Economics Commons^™

کھل کے تجارت ہونے دو, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

The article discusses the prospects and challenges of opening up trade between Pakistan and India, noting that despite proximity and large market potential, both countries have not benefited fully from bilateral trade due to restrictive lists and non-tariff barriers.

The Economic Review Of The Travel Industry In Montana: 2012 Biennial Edition, Kara Grau, Norma Nickerson, Jacob Jorgenson

Institute for Tourism and Recreation Research Publications

This review provides current and historical data of nonresident travel and tourism in Montana, and offers the industry's economic contributions to the state.

A Changing Federal-State Balance In Unemployment Insurance?, Christopher J. O'Leary

Employment Research Newsletter

No abstract provided.

When Parity Promotes Peace: Resolving Conflict Between Asymmetric Agents, Erik O. Kimbrough, Roman M. Sheremeta, Timothy W. Shields

ESI Working Papers

Due to the high costs of conflict both in theory and practice, we examine and experimentally test the conditions under which conflict between asymmetric agents can be resolved. We model conflict as a two-agent rent-seeking contest for an indivisible prize. Before conflict arises, both agents may agree to allocate the prize by fair coin flip to avoid the costs of conflict. The model predicts that “parity promotes peace”: in the pure-strategy equilibrium, agents with relatively symmetric conflict capabilities agree to resolve the conflict by using a random device; however, with sufficiently asymmetric capabilities, conflicts are unavoidable because the stronger agent …

Cheap Talk With Two Audiences: An Experiment, Mikhail Drugov, Roberto Hérnan-Gonzalez, Praveen Kujal, Marta Troya Martinez

ESI Working Papers

In this paper we experimentally test strategic information transmission between one informed and two uninformed agents in a cheap-talk game. We find evidence of the "disciplining" effect of public communication as compared to private; however, it is much weaker than predicted by the theory. Adding a second receiver naturally increases the complexity of strategic thinking when communication is public. Using the level-k model, we exploit the within subject design to show how individuals decrease their level-k in public communication. Surprisingly, we find that individuals become more sophisticated when they communicate privately with two receivers rather than one.

Do Prediction Markets Aid Defenders In A Weak‐Link Contest?, Cary Deck, Li Hao, David Porter

ESI Working Papers

Laboratory experiments have demonstrated that prediction market prices weakly aggregate the disparate information of the traders about states (moves) of nature. However, in many practical applications one might want to predict the move of a strategic participant. This is particularly important in aggressor‐defender contests. This paper reports a set of such experiments where the defender may have the advantage of observing a prediction market on the aggressor’s action. The results of the experiments indicate that: the use of prediction markets does not increase the defender’s win rate; prediction markets contain reliable information regarding aggressors’ decisions, namely excess bid information, that …

Recalibrational Emotions And The Regulation Of Trust-Based Behaviors, Eric Schniter, Timothy W. Shields

ESI Working Papers

Though individuals differ in the degree to which they are predisposed to trust or act trustworthy, we theorize that trust-based behaviors are universally determined by the calibration of conflicting short- and long-sighted behavior regulation programs, and that these programs are calibrated by emotions experienced personally and interpersonally. In this chapter we review both the main-stream and evolutionary theories of emotions that philosophers, psychologists, and behavioral economists have based their work on and which can inform our understanding of trust-based behavior regulation. The standard paradigm for understanding emotions is based on mapping their positive and negative affect valence. While Valence Models …

Religious Identity And The Provision Of Public Goods: Evidence From The Indian Princely States, Latika Chaudhary, Jared Rubin

ESI Working Papers

Religious identity affects preferences and can consequently affect policy. We propose two mechanisms through which a ruler's religious identity can affect public good provision: i) greater provision of goods in regions where more subjects are the ruler's co-religionists, and ii) lower provision of goods where private markets provide a substitute to the ruler's co-religionists. Empirically, identifying the causal effect of religious identity on policy is often impossible, since the religious identity of rulers rarely changes over time and place. We address this problem by exploiting the variation in the religion of rulers in the Indian Princely States in the early …

Commitment Problems In Conflict Resolution, Erik O. Kimbrough, Jared Rubin, Roman M. Sheremeta, Timothy W. Shields

ESI Working Papers

Commitment problems are inherent to non-binding conflict resolution mechanisms, since an unsatisfied party can ignore the resolution and initiate conflict. We provide experimental evidence suggesting that even in the absence of binding contractual agreements individuals often avoid conflict by committing to the outcome of a conflict resolution mechanism. Commitment problems are mitigated to a greater extent for groups who opt-in to the conflict resolution mechanism, but only when opting-in is costly. Although conflict rates are higher when opting-in is costly than when it is free or exogenously imposed, commitment problems are greatly reduced amongst those groups who choose to opt-in.

