Economics Commons^™

Introduction To, Preferences And Rational Choice: New Perspectives And Legal Implications, Matthew D. Adler, Claire Finkelstein, Peter Huang

Faculty Scholarship

No abstract provided.

Vacating The City: An Analysis Of New Homes Vs. Household Growth, Thomas Bier, Charles Post

All Maxine Goodman Levin School of Urban Affairs Publications

The high price of housing on the coasts, population growth in the large metropolitan areas of the south, southwest, and west, and the issue of affordability for low- and moderate-income households across the country fueled the view that housing production was insufficient and that the shortfall was contributing to rising prices and limited housing choice. Indeed, underlying all of the housing-related changes and issues of the 1990s were the factors of supply and demand. The nation grew by 13.5 million households while 13.2 million building permits were filed. Nationally, housing supply was just about in balance with population growth. But …

Kentucky Annual Economic Report 2003, Mark C. Berger, Eric C. Thompson, Glenn C. Blomquist, Richard W. Furst, Roy A. Sigafus

Kentucky Annual Economic Report

No abstract provided.

Microfinance And Households Coping With Hiv/Aids In Zimbabwe: An Exploratory Study, Carolyn Barnes, Erica Keogh, Nontokozo Nemarundwe, Loveness Nyikahadzoi, Ellen Weiss

HIV and AIDS

This study, conducted in Zimbabwe, sought to better understand the relationship between a microfinance program, Zambuko Trust, and how microentrepreneurs’ households cope with the impact of HIV/AIDS. The study examined how HIV/AIDS is affecting Zambuko’s operations and what microfinance institutions (MFIs) can do to lessen the impact of HIV/AIDS on their clients and operations. The findings indicate several small yet important ways that MFI programs help microentrepreneurs and their families respond to these impacts through access to credit and business management training. Participation in a microfinance program led to income smoothing and better financial management, which can help households mitigate …

Levy Trade Model, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes.

• Some notes on the U.S. current account deficits. (n.d.). Unpublished manuscript.

• Outline of the trade sector report. (n.d.). Unpublished outline [Manuscript].

• Export models. (2003, May 3). Unpublished document.

• Handwritten notes titled “trade sector model.” (2003, January 31). Unpublished handwritten notes [Manuscript]. (A. Shaikh, PhD, author).

• Trading partner price index. (n.d.). Unpublished graph [Figure].

• Econometrics of trade. (n.d.). Unpublished manuscript.

• Handwritten notes on the U.S. import function. (2003, May 1). Unpublished handwritten notes [Manuscript]. (A. Shaikh, PhD, author).

Words That Kill? Economic Perspectives On Hate Speech And Hate Crimes, Dhammika Dharmapala, Richard H. Mcadams

Economics Working Papers

This paper analyzes the conditions under which the level of hate speech (expressing hostility towards racial and other minorities) in society can influence whether individuals commit hate crimes against minorities. More generally, we explore the conditions under which speech can influence behavior by revealing social attitudes. We propose a model in which potential offenders care not only about the intrinsic benefits from the crime and the expected costs of punishment, but also about the esteem conferred by like-minded individuals. The number of such individuals is uncertain, but can (in certain circumstances) be inferred from the level of hate speech. We …

Terms Of Trade And Unit Labor Costs In Trade Theories, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Terms of trade and unit labor costs in trade theories (2003, November 2) [Document].

Long Waves, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Shaikh, A. (1985, November). Long-waves: Trotsky-Mandel-Sweezy: Kondratieff, Trotsky, and Sweezy's views on long waves [Handwritten notes]. Anwar Shaikh, PhD, personal archives.

• Shaikh, A. (n.d.). Long wave chronologies according to various authors [Table from a publication on long waves in production]. Anwar Shaikh, PhD, personal archives.

• Shaikh, A. (n.d.). Profit motive and crisis [Handwritten note]. Anwar Shaikh, PhD, personal archives.

• Shaikh, A. (n.d.). U.S. and UK Golden Waves 1786–2010 (1930=100) [Chart]. Anwar Shaikh, PhD, personal archives.

• Shaikh, A. (n.d.). Smoothed U.S. and UK WPI in gold + projected average wave 1890–2030 [Chart]. Anwar Shaikh, PhD, personal archives.

