Economics Commons^™

Breakdown Point Theory For Implied Probability Bootstrap, Lorenzo Camponovo, Taisuke Otsu

Cowles Foundation Discussion Papers

This paper studies robustness of bootstrap inference methods under moment conditions. In particular, we compare the uniform weight and implied probability bootstraps by analyzing behaviors of the bootstrap quantiles when outliers take arbitrarily large values, and derive the breakdown points for those bootstrap quantiles. The breakdown point properties characterize the situation where the implied probability bootstrap is more robust than the uniform weight bootstrap against outliers. Simulation studies illustrate our theoretical findings.

Continuous Workout Mortgages, Robert J. Shiller, Rafal M. Wojakowski, M. Shahid Ebrahim, Mark B. Shackleton

Cowles Foundation Discussion Papers

This paper models Continuous Workout Mortgages (CWMs) in an economic environment with refinancings and prepayments by employing a market-observable variable such as the house price index of the pertaining locality. Our main results include: (a) explicit modelling of repayment and interest-only CWMs; (b) closed form formulae for mortgage payment and mortgage balance of a repayment CWM; (c) a closed form formula for the actuarially fair mortgage rate of an interest-only CWM. For repayment CWMs we extend our analysis to include two negotiable parameters: adjustable “workout proportion” and adjustable “workout threshold.” These results are of importance as they not only help …

Local Identification Of Nonparametric And Semiparametric Models, Xiaohong Chen, Victor Chernozhukov, Sokbae Lee, Whitney Newey

Cowles Foundation Discussion Papers

In parametric models a sufficient condition for local identification is that the vector of moment conditions is differentiable at the true parameter with full rank derivative matrix. We show that there are corresponding sufficient conditions for nonparametric models. A nonparametric rank condition and differentiability of the moment conditions with respect to a certain norm imply local identification. It turns out these conditions are slightly stronger than needed and are hard to check, so we provide weaker and more primitive conditions. We extend the results to semiparametric models. We illustrate the sufficient conditions with endogenous quantile and single index examples. We …

Local Identification Of Nonparametric And Semiparametric Models, Xiaohong Chen, Victor Chernozhukov, Sokbae Lee, Whitney Newey

Cowles Foundation Discussion Papers

In parametric models a sufficient condition for local identification is that the vector of moment conditions is differentiable at the true parameter with full rank derivative matrix. We show that additional conditions are often needed in nonlinear, nonparametric models to avoid nonlinearities overwhelming linear effects. We give restrictions on a neighborhood of the true value that are sufficient for local identification. We apply these results to obtain new, primitive identification conditions in several important models, including nonseparable quantile instrumental variable (IV) models, single-index IV models, and semiparametric consumption-based asset pricing models.

The Effect Of Economic Freedom On Workers' Remittances To Labor Sending Countries, Lloyd Banwart

Master's Theses - Economics

I test the determinants of workers’ remittances, with a focus on how economic freedom in the labor sending country affects the level of remittance inflows the country receives. I use an unbalanced panel data set between years 2000 and 2006. I find a positive and statistically significant relationship between economic freedom and the percentage of GDP from remittances. I show that the effect of economic freedom is dependent upon the level of economic development in the labor sending country (measured by real GDP per capita); as GDP per capita increases, the marginal effect of economic freedom on remittances decreases steadily.

Dice Or No Dice: The Casino Debate In Massachusetts, College Of Management, University Of Massachusetts Boston

Financial Services Forum Publications

The debate on casinos has intensified over the last few years. Governor Deval Patrick tried to get approval for three casinos back in September 2008, which was rejected by the then Speaker Salvatore Dimasi. However, two years ago, the Governor stood in the way of casinos by vetoing the bill passed by the House and the Senate.

