defensive players by as much as 32% (34% for all head and neck injuries), but also evidence of an increase in weekly lower extremity injury reports for offensive players by as …
“No Shut-Off” Policies And Natural Gas Consumption, David E. Clark, Catherine Dybicz, Andrew R. Hanson, Farrokh Nourzad
“No Shut-Off” Policies And Natural Gas Consumption, David E. Clark, Catherine Dybicz, Andrew R. Hanson, Farrokh Nourzad
Economics Faculty Research and Publications
Many U.S. states have regulations that prevent natural gas utility companies from turning off service to non-paying consumers. The goal of these policies, termed “no shut-off” (NSO) regulations, is to provide a guaranteed minimum level of residential comfort by reducing the marginal cost of consumption to zero for a period of time. This paper employs a difference-in-difference approach applied to residential U.S. Energy Information Administration data to evaluate whether NSO policies generate higher levels of gas usage. Our preferred specifications suggest that activation of a NSO policy increases natural gas consumption by between 4.7–4.8%, resulting in a total increase of …
Analyzing The Characteristics Of Plants Choosing To Opt-Out Of The Large Combustion Plant Directive, Andrew G. Meyer, Grzegorz Pac
Analyzing The Characteristics Of Plants Choosing To Opt-Out Of The Large Combustion Plant Directive, Andrew G. Meyer, Grzegorz Pac
Economics Faculty Research and Publications
The EU Large Combustion Plant Directive (LCPD) is a major but largely unstudied environmental regulation. Most of the 1585 large combustion plants in this analysis are electricity supply plants or combined heat and power plants. We find that, controlling for country characteristics and plant size, plants in the electricity supply, combined heat and power, district heating, and paper industries have a higher probability of being opted-out of the emission limit values (ELVs), which necessitates eventual plant closure. Controlling for plant size and industry, increasing the amount of solid fuel or natural gas utilized at a plant is associated with a …
The Impact Of Education On Political Ideology: Evidence From European Compulsory Education Reforms, Andrew G. Meyer
The Impact Of Education On Political Ideology: Evidence From European Compulsory Education Reforms, Andrew G. Meyer
Economics Faculty Research and Publications
Previous research documents a correlation between education and political ideology, usually indicating a positive relationship between education and left-wing political views. In this paper, I examine to what extent this association is causal. I merge political ideology data from 25 waves of Eurobarometer surveys with information on 18 educational reforms in 11 European countries. I then instrument for educational attainment with a regression discontinuity design that estimates the increase in education due to compulsory educational reforms. Notably, it appears that omitted variables bias is important here. I find a significant causal effect of education moving individuals to the right when …
Job-Destroying Effects Of $15 Minimum Wage By Metro, Industry And Occupation, Andrew R. Hanson, Zackary Hawley
Job-Destroying Effects Of $15 Minimum Wage By Metro, Industry And Occupation, Andrew R. Hanson, Zackary Hawley
Economics Faculty Research and Publications
No abstract provided.
Does Eco-Labeling Of Services Matter? Evidence From Higher Education, Daniel C. Hickman, Andrew G. Meyer
Does Eco-Labeling Of Services Matter? Evidence From Higher Education, Daniel C. Hickman, Andrew G. Meyer
Economics Faculty Research and Publications
Eco-labeling of services has become increasingly common, yet little empirical evidence exists concerning its effectiveness. We address this gap in the literature by analyzing a highly visible eco-label, the American College and University Presidents’ Climate Commitment (ACUPCC), in the sector of higher education. We match information about the ACUPCC to the US Department of Education IPEDS database to examine the impact of signing on student applications, admissions, and enrollment. We mainly utilize a difference-in-difference approach to identify the effects of interest but confirm results with an interrupted time series model. We find that signing the ACUPCC increases applications and admitted …
Shock, But No Shift: Hospitals' Responses To Changes In Patient Insurance Mix, Kathryn L. Wagner
Shock, But No Shift: Hospitals' Responses To Changes In Patient Insurance Mix, Kathryn L. Wagner
Economics Faculty Research and Publications
Medicaid reimburses healthcare providers for services at a lower rate than any other type of insurance coverage. To account for the burden of treating Medicaid patients, providers claim that they must cost-shift by raising the rates of individuals covered by private insurance. Previous investigations of cost-shifting has produced mixed results. In this paper, I exploit a disabled Medicaid expansion where crowd-out was complete to investigate cost-shifting. I find that hospitals reduce the charge rates of the privately insured. Given that Medicaid is expanding in several states under the Affordable Care Act, these results may alleviate cost-shifting concerns of the reform.
