Economics Commons^™

Need For Social Policy To Recognise That People Are Excluded When They Cannot Afford To Give Their Children A Holiday, Bernadette Quinn

Articles

This research investigated how access to an annual holiday can benefit children living in poverty and their families. It studied children who had the opportunity to avail of a child-centred, structured group holiday provided by three NGOs. Study participants were drawn from a cross-section of disadvantaged areas in Dublin, comprising two inner-city and four suburban areas. Data collection involved 75 children and 35 guardians in the first stage, and 27 children and 16 guardians in subsequent stages. In total, 16 families participated in all stages of the research process, which used qualitative methods, including focus groups, in-depth interviews and observation. …

Rhode Island Current Conditions Index — January 2007, Leonard Lardaro

The Rhode Island Current Conditions Index

No abstract provided.

Indiana State University Financial Report 2007, Indiana State University

Financial Reports

No abstract provided.

Import Competition And Job Displacement: Evidence From Us Manufacturing, 1981-1999, Roger White

Economics

No abstract provided.

A Bayesian Examination Of Information And Uncertainty In Contingent Valuation, David M. Aadland, Arthur J. Caplan, Owen R. Phillips

Applied Economics Faculty Publications

A theoretical framework is presented to explain how agents respond to information under uncertainty in contingent valuation surveys. Agents are provided with information signals and referendum prices as part of the elicitation process. Agents use Bayesian updating to revise prior distributions. An information prompt is presented to reduce hypothetical bias. However, we show the interaction between anchoring and the information prompt creates a systematic bias in willingness to pay. We test our hypotheses in an experimental setting where agents are asked to make a hypothetical, voluntary contribution to a public good. Experimental results are consistent with the model.

Selected Lid Projects In New England, New England Environmental Finance Center

Planning

Examples of low impact development (LID) projects in each state in New England.

The Effect Of Social Capital On Group Loan Repayment: Evidence From Field Experiments, Alessandra Cassar, Luke Crowley, Bruce Wydick

Economics Faculty Publications

An important question to microfinance is the relevance of existing social capital in target communities to the performance of group lending. This research presents evidence from field experiments in South Africa and Armenia, in which subjects participate in trust and microfinance games. We present evidence that personal trust between group members and peer homogeneity are more important to group loan repayment than general societal trust or acquaintanceship between members. We also find some evidence of reciprocity: those who have been helped by other group members in the past are more likely to contribute in the future.

Grandma Was Right: Why Cohabitation Undermines Relational Happiness, But Is Increasing Anyway, Bruce Wydick

Economics Faculty Publications

This paper uses a game theoretic model to explain empirical research which has revealed higher relational satisfaction among married couples than cohabiting couples, as well as among married couples who did not cohabit before marriage. Despite these findings, in recent decades cohabitation rates have dramatically increased in both Europe and the United States. Instrumental variables estimations on data from 28 industrialized countries and 50 U.S. states show cohabitation strongly correlated with increases in women’s labor force participation, where a 10 percent increase in women’s labor force participation results in a 6.4 to 14.6 percent increase in cohabitation.

Credit Information Systems In Less Developed Countries: A Test With Microfinance In Guatemala, Jill Luoto, Craig Mcintosh, Bruce Wydick

Economics Faculty Publications

Increases in formal sector lending among the poor have created a need for credit information systems that provide potential lenders both positive and negative data about borrowers. In this paper we provide an overview of the development and use of credit information systems in industrialized and developing countries. The paper subsequently presents a test of the effects of a newly implemented credit information system using fixed effects estimation on panel data from Guatemala. Results indicate that improved screening effects from the system caused the level of portfolio arrears to decline between 2 and 3.5 percentage points six months after it …

Binary Economics: The Economic Theory That Gave Rise To Esops, Robert Ashford

College of Law - Faculty Scholarship

Many people know about Employee Stock Ownership Plans (ESOPs) which, along with profit-sharing and pension plans, are treated as deferred compensation plans under Section 401 and related sections of the Internal Revenue Code. ESOPs have been established by thousands of American corporations, including some of the largest, and cover millions of employees. There is a national trade association (The ESOP Association), that is now celebrating its 50th year in existence, and other organizations established to support employee ownership, including the Ohio Center for Employee Ownership that first published this article in its publication entitled Owners At Work (2006/2007) Most people …

The Security Rule, Stephen M. Jerbic, Stephen S. Wu

Faculty Publications

No abstract provided.

Housing Silicon Valley: A 20 Year Plan To End The Affordable Housing Crisis, Shishir Mathur, Alicia Parker

Faculty Publications, Urban and Regional Planning

No abstract provided.

