Economics Commons^™

Method To Their Madness: Dispelling The Myth Of Economic Rationality As A Behavioral Ideal, John Dobson

Finance

Although not immediately apparent, the discipline of behavioral finance is rapidly adopting an implicit prescriptive agenda. Behavioral finance does not merely describe financial market reality, it shapes it. Economic rationality is taken as the ideal toward to which individuals 'should' strive. In this paper I show that, as a behavioral ideal, economic rationality is unjustified both from a strictly economic perspective, and from a moral perspective. In short, there is nothing inherently "wrong" with economically irrational participants in the business environment. Indeed such participants will actually enhance the efficiency, and the ethicality, of business.

Recognizing Macroeconomic Fluctuations In Value Based Management, Lars Oxelheim, Clas Wihlborg

Business Faculty Articles and Research

Value Based Management (VBM) has become a common tool for evaluating corporate strategies and projects from the perspective of shareholder value maximization, and can be an important input for corporate compensation systems. But traditional VBM frameworks make no systematic effort to distinguish between changes in performance attributable to macroeconomic fluctuations beyond management's control and changes in performance that reflect the intrinsic competitive position of the firm.

The authors have developed an approach for “filtering out” the impact of macroeconomic fluctuations on cash flows for purposes of performance evaluation. Such fluctuations are captured by changes in exchange rates, interest rates, and …

No. 11: Regionalizing International Migration: Lessons For Sadc, Jonathan Crush, Vincent Williams

Southern African Migration Programme

Research on unauthorised migration to South Africa has addressed a range of issues surrounding the effects of current immigration policy on migrants, and the impact migrants have on South Africa’s society and economy (DHA 1997: section 1.4.6). One finding that is particularly relevant to a discussion of regional labour migration regimes is that current South African immigration policy does not account for labour migrants who retain a social and domestic base in their countries of origin. Another is that most unauthorised migrants are temporary or contract workers who seek employment in industries—such as construction—that depend increasingly on this kind of …

Power, Privilege, And Special Interests: Rent Seeking And Subsidies In Agriculture, Matt Bogard

Agriculture Department Seminar Series

This presentation covers what Public Choice economists refer to as ‘rent seeking,’ generally seeking favor or special privilege from government through subsidies or regulatory advantages. Particularly, the biotech industry is the area of focus for this presentation. Problems with rent seeking in the biotech industry involve less innovation and industry consolidation. Policies related to biotech regulation, school lunch programs, the Clean Air Act, and ethanol subsidies are discussed. A game theoretic approach is used and it is concluded that issues related to rent seeking and special interests are not adequately addressed by recent campaign finance reform efforts. Alternatives such as …

University Technology Transfer And Economic Development: Proposed Cooperative Economic Development Agreements Under The Bayh Dole Act, Clovia Hamilton

Winthrop Faculty and Staff Publications

Technology transfer enables private industry and academia to make practical use of advanced research, development, and technical expertise. Indeed, universities are a rich source of science and technology that can support local government and business development as well as economic growth. Thus, it is essential for research universities to transfer their wisdom to the public for its use and benefit. Today, universities operate in an economic climate that requires both capital and knowledge; takes advantage of government technology initiatives (namely the Bayh- Dole Act);' and serves as a catalyst for the creation of a large number of new, incubated companies. …

High-Tech Transportation Corridors Are In Vogue: Proposed Federal Transportation Policy Amendments, Clovia Hamilton

Winthrop Faculty and Staff Publications

When there is an economic downturn, cities are forced to develop a strategy to revitalize. Increasing the transfer of high technology into the marketplace stimulates the economy. High tech industries are industries that include relatively high percentages of scientific and technical workers, or industries that make relatively large expenditures in research and development. "[I]n difficult economic times, political stakeholders in the technology transfer process usually view success in economic impact terms, and often from short-term and parochial perspectives-how many jobs in my state next year?" Examples include the expansion of the suburban space economy in the 1980s that produced new …

The Role Of Food Stamps In Consumption Stabilization, Craig Gundersen, James P. Ziliak

University of Kentucky Center for Poverty Research Discussion Paper Series

The Food Stamp Program provides assistance to households with incomes and assets below fixed thresholds. Although it is the largest entitlement program in the social safety net, little is known about the effect of food stamps on stabilizing fluctuations in household income and consumption. To estimate the volatility of income and the attendant reduction in volatility due to food stamps we use data from the Panel Study of Income Dynamics over 1980-1999 along with a model of income that admits permanent and transitory components as well as random growth rate heterogeneity. We then specify a model relating income changes to …

An Efficient Mechanism To Control Correlated Externalities: Redistributive Transfers And Coexistence Of Regional And Global Pollution Permit Markets, Arthur J. Caplan

Applied Economics Faculty Publications

No abstract provided.

Historical Exchange Rate Risk Premiums In Currency Futures Markets, A. Can Inci

Finance Department Faculty Journal Articles

This paper examines the historical predictive power of future spot spread in estimating currency changes. Currency futures and spot rates over the last two decades are examined. results show that as forecast horizon of currency depreciation increases, the slope coefficients become less positive, first losing their significance, and eventually for 1-month regressions, becoming negative for the British pound, Swiss franc and Japanese yen (significantly negative for the yen) indicating risk premiums differ with forecast horizon. On the other hand, expectations hypothesis is validated when the forecast horizon is 1 day. These results hold for each decade separately, as well as …

Draft Of Rendering Copyright Into Caesar - 2003, Wendy J. Gordon

Scholarship Chronologically

This article makes a simple suggestion. Copyright rules by money, so let it rule the money-bound. Let a different set of rules evolve for more complex uses, particularly when the users have a personal relationship with the utilized text. Copyright. When new artists make transformative use of existing works in settings not characterized by pre-use commercial negotiations, copyright should avoid imposing a distorting burden.