Effects Of Foreign Direct Investment On Firm-Level Technical Efficiency: Stochastic Frontier Model Evidence From Chinese Manufacturing Firms, Miao Grace Wang, Sunny Wong
Effects Of Foreign Direct Investment On Firm-Level Technical Efficiency: Stochastic Frontier Model Evidence From Chinese Manufacturing Firms, Miao Grace Wang, Sunny Wong
Economics Faculty Research and Publications
It has been recognized that multinational corporations can spill over to non-affiliated firms in host economies. Existing studies of foreign direct investment (FDI) and productivity growth often assume firms are perfectly efficient. Our paper relaxes this assumption and explores how FDI affects a firm’s technical efficiency improvement as well as its technical progress in a stochastic frontier model. The stochastic frontier model estimates a firm’s production frontier given a set of production inputs. The deviation of a firm’s actual output level from its maximum level of output is defined as technical inefficiency. Using data from more than 12,000 Chinese manufacturing …
Is Unemployment Good For The Environment?, Andrew G. Meyer
Is Unemployment Good For The Environment?, Andrew G. Meyer
Economics Faculty Research and Publications
Environmental quality is a public good, potentially impacted by everybody. Individual level pro-environmental behavior affects environmental quality in the aggregate. Therefore, it is important to understand what causes individual’s pro-environmental behaviors to change. We quantify the causal effect of one determinant, unemployment, using an EU-27 population representative Eurobarometer survey. Drawing on results from the theory of the private provision of public goods, and recognizing that unemployment decreases income and the opportunity cost of time, we formulate testable predictions that unemployment will decrease the extent of pro-environmental behaviors that require monetary contributions and increase the extent of pro-environmental behaviors that mainly …
Metropolitan Area Home Prices And The Mortgage Interest Deduction: Estimates And Simulations From Policy Change, Hal Martin, Andrew R. Hanson
Metropolitan Area Home Prices And The Mortgage Interest Deduction: Estimates And Simulations From Policy Change, Hal Martin, Andrew R. Hanson
Economics Faculty Research and Publications
We simulate changes to metropolitan area home prices from reforming the Mortgage Interest Deduction (MID). Price simulations are based on an extended user cost model that incorporates two dimensions of behavioral change in home buyers: sensitivity of borrowing and the propensity to use tax deductions. We simulate prices with both inelastic and elastic supply. Our results show a wide range of price effects across metropolitan areas and prospective policies. Considering behavioral change and no supply elasticity, eliminating the MID results in average home price declines as steep as 13.5% in Washington, D.C., and as small as 3.5% in Miami-Fort Lauderdale, …
Competition, Cost Innovation, And X-Inefficiency In Experimental Markets, Andrew Smyth
Competition, Cost Innovation, And X-Inefficiency In Experimental Markets, Andrew Smyth
Economics Faculty Research and Publications
This paper examines the relationship between competition, cost innovation, and x-inefficiency in experimental markets. In the lab, oligopolists make closer-to-optimal cost innovation expenditures than do monopolists, which result in lower x-inefficiency in oligopoly than in monopoly. Oligopolies also increase total surplus relative to monopoly, and consumer surplus makes up a larger portion of total surplus in oligopoly than monopoly. The data illustrate how x-inefficiency affects surplus dynamically and suggest price as a mechanism by which competitive pressure increases cost efficiency.
Explaining The Fixed Cost Component Of Discounting: The Importance Of Students' Liquidity Constraints, Andrew G. Meyer
Explaining The Fixed Cost Component Of Discounting: The Importance Of Students' Liquidity Constraints, Andrew G. Meyer
Economics Faculty Research and Publications
Utilizing experimental data on choices over real monetary rewards made by university students, we provide evidence that two measures of liquidity, income and employment status, significantly explain differences in patterns of discounting. We find an average fixed cost component of discounting in the range of $5 for unemployed students and near $0 for employed students. An increase in annual disposable income of $1000 decreases the fixed cost component of discounting by approximately $0.20 to $0.25. These findings can help resolve the puzzle that some studies in the literature find evidence of present-bias and magnitude effects and some do not.
Discrimination In Mortgage Lending: Evidence From A Correspondence Experiment, Andrew R. Hanson, Zackary Hawley, Hal Martin, Bo Liu
Discrimination In Mortgage Lending: Evidence From A Correspondence Experiment, Andrew R. Hanson, Zackary Hawley, Hal Martin, Bo Liu
Economics Faculty Research and Publications
We design and implement an experimental test for differential response by mortgage loan originators (MLOs) to requests for information about loans. Our e-mail correspondence experiment is designed to analyze differential treatment by client race and credit score. Our results show net discrimination by 1.8% of MLOs through non-response. We also find that MLOs offer more details about loans and are more likely to send follow up correspondence to whites. The effect of being African American on MLO response is equivalent to the effect of having a credit score that is 71 points lower.