With the economy still recovering from the aftermath of the “Great Recession”, there are talks about job creation and consumer spending all over Massachusetts. Currently, the three most critical players in the government of Massachusetts - Governor Deval Patrick, House Speaker Robert DeLeo, …

Psychotherapy And Pharmacotherapy In Depression, Thomas J. Kniesner, Regina Powers, Thomas Croghan

Economics - All Scholarship

Depression is a condition with various modes of treatment, including pharmacotherapy, psychotherapy, and some combination of each. The role of psychotherapy in the treatment of depression relative to the role of pharmacotherapy is not well understood, and guidelines for psychotherapy in the primary care setting differ from guidelines for specialty care. There is little evidence about the circumstances in actual practice that affect the use of psychotherapy in conjunction with pharmacotherapy.

We retrospectively identify the most important factors associated with the use of psychotherapy in combination with pharmacotherapy in the treatment of depression. Specifically, we study provider choice, health plan …

Economic Circumstances And Support For Universal Health Care, Daniel Cotter

Political Science Theses and Capstones

There have been many differing opinions over the new health care bill passed in 2010. My research is aimed at finding what factors play a role in forming an opinion on the new health care bill. Specifically looking at the economic and demographic circumstances of citizens of the United States and how it has affected their opinions on the health care bill. I use data gathered from the Pew Research Center and ran crosstabs on various different variables including opinions on the current economy, demographic characteristics, as well as opinions on the current health care plan. I anticipate finding that …

Why Do Some Nations Have More Renewable Energy Policies?, Melissa Dahl

Political Science Theses and Capstones

Some nations have considerably more renewable energy policies than others and this research is attempting to discover why. Renewable energy use is quickly growing in our world and has become a major topic in today’s politics. Existing literature suggests various theories as to why some nations have more renewable energy policies than others. I test these theories with data from two major data sources; REN21, the Renewable Energy Policy Network for the 21st Century, and the International Energy Agency. I anticipate that nations with a larger number of effective political parties, higher GDPs, and larger population would have more renewable …

The Politics Of Subsidizing Sports: Legislative Voting For Three Minnesota Sports Venues, Dave Hitchcock

Political Science Theses and Capstones

Since 1998 the State of Minnesota has funded the building of the Xcel Energy Center, Target Field, and TCF Bank Stadium. The focus of this research is to locate voting trends within the Minnesota House of Representatives towards these venues. I recorded the votes of each member on the legislation approving these venues from the Minnesota Journal of the House and then constructed data sets for all three buildings. From this data, trends emerge potentially linking the voting tendencies of members based on party, gender, and geographical location of their district. Initial analysis supports a fairly strong relationship between district …

Introduction To Heckscher-Ohlin Theory: A Modern Approach, Eric O'N. Fisher

Economics

No abstract provided.

Are Risk Preferences Stable Across Contexts? Evidence From Insurance Data, Levon Barseghyan, Jeffrey Prince, Joshua C. Teitelbaum

Georgetown Law Faculty Publications and Other Works

Using a unique data set, the authors test whether households' deductible choices in auto and home insurance reflect stable risk preferences. Their test relies on a structural model that assumes households are objective expected utility maximizers and claims are generated by household-coverage specific Poisson processes. They find that the hypothesis of stable risk preferences is rejected by the data. Their analysis suggests that many households exhibit greater risk aversion in their home deductible choices than their auto deductible choices. They find that their results are robust to several alternative modeling assumptions.

Economic Freedom And Fiscal Performance: A Regression Analysis Of Indices Of Economic Freedom On Per Capita Gdp, Jason R. Ockey

Undergraduate Economic Review

This paper explores whether different forms of economic freedom drive fiscal performance. We also seek to determine which specific measurements of economic freedom have the most statistically significant impacts. Though the results of our analysis show that economic freedom does impact levels of per capita GDP, the interpretation of these results is more complicated. Because some indices of economic freedom have negative effects on per capita GDP or are statistically insignificant, it is important to note that simply generally increasing a country’s overall level of economic freedom will not necessarily spur economic growth or increase fiscal performance. This paper does …

Sectoral Changes And The Increase In Women's Labor Force Participation, Rahşan Akbulut

Business Faculty Articles and Research

Throughout the second half of the 20th century, women in the United States decided to move increasingly into the labor market. This paper investigates the growth of the service sector as an explanation for the increase in women's employment. It develops an economic model that can account for the increase in women's employment and the growth of the service sector at the same time. A growth model with two sectors and a home production technology is constructed in order to quantitatively assess the contribution of sectoral productivity differences to the change in women's employment decision. The sectoral productivities are taken …

When Will The Labor Market Recover?, Randall W. Eberts

Employment Research Newsletter

No abstract provided.

