Economics Commons^™

Rationalizing And Curve-Fitting Demand Data With Quasilinear Utilities, Donald J. Brown, Caterina Calsamiglia

Cowles Foundation Discussion Papers

In the empirical and theoretical literature a consumer’s utility function is often assumed to be quasilinear. In this paper we provide necessary and sufficient conditions for testing if the consumer acts as if she is maximizing a quasilinear utility function over her budget set. If the consumer’s choices are inconsistent with maximizing a quasilinear utility function over her budget set, then we compute the “best” quasilinear rationalization of her choices.

Reforming Russia's Educational System, Abdur Chowdhury

Economics Faculty Research and Publications

No abstract provided.

Montana Vision Travel Research: 2003, Norma P. Nickerson

Institute for Tourism and Recreation Research Publications

Outlook for 2003 and Review of 2002.

Optimal Sequential Decision Architectures And The Robustness Of Hierarchies And Polyarchies, Winston T. H. Koh

Research Collection School Of Economics

This paper studies collective decision making in the context of a project selection model. We derive the optimal decision architecture when marginal decision costs are present, and investigate the circumstances under which the hierarchy and polyarchy exist as optimal sequential architectures. Our analysis extends previous results on optimal committee decision-making to a sequential setting, and further demonstrates the fragility of the hierarchy and polyarchy as optimal architectures.

Antifibrinolytic Therapy And Perioperative Blood Loss In Cancer Patients Undergoing Major Orthopedic Surgery, David Amar, Florence M. Grant, Hao Zhang, Patrick J. Boland, Denis H. Y. Leung, John A. Healey

Research Collection School Of Economics

Background: Aprotinin has been reported to reduce blood loss and transfusion requirements in patients having major orthopedic operations. Data on whether epsilon amino-caproic acid (EACA) is effective in this population are sparse.

Methods: Sixty-nine adults with malignancy scheduled for either pelvic, extremity or spine surgery during general anesthesia entered this randomized, double-blind, placebo-controlled trial, and received either intravenous aprotinin (n = 23), bolus of 2 x 10(6) kallikrein inactivator units (KIU), followed by an infusion of 5 x 10(5) KIU/h, or EACA (n = 22), bolus of 150 mg/kg, followed by a 15 mg/kg/h infusion or saline placebo (n = …

Fdss Training Manual: Instructions For Using The Frontline Decision Support System, Christopher J. O'Leary, Kim Kornokovich, W.E. Upjohn Institute For Employment Research

Reports

No abstract provided.

Service Links And Wage Inequality, Kong Weng Ho, Hian Teck Hoon

Research Collection School Of Economics

In our general equilibrium model, the variety of specialized service links affects international production fragmentation in manufacturing. Decreases in cost of education or fixed cost of service links raise the relative supply of skilled workers, increase service specialization, and decrease the price of aggregate services. Consequently, the market for service- and skill-intensive component manufacturing enlarges, raising relative demand for skilled workers. Empirically, endogenous change in international outsourcing rather than skill-biased technological progress is the main reason for a modest decline in wage gap despite the rapid rise in relative supply of skilled workers in Singapore from 1978 to 2000.

New Mexico Labor Market Review 01-31-2003, New Mexico Department Of Labor

Historic Publications

The New Mexico Labor Market Review is a monthly publication presenting statistical data and analysis on labor market conditions throughout New Mexico. Issues examine statewide and regional trends in employment, unemployment, labor force estimates, industry activity, wages, occupational demand, and related economic conditions, often accompanied by feature articles on topics affecting the state’s economy. This issue covers December 2002.

Behavioral Economics And The Sec, Stephen Choi, Adam C. Pritchard

Law & Economics Working Papers Archive: 2003-2009

Investors face myriad investment alternatives and seemingly limitless information concerning those alternatives.Not surprisingly, many commentators contend that investors frequently fall short of the ideal investor posited by the rational actor model. Investors are plagued with a variety of behavioral biases (such as, among others, the hindsight bias, the availability bias, loss aversion, and overconfidence). Even securities market institutions and intermediaries may suffer from biases, led astray by groupthink and overconfidence. The question remains whether regulators should focus on such biases in formulating policy. An omnipotent regulatory decisionmaker would certainly improve on flawed investor decisionmaking. The alternative we face, however, is …

The El Paso Association Of Builders Study: A City-Wide Survey Of Voter Attitudes, Gary L. Sullivan

IPED Technical Reports

No abstract provided.

