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2005

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Articles 151 - 180 of 703

Full-Text Articles in Economics

Honesty And Intermediation: Corporate Cheating, Auditor Involvement And The Implications For Development, Brishti Guha Sep 2005

Honesty And Intermediation: Corporate Cheating, Auditor Involvement And The Implications For Development, Brishti Guha

Research Collection School Of Economics

We examine self-enforcing honesty in firm-investor relations in an imperfect public information game. Minimum firm size requirements and moral hazard limit ability to raise outside capital, yielding a floor on personal wealth required to enter entrepreneurship. Credible auditing could create efficiency gains. We propose mandatory disclosure of audit fees and an interpretation of international differences in shareholding patterns. We endogenize auditor-firm collusion and extortion by auditors. We embed our game-theoretic analysis in a general equilibrium model to generate unique equilibria that trace the impact of the distribution of wealth on the existence of the market and consequences for development.

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Green Revolutions And Miracle Economies: Agricultural Innovation, Trade And Growth, Brishti Guha Sep 2005

Green Revolutions And Miracle Economies: Agricultural Innovation, Trade And Growth, Brishti Guha

Research Collection School Of Economics

The purpose of this paper is to develop a simple model of an economy in which growth is driven by a combination of exogenous technical change in agriculture as well as by a rising world demand for labor-intensive manufactured exports. We explore the relative roles of agricultural innovation and rising export demand in a model with two traded industrial goods and a non-traded agricultural good, food. When the non-traded sector uses a specific factor, we show that technical change in agriculture may be the key to sustained factor accumulation in industry, in particular driving intersectoral labor migration. A key assumption …

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The Auditor And The Firm: A Simple Model Of Corporate Cheating And Intermediation, Brishti Guha Sep 2005

The Auditor And The Firm: A Simple Model Of Corporate Cheating And Intermediation, Brishti Guha

Research Collection School Of Economics

We apply a game-theoretic model to the analysis of the recent spate of corporate scandals in which firms have cheated their investors, often with the aid of external auditors. We characterize the different types of equilibria that obtain for different parameter ranges in an auditor’s absence (the parameters we consider being early signal accuracy – a measure of transparency – and withdrawal costs – a measure of the liquidity of investments). We also analyze whether and under what conditions the presence of an informed auditor could lead to an improvement in the sense of honest behavior replacing cheating as the …

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New Mexico Labor Market Review 08-31-2005, New Mexico Department Of Labor Aug 2005

New Mexico Labor Market Review 08-31-2005, 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 July 2005.

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Do Institutions Really Matter? Assessing The Impact Of State Judicial Structures On Citizen Litigiousness, Jeff L. Yates, Paul Brace, Holley Tankersley Aug 2005

Do Institutions Really Matter? Assessing The Impact Of State Judicial Structures On Citizen Litigiousness, Jeff L. Yates, Paul Brace, Holley Tankersley

ExpressO

No abstract provided.

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An Analysis Of The Duties And Obligations Of The International Legal Community To The Eradication Of Poverty And Growth Of Sustainable Development In Light Of The Jus Cogens Nature Of The Declaration Of The Right To Development, Freda R. Murray-Bruce Aug 2005

An Analysis Of The Duties And Obligations Of The International Legal Community To The Eradication Of Poverty And Growth Of Sustainable Development In Light Of The Jus Cogens Nature Of The Declaration Of The Right To Development, Freda R. Murray-Bruce

ExpressO

This paper examines the copious problem of world poverty affecting half of the world’s population in the South and assesses the international legal obligations of the international legal community, viz., developed states, transnational corporations and the international financial institutions of the IMF, World Bank and WTO to the eradication of poverty and the growth of sustainable development, in view of the inviolability and peremptory nature of the Charter of the UN, and the international human rights provisions arising therefrom. To this extent, we examine the 1986 General Assembly Declaration on the Right to Development, along with the other International Bill …

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The Same Side Of Two Coins: The Peculiar Phenomenon Of Bet-Hedging In Campaign Finance, Jason Cohen Aug 2005

The Same Side Of Two Coins: The Peculiar Phenomenon Of Bet-Hedging In Campaign Finance, Jason Cohen

ExpressO

The paper addresses the propensity of large donors to give to competing candidates or competing party organizations during the same election cycle – for example, giving money to both Bush and Kerry during the 2004 presidential race – a practice here termed 'bet-hedging.' Bet-hedging is analyzed in strategic and game-theoretic terms. The paper explores the prevalence of bet-hedging, the possible motivations behind the practice, and the informational concerns surrounding it. The paper argues that bet-hedging, out of all donation practices, carries with it a uniquely strong implication of ex post favor-seeking: if a donor prefers one side over the other, …