Nova Southeastern University 2003-2004 Annual Report, Nova Southeastern University

NSU Annual Reports

No abstract provided.

A Free Trade Agreement Of The America's: A Case Study Of Brazil, Maria Eliana Cadario

Inquiry: The University of Arkansas Undergraduate Research Journal

This paper will examine the likely impacts of the proposed Free Trade Agreement of the Americas (FTAA) that was initiated by President Bush in 1994 and is anticipated to include 34 countries in the Western Hemisphere excluding Cuba and to come into force during 2005. The paper will focus on the likely trade effects for Brazil, the largest potential member of the FTAA. In the first part, I will review the current trade relations between countries in the Western Hemisphere and the US, including the various bilateral and multilateral agreements such as NAFTA, MERCOSUR, CBI, The Andean Trade Preference Act, …

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

Applied Economics Faculty Publications

In this article, we estimate willingness to pay for curbside recycling. Using a unique data set, we also test for and detect significant hypothetical bias using stated- and revealed-preference data. A short-scripted “cheap-talk” statement is used to mitigate the bias and provide more efficient estimates of the welfare impacts of curbside recycling programs.

The Impact Of Intrastate Variations In Higher Education Funding On Intrastate Research And Development Expenditures, Stephanie Nicole Gosnell

Inquiry: The University of Arkansas Undergraduate Research Journal

The paper examines the question "Does specialization in higher education result in improved economic outcomes for a state as measured by increased research and development (R&D) in the state?" A fixed effects model is employed to estimate how the variation in state funding per pupil across institutions of higher education (a measure of specialization) impacts R&D funding in the state. Expenditure per pupil data from the Integrated Postsecondary Education Data System (IPEDS) from 1992-2000 for the approximately 600 public, 4- year institutions in the U.S., is used to capture the variation in state funding in institutions of higher education. The …

Economic Impact Of Texas Tech University School Of Medicine On El Paso, Texas, Brent Mccune, David A. Schauer, David Coronado, Dennis L. Soden

IPED Technical Reports

No abstract provided.

How The World Survived The Population Bomb: An Economic Perspective 2003-04, Departmnent Of Economics

Werner Sichel Lecture Series

"The Economics of Sustainable Development" is the 40th annual Public Lecture-Seminar Series organized by the Department of Economics at Western Michigan University. Sustainable development can be broadly defined as a pattern of development that enables future generations to live as least as well as the current generation. The series explores the contribution of economic science of sustainable development from the various dimensions. This year's series also coincides with the University's Centennial. The series is directed by Professor Sisay Asefa of the WMU Economics Department, and is co-sponsored by the W.E. Upjohn Institute for Employment Research. The public is cordially invited …

2003-7 The Long-Term Effects Of Graduating From High School During A Recession: Bad Luck Or Forced Opportunity?, Audra J. Bowlus, Haoming Liu

Centre for Human Capital and Productivity. CHCP Working Papers

No abstract provided.

2003-6 Human Capital And Skill Specificity, Maxim Poletaev, Chris Robinson

Centre for Human Capital and Productivity. CHCP Working Papers

No abstract provided.

2003-5 Does Matching Overcome Lalonde's Critique Of Nonexperimental Estimators?, Jeffrey Smith, Petra Todd

Centre for Human Capital and Productivity. CHCP Working Papers

No abstract provided.

2003-4 The Determinants Of Participation In A Social Program: Evidence From A Prototypical Job Training Program, James J. Heckman, Jeffrey Smith

Centre for Human Capital and Productivity. CHCP Working Papers

No abstract provided.

2003-3 How Robust Is The Evidence On The Effects Of College Quality? Evidence From Matching, Dan A. Black, Jeffrey Smith

Centre for Human Capital and Productivity. CHCP Working Papers

No abstract provided.

2003-2 Equilibrium Policy Experiments And The Evaluation Of Social Programs, Jeremy Lise, Shannon Seitz, Jeffrey Smith

Centre for Human Capital and Productivity. CHCP Working Papers

No abstract provided.

2003-1 What Is The Value Added By Caseworkers?, Michael Lechner, Jeffrey Smith

Centre for Human Capital and Productivity. CHCP Working Papers

No abstract provided.

2003-1 The Canadian Dictatorship, Ronald Wintrobe

Economic Policy Research Institute. EPRI Working Papers

No abstract provided.

2003-3 Canada's Monetary Choices In North America And Britain's In Europe - Economic Parallels And Political Differences, David Laidler

Economic Policy Research Institute. EPRI Working Papers

No abstract provided.

2003-4 Intergenerational Mobility Under Private Vs. Public Education, Jim Davies, Jie Zhang, Jinli Zeng

Economic Policy Research Institute. EPRI Working Papers

No abstract provided.

2003-5 Empirical Evidence On Human Capital Externalities, James B. Davies

Economic Policy Research Institute. EPRI Working Papers

No abstract provided.

2003-2 (Mis)Selection Effects And Sovereignty Costs: An Alternative Measure Of The Costs Of Sanctions, Denise Guthrie, Erick Duchesne

Economic Policy Research Institute. EPRI Working Papers

No abstract provided.

2003-10 The Price Level, Relative Prices, And Economic Stability: Aspects Of The Inter-War Debate, David Laidler

Department of Economics Research Reports

No abstract provided.

2003-07 Monetary Policy Without Money: Hamlet Without The Ghost, David Laidler

Department of Economics Research Reports

No abstract provided.