High-Speed Rail Projects In The United States: Identifying The Elements Of Success Part 2, Allison Decerreno, Shishir Mathur

Faculty Publications, Urban and Regional Planning

No abstract provided.

Applying Virtue Ethics To Business: The Agent-Based Approach, John Dobson

Finance

No abstract provided.

Aesthetics As A Foundation For Business Activity, John Dobson

Finance

This paper identifies the ultimate justification for business activity as an aesthetic justification. Aesthetics, loosely defined as the appreciation of beauty, subsumes both ethics and economics within an holistic justificatory mechanism for business decisions.Five essential qualities of aesthetic judgment are identified: disinterest, subjectivity, inclusivity, contemplativity, and internality. The quality of aesthetic judgment, exercised by the individual through the organization, will determine the extent to which business activity enhances quality of life.

Globalization And International Development: Critical Issues Of The 21st Century 2007-08, Department Of Economics

Werner Sichel Lecture Series

The 2007/2008 Werner Sichel Economic Lecture Seminar Series features six outstanding economists whose presentations will focus on the challenges and opportunities of globalization and international development. All presentations are free and open to the public. Globalization is primarily an economic phenomenon, but it has socio-cultural and political dimensions that significantly impact human welfare and development. The series' speakers will address various dimensions of globalization including poverty, foreign aid, global justice, global financial flows, and patent and knowledge spillovers to developing countries. In addition to a public lecture, each guest scholar will present an academic seminar for economics faculty and graduate …

No. 45: Medical Recruits: The Temptation Of South African Health Care Professionals, Christian M. Rogerson

Southern African Migration Programme

Health workers are one of the categories of skilled professionals most affected by globalization. Over the past decade, there has emerged a substantial body of research that tracks patterns of international migration of health personnel, assesses causes and consequences, and debates policy responses at global and national scales. Within this literature, the case of South Africa is attracting growing interest. For almost 15 years South Africa has been the target of a ‘global raiding’ of skilled professionals by several developed countries. How to deal with the consequences of the resultant outflow of health professionals is a core policy issue for …

Contagion Equilibria In A Monetary Model, C. D. Aliprantis, Gabriele Camera, D. Puzzello

Economics Faculty Articles and Research

This article explores the Monetary Models.

The Role Of Economics In Achieving Welfare Gains For Animals, Jennifer Fearing, Gaverick Matheny

State of the Animals 2007

The demand for animal products and services is a powerful economic force in society, and multibillion-dollar industries are organized around this demand. These industries often face increased costs by improving animal welfare and are quick to use economic arguments against proposed welfare reforms (see sidebar on page 169). These arguments, while often specious, can influence consumers, voters, and policy makers. Citizens are less likely to support animal welfare reforms they’ve been told will double their shopping bill or impoverish family farmers.

Animal welfare advocates cannot respond to these economic arguments with moral rhetoric alone. Instead, non-governmental observers (NGOs) must challenge …

Empirical Tests Of Exchange Rate Theory, Eric O'N. Fisher

Economics

There have been very few direct applications of experimental techniques in macroeconomics for two main reasons. First, macroeconomics is about the interaction between markets, and it is not easy to design an elegant treatment that gets at the essence of how a national economy functions. Second, there is a vestigial prejudice that favors econometrics over putatively unorthodox empirical approaches. Still, the Nobel Prize-winning economist Edward Prescott is alleged to have said, “Don’t regress; progress!”

Foreign Direct Investment And Transition Economies: Empirical Evidence From A Panel Data Estimator, Kamal Upadhyaya

Economics & Business Analytics Faculty Publications

This paper identifies the factors that determine FDI inflows in the former socialist countries of Eastern and Central Europe. In our analysis, FDI inflows are modeled as a function of the market size (i.e., real GDP), inflation, the current account balance, the real exchange rate, openness and government regulation -- for the host country. Using data from 1995 to 2004, a panel data estimator suggests that the real exchange rate, openness of the economy and deregulation are the primary factors determining FDI inflows in these countries.

Foreign Aid, Fdi And Economic Growth In East European Countries, Kamal P. Upadhyaya, Gyan Pradhal, Dharmendra Dhakal, Rabindra Bhandari

Economics & Business Analytics Faculty Publications

This paper examines the effectiveness of foreign aid and foreign direct investment in the Czech Republic, Estonia, Hungary, Latvia, Lithuania and Poland. The model includes the labor force, capital stock, foreign aid and foreign direct investment, and is estimated using pooled annual time series data from 1993 to 2002. Before carrying out the estimation, the time series properties of the data are diagnosed and an error-correction model is developed and estimated using a fixed-effects estimator. The results indicate that an increase in the stock of domestic capital and inflow of foreign direct investment are significant factors that positively affect economic …

Us-Swiss Term Structures And Exchange Rate Dynamics, A. Can Inci

Finance Department Faculty Journal Articles

In this study, a multi-country nonlinear model is constructed to simultaneously estimate the exchange rate dynamics and the term structure of interest rates in the US and in Switzerland. The model has better empirical performance compared to the earlier well-known affine international models. Risk premiums of bond yields vary between the two countries. The estimated state variables exhibit local characteristics. These conclusions imply the potential advantages of international diversification and demonstrate the Home Bias phenomenon. Exchange rate dynamics estimated by the models account for the Forward Premium Anomaly. Introduction of jump diffusions provides marginal improvement.