• Van …

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Generalized Potentials And Robust Sets Of Equilibria, Stephen Morris, Takashi Ui

Cowles Foundation Discussion Papers

This paper introduces generalized potential functions of complete information games and studies the robustness of sets of equilibria to incomplete information. A set of equilibria of a complete information game is robust if every incomplete information game where payoffs are almost always given by the complete information game has an equilibrium which generates behavior close to some equilibrium in the set. This paper provides sufficient conditions for the robustness of sets of equilibria in terms of argmax sets of generalized potential functions and shows that the sufficient conditions generalize the existing sufficient conditions for the robustness of equilibria.

Tests Of Independence In Separable Econometric Models, Donald J. Brown, Marten H. Wegkamp

Cowles Foundation Discussion Papers

A common stochastic restriction in econometric models separable in the latent variablesis the assumption of stochastic independence between the unobserved and observed exogenous variables. Both simple and composite tests of this assumption are derived from properties of independence empirical processes and the consistency of these tests is established

Who Refers To Whom: A Study Of Research References And The Relationship Between Research Reports And Final Publication, Samuel Mccarthy, Martin Shubik, Jianfeng Yu

Cowles Foundation Discussion Papers

The size and style of referencing for a large sample of 60 years of publications of the Cowles Foundation are examined. The influence of computerization is considered. Self-referencing is noted and some observations are made on the costs and distribution of research papers.

Tests Of Independence In Separable Econometric Models: Theory And Application, Donald J. Brown, Rahul Deb, Marten H. Wegkamp

Cowles Foundation Discussion Papers

A common stochastic restriction in econometric models separable in the latent variables is the assumption of stochastic independence between the unobserved and observed exogenous variables. Both simple and composite tests of this assumption are derived from properties of independence empirical processes and the consistency of these tests is established. As an application, we simulate estimation of a random quasilinear utility function, where we apply our tests of independence.

Disciplining Globalization: International Law, Illegal Trade, And The Case Of Narcotics, Chantal Thomas

Michigan Journal of International Law

This Article is the first in a series of studies of the globalization of illicit markets. My theses are as follows: First, the increase in international trade in illicit products and services parallels the growth in international trade more generally that accompanies the phenomenon of globalization. Second, at the same time that most international trade law has moved toward a posture of liberalization, there has been a movement to strengthen the prohibition and punishment of trade in illicit transactions. Third, the mechanisms that have developed to regulate this prohibition constitute a significant development in the international legal order.

The Relationship Of Imf Structural Adjustment Programs To Economic, Social, And Cultural Rights: The Argentine Case Revisited, Jason Morgan-Foster

Michigan Journal of International Law

Perhaps as important as what this Note is, is what it is not: Economic theories abound concerning the causes of the Argentine crisis, some of which directly analyze the IMF's causal connection to the Argentine catastrophe. A Note on this subject would be one of economic theory, not international human rights law. While at certain points in the analysis of the human rights implications of SAPs, it will become difficult to avoid some speculation of economic theory, it is not the primary focus of this Note. Rather than implicate the IMF as part of the cause of the crisis, this …

Gmm Estimation Of Autoregressive Roots Near Unity With Panel Data, Hyungsik Roger Moon, Peter C.B. Phillips

Cowles Foundation Discussion Papers

This paper investigates a generalized method of moments (GMM) approach to the estimation of autoregressive roots near unity with panel data and incidental deterministic trends. Such models arise in empirical econometric studies of firm size and in dynamic panel data modeling with weak instruments. The two moment conditions in the GMM approach are obtained by constructing bias corrections to the score functions under OLS and GLS detrending, respectively. It is shown that the moment condition under GLS detrending corresponds to taking the projected score on the Bhattacharya basis, linking the approach to recent work on projected score methods for models …

Jackknifing Bond Option Prices, Peter C.B. Phillips, Jun Yu

Cowles Foundation Discussion Papers

In continuous time specifications, the prices of interest rate derivative securities depend crucially on the mean reversion parameter of the associated interest rate diffusion equation. This parameter is well known to be subject to estimation bias when standard methods like maximum likelihood (ML) are used. The estimation bias can be substantial even in very large samples and it translates into a bias in pricing bond options and other derivative securities that is important in practical work. The present paper proposes a very general method of bias reduction for pricing bond options that is based on Quenouille’s (1956) jackknife. We show …

