Economics Commons^™

I'Ll See It When I Believe It — A Simple Model Of Cognitive Consistency, Leeat Yariv

Cowles Foundation Discussion Papers

Psychological experiments demonstrate that people exhibit a taste for consistency. Individuals are inclined to interpret new evidence in ways that confirm their pre-existing beliefs. They also tend to change their beliefs to enhance the desirability of their past actions. I present a model that incorporates these effects into an agent’s utility function and allows me to characterize when: (i) agents become under- and over-confident, (ii) agents exhibit excess stickiness in action choices, (iii) agents prefer less accurate signals, and (iv) agents are willing to pay in order to forgo signals altogether. Applications to political campaigns and investment decisions are explored.

Highway Franchising And Real Estate Values, Eduardo Engel, Ronald Fischer, Alexander Galetovic

Cowles Foundation Discussion Papers

It has become increasingly common to allocate highway franchises to the bidder that offers to charge the lowest toll. Often, building a highway increases the value of land held by a small group of developers, an effect that is more pronounced with lower tolls. We study the welfare implications of highway franchises that benefit large developers, focusing on the incentives developers have to internalize the effect of the toll they bid on the value of their land. We study how participation by developers in the auction affects equilibrium tolls and welfare. We find that large developers bid more aggressively than …

Consistent Testing For Stochastic Dominance: A Subsampling Approach, Oliver B. Linton, Esfandiar Maasoumi, Yoon-Jae Whang

Cowles Foundation Discussion Papers

We propose a procedure for estimating the critical values of the Klecan, McFadden, and McFadden (1990) test for first and second order stochastic dominance in the general k -prospect case. Our method is based on subsampling bootstrap. We show that the resulting test is consistent. We allow for correlation amongst the prospects and for the observations to be autocorrelated over time. Importantly, the prospects may be the residuals from certain conditional models.

On The Edge Of Scarcity: Environment, Resources, Population, Sustainability, And Conflict, Michael N. Dobkowski, Isidor Wallimann

Program for the Advancement of Research on Conflict and Collaboration

These essays address one of the most pressing and significant issues that humanity has confronted to date - the lack of life-sustaining resources. Michael N. Dobkowski and Isidor Wallimann establish a disturbing but realistic scenario of the disastrous future that awaits humankind as surplus populations collide with dwindling resources. Authors consider a number of cause-and-effect situations on industrialization, biophysical limits, exponential population growth, and genocide, to name a few. This volume is a critical contribution to the field and will serve as an ideal introduction to courses in the environment, population, resources, genocide, and social conflict.

High-Tech Industrial Activity In Greater Cleveland 1992-2000, Robert Sadowski

All Maxine Goodman Levin School of Urban Affairs Publications

This briefing paper provides an analysis of high-tech activity in the Cleveland Primary Metropolitan Statistical Area (PMSA) from 1992 to 2000. It begins by defining the term high-tech industry, using criteria developed by the Bureau of Labor Statistics (BLS). High-tech industries are then analyzed from the viewpoint of employment levels, average earnings, and number of establishments. The City of Cleveland’s share of high-tech activity is discussed along with a comparison of the Cleveland PMSA versus the U.S. The paper concludes with a summary analysis of Cleveland’s position n in the world of high-tech.

High-Tech Industrial Activity In Greater Cleveland 1992-2000: Technology-Oriented Employment Addendum, Robert Sadowski

All Maxine Goodman Levin School of Urban Affairs Publications

No abstract provided.

Montana Vision Travel Research: 2002, Norma P. Nickerson

Institute for Tourism and Recreation Research Publications

Outlook for 2002 and Review of 2001.

Endogenous Growth And Equilibrium Unemployment In A North-South Model Of The World Economy, Hian Teck Hoon

Research Collection School Of Economics

A North-South model is developed which incorporates an endogenous rate of equilibrium unemployment in the North in the context of long-run growth. It is shown how increases in the size of public debt and unemployment compensation financed by payroll taxation, all measured relative to productivity, raise the Northern natural rate of unemployment and, consequently, reduce the global rate of long-run growth. The effect of the shocks is also to drive down the rate of employment expansion in the South. A set of the fundamental determinants of the world terms of trade is obtained, which includes policy parameters.

Isotonic Designs For Phase I Trials, Denis H. Y. Leung, You-Gan Wang

Research Collection School Of Economics

The purpose of a phase I trial in cancer is to determine the level (dose) of the treatment under study that has an acceptable level of adverse effects. Although substantial progress has recently been made in this area using parametric approaches, the method that is widely used is based on treating small cohorts of patients at escalating doses until the frequency of toxicities seen at a dose exceeds a predefined tolerable toxicity rate. This method is popular because of its simplicity and freedom from parametric assumptions. In this paper, we consider cases in which it is undesirable to assume a …

Bankruptcy Law, Ishrat Husain Dr.

Faculty Research - Talks, Speeches, & Discourse

I would like to commend the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and its President, Mr. Iftikhar Ali Malik for organizing this Seminar. I consider this as a paradigm shift from the traditional way of the FPCCI presenting a Charter of demands to visiting government officials towards a joint collaborative way of solving practical problems facing the industry. This seminar represents an excellent initiative to explore an issue, which is of utmost significance for the business community. The State Bank has engaged in a continuous consultative process with the business leaders, exporters associations, chambers etc. We have …

Developing Sme Sector In Pakistan, Ishrat Husain Dr.

