Economics Commons^™

Corruption, Delays, And The Pattern Of Trade, Quoc-Anh Do, Karine Serfaty-De Medeiros

Research Collection School Of Economics

We argue that corruption deters international trade by causing delays in exporting and importing, both at customs and in other required administrative procedures. We study three manifestations of corruption as a barrier to trade. The corruption effect is both significant and economically sizeable. We first show the negative relationship between the exporters and importers levels of corruption and trade volumes at the country level in a gravity framework. This country-level effect implies that a standard deviation increase in the exporters corruption level causes a 27% drop in exports. We then show that corruption indeed operates through delays: we establish that …

Racial Bias In The Nba: Implications In Betting Markets, Tim Larsen, Joe Prince, Justin Wolfers

Faculty Publications

Recent studies have documented the existence of an own-race bias on the part of sports officials. In this paper we explore the implications of these biases on betting markets. We use data from the 1991/92 - 2004/05 NBA regular seasons to show that a betting strategy exploiting own-race biases by referees would systematically beat the spread.

Gender Differences In The Response To Competition, Joseph Price

Faculty Publications

To investigate whether men and women respond differently to competition and whether this response depends on the gender mix of the group, the author examines outcomes of the Mellon Foundation's Graduate Education Initiative, a competitive fellowship program instituted in 1991 that was aimed at increasing graduation rates and decreasing time to degree. Men's performance, as measured by time to candidacy, increased 10% in response to the program, with the largest gains for men in departments with the highest proportions offemale students. Women did not increase performance, on average, but the response of women did differ greatly depending on the gender …

New Mexico Labor Market Review 03-31-2008, New Mexico Department Of Workforce Solutions

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 February 2008.

A Future Of Good Jobs?: America's Challenge In The Global Economy, Timothy J. Bartik Editor, Susan N. Houseman Editor

Upjohn Press

Can the U.S. economy generate healthy growth of “good” jobs—jobs that will ensure a steady improvement in the standard of living for the middle class and that will offer a way out of poverty for low-income Americans? In this book, leading policy analysts examine the challenges facing current U.S. labor market policy and propose concrete steps to make American workers and employers more competitive in a global economy.

The United States Of America And Azerbaijan: Economic Relations, Anar Hatamov, George Langelett

Economics Commentator (1972- 2016)

No abstract provided.

Economic Impact Of Proposed Harbor Shores Development, George A. Erickcek, Brad R. Watts

Reports

No abstract provided.

New Mexico Labor Market Review 03-10-2008, New Mexico Department Of Workforce Solutions

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 January 2008.

Asymmetric Information And Conglomerate Discount: Evidence From Spinoffs, Charlie Charoenwong, Kuan Yong David Ding, Jing Pan

Research Collection Lee Kong Chian School Of Business

The existing literature argues that diversified firms may be undervalued due to the information asymmetry between a firm's management and the market. Splitting the firm's divisions into multiple business components is thought to facilitate the market valuation of each component more accurately. We investigate the information hypothesis from corporate spinoffs from 1981 through 2004. We use the post-spinoff data to reconstruct the diversified firm, assess the improvement in value at the combined firm level, and relate the value improvement to the change in the level of information asymmetry. We find that, prior to the spinoff, the sample firms have significantly …

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Value-Based Purchasing Newsletter

No abstract provided.

Spouse Accountability In Wellness Program Requirements

Value-Based Purchasing Newsletter

No abstract provided.

Benefits College Program Schedule For 2008, Neil I. Goldfarb

Value-Based Purchasing Newsletter

No abstract provided.

Challenges And Benefits In Using Productivity Data From Clinical Trials For Vbp Decisions, Thomas J. Bunz, Pharm.D., Laura T. Pizzi

Value-Based Purchasing Newsletter

Making value based purchasing decisions in healthcare requires balancing data from several sources. Information on effectiveness of interventions often comes from clinical trials, with less reliance on observational studies. Historically, the opposite has been true of information on the cost of interventions. More recently, providers of healthcare interventions such as drugs, devices, and disease management programs have begun to understand and appreciate the importance of costs in healthcare decision making. Because of this, the clinical trials used to demonstrate effectiveness have begun to gather data on costs. This article describes some benefits and detriments of collecting cost data as a …

The Emerging Role Of Electronic Medical Records - What Do They Mean To Quality And Value?, Richard Jacoby