Vision And Influence In Econometrics: John Denis Sargan, Peter C.B. Phillips

Cowles Foundation Discussion Papers

Denis Sargan’s intellectual influence in econometrics is discussed and some of his visions for the future of econometrics are considered in this memorial article. One of Sargan’s favorite topics in econometric theory was finite sample theory, including both exact theory and various types of asymptotic expansions. We provide some summary discussion of asymptotic expansions of the type that Sargan developed in this field and give explicit representations of Sargan’s formula for the Edgeworth expansion in the case of an econometric estimator that can be written as a smooth function of sample moments whose distributions themselves have Edgeworth expansions.

Fractional Brownian Motion As A Differentiable Generalized Gaussian Process, Victoria Zinde-Walsh, Peter C.B. Phillips

Cowles Foundation Discussion Papers

Brownian motion can be characterized as a generalized random process and, as such, has a generalized derivative whose covariance functional is the delta function. In a similar fashion, fractional Brownian motion can be interpreted as a generalized random process and shown to possess a generalized derivative. The resulting process is a generalized Gaussian process with mean functional zero and covariance functional that can be interpreted as a fractional integral or fractional derivative of the delta-function.

Tests Of Independence In Separable Econometric Models: Theory And Application, Donald J. Brown, Rahul Deb, Marten H. Wegkamp

Cowles Foundation Discussion Papers

A common stochastic restriction in econometric models separable in the latent variables is the assumption of stochastic independence between the unobserved and observed exogenous variables. Both simple and composite tests of this assumption are derived from properties of independence empirical processes and the consistency of these tests is established. As an application, we simulate estimation of a random quasilinear utility function, where we apply our tests of independence.

Interest Rates + Prices, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes.

• Woodford, M. (2003). The return of monetary rules (Chap. 1) [Excerpt; photocopy]. In Interest and prices: Foundations of a theory of monetary policy (pp. xxx–xxx). Princeton, NJ: Princeton University Press.

Alternate Input-Output Matrix Updating Formulations, Randall Jackson, Alan T. Murray

Regional Research Institute Working Papers

There has been a recent resurgence of interest in biproportional adjustment methods for updating and interpreting change in matrix representations of regional structures, most commonly input-output accounts. Although the biproportional method, commonly called the RAS technique in the input-output literature, has been shown to have a number of theoretically appealing properties, various alternatives do exist. In this paper, we develop and assess empirically a number of alternatives, comparing performance and examining attributes of these adjustment methods. Two of these are sign-preserving updating methods for use when tables contain both positive and negative entries. One of these is shown to generate …

State Minimum Wage Laws And The Migration Of The Poor, Brian Cushing

Regional Research Institute Working Papers

A substantial literature considers migration of the poor, mostly focusing on the relative importance of welfare programs versus labor market opportunities in the migration decisions of the poor. Likewise, a growing literature investigates the effect of changes in the minimum wage on U.S. poverty, focusing exclusively on the federal minimum wage. These two literatures have not intersected to examine how minimum wage laws influence migration decisions of the poor. Real federal minimum wages, minimum wage coverage, and state minimum wage laws all vary spatially. This research investigates the extent to which federal and state minimum wage laws affected migration choices …

Estimating The Impact Of The Local Health Care Sector On A Rural Economy Using An Implan Based Sam, David W. Hughes, Tom Walker

Regional Research Institute Working Papers

An IMPLAN-based social accounting matrix (SAM) is used to estimate health care sector impacts on the Morgan County (West Virginia) economy. The SAM is a hybrid of the IMPLAN-SAM, which has an inadequate linkage between industry payments to workers and resulting household spending. An income distribution matrix provides this linkage. This matrix is based on the 1990 Census Public Use Microdata dataset for money payments and on a variety of data sources that account for the distribution of non-money income. Output multipliers and results of a local hospital impact scenario are compared between the original and reformulated models.

