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2015

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Articles 1561 - 1590 of 1621

Full-Text Articles in Economics

Intertemporal Elasticity Of Substitution And Risk Aversion: Are They Related Empirically?, Takeshi Yagihashi, Juan Du Jan 2015

Intertemporal Elasticity Of Substitution And Risk Aversion: Are They Related Empirically?, Takeshi Yagihashi, Juan Du

Economics Faculty Publications

This article examines the relationship between two types of preference: preference of intertemporal choices and preference towards risk. In the simplest form of the constant relative risk aversion utility function, the intertemporal elasticity of substitution (IES) and risk aversion have an inverse relationship. However, there is no empirical evidence that suggests this inverse relationship holds. We examine the relationship between risk aversion and IES using household consumption data from the Consumer Expenditure Survey during 1996–2010. Multiple risk domains are selected to represent risk preference, and for each domain, we consider some households to be more risk averse than others. We …

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The Choice Of Technology And Equilibrium Wage Rigidity, Haiwen Zhou Jan 2015

The Choice Of Technology And Equilibrium Wage Rigidity, Haiwen Zhou

Economics Faculty Publications

In this general equilibrium model, firms engage in oligopolistic competition and choose increasing returns technologies to maximize profits. Capital and labor are the two factors of production. The existence of efficiency wages leads to unemployment. The model is able to explain some interesting observations of the labor market. First, even though there is neither long-term labor contract nor costs of wage adjustment, wage rigidity is an equilibrium phenomenon: an increase in the exogenous job separation rate, the size of the population, the cost of exerting effort, and the probability that shirking is detected will not change the equilibrium wage rate. …

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The Tale Of Two Economies: A Comparative Macroeconomic Analysis Of Palo Alto And East Palo Alto, Aditya Kotak, Safwan Siddiqi, Fred Foldvary Jan 2015

The Tale Of Two Economies: A Comparative Macroeconomic Analysis Of Palo Alto And East Palo Alto, Aditya Kotak, Safwan Siddiqi, Fred Foldvary

Faculty Publications

Cities in the USA have experienced diverse growth rates and levels of prosperity. Some cities flourish in prosperity, while others suffer economic recession. This study examines why cities have had different outcomes. We investigated three elements: 1) What are the factors that play a role in the shaping of a municipal’s economy? 2) What are the implications of these factors? 3) Which policies promote economic growth and prosperity? This essay aims to offer policy directions for cities that are not performing well. The paper applies a comparative analysis of two nearby cities, a flourishing economy contrasted with a troubled economy. …

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Analisis Raskin Dan Ketahanan Pangan Rumah Tangga Di Indonesia (Analisis Data Susenas 2011), Irma Sundari, Nachrowi Djalal Nachrowi Jan 2015

Analisis Raskin Dan Ketahanan Pangan Rumah Tangga Di Indonesia (Analisis Data Susenas 2011), Irma Sundari, Nachrowi Djalal Nachrowi

Jurnal Ekonomi dan Pembangunan Indonesia

This study aims to analyze the food security determinant of households by household characteristics in Indonesia using descriptive and multinomial logit analyses, and determine the characteristics of households that need intervention of Raskin in Indonesia. Descriptive and multinomial logit analyses found that households more food secure if the education of household head is higher, number of household members is smaller, the household head work in non-agriculture, income per capita is larger, and the area where household live in urban areas. Generally, Raskin relatively on target. Raskin should be prioritized on women-headed households with low education, and work in agriculture/non-agriculture.

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Tourism And Recreation Trends And Outlook: Montana's Varied Traveler - A Look Into Quarterly Differences, Norma P. Nickerson, Megan Schultz Jan 2015

Tourism And Recreation Trends And Outlook: Montana's Varied Traveler - A Look Into Quarterly Differences, Norma P. Nickerson, Megan Schultz

Institute for Tourism and Recreation Research Publications

This report shows a Montana tourism and recreation outlook for 2015 and a review of 2014 data.