Prediction Markets In The Laboratory, Cary Deck, David Porter

ESI Working Papers

"The idea that there is wisdom from the collective has been forcefully described in “The Wisdom of the Crowds” by James Surowiecki, who argues that the aggregation of information in groups results in better decisions than those that are afforded by any single member of the group. Markets, like opinion polls, are one mechanism for aggregating disparate pieces of information. The aggregation properties of prices were first noted by Hayek (1945) and were formally examined by Muth (1961). In particular, Hayek argues that market prices serve the purpose of sharing and coordinating local and personal knowledge, while Muth shows that …

The Impact Of Competition On Prices With Numerous Firms, Xavier Gabaix, David Laibson, Deyuan Li, Hongyi Li

ESI Working Papers

We use extreme value theory (EVT) to develop insights about price theory. Our analysis reveals detail-independent equilibrium properties that characterize a large family of models. We derive a formula relating equilibrium prices to the level of competition. When the number of rms is large, markups are proportional to 1= (nF' [F^-1 (1- 1/n)], where F is the random utility noise distribution and n is the number of rms. This implies prices are pinned down by the tail properties of the noise distribution and that prices are independent of many other institutional details. The elasticity of the markup with respect to …

Bayesian Estimation Of Panel Data Fractional Response Models With Endogeneity: An Application To Standardized Test Rates, Lawrence Kessler

USF Tampa Graduate Theses and Dissertations

In this paper I propose Bayesian estimation of a nonlinear panel data model with a fractional dependent variable (bounded between 0 and 1). Specifically, I estimate a panel data fractional probit model which takes into account the bounded nature of the fractional response variable. I outline estimation under the assumption of strict exogeneity as well as when allowing for potential endogeneity. Furthermore, I illustrate how transitioning from the strictly exogenous case to the case of endogeneity only requires slight adjustments. For comparative purposes I also estimate linear specifications of these models and show how quantities of interest such as marginal …

Dynamic Processes In Network Goods: Modeling, Analysis And Applications, Arnut Paothong

USF Tampa Graduate Theses and Dissertations

The network externality function plays a very important role in the study of economic network industries. Moreover, the consumer group dynamic interactions coupled with network externality concept is going to play a dominant role in the network goods in the 21st century. The existing literature is stemmed on a choice of externality function with certain quantitative properties. The utility function coupled with the network externality function is used to investigate static properties of rational equilibrium. The aim of this work is to systematically initiate a development of quantitative effects of the concept of network externality and its influence on the …

Essays In Happiness Economics, Boris Nikolaev

USF Tampa Graduate Theses and Dissertations

The goal of this dissertation is to contribute to the new field of happiness economics which over the past several decades has substantially enhanced our understanding of cognitive judgment, human behavior, and the nature of happiness. Chapter 1 starts with a discussion of the subjective approach to measuring well-being and lays the foundation for the empirical work that follows in chapters 2 and 3. This approach has a strong appeal because ancient and modern cultures, and a long tradition in philosophy, view achieving happiness as the ultimate goal of human existence. It also recognizes that humans are the best judges …

Guanxi, Networks And Economic Development: The Impact Of Cultural Connections, Patricia Anne Weeks

USF Tampa Graduate Theses and Dissertations

The purpose of this study is to explore the mechanics of guanxi in an organizational setting, focusing on the use of interpersonal relationships within Chinese firms to discover how firms initiate, build and use guanxi networks. Two richly detailed case studies document changes that take place over time in two distinct networks with respect to key actors and their contacts. This research also investigates patterns of social structure that emerge over time in these two distinct cases looking at brokerage relationships, network density, and dyadic redundancy in three waves at six month intervals. The cases are dissimilar in all aspects …

Meta-Analysis Of Economics Research Reporting Guidelines, Tom Stanley, Hristos Doucouliagos, Margaret J. Giles, Jost Heckemeyer, Robert Johnston, Patrice Laroche, Jon Nelson, Martin Paldam, Jacques Poot, Geoff Pugh, Randall S. Rosenberger, Katja Rost

Research outputs 2013

Meta-regression analysis (MRA) can provide objective and comprehensive summaries of economics research. Their use has grown rapidly over the last few decades. To improve transparency and to raise the quality of MRA, the meta-analysis of economics research-network (MAER-Net) has created the below reporting guidelines. Future meta-analyses in economics will be expected to follow these guidelines or give valid reasons why a meta-analysis must deviate from them.