An Exploration Of Alternative Means Of Financial Sustainability For The Church In Tanzania, East Africa: A Donor And Donee Perspective, Juvenalis Baltazar Asantemungu

Dissertations (1934 -)

This academic enterprise is a result of careful research and detailed work that was done for the benefit of the Church in Tanzania in particular but with general implications to the Church in Africa and the Church Universal. According to Kalilombe (2002), "Self-reliance of the local Church in Africa remains a crucial subject matter" (p.2). The Catholic Church in Tanzania, as is true in most of other Churches in Sub-Saharan Africa, has traditionally been dependent to some extent on financial gifts and foreign aid (donations). However, as the financial needs of the rapidly growing dioceses are increasing, subsidies and donations …

Price Ceilings And Rationing: The Base Ingredients Of The Black Market Food Industry In Nevada During World War Ii, Richard B. Keeton

Psi Sigma Siren

After the Empire of Japan bombed Pearl Harbor, Americans braced themselves for what would surely be a long, hard-fought war. In World War II, brave young United States soldiers made the ultimate sacrifice across the seas on both the European and Pacific fronts. However, the millions of citizens on domestic soil also made countless sacrifices in a national mobilization to support the war effort. People in Nevada and across the nation gave up everyday conveniences and seemingly ordinary items to show their support for the troops. Government agencies instituted tight rationing guidelines on a variety of consumer goods. Perhaps the …

Where Locals Play: Neighborhood Casino Landscapes In Las Vegas, Rex J. Rowley Ph.D.

Occasional Papers

Neighborhood casinos—gaming properties that target a primarily local market—are an influential feature on the Las Vegas cultural landscape. Such institutions reveal a number of geographical patterns that have important implications in gaming and place studies. The distinguishing characteristics of neighborhood casinos underscore the importance of proximity to a market, a focus that is evident in their advertising strategies. Additionally, the prominence of such casino-resorts within their respective neighborhoods makes them important symbols and indicators of the character of the surrounding community. These unique institutions teach lessons that can potentially be extrapolated to other gaming markets around the country.

The Nasa Glenn Research Center: An Economic Impact Study Fiscal Year 2010, Iryna Lendel, Sunjoo Park

All Maxine Goodman Levin School of Urban Affairs Publications

No abstract provided.

Minneapolis Saint Paul Entrepreneurial Opportunity Survey Analysis, Ziona Austrian, Merissa Piazza, Eli Auerbach, Sunjoo Park

All Maxine Goodman Levin School of Urban Affairs Publications

This survey report is associated with "Minneapolis Saint Paul Regional Analysis: Demographics, Economy, entrepreneurship and Innovation"

Minneapolis Saint Paul Regional Analysis: Demographics, Economy, Entrepreneurship And Innovation, Ziona Austrian, Merissa Piazza, Eli Auerbach, Sunjoo Park

All Maxine Goodman Levin School of Urban Affairs Publications

This report is associated with "Minneapolis Saint Paul Entrepreneurial Opportunity Survey Analysis"

The Persistence Of Employee 401(K) Contributions Over A Major Stock Market Cycle: Evidence On The Limited Power Of Inertia On Savings Behavior, Leslie A. Muller, John A. Turner

Upjohn Institute Working Papers

Many middle-income workers save for retirement through 401(k) plans. This study addresses the concern that low account balances of older workers may indicate that these vehicles are not sufficient to insure adequate retirement savings. In particular, the study shows that workers are not persistent (continuing once a worker has started) in contributing, and a weak stock market exacerbates the problem.
/="/">The study suggests that the concept of inertia, which is in vogue in behavioral economics, does not seem to hold for 401(k) saving behavior. Furthermore, the investment strategy of dollar cost averaging does not seem to hold, either. Using …

The Pragmatist’S Guide To Comparative Effectiveness Research, Amitabh Chandra, Anupam B. Jena, Jonathan Skinner

Dartmouth Scholarship

No abstract provided.

