Economics Commons^™

Local Government Border Congruence And The Fiscal Commons: Evidence From Ohio School Districts*, Joshua C. Hall

Economics Faculty Working Papers Series

School district and municipal borders do not always align. Noncongruent borders can create a fiscal commons problem where new development does not entirely “pay its way.” In response, frustrated citizens often respond by voting for lower school spending. Using GIS data on Ohio school districts, the degree of non-congruence between school district and municipal territory is calculated. The results indicate that school districts with non-congruent borders generate less revenue from local sources and that these effects seem to increase with the degree of non-congruence. The findings are robust between OLS and treatment effects regression.

Housing Vouchers And The Price Of Rental Housing, Michael D. Eriksen, Amanda Ross

Economics Faculty Working Papers Series

We estimate the effect of increasing the supply of housing vouchers on rents using a panel of housing units in the American Housing Survey. We do not find that an increase in vouchers affected the overall price of rental housing, but do estimate differences in effects based on an individual unit’s rent before the voucher expansion. Our results are consistent with voucher recipients renting more expensive units after receiving the subsidy. We also find that the largest price increases were for units near the maximum allowable voucher rent in cities with an inelastic housing supply.

Loss Aversion, Team Relocations, And Major League Expansion, Brad Humphreys, Li Zhou

Economics Faculty Working Papers Series

Professional sports teams receive large public subsidies for new facility construction. Empirical research suggests that these subsidies cannot be justified by tangible or intangible economic benefits. We develop a model of bargaining between local governments and teams over subsidies that includes league expansion decisions. The model features loss aversion by fans that captures lost utility when a team leaves a city. The model predicts that teams exploit this loss aversion to extract larger than expected subsidies from local governments, providing an explanation for these large subsidies and highlighting the importance of anti-trust exemptions in enhancing teams' bargaining positions.

Has The War Between The Rent Seekers Escalated?, Russell S. Sobel, Joshua C. Hall

Economics Faculty Working Papers Series

Vedder and Gallaway (1991) develop and test a unique theory about the interactions between the levels of spending captured by rent-seeking interest groups. They hypothesize that initially rent seekers cooperate in ways that expand government spending and rents. At some point, however, groups can only expand their rents at the expense of other rent-seekers and that this relationship will strengthen over time. In this brief note, we update their empirical model 20 years into the future and find their prediction was accurate. The relationship is now stronger and more states have moved into the negative range.

The Direct And Indirect Effects Of Small Business Administration Lending On Growth: Evidence From U.S. County-Level Data, Andrew T. Young, Matthew J. Higgins, Donald J. Lacombe, Briana Sell

Economics Faculty Working Papers Series

Conventional wisdom suggests that small businesses are innovative engines of Schumpetarian growth. However, as small businesses, they are likely to face credit rationing in financial markets. If true then policies that promote lending to small businesses may yield substantial economy-wide returns. We examine the relationship between Small Business Administration (SBA) lending and local economic growth using a spatial econometric framework and a sample of 3,035 U.S. counties for the years 1980 to 2009. We find evidence that a county’s SBA lending per capita is associated with direct negative effects on its income growth. We also find evidence of indirect negative …

Further Loose Notes And Papers, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes,

• Economic review (2000, Fourth quarter). Unpublished page discussing Campbell and Shiller’s analysis of price–earnings ratios.

• Shaikh, A., PhD. (October 19, 2014). Graph comparing actual and warranted stock price–earnings ratios [Handwritten notes]. Unpublished manuscript materials, including a graph with handwritten annotations citing Robert Shiller and Pu Shen.

• Shaikh, A. (May 7, 2014). Classical theory of price matrix algebra [Manuscript draft with handwritten annotations]. Unpublished manuscript draft with authorial handwritten comments and revisions.