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The Problematics Of The Pareto Principle, Daniel A. Farber Aug 2005

The Problematics Of The Pareto Principle, Daniel A. Farber

ExpressO

The Pareto Principle asserts in one form that an outcome which is unanimously preferred by individuals should be chosen by society; or in another form that an outcome should be chosen if it is preferred by at least one individual and the remaining members of society are indifferent. It is little wonder that this principle, which has the ring of a self-evident truth, has been the “gold standard” for law and economics. Despite its appeal, however, the Pareto Principle has limitations that are irrelevant in some spheres such as corporate law, but that may have serious import for fields such …

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Welfare And Work: Experiences In Six Cities, Christopher T. King, Peter R. Mueser Aug 2005

Welfare And Work: Experiences In Six Cities, Christopher T. King, Peter R. Mueser

Upjohn Press

King and Mueser examine changes in welfare participation and labor market involvement of welfare recipients in six major cities during the 1990s. By focusing on these six cities (Atlanta, Baltimore, Chicago, Fort Lauderdale, Houston, and Kansas City) they are able to glean the extent to which differences in state and local policy, administrative directives, and local labor market conditions contribute to the trends in caseloads, employment, and well-being observed among former recipients.

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Safety Practices, Firm Culture, And Workplace Injuries, Richard J. Butler, Yong-Seung Park Aug 2005

Safety Practices, Firm Culture, And Workplace Injuries, Richard J. Butler, Yong-Seung Park

Upjohn Press

The authors present analysis of the impact of various HRM practices on firms’ workers’ compensation costs; specifically, which practices lower firms’ workers’ compensation costs and whether the impact is the result of changes in technical efficiency or comes through induced changes in workers’ behavior.

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The Economics Of Sustainable Development, Sisay Asefa Editor Aug 2005

The Economics Of Sustainable Development, Sisay Asefa Editor

Upjohn Press

This title provides an economic perspective on critical issues that characterize the topic of sustainable development. In each case, the authors give hope that the challenges facing societies can be surmounted and millions can be lifted out of poverty by adopting policies that encourage the investment in human capital, democratic institutions, and improved market performance.

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Workplace Injuries And Diseases: Prevention And Compensation - Essays In Honor Of Terry Thomason, Karen Roberts Editor, John F. Burton Editor, Matthew M. Bodah Editor Aug 2005

Workplace Injuries And Diseases: Prevention And Compensation - Essays In Honor Of Terry Thomason, Karen Roberts Editor, John F. Burton Editor, Matthew M. Bodah Editor

Upjohn Press

This book presents a set of essays from a group of leading scholars that provides a detailed overview of what is known about the disability insurance system while highlighting areas of the system that beg for greater understanding.

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Unemployment Compensation Throughout The World: A Comparative Analysis, Wayne Vroman, Vera Brusentsev Aug 2005

Unemployment Compensation Throughout The World: A Comparative Analysis, Wayne Vroman, Vera Brusentsev

Upjohn Press

The authors book that contains a contemporary perspective and review of UC programs in numerous countries throughout the world.

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Do Higher Tipped Minimum Wages Boost Server Pay?, John E. Anderson, Orn B. Bodvarsson Aug 2005

Do Higher Tipped Minimum Wages Boost Server Pay?, John E. Anderson, Orn B. Bodvarsson

Department of Economics: Faculty Publications

Do tipped servers in states with higher tipped minimum wages earn more, ceteris paribus, than servers elsewhere? Using 1999 data on waitpersons and bartenders, little evidence is found of a premium to servers in states with more generous minimum wages.

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Deterring Roper’S Juveniles: Why Immature Criminal Youth Require The Death Penalty More Than Adults – A Law & Economics Approach, Moin A. Yahya Aug 2005

Deterring Roper’S Juveniles: Why Immature Criminal Youth Require The Death Penalty More Than Adults – A Law & Economics Approach, Moin A. Yahya

ExpressO

In Roper v. Simmons, the United States Supreme Court declared the death penalty for juveniles unconstitutional. It relied on three reasons, one of which concerns this article, namely the theory that juveniles are less culpable and deterrable than adults. The Court relied on the American Medical Association’s amicus brief which purported to show scientifically that juveniles had less developed brains than adults. The Court characterized juveniles as being risk-lovers who highly preferred the present over the future, who loved gains no matter how risky but did not care for losses, and who could not engage in proper cost-benefit analysis, because …

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Why Privatization Is Necessary For Economic Growth In Pakistan?, Ishrat Husain Dr. Aug 2005

Why Privatization Is Necessary For Economic Growth In Pakistan?, Ishrat Husain Dr.