The Dynamics Of Alcohol Consumption In The Russian Federation: Implications Of Using Price Related Policies To Control Alcohol Use, Arseniy Pavlovich Yashkin

USF Tampa Graduate Theses and Dissertations

This dissertation models the dynamics of alcohol use in the Russian Federation with an emphasis on identifying policy implications most likely to be effective at controlling alcohol use. Utilizing data from The Russian Longitudinal Monitoring Survey, models of alcohol consumption are estimated using both myopic and rational specifications via ordinary least squares, fixed effects two stage least squares and, the focus of this study, two-step system generalized method of moments. Alcohol consumption is studied both as a composite good and as a distinct beverage category (wine, beer, and hard liquor). Furthermore, equations stratified by gender and rural status are included …

Measuring Technical Efficiency Of The Japanese Professional Football (Soccer) League (J1 And J2), Dan Zhao

USF Tampa Graduate Theses and Dissertations

This is the first paper to measure the efficiency of the Japan Professional Football League clubs both the first and the second divisions. In Chapter 1, a non-parametric method Data Envelopment Development (DEA) is used and the data covers six seasons from 2005 to 2010. The input variables are payroll, cost besides payroll, and total assets. The output variables are attendance, revenue, and points awarded. I use different output combinations in order to check the sensitivity of the efficiency of the clubs after the original composition. This is also the first research to include more than one division of the …

Inet Grant, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Shaikh, A. (2011). Book on Turbulent Dynamics in Advanced Economies (Unpublished manuscript) (pp. 2, 4). Institute for New Economic Thinking (p. 2).
• Institute for New Economic Thinking. (2011, September 8). Grant award letter to Ms. Janine Cibellis, New School University (RE: INO11-00056) (Manuscript) (p. 2). New School University Archives (p. 2).
• Shaikh, A., & Pressey, N. (2011, July 26). Institute for New Economic Thinking grant terms and conditions agreement (Grant ID #3232) (Manuscript) (pp. 4, 6). New School University Archives (p. 4).
• Cibellis, J. (2011, July 12). Domestic wire transfer payment instructions for the New School (Grant …

Distinguishing Probability Weighting From Risk Misperceptions In Field Data, Levon Barseghyan, Francesca Molinari, Ted O'Donoghue, Joshua C. Teitelbaum

Georgetown Law Faculty Publications and Other Works

The paper outlines a strategy for distinguishing rank-dependent probability weighting from systematic risk misperceptions in field data. Our strategy relies on singling out a field environment with two key properties: (i) the objects of choice are money lotteries with more than two outcomes and (ii) the ranking of outcomes differs across lotteries. We first present an abstract model of risky choice that elucidates the identification problem and our strategy. The model has numerous applications, including insurance choices and gambling. We then consider the application of insurance deductible choices and illustrate our strategy using simulated data.

Against Endowment Theory: Experimental Economics And Legal Scholarship, Greg Klass, Kathryn Zeiler

Faculty Scholarship

Endowment theory holds the mere ownership of a thing causes people to assign greater value to it than they otherwise would. The theory entered legal scholarship in the early 1990s and quickly eclipsed other accounts of how ownership affects valuation. Today, appeals to a generic “endowment effect” can be found throughout the legal literature. More recent experimental results, however, suggest that the empirical evidence for endowment theory is weak at best. When the procedures used in laboratory experiments are altered to rule out alternative explanations, the “endowment effect” disappears. This and other recent evidence suggest that mere ownership does not …

Strategic Interaction And Social Networks, Quqiong He

LSU Doctoral Dissertations

This dissertation consists of three essays which investigate individuals’ interaction in different contexts using social network analysis. The first essay generalizes the models of link formation of Rogers (2005) by allowing that giving and asking choices can be made separately and simultaneously by each agent. We focus on two specifications of the relationship function: the concave specification and the linear specification. The second essay empirically tests how the pattern of village structure, in terms of lineage network composition, affects people’s reciprocal behavior, utilizing data from Chinese Household Income Project Survey 2002. The third essay demonstrates different types of asymmetries and …

What's A Name Worth?: Experimental Tests Of The Value Of Attribution In Intellectual Property, Christopher Jon Sprigman, Christopher Buccafusco, Zachary C. Burns