• Shaikh, A., PhD. (n.d.). Exponential PDF on per capita income and poverty thresholds [Handwritten notes]. Unpublished manuscript notes, including a sticky note …

(Wp 2014-01) Is Bitcoin The 'Paris Hilton' Of The Currency World? Or Are The Early Investors Onto Something That Will Make Them Rich? [Updated Version], Abdur Chowdhury

Economics Working Papers

The bitcoin phenomenon, and the technological innovation that made it possible, is interesting - but for investors large and small, the more pertinent question is whether they should buy the digital currency or avoid it. We analyze a bitcoin investment from the standpoint of an investor with a diversified portfolio using both in-sample and out-of-sample settings. Within the in-sample setting, bitcoin does not yield added value to investors with utility function consistent with the mean-variance setting. On the other hand, they do offer diversification benefits to investors with negative exponential and power utility functions. However, these benefits are not preserved …

Iippe In Brief Issue Ii, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes,

• IIPPE. (2014, August). IIPPE in brief, Issue II: Special issue on teaching political economy [Newsletter].

Inflation 4_12, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes,

• Shaikh, A. (April 12, 2012). US credit flows [Spreadsheet documentation]. Unpublished spreadsheet description for US Credit Flows IFS.xls, including a data table titled “United States: Computing net injection of excess demand, 1951–2006,” and charts comparing net credit and GDP.

• Shaikh, A. (May 6, 2008). Inflation in Argentina, 1960–2000 [Unpublished manuscript]. Typed paper presenting econometric analysis and graphical results on Argentine inflation.

• Shaikh, A. (May 6, 2012). My theory of inflation [Outline manuscript]. Unpublished paper outlining theoretical foundations, data sources, methods, and comparisons of Phillips curves and throughput curves.

• Shaikh, A., PhD. (May …

Performance Analysis Of Banks Headquartered In Hollywood Versus Silicon Valley., Stoyu Ivanov

Faculty Publications

In this study we examine the performance of banks headquartered in Hollywood and banks headquartered in Silicon Valley in the period - first quarter 2008 until second quarter 2012, which includes the period of the Great Recession - December 2007 to June 2009. We find that during the financial crisis both Silicon Valley and Hollywood banks suffered but Silicon Valley banks much less than Hollywood banks. After the recession, banks in both regions improved performance again Silicon Valley banks recovering faster. We also find that the level of deposits, the leverage ratio and total loan chargeoffs consistently play a role …

Macroeconomic Variables Effect On Us Market Volatility Using Mc-Garch Model, Jang Hyung Cho, Ahmed Elshahat

Faculty Publications

Forecasting equity volatility was thoroughly investigated during the past three decades. The majority based their forecasts on the dynamics of the underlying equity time series. They helped better understand the dynamics of these time series and understand different aspects of volatility. Other models went a step further to include the effect of news announcement on equity volatility. The vast majority ignored the effect of macroeconomic variable or the state of the economy. This paper proposes a volatility-forecasting model that accounts for effect of fundamental macroeconomic variables that reflect the state of the economy. The explanatory variables used measure the stage …

The Contributors, Marites Tiongco

DLSU Business & Economics Review

No abstract provided.

Change Is Brewing: The Industrialization Of The London Beer-Brewing Trade, 1400-1750, John R. Krenzke

Dissertations

London's early modern brewing trade was a dynamic one that was constantly in flux throughout the fifteenth, sixteenth, seventeenth, and eighteenth centuries. This dissertation seeks to better understand how issues of gender, ethnicity, and class changed and shaped London's early modern brewing industry. Women played a vital role in the production and marketing of ale in London's medieval brewing trade. They were displaced from that position of prominence through the introduction of hops by foreign immigrants, known to strangers to their hosts, and the desire of the City of London to more closely regulate the trade in ale and beer. …

Unions And Democracy: When Do Nonmembers Have Voting Rights?, Melanie Stallings Williams, Dennis A. Halcoussis

Journal of Business & Technology Law

No abstract provided.