Value-Based Purchasing Newsletter

President Bush identified electronic medical records (EMRs), also known as electronic health records (EHRs), as one of the 4 cornerstones in his value driven health care initiative. EMRs represent a “disruptive technology” insofar as they change the way we capture, store, retrieve, share, and use health information. Because they have the ability to transform and enhance virtually all communications, transactions, and analyses involving healthcare information, implementation of EMRs will have a profound effect on patients, providers, and payers. The transformation likely will parallel the one which occurred as information technology enhanced knowledge and productivity in the non-healthcare segments of the …

The Centers For Medicare And Medicaid Services’ Approach To Value-Based Purchasing, Bettina Berman

Value-Based Purchasing Newsletter

Although evidence suggests that both the quality and the affordability of health care can be improved¹, it is likely that such improvements will come at great cost. Healthcare expenditures in the United States (U.S.) are expected to rise precipitously - from $1.5 trillion in 2005 to over $4 trillion in 2016.² Medicare, the nation’s single largest health care purchaser, spent an estimated $425 billion on health services in 2007. With the projected growth in Medicare beneficiaries, the amount may surpass $800 billion by 2017, placing the government under significant pressure to control health care costs.³

This …

Uncle Sam's Debut On The Value-Based Purchasing Stage, Neil I. Goldfarb

Value-Based Purchasing Newsletter

No abstract provided.

Projecting The Economic Impact Of The Fayetteville Shale Play For 2008-2012, Katherine A. Deck

Publications and Presentations

In 2006, the Center for Business and Economic Research released an economic impact study of the newly developing natural gas industry related to the Fayetteville Shale. The Fayetteville Shale is an unconventional gas reservoir located on the Arkansas side of the Arkoma Basin, ranging in thickness from 50 to 325 feet and ranging in depth from 1,500 to 6,500 feet. That study concluded that from 2005 to 2008, economic output of over $5.5 billion and 9,683 jobs would be generated as a result of investments in the Fayetteville Shale. Those estimates were based on the best information available when the …

Rhode Island Current Conditions Index — March 2008, Leonard Lardaro

The Rhode Island Current Conditions Index

No abstract provided.

Maine’S Technology Sectors And Clusters: Status And Strategy, Charles Colgan, Marianne Clark, Charles Lawton, James Damicis

Industry Studies

The concept of “clusters” has been a key idea in economic development in Maine and other states for more than a decade. In 2002, the Maine Science & Technology Foundation (MSTF) released a study of the cluster characteristics of the seven technology sectors that were designated as the focus of attention for Maine’s research and development support programs.

This study is a step towards implementing the Brookings Institution’s recommendations for an aggressive effort to build and expand clusters. It updates and expands the 2002 MSTF cluster report and also builds upon the work of Porter and others to identify distinctive …

Far-Flung Europe: What Is The Economic Impact Of Geography?, John Luke Gallup

Economics Faculty Publications and Presentations

Several Western European countries have integral territory thousands of miles from continental Europe. The economic performance in these "outermost" regions tests the impact of geographical isolation in a high income, institutionally uniform setting quite different from the geographical challenges of poor, agriculturally dependent developing countries. The European regional data used have different starting years by country. This required the derivation of a new non-linear estimation model for cross-regional growth. The outermost regions converge to national income levels of continental Europe at least as fast as other poor continental regions, showing no special impact of geography on economic growth. Looking at …

Voting In Kenya: Putting Ethnicity In Perspective, Michael Bratton, Mwangi S. Kimenyi

Economics Working Papers

Do Kenyans vote according to ethnic identities or policy interests? Based on results from a national probability sample survey conducted in the first week of December 2007, this article shows that, while ethnic origins drive voting patterns, elections in Kenya amount to more than a mere ethnic census. We start by reviewing how Kenyans see themselves, which is mainly in non-ethnic terms. We then report on how they see others, whom they fear will organize politically along ethnic lines. People therefore vote defensively in ethnic blocs, but not exclusively. In Decem- ber 2007, they also took particular policy issues into …

Foundations Of Intrinsic Habit Formation, Kareen Rozen

Cowles Foundation Discussion Papers

We provide theoretical foundations for several common (nested) representations of intrinsic linear habit formation. These representations are dynamically consistent and additive, with geometrically decaying coefficients of habit formation. Our axiomatization introduces a revealed preference theory of weaning a decision-maker from her habits using the device of compensation. We characterize linear habit formation in terms of the ability to wean using uniquely determined compensating streams. Moreover, we distinguish between habits that are responsive to weaning and those that are persistent, develop a simple choice-theoretic measure of the rate of habit decay, and demonstrate how to recover the entire sequence of habit …

