Economics Commons^™

Middle Men Versus Market Makers: A Theory Of Competitive Exchange, John Rust, George J. Hall

Cowles Foundation Discussion Papers

What determines how trade in a commodity is divided between privately negotiated transactions via “middle men” (dealer/brokers) in a telephone or “dealer market” versus transactions via “market makers” (specialists) at publicly observable bid/ask prices? To address this question, we extend Spulber’s (1996a) search model with buyers, sellers, and price setting dealers to include a fourth type of agent, market makers . The result is a model where market microstructure — the division of trade between dealers and market makers — is determined endogenously. In Spulber’s model, dealers are the exclusive avenue of exchange, and prices are private in the sense …

Neighborhood Effects And The Development Of Cognitive Ability: A Re-Examination Of The Bell Curve, Amber Munday '01

Honors Projects

"The average black and white differ in IQ at every level of socioeconomic status..." state Richard Herrnstein and Charles Murray in 1994's controversial book, The Bell Curve (269). Implicit in this statement is the idea that blacks are genetically less intelligent than whites, and it is because of this, that the gap in black and white median incomes persists. Herrnstein and Murray believe that the portion of IQ, as measured by the Armed Forces Qualification Test (AFQT), that is influenced by environmental factors is virtually irrelevant. This is due to the fact that less intelligent people live in less desirable …

Economic Currents: The State Of The State Economy, Alan Clayton-Matthews

Public Policy and Public Affairs Faculty Publication Series

The recession watch is on. The outlook for Massachusetts in 2001 is uncertain, and the downside risks appear to be gaining momentum. What was a favorable industry mix in 2000 may turn out to be unfavorable in 2001, if emerging signs of a worldwide decline in demand for technology products are realized. The chances of a downturn have not been higher in a decade.

Economists' Publication Patterns, James E. Hartley, James Monks, Michael D. Robinson

Economics Faculty Publications

The results presented in this paper give a comprehensive picture of the extent of publishing by economists. While it is obvious that the traditional emphasis on refereed journal articles captures only a part of economists' research output, to date it has been difficult to determine how large a part of that output was not being measured. This note provides the necessary perspective and presents information on the relative productivity of faculty at different institutional types and with different years of experience.

Review Of "Rising Wage Inequality: The 1980s Experience In Urban Labor Markets" By T. Hyclak, Frederic L. Pryor

Economics Faculty Works

No abstract provided.

The Lingnan Commentary - April 2001 (No. 2), Hong Kong Institute Of Business Studies, Lingnan University

The Lingnan Commentary 嶺南評論 : A Quarterly Review of Economic, Business and Social Issues by Lingnan University

No abstract provided.

Rural Economic Development: Worker Cooperatives And Employment Of People With Disabilities Part One, Charles Sperry, Joyce Brusin, Tom Seekins Ph.D., University Of Montana Rural Institute

Employment

Across America, rural communities are looking for vibrant and stable local economies that will allow them to preserve the best qualities of their rural life in the face of rapid and relentless global economic change. The impacts of economic decline in rural America over the last two decades have been worsened by multiplier effects. Lost income has led to lost purchasing power, which has led to business closures; population loss has followed, resulting in downsizing of schools and hospitals and ultimately, in disintegration of communities themselves (Magdoff 1993; The Futurist, 1989).

Globalization And The Paradox Of Incorporation And Marginalization: An Exploratory Note On Sub-Saharan Africa, Charles R. Lartey

Graduate Program in International Studies Theses & Dissertations

Globalization has of late become the lingua franca of the study of the international political economic system. As its ideological counterpart, globalization has elevated neoliberalism to the status of an international theology. To harness the benefits of a globalizing world economy, conventional wisdom consider the dictums underlying neoliberal policies as “immutable laws” that must be adopted by both the developing and the developed world.

Utilizing a structured, focused analysis based on a case study of Sub-Saharan Africa (SSA), this research challenges the orthodox notion that the new international context of development that is instigated by the imperatives of globalization, and …

"Smart" Economic Development, George A. Erickcek

Employment Research Newsletter

No abstract provided.

The Evolution Of Irrationality, Owen D. Jones

Vanderbilt Law School Faculty Publications

The place of the rational actor model in the analysis of individual and social behavior relevant to law remains unresolved. In recent years, scholars have sought frameworks to explain: a) disjunctions between seemingly rational behavior and seemingly irrational behavior; b) the origins of and influences on law-relevant preferences, and c) the nonrandom development of norms. This Article explains two components of an evolutionary framework that, building from accessible insights of behavioral biology, can encompass all three. The components are: "time-shifted rationality" and "the law of law's leverage."

The Myth Of Sports-Led Economic Development, Brad R. Humphreys

Economics Faculty Working Papers Series

Public subsidization of professional sports facilities has been prevalent for the past 40 years in the United States. These subsidies are allegedly justified by economic benefits owing from sports facilities, including the creation of new jobs, new tax revenues and higher income. Recent research suggests that cities have not benefited economically from the boom in professional stadium and arena construction; cities that built new sports facilities over the period 1969-1997 have experienced lower inflation adjusted income per person than those where no new facilities were built. This research calls into question the justification for public subsidization of professional sports facilities.