Analisis Karakteristik Anak Tidak Bersekolah Di Indonesia, Mohamad Fahmi, Demy Marizka

Jurnal Ekonomi dan Pembangunan Indonesia

This research identified and analyzed school participation of children in Indonesia from 7 to 15 years old. Using data collected by Survey Sosial Ekonomi Nasional (SUSENAS) in 2012, probit model estimates that there are more probabilities in boys rather that girls to leave their education. As well as living environment supported, citizen have more well educated children than villagers. Elementary schools had been highly needed to fulfil school supply so that out-of-school-children level will drop as low as possible. But an increase in junior high school supplied will not turned out as it applied on elementary schools.

Travel And Recreation In Montana: 2013 In Review And 2014 Outlook, Norma P. Nickerson

Institute for Tourism and Recreation Research Publications

Outlook for 2014 and Review of 2013.

What Ought To Happen In 2014?, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

Prime Minister Nawaz Sharif has set out the agenda for 2014 by focusing on energy, extremism, economy, ‘trade not aid’ and governance. These are the right issues – very critical and linked together. But how can this agenda be implemented?

For each of these issues, responsibilities should be assigned, performance indicators specified and accountability for results established. This will enable the prime minister to assess the performance of his ministers and secretaries.

Policy credibility has been a casualty for too long and needs to be established. Tough policy decisions have to be taken in consultation with stakeholders prior to …

The Effects Of Hospital Consolidation On Hospital Financial Performance And The Potential Trade-Off Of Hospital Consolidation For Society, Aaron W. Mckee

Senior Independent Study Theses

This study examines the impact of hospital consolidation on the financial performance of consolidating hospitals. In doing so, this study also addresses the potential trade-off of hospital consolidation for society between decreased competition and improved efficiency. Based on economic theory, we hypothesize that hospital consolidation leads to an improvement in hospital financial performance by decreasing competition, which allows consolidating hospitals to charge higher prices, and by increasing efficiency, which lowers the costs of providing a given level of services for consolidating hospitals. Furthermore, we hypothesize that consolidation produces a competition/efficiency trade-off for society, as illustrated by the Williamson Trade-Off Model. …

A Bayesian Model Of Fertility Decisions In Relationship To Female Labor Force Participation, Rebecca C. Wardrop

Senior Independent Study Theses

Due to the increasing number of women in the labor force, opportunity costs associated with labor force participation are becoming an important factor in fertility decisions. Further, these decisions are assumed to be dynamic as the opportunity costs change as a woman progresses through her career. A Bayesian statistical model , which allows the distribution of the likelihood of having children to be updated as information is gathered, lends itself to the dynamicity of the decision-making process. A generalized model for fertility decisions in terms of labor force participation is created. I also discuss potentials for implementation and furthering the …

The Youth Unemployment Crisis Facing Welfare Regimes: How States Develop New Social Policy, Andrew C. Campbell

Senior Independent Study Theses

No abstract provided.

The Evolution Of English Language Teaching During Societal Transition In Finland – A Mutual Relationship Or A Distinctive Process?, Riitta Jaatinen, Toni Saarivirta

Australian Journal of Teacher Education

This study describes the evolution of English language teaching in Finland and looks into the connections of the societal and educational changes in the country as explanatory factors in the process. The results of the study show that the language teaching methodology and the status of foreign languages in Finland are clearly connected to the changes in society and its education system. Since the first decade of the 20^th century, Finnish society has developed from an inward-looking agrarian country into an economically and technologically advanced and industrialized society joining in various ways to the rest of Europe and global …

Trade, Competitiveness And Employment In The Global Economy, Susan N. Houseman

Employment Research Newsletter

No abstract provided.

Money Is More Than Memory, Maria Bigoni, Gabriele Camera, Marco Casari

ESI Working Papers

Impersonal exchange is the hallmark of an advanced society. One key institution for impersonal exchange is money, which economic theory considers just a primitive arrangement for monitoring past conduct in society. If so, then a public record of past actions—or memory—supersedes the function performed by money. This intriguing theoretical postulate remains untested. In an experiment, we show that the suggested functional equality between money and memory does not translate into an empirical equivalence. Monetary systems perform a richer set of functions than just revealing past behaviors, which proves to be crucial in promoting large-scale cooperation.