Faculty Scholarship

Despite considerable research suggesting that creators value attribution – i.e., being named as the creator of a work – U.S. intellectual property (IP) law does not provide a right to attribution to the vast majority of creators. On the other side of the Atlantic, however, many European countries give creators, at least in their copyright laws, much stronger rights to attribution. At first blush it may seem that the U.S. has gotten it wrong, and the Europeans have made a better policy choice in providing to creators a right that they value. But for reasons we will explain in this …

On Contests With Complementarities, Matthew Wiser

LSU Doctoral Dissertations

In this dissertation, we consider the role of complementarities in contests. In most contests, there is either a single prize available, or multiple prizes whose joint value is simply the sum of the values of the individual prizes. We consider contests involving competitions for multiple objectives whose value depend on the combination of objectives won. These combinations of objectives are the basis for the complementarities we examine. We use contests consisting of multiple subcontests, with the subcontests determining the winner of each objective. The overall contest thus determines which combinations of objectives each player achieves, and thus the overall prize …

Corruption, Public Integrity, And Globalization In South-Eastern European States: A Comparative Analysis, Andrew I. E. Ewoh, Ani Matei, Lucica Matei

Faculty Articles

The last three decades have witnessed a proliferation of studies on the globalization of corruption or convergence of anticorruption strategies. These studies have been motivated by scholarly concerns from various administrative, economic, and political fields. In view of these interdisciplinary concerns, the purpose of this article is to provide a comparative analysis of corruption phenomena and the demand for public integrity because these developments pertain to the discourse on globalization issues in some South-Eastern European nations within the last decade. The article concludes that the differences observed in these countries are due to their level of maturation in the democratic …

Micro-Finance Competition: Motivated Micro-Lenders, Double-Dipping And Default, Brishti Guha, Prabal Roy Chowdhury

Research Collection School Of Economics

We develop a tractable model of competition among motivated MFIs. We find that equilibria may or may not involve double-dipping (and consequently default), with there being double-dipping whenever the MFIs are very profit-oriented. Moreover, in an equilibrium with double-dipping, borrowers who double-dip are actually worse off compared to those who do not. Further, for intermediate levels of motivation, there can be multiple equilibria, with a doubledipping equilibrium co-existing with a no default equilibrium. Interestingly, an increase in MFI competition can lower efficiency, as well as increase the extent of double-dipping and default. Further, the interest rates may go either way, …

Entropy-Based Analysis And Bioinformatics-Inspired Integration Of Global Economic Information Transfer, Jinkyu Kim, Gunn Kim, Sungbae An, Young-Kyun Kwon, Sungroh Yoon

Research Collection School Of Economics

The assessment of information transfer in the global economic network helps to understand the current environment and the outlook of an economy. Most approaches on global networks extract information transfer based mainly on a single variable. This paper establishes an entirely new bioinformatics-inspired approach to integrating information transfer derived from multiple variables and develops an international economic network accordingly. In the proposed methodology, we first construct the transfer entropies (TEs) between various intra- and inter-country pairs of economic time series variables, test their significances, and then use a weighted sum approach to aggregate information captured in each TE. Through a …

Impact Of Sovereign Debt Restructuring On Financial Flows: The Case Of Indonesia, Hwee Kwan Chow, C. Adams

Research Collection School Of Economics

No abstract provided.

Estimation Of Monthly Volatility: An Empirical Comparison Of Realized Volatility, Garch And Acd-Icv Methods, Shouwei Liu, Yiu Kuen Tse

Research Collection School Of Economics

We apply the ACD-ICV method proposed by Tse and Yang (2011) for the estimation of intraday volatility to estimate monthly volatility, and empirically compare this method against the realized volatility (RV) and generalized autoregressive conditional heteroskedasticity (GARCH) methods. Our Monte Carlo results show that the ACD-ICV method performs well against the other two methods. Evidence on the Chicago Board Options Exchange volatility index (VIX) shows that it predicts the ACD-ICV volatility estimates better than it predicts the RV estimates. While the RV method is popular for the estimation of monthly volatility, its performance is inferior to the GARCH method.

Can A Financial Conditions Index Guide Monetary Policy? The Case Of Singapore, Hwee Kwan Chow

Research Collection School Of Economics

In this study, we explore the issue of whether a financial conditions index can serve as a useful guide to monetary policy in the context of Singapore. To this end, we construct an index that comprises not only the usual monetary variables like interest rates, exchange rates and credit expansions but also asset prices such as stock prices and house prices. The choice of these constituent series is motivated by the role they play in the monetary transmission mechanism with consideration given to the key role leverage plays in modern business cycles and the risk-taking channel magnified by the prolonged …