Appraising Industrial Special-Purpose Properties, Robert G. Crawford, Barrett A. Slade

Faculty Publications

This article proposes a new technique, based on utilization rates, for estimating economic obsolescence in the appraisal of industrial special-purpose properties. A utilization-based measure, which explicitly considers the operating leverage of the facility, allows for proper calculation of the obsolescence. Theoretically correct valuation principles underlie the proposed utilization methodology. The technique uses inputs that are reasonably available to an appraiser, thus providing a practical application of the proposed methodology.

Cops And Robbers: Looking At The Interdependent Relationship Between Police And Crime Using Differential Equations, Matthew Cole

Major Themes in Economics

This paper devises a system of differential equations to model the dual dependency of police and crime, based on a predator/prey relationship. It emphasizes the complexity of the relationship and shows how empirical research can be skewed if it only focuses on a limited time interval. The system of differential equations explains why some researchers have come to the mistaken conclusion that hiring more police induces more crime, and gives policy makers better information with which to make decisions.

A Game Worth Playing? The Distributional Effects Of Casino Gambling: An Emphasis On Iowa, Brad Rolling

Major Themes in Economics

This paper examines the distributional effects of casino gambling, with an emphasis on Iowa. The casino tax is found to be regressive, and regressivity increases with increased accessibility to casinos. Prevalence and costs of pathological and problem gamblers are discussed in detail. Evidence suggesting a positive correlation between casinos and bankruptcy rates is presented. Overall, it is found that casinos disproportionally harm poor individuals, non-whites (with the exception of Native Americans), and those living near casinos. Iowans must understand the equity implications of casino gambling in order to make informed policy decisions, including the county referendums in 2002.

Consumer Views On Genetically Modified Crops, Levente Timar

Major Themes in Economics

Differences in consumer views about genetically modified crops have recently lead to trade disputes between the United States and the countries of the European Union. This paper uses a simple cost-benefit model to examine what factors influence consumer views on modified crops, and analyses them in an attempt to explain the observed difference between the American and European perspectives. Potential socio-economic, health and environmental effects interact with personal beliefs to shape consumer views. It is argued that most of the difference in opinions can be traced back to the lack of accurate information. There is a difference in the perceived …

China: Unfulfilled Promise, Matthew Gernes

Major Themes in Economics

At the turn of the first millennium A.D. the Chinese empire was perhaps the most technologically and economically advanced civilization on the planet. Economic historians continue to wonder why China stopped progressing along a path which seemed to promise an industrial revolution similar to that experienced by the West. This paper examines how the social and political institutions which made pre-industrial China different from Europe may have prevented such a revolution from happening. The imperial bureaucracy, Confucian philosophy and the centralized nature of the empire all played a role in preventing China from escaping the pre-modern world until the 20th …

Validation Of Tissue Microarrays For Immunohistochemical Profiling Of Cancer Specimens Using The Example Of Human Fibroblastic Tumors, Axel Hoos, M. J. Urist, A. Stojadinovic, S. Mastorides, M. Dudas, Denis H. Y. Leung

Research Collection School Of Economics

Tissue microarrays allow high-throughput molecular profiling of cancer specimens by immunohistochemistry. Phenotype information of sections from arrayed biopsies on a multitissue block needs to be representative of full sections, as protein expression varies throughout the entire tumor specimen. To validate the use of tissue microarrays for immunophenotyping, we studied a group of 59 fibroblastic tumors with variable protein expression patterns by immunohistochemistry for Ki-67, p53, and the retinoblastoma protein (pRB). Data on full tissue sections were compared to the results of one, two, and three 0.6-mm core biopsies per tumor on a tissue array. Ki-67 and p53 staining was read …

Mapping The Discipline Of The Olympic Games: An Author Cocitation Analysis, Peter Warning, Rosie Ching, Kristine Toohey

Research Collection School Of Economics

The authors conducted an author cocitation analysis on prominent authors writing about the Olympics during the 1990s. Author cocitation is an established bibliometric technique that can be used to measure the relative similarities of topics written about by the cited authors. This enables a visual representation of the “intellectual space” of the discipline, in this case the Olympics, to be created for the period under review. So core and peripheral research areas are identified, along with their major contributors. The representation appears as a two-dimensional cluster-enhanced map. Subject expertise was then applied to the results to place labels on the …

Farm Household Income And Employment Trends, Matthew A. Diersen

Economics Commentator (1972- 2016)

No abstract provided.

Farm Household Income And Employment Trends, Matthew A. Diersen

Economics Commentator (1972- 2016)

No abstract provided.

"...As We Forgive Our Debtors", St Mary's University

President's Peace Commission - Programs

The President’s Peace Commission existed from 1984 to 2013 at St. Mary's University. The Commission fostered an ethical commitment to participate in the establishment of world peace and social justice.

This program is about labor exploitation in an international economy and environmental debt.