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Young Workers Left Behind: Hiring And The Great Recession, Eliza C. Forsythe Jan 2015

Young Workers Left Behind: Hiring And The Great Recession, Eliza C. Forsythe

Employment Research Newsletter

No abstract provided.

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Impact Of Board Characteristics And Audit Committee On Financial Performance: A Study Of Manufacturing Sector Of Pakistan, Arfan Ali, Saad Bin Nasir Jan 2015

Impact Of Board Characteristics And Audit Committee On Financial Performance: A Study Of Manufacturing Sector Of Pakistan, Arfan Ali, Saad Bin Nasir

Business Review

The research will examine the role of corporate governance (CG) practices on firm’s financial performance. Population of this research will be manufacture sector of Pakistan. For the purposes of measurement of impact of corporate governance practices such as board size, board independence, CEO/chairman duality and audit committee will take as independent variables and for the measurement of firm’s performance return on assets and return on equity will take as dependent variables. Panel data regression model will used to estimate the impact of CG on firm performance.

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Sharing As Risk Pooling In A Social Dilemma Experiment, Todd L. Cherry, E. Lance Howe, James J. Murphy Jan 2015

Sharing As Risk Pooling In A Social Dilemma Experiment, Todd L. Cherry, E. Lance Howe, James J. Murphy

ESI Working Papers

In rural economies with missing or incomplete markets, idiosyncratic risk is frequently pooled through informal networks. Idiosyncratic shocks, however, are not limited to private goods but can also restrict an individual from partaking in or benefiting from a collective activity. In these situations, a group must decide whether to provide insurance to the affected member. In this paper, we describe results of a laboratory experiment designed to test whether a simple sharing institution can sustain risk pooling in a social dilemma with idiosyncratic risk. We test whether risk can be pooled without a commitment device and, separately, whether effective risk …

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Revisiting The Tradeoff Between Risk And Incentives: The Shocking Effect Of Random Shocks, Brice Corgnet, Roberto Hérnan-Gonzalez Jan 2015

Revisiting The Tradeoff Between Risk And Incentives: The Shocking Effect Of Random Shocks, Brice Corgnet, Roberto Hérnan-Gonzalez

ESI Working Papers

Despite its central role in the theory of incentives, empirical evidence of a tradeoff between risk and incentives remains scarce. We reexamine this empirical puzzle in a controlled laboratory environment so as to isolate possible confounding factors encountered in the field. In line with the principal-agent model, we find that principals increase fixed pay while lowering performance pay when the relationship between effort and output is noisier. Unexpectedly, agents produce substantially more in the noisy environment than in the baseline despite lesser pay for performance. We show that this result can be accounted for by introducing agents’ loss aversion in …

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Dynamic Directed Search, Gabriele Camera, Jaehong Kim Jan 2015

Dynamic Directed Search, Gabriele Camera, Jaehong Kim

ESI Working Papers

The directed search model (Peters, 1984) is static; its dynamic extensions typically restrict strategies, often assuming price or match commitments. We lift such restrictions to study equilibrium when search can be directed over time, without constraints and at no cost. In equilibrium trade frictions arise endogenously, and price commitments, if they do exist, are self-enforcing. In contrast to the typical model, there exists a continuum of equilibria that exhibit trade frictions. These equilibria support any price above the static price, including monopoly pricing in arbitrarily large markets. Dispersion in posted prices can naturally arise as temporary or permanent phenomenon despite …

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Generalizations Of The General Lotto And Colonel Blotto Games, Dan Kovenock, Brian Roberson Jan 2015

Generalizations Of The General Lotto And Colonel Blotto Games, Dan Kovenock, Brian Roberson