Skill Ontogeny Among Tsimane Forager-Horticulturalists, Eric Schniter, Michael Gurven, Hillard Kaplan, Nathaniel Wilcox, Paul Hooper

ESI Working Papers

No abstract provided.

Experimenting With Behavior Based Pricing, Zuzana Brokesova, Cary Deck, Jana Peliova

ESI Working Papers

Many purchases of differentiated goods are repeated, giving sellers the opportunity to engage in price discrimination based upon the shopper’s previous behavior by either offering loyalty discounts to repeat buyers or introductory rates to new customers. Recent theoretical work suggests that loyalty discounts are likely to be implemented when customer preferences are not stationary and sellers can pre-commit to prices for repeat buyers, but otherwise repeat buyers can be expected to pay the same or more than new buyers. This paper reports the results of a series of controlled laboratory experiments designed to empirically test the impact of these factors …

People Do Not Discount Heavily In Strategic Settings, But They Believe Others Do, Cary Deck, Salar Jahedi

ESI Working Papers

Several studies have shown that people greatly discount future bene ts and costs. However, most of the direct laboratory evidence of this phenomenon has focused on individual choice experiments. This paper investigates the degree to which the timing of payments a ects behavior in four commonly studies strategic settings: a Prisoner's Dilemma game, a Stag-Hunt game, a First Price Auction and a Second Price Auction. In all four settings, a two week delay in payo s has a comparable e ect to a 20% reduc- tion in current payo s. A follow-up study suggests that it is an individual's strategic …

Single- And Double-Elimination All-Pay Tournaments, Cary Deck, Erik O. Kimbrough

ESI Working Papers

Tournaments consisting of iterative matches are a common mechanism for determining how to allocate a prize. While participants are focused on their own outcomes, tournament organizers often have objectives such as maximizing the total investment or effort by the participants over the course of the tournament. For this reason it is important for organizers to understand the behavioral as well as the theoretical properties of different tournament structures. Given that laboratory experiments have consistently found high levels of overbidding in contests, one might suspect that double-elimination tournaments would generate substantially more total investment than single-elimination tournaments despite the two types …

Accounting Standards And Financial Market Stability: An Experimental Examination, Shengle Lin, Glenn Pfeiffer, David Porter

ESI Working Papers

We examine the effect on asset mispricing of different accounting methods in an experimental asset market characterized by bubbles and crashes. In particular, we study three alternative asset value reporting treatments: (1) Fair Value (also known as Mark-to-Market – M2M), (2) Historical Cost (HC) and (3) Marked to Fundamental Value (M2F). In addition, each of these treatments is replicated in two different financial leverage conditions. In the first condition (No Loan) traders must purchase assets from their available cash balances without the option of borrowing. In the second condition, (Loan), traders are given the option of taking out loans based …

Are Fulbright Applicants Idealists Or Opportunists?, Corey Lang, Carrie Gill

Environmental and Natural Resource Economics Faculty Publications

The Fulbright program attracts applicants passionate about service and research abroad. Applicants apply to one country. To aid their decisions, competition statistics giving approximate probabilities of being awarded a scholarship are released for each country. This paper examines how competition statistics influence country choices. In aggregate, our results suggest that applicants are not swayed to apply to countries with low competition or deterred from countries with high competition. However, accounting for the difference in scholarship types and the macroeconomic context, there is strong evidence of opportunistic behavior by teaching applicants and for all applicants when the unemployment rate is high.

Examining Ipo Success In The Emerging Growth Enterprise Market Of China, Hai Long, Zhaoyong Zhang

Research outputs 2014 to 2021

Adopting a sample of the initial 243 IPOs from the emerging Growth Enterprise Market of China (GEMC) over the 2009 to 2011 period, this study develops a regression model to investigate the relationships between these factors and suggests that the firm’s net profit and its growth rate substantively determine the IPO volume. In addition, this study adopts probit models to test the influence of the four factors on IPO likelihood, and shows that: 1) fundraising amount, as one of the most significant IPO determinants, is positively associated with IPO probability on the new listing market; 2) the net profit, as …