Faculty Research - Talks, Speeches, & Discourse

The diagnosis of the problems afflicting the SME sector in Pakistan is very well established by now. The papers delivered at this seminar have presented both the qualitative and quantitative data and information about the existing contribution and future potential of the sector. The Government policy and priority to SMEs have been reiterated by the Chief Executive in his address on December 16, 1999. The key support institutions such as SME Bank and SMEDA have been restructured. It is now high time that we should move from the phase of analysis and diagnosis to action that can spur small and …

Comments By Governor State Bank Of Pakistan On The Paper Debt, Growth, Poverty In International Monetary System, Ishrat Husain Dr.

Faculty Research - Talks, Speeches, & Discourse

I agree with Prof. Mundell that economic theory does suggest that the best monetary system would involve the use of a single currency. The idea of the existence of money is to facilitate exchange and thus a single unit of account and medium of exchange is preferable over several such units. A single currency also reduces the transaction costs, search costs, computational costs and thus enhances the efficiency of resource use. On this basis, it is safe to deduce that the justification for a system of national currencies freely convertible at fixed exchange rate is self-evident. Empirically, the European Union …

The U.S.-Taiwan Free Trade Area Agreement: A Bridge For Economic Integration In The Asia-Pacific Region, Peter C.Y. Chow

Maryland Series in Contemporary Asian Studies

No abstract provided.

The Effects Of A Token Economy System In Comparison To Social Praise On The Manifest Behaviors Of Elementary Learning Disabled Students, Kimberly Waggy

Theses, Dissertations and Capstones

The objective of this study was to investigate the effects of a token economy system in comparison to social praise on the manifest behaviors of learning disabled students at an elementary school in West Virginia. The null hypothesis of this study was that there would be no significant difference between a token economy system in comparison to social praise on the manifest behaviors of learning disabled students. The following research question was examined in this study: What are the effects of a token economy system in comparison to social praise on the manifest behaviors of learning disabled students?

Literature relevant …

Do You Have Tips On Discussing Property Distribution?, Liz Gorham

All Archived Publications

No abstract provided.

Costos De Cierre, Leona K. Hawks, Lucy Delgadillo

All Archived Publications

No abstract provided.

Un Agente De Bienes Raíces, Un Corredor De Bienes Raíces...¿Quíenes Son Ellos?, Leona K. Hawks, Lucy Delgadillo

All Archived Publications

No abstract provided.

Manufactured Homes, Leona K. Hawks, Tawnee Mccay

All Archived Publications

No abstract provided.

Setting New Priorities For Spending, Barbara R. Rowe

All Archived Publications

No abstract provided.

How Can I Make The Most Of My Tax Refund?, Barbara Rowe

All Archived Publications

No abstract provided.

Tipos De Préstamos, Leona K. Hawks, Tawnee Mccay, Lucy Delgadillo

All Archived Publications

No abstract provided.

Home Buyer Checklist, Leona K. Hawks, Tawnee Mccay

All Archived Publications

No abstract provided.

Ways To Reduce Debt And Save Money, Tawnee Mccay

All Archived Publications

No abstract provided.

Waste Not Or Want Not? A Contingent Ranking Analysis Of Curbside Waste Disposal Options, Arthur J. Caplan, Therese Grijalva, Paul Mark Jakus

Applied Economics Faculty Publications

Recent growth in the municipal solid waste (MSW) stream nationwide has prompted considerable research into alternative waste management programs that would divert a portion of the MSW stream from landfills. Using a sample of 350 individuals from a random digit-dialed telephone survey, a discrete choice contingent ranking approach is used to estimate household’s willingness-to-pay for various curbside trash-separation services in Ogden, Utah. Results indicate that Ogden residents are willing to pay approximately 3.7–4.6¢ per gallon of waste diverted for a curbside service that enables separation of green waste and recyclable material from other solid waste. Relative to costly waste diversion …

Estimating Willingness To Pay For Curbside Recycling With Detection And Mitigation Of Hypothetical Bias, Arthur J. Caplan

Applied Economics Faculty Publications

No abstract provided.

Indiana State University Financial Report 2002, Indiana State University

Financial Reports

No abstract provided.

Ways To Save On Your Home Purchase, Leona K. Hawks, Lucy Delgadillo

All Archived Publications

No abstract provided.

Production Sharing And Regional Integration, Sven W. Arndt

CMC Faculty Publications and Research

Preferential trade agreements between dissimilar economies are known to encourage inter-industry specialization, but when they take place between developed and developing countries, they also change the nature of intra-industry trade by facilitating cross-border production sharing. When such arrangements liberalize foreign direct investment as well as trade, production is internationalized and component or intra-product trade increases. Using a standard trade model, this paper derives the conditions under which integration of this type improves competitiveness and raises employment, output, and welfare.

Priming The Pump: Research As A Catalyst For Economic Growth, Jeffery T. Collins, Craig T. Schulman

Publications and Presentations

This analysis is designed to answer several important questions regarding the impact of research dollars invested in the state of Arkansas. We begin by discussing the state of the state in terms of income measures and measures of educational attainment levels. Throughout this analysis, the state of Arkansas is compared to the U.S., to a group of peer states , and, initially, to the state of Mississippi.

Next, we examine the linkage between income and education. We also examine higher education in the state in terms of spending, access and research dollars. From this general description we examine the present …

Microfinance Among The Maya: Tracking The Progress Of Borrowers, Bruce Wydick

Economics Faculty Publications

Microfinance has become an increasingly widespread tool for fostering economic growth among the poor in developing countries. This study tracks the progress of 239 borrowers in a Guatemalan microfinance institution from 1994 to 1999. Results from the study show that rapid gains in employment within the sample enterprises after initial credit access were followed by a protracted period of stagnation in employment growth. Other results highlight gender differences in response to credit access, showing — surprisingly — that the long–run growth in hired labour for female entrepreneurs was slightly greater than that for male entrepreneurs.