Growing Farmers’ Markets: Measuring The Competitiveness Of The Byron Farmers’ Market With Other Local Food Sources, Audrey Gross

Independent Study Project (ISP) Collection

Farmers’ markets are growing across the world at an exponential rate. However, there is little research that challenges the competitiveness of these farmers’ markets in competing with other food distribution locations, including supermarkets and local food stores. The following report focuses on using the principles of perfect competition to evaluate the competitiveness of the Byron Farmers’ Market with other local food sources in Byron Bay, NSW.

Data was collected through 120 consumer surveys (60 from the Farmers’ Market, 30 from Woolworths, and 30 from local food stores: Santos, Fundamentals, and Green Garage), 31 stallholder surveys from the Farmers’ Market, price …

Utilization Of Employment Tax Credits: An Analysis Of The Empowerment Zone Wage Tax Credit, Andrew R. Hanson

Economics Faculty Research and Publications

This paper provides estimates of utilization for the Empowerment Zone (EZ) wage tax credit, a subsidy claimed by employers who operate in and hire residents of federally designated areas experiencing economic distress. The EZ credit is currently the largest employer-based wage tax credit in the federal tax code in terms of dollars claimed, with almost $250 million claimed in 2002. I show that about 6.4 percent (and at least 3.5 percent) of the working age population was claimed under the EZ wage credit in 1999. In addition, I estimate that 24.2 percent (and at least 13.1 percent) of those employed …

The Built Environment’S Effect On Obesity In The United States, Charlie Cowell

Major Themes in Economics

Obesity is a growing concern in the United States. Obesity results from eating more calories than one’s body can use as energy per day. To lose weight one must either eat fewer calories or use more energy. Some suggest that certain public amenities may encourage healthy lifestyles. Others suggest public amenities have no effect on personal activity levels. This paper looks at the influence the built environment has on obesity rates in U.S. cities. An Ordinary Least Squares regression model is used and finds that significant characteristics of the built environment include acres of parkland, number of recreation facilities, commute …

Determinants Of Economic Growth In Latin America, Kristi Philips

Major Themes in Economics

This paper aims to identify the factors that are most important in promoting economic growth in Latin America. It uses panel data for 17 countries over a 15-year 2 period. Low levels of corruption, high levels of internet access, low levels of FDI, and high net energy imports are statistically significant in increasing GDP per capita in Latin America. Surprisingly, education is found to be statistically insignificant for economic growth.

What Determines The Performance Of Graduates? Evidence From Top Business Schools, Matt Peterson

Major Themes in Economics

There are hundreds of MBA programs in the United States and abroad graduating thousands of MBAs each year. An MBA is thought to be a very marketable degree with broad applications and a high starting salary. There are many factors that affect the salaries of MBA graduates and the reported starting salary of graduates varies substantially among programs. What factors influence these differences? I investigate the specific determinants of business school graduates’ salaries. The rank or selectivity of an MBA program is the most important factor that determines an MBA graduate’s starting salary.

Current Account Imbalances Within The Eurozone, Tom Augspurger

Major Themes in Economics

Widening Current Account imbalances were a key feature of the run-up to the global financial crisis. Within the European Monetary Union, large surpluses and deficits emerged among member countries. The imbalances were initially viewed as evidence of the success of the Euro, but they continued to grow and contributed to the recent financial crisis. The problem of imbalances is still with us today and could hamper future growth in the deficit countries.

An Examination Of Law School Employment Data, Trevor Boeckmann

Major Themes in Economics

This paper examines the employment prospects for students graduating from law school. I find that student expectations are unrealistically high and are the result of deceptive practices by law schools who are attempting to maximize their score in the U.S. News and World Report ranking system. I examine possible solutions to this problem, and propose increasing transparency as the best option. This paper highlights the problems and limitations in using data.