Irrational Markets, Irrational Investors: The Foreign Card, John Sondey, Tony Jacobson

Economics Staff Paper Series (1969 - 2017)

The full arrival of the information age, transported through the medium of the internet, provides the individual investor with quicker access to more information than ever before. Economic theory tells us that greater transparency in investment decisions should make for more efficient financial markets; i.e. smaller deviations of security prices from their "true" or intrinsic values. However, recent evidence based in US stock market performance suggests that the vastly improved information flow may cause investors to act in a less rational manner, leading to greater market volatility and less efficient financial markets. The argument that information technology (IT) provides the …

Trends. Thinking On Transportation Security, Ibpp Editor

International Bulletin of Political Psychology

This Trends article discusses the necessity of gathering intelligence successfully to combat terrorism as it pertains to commerce.

Cuban Communism And Cuban Studies: The Political Career Of An Anthology, Irving Louis Horowitz

Institute for Cuban & Cuban-American Studies Occasional Papers

ICCAS Occasional Paper Series September 2003

Lower Class Mobilization And State Welfare Policy In The Era Of Welfare Reform, James M. Avery, Mark Peffley

University of Kentucky Center for Poverty Research Discussion Paper Series

The 1990s played host to the most significant changes in the American welfare system in the last fifty years— in particular, states were granted much wider latitude in deciding who is eligible to receive welfare. Taking advantage of these changes, we examine the linkage between lower class turnout and state adoption of restrictive welfare eligibility requirements after the passage of the historic welfare reform legislation of 1996. We find that in states where lower class turnout was relatively high, lawmakers were much less likely to pass a range of “get tough” welfare rules. Our findings provide novel support for the …

Poverty And Macroeconomic Performance Across Space, Race, And Family Structure, Craig Gundersen, James P. Ziliak

University of Kentucky Center for Poverty Research Discussion Paper Series

Understanding the link between poverty and economic growth is of long-standing interest, but heretofore it has not received much attention within the context of the dramatic changes in recent business-cycle conditions and social policies. In this paper we use state-level panel data from the 1981–2000 waves of the Current Population Survey to examine the impacts of the macroeconomy and welfare reform on family poverty. We estimate models of before-tax and after-tax poverty rates and squared poverty gaps for all families, by family structure, and by race. Our results indicate that a strong macroeconomy at both the state and national levels …

New Rules To The Old Great Game: An Assessment Of The Shanghai Cooperation Organization's Proposed Free Trade Zone, Leland Rhett Miller

Maryland Series in Contemporary Asian Studies

No abstract provided.

New Wine In Old Bottles: A Sequential Estimation Technique For The Lpm, William C. Horrace, Ronald L. Oaxaca

Economics - All Scholarship

The conditions under which ordinary least squares (OLS) is an unbiased and consistent estimator of the linear probability model (LPM) are unlikely to hold in many instances. Yet the LPM still may be the correct model or a good approximation to the probability generating process. A sequential least squares (SLS) estimation procedure is introduced that may outperform OLS in terms of finite sample bias and yields a consistent estimator. Monte Carlo simulations reveal that SLS outperforms OLS, probit and logit in terms of mean squared error of the predicted probabilities.

The Functions Of Transaction Costs: Rethinking Transaction Cost Minimization In A World Of Friction, David M. Driesen, Shubha Ghosh

College of Law - Faculty Scholarship

This article critically examines the goal of minimizing transaction costs, including the costs of legal decision-making. This goal permeates the law and economics literature and has profoundly influenced public policy. While most transaction cost scholarship has focused upon private law, this influence has been especially pervasive in public law, where it has contributed to a variety of legal changes aimed at reducing public transaction costs, often through privatization.

We argue that transaction costs perform useful functions. They frequently enable those engaging in transactions to obtain information needed to correct for information asymmetries or inadequate information. They facilitate efficient transactions, allow …

The Political Economy Of Perverse Financial Liberalization: Examples From The Asian Crisis, Nancy Neiman Auerbach, Thomas D. Willett

Scripps Faculty Publications and Research

Debates continue to rage about the causes of recent currency and financial crises around the globe and their implications for the desirability of domestic and international financial liberalization. Beneath the heated exchanges of the most vocal disputants, a quiet consensus is beginning to emerge among serious scholars and policy officials. The big lesson from these crises is that while financial liberalization is still a desirable goal, it must be approached very carefully. It’s not just that without the proper pre-conditions liberalization will not provide full benefits. The results can sometimes be disastrous. What was once considered to be an arcane …

The Impact Of Welfare Programs On Poverty Rates: Evidence From The American States, Richard Fording, William D. Berry

University of Kentucky Center for Poverty Research Discussion Paper Series

There is spirited debate between those who maintain that public assistance to the poor decreases poverty by raising their incomes (an income enhancement effect) and those who contend that welfare increases poverty by discouraging the poor from working (a work disincentive effect). Extant studies have been inconclusive because they have focused on the effect of welfare benefits on the poverty rate, but have not employed designs that allow researchers to sort out distinct income enhancement and work disincentive effects. We develop a model of poverty rates in the American states that permits estimation of these distinct effects ñ based on …