ESI Working Papers

In this paper, we generalize the General Lotto game (budget constraints satisfied in expectation) and the Colonel Blotto game (budget constraints hold with probability one) to allow for battlefield valuations that are heterogeneous across battlefields and asymmetric across players, and for the players to have asymmetric resource constraints. We completely characterize Nash equilibrium in the generalized version of the General Lotto game and then show how this characterization can be applied to identify equilibria in the Colonel Blotto version of the game. In both games, we find that there exist sets of non-pathological parameter configurations of positive Lebesgue measure with …

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The Impact Of Social Information On The Voluntary Provision Of Public Goods: A Replication Study, James J. Murphy, Nomin Batmunkh, Ben Nilson, Samantha Ray Jan 2015

The Impact Of Social Information On The Voluntary Provision Of Public Goods: A Replication Study, James J. Murphy, Nomin Batmunkh, Ben Nilson, Samantha Ray

ESI Working Papers

Shang and Croson (2009) found that providing information about the donation decisions of others can have a positive impact on individual donations to public radio. In this study, we attempted to replicate their results, however, we found no evidence of that social comparisons affected donation decisions. Most of our donors were renewing members, a group which Shang and Croson also found were not influenced by social information.

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On The Merit Of Equal Pay: When Influence Activities Interact With Incentive Setting, Brice Corgnet, Ludivine Martin, Peguy Ndodjang, Angela Sutan Jan 2015

On The Merit Of Equal Pay: When Influence Activities Interact With Incentive Setting, Brice Corgnet, Ludivine Martin, Peguy Ndodjang, Angela Sutan

ESI Working Papers

Influence costs models predict that organizations should limit managerial discretion to deter organizational members from engaging in wasteful politicking activities. We test this conjecture in a controlled, yet realistic, work environment in which we allow employees to influence managers’ decisions about rewards. We find that influence activities are pervasive and significantly lower organizational performance. Organizational performance suffers because principals offer weaker incentives when influence activities are allowed than when they are not. Importantly, we show that equal pay incentive schemes perform better when influence activities are available than when they are not. Our results thus support the idea that prevalent …

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When Income Depends On Performance And Luck: The Effects Of Culture And Information On Giving, Pedro Rey-Biel, Roman M. Sheremeta, Neslihan Uler Jan 2015

When Income Depends On Performance And Luck: The Effects Of Culture And Information On Giving, Pedro Rey-Biel, Roman M. Sheremeta, Neslihan Uler

ESI Working Papers

We study how giving depends on income and luck, and how culture and information about the determinants of others’ income affect this relationship. Our data come from an experiment conducted in two countries, the US and Spain, which have different beliefs about how income inequality arises. We find no cross-cultural differences in giving when individuals are informed about the determinants of income, but when uninformed, Americans give less than Spanish. Culture and information not only affect individual giving, but also the determinants of giving and the beliefs about how income inequality arises. Beliefs partially moderate cross-cultural differences in giving.

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Competition Between And Within Universities: Theoretical And Experimental Investigation Of Group Identity And The Desire To Win, Zhuoqiong Charlie Chen, David Ong, Roman M. Sheremeta Jan 2015

Competition Between And Within Universities: Theoretical And Experimental Investigation Of Group Identity And The Desire To Win, Zhuoqiong Charlie Chen, David Ong, Roman M. Sheremeta

ESI Working Papers

We study how salient group identity, created through competition between students from different universities, as well as differences in the value of winning impact competitive behavior. Our experiment employs a simple all-pay auction within and between two university subject pools. We find that when competing against their peers, students within the lower tier university bid more aggressively than students within the top-tier university. Also, students from the lower tier university, in particular women, bid more aggressively when competing against students from the top-tier university. These findings, interpreted through a theoretical model incorporating both group identity and differential value of winning, …

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Revisiting Information Aggregation In Asset Markets: Reflective Learning & Market Efficiency, Brice Corgnet, Mark Desantis, David Porter Jan 2015

Revisiting Information Aggregation In Asset Markets: Reflective Learning & Market Efficiency, Brice Corgnet, Mark Desantis, David Porter