A Survey Analysis Of Participation In A Community Forest Management In Nepal, Vishakha Maskey, Tesfa Gebremedhin, Timothy J. Dalton

Regional Research Institute Working Papers

The main objective of the study is to determine which socio-economic factors affect levels of individual participation in the “Ludi-damgade” community forest. The empirical evidence for participation as a function of social status is obtained by using an ordered probit model. The model also estimates the marginal effects of socio-economic factors on different levels of participation suggesting how per unit change in such socioeconomic characters affects the level of participation. Results from the two-stage least squares model also verify that participation in forest management determines the level of benefits received from the community forest. The study suggests that participation in …

A Method For Testing Low-Value Spatial Clustering For Rare Diseases, Ge Lin, Tonglin Zhang

Regional Research Institute Working Papers

This paper proposes a method that tests for the existence of low-value spatial clustering while accounting for the influence of high-value clustering. Although the method was developed in reference to the Tango test, it can be extended to other testing methods. The simulation results showed that the proposed method is able to effectively detect low-value clustering with substantially lower rates of type I errors than those of the Tango test, while maintaining comparable statistical power. Applying the method in a case study of leukemia in Minnesota demonstrated an overall tendency toward low-value clustering of leukemia mortality for males but provided …

Are Travel Demand Forecasting Models Biased Because Of Uncorrected Spatial Autocorrelation?, Frank Goetzke

Regional Research Institute Working Papers

This paper discusses spatial autocorrelation in mode choice models, including what kind of bias it introduces and how to remedy the problem. The research shows that a spatially autocorrelated mode choice model, not uncommon because of, in terms of transit characteristics homogeneous neighborhoods, systematically overestimates transit trips from suburban transit-unfriendly areas and underestimates transit trips in the transit-friendly city center. Adding a spatial lag term into the model specification avoids the bias, however, it also changes sampling approaches, requires higher quality household forecast data and complicates forecasting.

Economics Of Natural Disasters: A Critical Review, Yasuhide Okuyama

Regional Research Institute Working Papers

Significant progress has been made in recent years for modeling spatial economic impacts of disasters in a regional context (for example, Okuyama and Chang eds. Modeling the Spatial Economic Impacts of Disasters, forthcoming). While these advancements are more toward modeling strategies based on conventional frameworks, little has been dealt with the theory on economics of disasters, since the pioneering work by Dacy and Kunreuther (The Economics of Natural Disasters, 1969). In this paper, “The Economics of Natural Disasters” is reviewed and updated for providing a theoretical perspective toward disaster related research. The review is carried our through restructuring the framework …

Caveat Emptor: Lessons From Volkswagen's Lemon Purchase, Terence Lau

Management and Marketing Faculty Publications

This article traces Volkswagen's mis-steps in the botched acquisition of Rolls Royce, and solutions are offered for counsel engaged in international transactions with the hope that the practitioner with little experience in the area can avoid similarly embarrassing and costly errors. The article also offers recommendations on how to draft contract clauses for international licensing use, and provides a brief overview of export control regimes counsel should be aware of when engaging in international transactions.

Derrida's Debt To Milton Friedman, Michael Tratner

Literatures in English Faculty Research and Scholarship

This article draws on Derrida's account of economic history in Given Time I: Counterfeit Money to show that he is indebted to an economist he does not mention at all, Milton Friedman. Derrida calls for an investigation of the literary consequences of the "dematerialization of money" and proceeds to give his own version of this history by examining a Baudelaire story from 1864 and an economic treatise from 1925. Those texts may mark moments in economic history, but the dematerialization of money which Derrida sees in them is almost entirely a middle twentieth-century development, finalized in the demise of the …

Beyond The Reality Of Injury And Statistical Death: An Internship Experience In Forensic Economics, Henrietta Iranyi

Masters Culminating Experiences (1993-2011)

Day after day, people get terminated, injured, or even killed. In forensic economics, more specifically, in personal injury and wrongful death litigation, the injured party is often allowed to receive compensation for the economic losses suffered. It is the job of an economic expert to evaluate the damages in the different personal injury and wrongful death cases. The following report demonstrates three different situations when economic damage evaluation would be performed by an expert. Two of the cases evaluate lost earnings (including fringe benefits) and lost support to the injured person and/or the immediate surviving family members. The third case …