A ‘Dual’-Improved Shortcut To The Long Run, Kareen Rozen

Cowles Foundation Discussion Papers

I use the theories of duality and optimal branchings to find a necessary and sufficient characterization of stochastically stable limit sets (SSLS) that helps improve the radius — modified coradius test of Ellison (2000). The improved shortcut I offer may permit the identification of SSLS when Ellison’s radius — modified coradius test fails to identify any, or may be able to pinpoint the true SSLS in cases where Ellison’s test identifies only a superset. I also demonstrate precisely why the radius — modified coradius test is not universally applicable and illuminate the connection between the modified coradius and the Lagrange …

Understanding Sectoral Labor Market Dynamics: An Equilibrium Analysis Of The Oil And Gas Field Services Industry, Patrick Kline

Cowles Foundation Discussion Papers

This paper examines the response of employment and wages in the US oil and gas field services industry to changes in the price of crude petroleum using a time series of quarterly data spanning the period 1972-2002. I find that labor quickly reallocates across sectors in response to price shocks but that substantial wage premia are necessary to induce such reallocation. The timing of these premia is at odds with the predictions of standard models-wage premia emerge quite slowly, peaking only as labor adjustment ends and then slowly dissipating. After considering alternative explanations, I argue that a dynamic market clearing …

Derivatives Markets For Home Prices, Robert J. Shiller

Cowles Foundation Discussion Papers

The establishment recently of risk management vehicles for home prices is described. The potential value of such vehicles, once they become established, is seen in consideration of the inefficiency of the market for single family homes. Institutional changes that might derive from the establishment of these new markets are described. An important reason for these beginnings of real estate derivative markets is the advance in home price index construction methods, notably the repeat sales method, that have appeared over the last twenty years. Psychological barriers to the full success of such markets are discussed.

Conflict Leads To Cooperation In Nash Bargaining, Kareen Rozen

Cowles Foundation Discussion Papers

We consider a multilateral Nash demand game where short-sighted players come to the bargaining table with requests for both coalition partners and the potentially generated resource. We prove that group learning leads with probability one to complete cooperation and a strictly self-enforcing allocation (i.e., in the interior of the core). Highlighting group dynamics, we demonstrate that behaviors which appear destructive can themselves lead to beneficial and strictly self-enforcing cooperation.

Emerging Markets In An Anxious Global Economy, Ana Fostel, John Geanakoplos

Cowles Foundation Discussion Papers

We provide a theory of pricing for emerging asset classes, like emerging markets, that are not yet mature enough to be attractive to the general public. Our model provides an explanation for the volatile access of emerging economies to international financial markets and for several stylized facts we identify in the data during the 1990’s. We present a general equilibrium model with incomplete markets and endogenous collateral and an extension encompassing adverse selection. We show that contagion, flight to liquidity and issuance rationing can occur in equilibrium during what we call global anxious times.

Foundations Of Intrinsic Habit Formation, Kareen Rozen

Cowles Foundation Discussion Papers

We provide theoretical foundations for several common (nested) representations of intrinsic linear habit formation. Our axiomatization introduces an intertemporal theory of weaning a decision-maker from her habits using the device of compensation. We clarify differences across specifications of the model, provide measures of habit-forming tendencies, and suggest methods for axiomatizing time-nonseparable preferences.

Limit Theorems For Functionals Of Sums That Converge To Fractional Brownian And Stable Motions, P. Jeganathan

Cowles Foundation Discussion Papers

No abstract provided.

Semiparametric Efficiency In Gmm Models Of Nonclassical Measurement Errors, Missing Data And Treatment Effects, Xiaohong Chen, Han Hong, Alessandro Tarozzi

Cowles Foundation Discussion Papers

We study semiparametric efficiency bounds and efficient estimation of parameters defined through general nonlinear, possibly non-smooth and over-identified moment restrictions, where the sampling information consists of a primary sample and an auxiliary sample. The variables of interest in the moment conditions are not directly observable in the primary data set, but the primary data set contains proxy variables which are correlated with the variables of interest. The auxiliary data set contains information about the conditional distribution of the variables of interest given the proxy variables. Identification is achieved by the assumption that this conditional distribution is the same in both …