Faculty Research - Talks, Speeches, & Discourse

The decade of 1970s in Pakistan witnessed a massive redistribution of national assets from the private owners to the state. The reason underlying the then Government’s thinking for this extremely radical action was that the national wealth was being concentrated in the hands of few families and the rich were getting richer and the poor getting poorer. It was asserted by the proponents of this strategy that the state control over allocation of the resources would promote the best interests of the poor. The intellectual support for this strategy was drawn from the success of the Soviet Union and the …

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How And Understanding Of The Second Personal Standpoint Can Change Our Understanding Of The Law: Hart's Unpublished Response To Exclusive Legal Positivism, Robin B. Kar Aug 2005

How And Understanding Of The Second Personal Standpoint Can Change Our Understanding Of The Law: Hart's Unpublished Response To Exclusive Legal Positivism, Robin B. Kar

ExpressO

This Article describes recent developments in moral philosophy on the “second personal standpoint,” and argues that they will have important ramifications for legal thought. Moral, legal and political thinkers have, for some time now, understood important distinctions between the first personal perspective (of deliberation) and the third personal perspective (of observation, cause and effect), and have plumbed these distinctions to great effect in their thought. This distinction is, in fact, implicit the law and economics movement’s “rational actor” model of decision, which currently dominates much legal academic thought. Recent developments in value theory due to philosopher Stephen Darwall suggest, however, …

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Lost In Translation: The Economic Analysis Of Law In The United States And Europe, Kenneth G. Dau-Schmidt Aug 2005

Lost In Translation: The Economic Analysis Of Law In The United States And Europe, Kenneth G. Dau-Schmidt

ExpressO

In this essay, we examine the reasons why the economic analysis of law has not flourished in European countries as it has in the U.S. In particular, we focus on three European countries - the United Kingdom (U.K.), Germany, and France. We argue that differences in culture, the legal system and the academy have led to differing degrees of success of the law and economics movement in each country. We speculate that, although there is currently less interest in the economic analysis of the law in Europe than in the United States, European interest could dramatically increase if scholars adopt …

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Social Economic Strategies In Recent Economics, John B. Davis Aug 2005

Social Economic Strategies In Recent Economics, John B. Davis

Economics Faculty Research and Publications

This paper reviews three distinct strategies in recent economics for using the concept of social identity in the explanation of individual behavior: Akerlof and Kranton’s neoclassical approach, Sen’s commitment approach, and Kirman et al.’s complexity approach. The primary focus is the multiple selves problem and the difficulties associated with failing to explain social identity and personal identity together. The argument of the paper is that too narrow a scope for reflexivity in individual decisionmaking renders the problem intractable, but that enlarging this scope makes it possible to explain personal and social identity together in connection with an individual behavior …

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Rhode Island Current Conditions Index -- August 2005, Leonard Lardaro Aug 2005

Rhode Island Current Conditions Index -- August 2005, Leonard Lardaro

The Rhode Island Current Conditions Index

No abstract provided.

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Understanding The Rise And Transformation Of Business Collective Action In India, Aseema Sinha Aug 2005

Understanding The Rise And Transformation Of Business Collective Action In India, Aseema Sinha

CMC Faculty Publications and Research

Scholars of business associations have recently learned a great deal about how associations contribute to development, but much less about the origins of such developmental associations. This essay introduces and assesses a new political explanation for the origins of ‘developmental associations.’ Conventional wisdom holds that developmental associations must be able to rise above political and collusive pressures and establish autonomy from states. Yet, I argue that these associations’ developmental capacities emerge as a result of active state support by key actors, and in response to challenges and threats posed by competitive business organizations. Developmental associations emerge and acquire their capacities …

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Development And Food Demand Changes: Production And Management Implications, Norman Rask, Kolleen Rask Aug 2005

Development And Food Demand Changes: Production And Management Implications, Norman Rask, Kolleen Rask

Economics Department Working Papers

Per capita food consumption and production changes during economic development are analyzed using a resource-based cereal equivalent measure. Diet up-grades to livestock products during economic development contribute to an increase in per capita food resource use by a factor of five or more. Food consumption changes are generally consistent across countries and are only marginally affected by a country’s food production resource base (land). Food consumption increases tend to exceed food production increases in early stages of development, leading to food import needs. In later stages of development, per capita food consumption stabilizes. Continued increases in production allow the closing …

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Conflicts In Development: Tourism And The Cattle Industry In Brazil, Nicholas Sanchez, John F. O'Connell Aug 2005

Conflicts In Development: Tourism And The Cattle Industry In Brazil, Nicholas Sanchez, John F. O'Connell