Rjvs In Product Innovation And Cartel Stability, Luca Lambertini, Sougata Poddar, Dan Sasaki

Economics Faculty Articles and Research

We characterise the interplay between firms' decision in product development undertaken through a research joing venture (RJV), and the nature of their ensuing market behaviour. Participant firms in an RJV face a trade-off between saving the costs of product innovation by developing similar products to one another, e.g. by sharing most of the basic components of their products, and investing higher initial efforts in product innovation in order to develop more distinct products. We prove that the more the fims' products are distinct and thus less substitutable, the easier their collusion is to sustain in the marketing supergame, either in …

Excess Capacity: A Note, Sougata Poddar

Economics Faculty Articles and Research

In a two period model of strategic entry deterrence where the incumbent firm moves before the entrant by installing capacity for production, Dixit (1980) argued that in a (perfect) equilibrium excess capacity would not be observed, contradicting Spence's (1977) result on the same issue. In this note, we show that Dixit may not always remain true when we allow for demand uncertainty.

Reputation And The Control Of Pollution, Arthur J. Caplan

Applied Economics Faculty Publications

This paper investigates the effectiveness of reputation in inducing a polluting firm to self-regulate its emissions when consumers have imperfect information. In particular, we ask to what extent must consumers reward and punish the firm before it chooses self-regulation as its dominant strategy? We find that if payoffs in the stage game are such that both the consumer and the polluting firm have beliefs that are consistent with each others’ behaviors, then the firm has a positive probability of playing clean in each period of a finite game. Further, we find that a weak reward/punishment scheme may have an adverse …

Obesity And The Development Of Complications Across The Life Span: Is There A Relationship Between Obesity And Poverty, Mildred D. Fennal

University of Kentucky Center for Poverty Research Discussion Paper Series

The purpose of this investigation was to examine the relationship between the development of obesity in children ages five to ten years, and poverty (the socio-economic status of the family). Because of the associated complications of obesity such as heart disease, stroke, diabetes and hypertension, this research aimed to determine if obesity, a precursor of these diseases, was related to poverty.

The rate of the development of hypertension and diabetes in children and young adults has been steadily increasing over the past ten years (Hines, Fishman, Green, 1999). Therefore, there is an urgent need for continued investigation exploring the multiple …

Investor Skepticism V. Investor Confidence: Why The New Research Analyst Reforms Will Harm Investors, John L. Orcutt

Law Faculty Scholarship

Part I of this Article provides an overview of research analysts and their basic functions, including a discussion of sell-side analysts' role in the market's recent boom and bust. Part II examines the conflicts of interest that have plagued sell-side research, and Part III reviews the Regulatory Actions that are meant to address these conflicts. In Part IV, the author will make the case for encouraging, rather than lessening, investor skepticism in sell-side research and will explain why the Regulatory Actions are not likely to improve the performance of sell-side analysts. Finally, Part V will offer a simpler proposal to …

Das Zeitalter Der Knappheit – Ressourcen, Konflikte, Lebenschancen, Isidor Wallimann, Michael Dobkowski

Books

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.

The Effect Of Trade On Wage Inequality : The Hong Kong Case, Lok Sang Ho, Xiangdong Wei, Wai Chung, Gary Wong

Centre for Public Policy Studies : CPPS Working Paper Series

The dramatic increase in the wage gap between skilled and unskilled workers observed in many developed countries has received much attention from economists in recent years. A similar rise of wage gap has now been observed for some newly developed economies, such as Hong Kong. However, few empirical studies have been carried out to explain the growing wage gap in these newly developed economies. This study uses the time series data to investigate the impact of increased outward processing trade with the Chinese Mainland on the wage inequality of Hong Kong. We found that there is a significant positive association …

The Pros And Cons Of North American Monetary Integration, Sven W. Arndt

CMC Faculty Publications and Research

This study examines the major arguments for and against enhanced monetary integration in North America, with particular emphasis on the Canadian perspective. In this context, the question is whether the current floating rate regime should be replaced by greater fixity of exchange rates in relation to the U.S. dollar. While the choice among fixed rate systems is wide in principle, for practical purposes the Canadian debate centres on the pros and cons of monetary union. As other countries in the northern hemisphere may be reluctant to embrace monetary union, the following discussion also examines other potential candidate regimes, including currency …

Production Sharing And Singapore’S Global Competitiveness, Sven W. Arndt

CMC Faculty Publications and Research

Singapore has made spectacular progress in recent decades in pushing its economy into the world's top ranks. One important payoff has been a substantial rise in living standards. Among the main drivers behind this accomplishment have been entrepot trade, which exploits an important natural comparative advantage, on the one hand, and enlightened education, social, and economic policies, which have built up man-made comparative advantage based on human capital, on the other.

Indiana State University Financial Report 2003, Indiana State University

Financial Reports

No abstract provided.