Impact Of Country Financial Development On The Firm: International Evidence, A. Can Inci

Finance Department Faculty Journal Articles

The impact of financial development of a country on the earnings, capital spending, and stock returns of the firms of that country is the subject of this study. There are two different financial development indices which are utilized. The first is based on Love (2003), and the second is based on Khurana (2006). Using 40 different countries, the causality relationships and cumulative impacts of the lags of earnings and lags of capital spending on subsequent earnings, capital spending, and returns are examined for the financially developed countries and financially non-developed countries. Earnings and capital spending Granger-cause stock returns in financially …

Trade, Production Networks And The Exchange Rate, Sven W. Arndt, Alex Huemer '99

CMC Faculty Publications and Research

This paper examines the effect of cross-border production sharing on trade and exchange-rate behavior. When a country’s exports contain imported components, changes in exchange rates tend to have offsetting effects on imports and exports. Imports may fall, remain unchanged or even rise with depreciation, depending on the share of domestic value-added in exports. The effect of domestic and foreign GDP on imports and exports is also altered by production sharing. These behavior patterns are identified in trade in motor vehicles between the United States and Mexico with the aid of OLS and VEC techniques.

Assessing The State Of Tennessee’S Environment, Mary F. Evans

CMC Faculty Publications and Research

This 2007 volume of An Economic Report to the Governor of the State of Tennessee is the thirty-first in a series of annual reports compiled in response to requests by state government officials for assistance in achieving greater interdepartmental consistency in planning and budgeting efforts sensitive to the overall economic environment. Both short-term, or business cycle-sensitive forecasts, and longer-term, or trend forecasts, are provided in this report.

What Is Ailing The German Economy? A Critical Analysis Of German Social Market Economics, Robert T. Cheek Jr.

Inquiry: The University of Arkansas Undergraduate Research Journal

This paper offers a narrative historical description of the German Social Market Economy, from its inception following World War II, up to the recent Agenda 2010 reforms enacted under the administration of Chancellor Gerhard Schroder. It is the purpose of this work to explore why the German Social Market System enjoyed such a high degree of success in its early years, and which flaws might be causing the chronic problems of low growth and high unemployment that have plagued Germany more recently. In particular, the paper argues that a high-cost and highly inflexible labor market resulting from Germany's system of …

Alternative Methods Of Calculating Optimal Timber Rotations: A Critique Of The Stokey/Lucas/Prescott Tree-Cutting Problem, Victor Matheson

Economics Department Working Papers

The traditional question of optimally deciding when to cut down a tree is among the most commonly posed questions asked of students learning the technique of dynamic programming. This paper shows that the traditional tree-cutting example is improperly formulated when the question of replanting is addressed, derives the proper method of finding optimal harvest length, and applies this method to an empirical forest growth function.

Science, Technology And The Garden Of Maine: Industrial Farming In Aroostook County, 1850-1900, Thomas J. H. Reznick

Senior Scholars Papers in Computer Science

In the mid-nineteenth century, northern Maine farmers existed amidst tension between capitalist and non-capitalist forces. This conflict is best described in terms of recent discourse on the question of rural capitalism, a topic debated by such scholars as Allan Kulikoff and Christopher Clark. This is an intricate and nuanced debate that this paper does not intend to treat with. Suffice to say, Maine farmers were caught between traditional social institutions associated with their trade that did not entail market production, and the rise of rural capitalism associated with burgeoning new markets. However, by the turn of the century, northern Maine …

Two-Stage Team Rent-Seeking: Experimental Analysis, John J. Cadigan

Economics Faculty Publications

This paper presents a two-stage team rent-seeking model with a contest prize that is not excludable among winning team members. When early effort is a perfect substitute for late effort, early actors can free ride on their late-moving teammates. However, when early and late efforts are complements, all team members exert positive effort levels. Asymmetries in early effort reduce effort choices for all late movers. The theory is tested with laboratory experimental methods. Although subjects overinvest relative to the Nash equilibrium in all treatments, chosen effort levels provide limited support for the model. Early movers exerted higher effort in the …