Economics Department Working Papers

This paper challenges the conventional view that where there is a political elite, economic development will proceed along lines that sacrifice future generations for the benefit of the current ruling class. We find that shortfalls in the balance of payments will cause those in authority to promote activities that encourage tourism as a solution to balance of payments deficit. The vehicle for generating tourism is the provision of public goods. More traditional paths toward development particularly cattle ranching are displaced by tourist attractions. While motivated by myopic self-interest, the pursuit of public goods reduces the amount of debt transferred to …

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The Introduction Of The Reserve Clause And Its Impact On Baseball Salaries During The 1880s: A Panel Estimation, Jennifer Ashcraft Aug 2005

The Introduction Of The Reserve Clause And Its Impact On Baseball Salaries During The 1880s: A Panel Estimation, Jennifer Ashcraft

Economics Theses - Archive

One of the most frequently studied areas in professional baseball is the Reserve Clause. Originally introduced in 1879 by the National League, the Reserve Clause indefinitely tied a player's services to his current team and was implemented in an attempt to prevent baseball salaries from increasing and reduce team expenses. However, it was also used to control player mobility as well. While the majority of economic research on the Reserve Clause focuses on the post-Reserve Clause era, this paper analyzes the Reserve Clause during its infancy in the 1880s, a period when professional baseball was just beginning, and its impact …

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Making Statements And Approval Voting, Enriqueta Aragones, Itzhak Gilboa, Andrew Weiss Aug 2005

Making Statements And Approval Voting, Enriqueta Aragones, Itzhak Gilboa, Andrew Weiss

Cowles Foundation Discussion Papers

We assume that people have a need to make statements, and construct a model in which this need is the sole determinant of voting behavior. In this model, an individual selects a ballot that makes as close a statement as possible to her ideal point, where abstaining from voting is a possible (null) statement. We show that in such a model, a political system that adopts approval voting may be expected to enjoy a significantly higher rate of participation in elections than a comparable system with plurality rule.

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Information In Mechanism Design, Dirk Bergemann, Juuso Välimäki Aug 2005

Information In Mechanism Design, Dirk Bergemann, Juuso Välimäki

Cowles Foundation Discussion Papers

We survey the recent literature on the role of information in mechanism design. First, we discuss an emerging literature on the role of endogenous payoff and strategic information for the design and the efficiency of the mechanism. We specifically consider information management in the form of acquisition of new information or disclosure of existing information. Second, we argue that in the presence of endogenous information, the robustness of the mechanism to the type space and higher order beliefs becomes a natural desideratum. We discuss recent approaches to robust mechanism design and robust implementation.

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Inference With Weak Instruments, Donald W.K. Andrews, James H. Stock Aug 2005

Inference With Weak Instruments, Donald W.K. Andrews, James H. Stock

Cowles Foundation Discussion Papers

This paper reviews recent developments in methods for dealing with weak instruments (IVs) in IV regression models. The focus is more on tests (and confidence intervals derived from tests) than estimators. The paper also presents new testing results under “many weak IV asymptotics,” which are relevant when the number of IVs is large and the coefficients on the IVs are relatively small. Asymptotic power envelopes for invariant tests are established. Power comparisons of the conditional likelihood ratio (CLR), Anderson-Rubin, and Lagrange multiplier tests are made. Numerical results show that the CLR test is on the asymptotic power envelope. This holds …

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Information In Mechanism Design, Dirk Bergemann, Juuso Välimäki Aug 2005

Information In Mechanism Design, Dirk Bergemann, Juuso Välimäki

Cowles Foundation Discussion Papers

We survey the recent literature on the role of information for mechanism design. We specifically consider the role of endogeneity of and robustness to private information in mechanism design. We view information acquisition of and robustness to private information as two distinct but related aspects of information management important in many design settings. We review the existing literature and point out directions for additional future work.

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Governing The City Of London In A Global Era: The Promise And Problems Of Transgovernmental Regulatory Networks, Richard Woodward Aug 2005

Governing The City Of London In A Global Era: The Promise And Problems Of Transgovernmental Regulatory Networks, Richard Woodward

Books/Book Chapters

No abstract provided.

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Examining The Halo Effect In Lotto Games, Victor Matheson, Kent Grote Aug 2005

Examining The Halo Effect In Lotto Games, Victor Matheson, Kent Grote

Economics Department Working Papers

The "Halo Effect" occurs when lotto ticket sales are unexpectedly high following a large jackpot. An examination of the Powerball lottery finds evidence that the halo effect exists and that it is the result of bettors exchanging prize winnings for new tickets.

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