Poorer European Countries Are Less Concerned About Biotechnology Than Richer Countries, Michael Siegrist

RISK: Health, Safety & Environment (1990-2002)

The author examines the relationship between GNP, media coverage, and public perceptions of the utility, risk, and acceptability of medical and food-related applications of biotechnology.

Going Places : Atm Services In India, Sanjiv Kumar Bhatia

IIMB Management Review

Post-liberalisation banking sector reforms brought in a new era of competition, forcing banks to look for different ways of competing. ATM (automated teller machine) services helped banks increase their reach and improve customer responsiveness and also provided them with opportunities to open new streams of revenues. However, regulatory bindings, such as the control on the number of ATMs that can be deployed by the public sector banks, and tariff issues like high custom duty on ATM hardware, made this option unviable and constrained the growth of ATMs in the country in last decade.

Social Work And Labor: A Look At The North American Agreement On Labor Cooperation, Constance Phelps

The Journal of Sociology & Social Welfare

The North American Agreement on Labor Cooperation (NAALC), a side agreement to NAFTA, provides an instructive example of an attempt to link global trade to labor standards. While this side agreement was created in order to bolster the internationalization of trade, it has brought Labor, human rights groups and governments together to scrutinize and challenge the ways that each NAFTA member country ensures the provision of basic health, safety, and human rights on the job. Effective enforcement of the Agreement will come only with political pressure from a wide variety of groups interested in improving quality of life for workers …

Monotone Preferences Over Information, Juan Dubra, Federico Echenique

Cowles Foundation Discussion Papers

We consider preference relations over information that are monotone: more information is preferred to less. We prove that, if a preference relation on information about an uncountable set of states of nature is monotone, then it is not representable by a utility function.

Valuation Ratios And The Long-Run Stock Market Outlook: An Update, John Y. Campbell, Robert J. Shiller

Cowles Foundation Discussion Papers

The use of price–earnings ratios and dividend-price ratios as forecasting variables for the stock market is examined using aggregate annual US data 1871 to 2000 and aggregate quarterly data for twelve countries since 1970. Various simple efficient-markets models of financial markets imply that these ratios should be useful in forecasting future dividend growth, future earnings growth, or future productivity growth. We conclude that, overall, the ratios do poorly in forecasting any of these. Rather, the ratios appear to be useful primarily in forecasting future stock price changes, contrary to the simple efficient-markets models. This paper is an update of our …

Intergenerational Labor Market And Welfare Consequences Of Poor Health, Thomas J. Kniesner, Anthony T. Losasso

Center for Policy Research

Our research provides new econometric evidence concerning partial economic risk sharing between a frail elderly parent and an adult child. We estimate a jointly determined limited dependent variables system explaining the parent’s entry into a nursing home, the adult child’s visits to the parent, and the adult child’s labor supplied. The time allocation of adult sons is unaffected by a parent’s frail health. Adult daughters who visit a frail elderly parent daily decrease their annual labor supplied by about 1,000 hours annually, largely through labor force non-participation. The implied welfare loss to the daughter from a frail elderly parent in …

Intergenerational Labor Market And Welfare Consequences Of Poor Health, Thomas J. Kniesner, Anthony T. Losasso

Center for Policy Research

Our research provides new econometric evidence concerning partial economic risk sharing between a frail elderly parent and an adult child. We estimate a jointly determined limited dependent variables system explaining the parent’s entry into a nursing home, the adult child’s visits to the parent, and the adult child’s labor supplied. The time allocation of adult sons is unaffected by a parent’s frail health. Adult daughters who visit a frail elderly parent daily decrease their annual labor supplied by about 1,000 hours annually, largely through labor force non-participation. The implied welfare loss to the daughter from a frail elderly parent in …

Unfinished Business: Inadequate Health Coverage For Privately Insured, Seriously Ill Children, Nancy Swigonski, Eleanor D. Kinney, Deborah A. Freund, Thomas J. Kniesner

Center for Policy Research

During the 1980s and 1990s there were great increases of health insurance coverage for poor children through the Children’s Health Insurance Program (CHIP) and extended Medicaid eligibility. Problems remain for the small number of children with serious medical conditions whose care is a high proportion of total health care expenditures on children. We report on the adequacy of health insurance coverage for a sample of children with serious and rare illnesses treated at the single tertiary care pediatric hospital in Indiana. One-third of privately insured children in our data had inadequate insurance. Compared to families with inadequate health insurance families …

Determinants Of Medical Costs Following A Diagnosis Of Depression, Regina H. Powers, Thomas J. Kniesner, Thomas W. Croghan

Center for Policy Research

Objective: Assess the determinants of medical costs for depressed individuals.

Method: Using medical insurance claims for a population of depressed individuals with employer provided insurance, we estimated multivariate models of the costs for general medical care, exclusive of costs for mental health services, following diagnosis. Explanatory variables included provider choice (psychiatrist or non-physician mental health specialist), treatment choice (medication, psychotherapy, or combination treatment); treatment adequacy as defined by APA guidelines; characteristics of depression symptoms and severity; and other demographic characteristics.

Results: On average, there were increases in the costs for general medical services in the year following diagnosis of a …