ESI Working Papers

The ability of markets to aggregate disperse information leading to prices that reflect the fundamental value of an asset is key to assessing the often-debated efficiency of markets. We study information aggregation in the experimental environment originally created by Plott and Sunder (1988). Contrary to the current belief, we find that markets do not aggregate information. The model that best describes our data, as well as data on information aggregation subsequent to Plott and Sunder (1988), is prior information (Lintner, 1969). That is, traders use their private information but fail to use market prices to infer other traders’ information. We …

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An Experiment On Retail Payments Systems, Gabriele Camera, Marco Casari, Stefania Bortolotti Jan 2015

An Experiment On Retail Payments Systems, Gabriele Camera, Marco Casari, Stefania Bortolotti

ESI Working Papers

We develop a novel theoretical and experimental framework to study adoption and use of cash versus electronic payments in retail transactions. The design allows us to assess the behavioral impact of sellers’ service fees and buyers’ rewards from using electronic payments. In the experiment, buyers and sellers faced a coordination problem, independently choosing a payment method before trading. Sellers readily adopted electronic payments but buyers did not. Eliminating service fees or introducing rewards significantly increased adoption and use of electronic payments. Buyers’ economic incentives played a pivotal role in the diffusion of electronic payments but cannot fully explain their adoption …

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The Effects Of Make And Take Fees In Experimental Markets, Vince Bourke, David Porter Jan 2015

The Effects Of Make And Take Fees In Experimental Markets, Vince Bourke, David Porter

ESI Working Papers

We conduct a series of experiments to examine the effects of the make and take fee structure currently used by equity exchanges in the U.S. We examine the effects of these fees on measures of market quality (allocative efficiency, trading volume, book depth, and the bid-ask spread). With the exception of increased book depth, we document no significant effects of make and take fees relative to a baseline case in which trading fees are assessed on both sides of a transaction.

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Asymmetric And Endogenous Within-Group Communication In Competitive Coordination Games, Timothy N. Cason, Roman Sheremeta, Jingjing Zhang Jan 2015

Asymmetric And Endogenous Within-Group Communication In Competitive Coordination Games, Timothy N. Cason, Roman Sheremeta, Jingjing Zhang

ESI Working Papers

Within-group communication in competitive coordination games has been shown to increase competition between groups and lower efficiency. This study further explores potentially harmful effects of communication, by addressing the questions of (i) asymmetric communication and (ii) the endogenous emergence of communication. Our theoretical analysis provides testable hypotheses regarding the effect of communication on competitive behavior and efficiency. We test these predictions using a laboratory experiment. The experiment shows that although asymmetric communication is not as harmful as symmetric communication, it leads to more aggressive competition and lower efficiency relative to the case when neither group can communicate. Moreover, groups vote …

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Selective Recognition: How To Recognize Donors To Increase Charitable Giving, Anya Samek, Roman Sheremeta Jan 2015

Selective Recognition: How To Recognize Donors To Increase Charitable Giving, Anya Samek, Roman Sheremeta

ESI Working Papers

Recognizing donors by revealing their identities is important for increasing charitable giving. We conducted a field experiment to examine how different recognition methods impact giving, and found that all forms of recognition that we examined had a positive impact on increasing donations, whereby recognizing only highest donors (positive recognition) and recognizing only lowest donors (negative recognition) had the most pronounced effect. We argue that selective recognition (both positive and negative) creates tournament-like incentives. Recognizing the highest donors activates the desire to seek a positive prize of prestige, thus increasing the proportion of donors who contribute large amounts. Recognizing the lowest …

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Status And The Demand For Visible Goods: Experimental Evidence On Conspicuous Consumption, David Clingingsmith, Roman M. Sheremeta Jan 2015

Status And The Demand For Visible Goods: Experimental Evidence On Conspicuous Consumption, David Clingingsmith, Roman M. Sheremeta

ESI Working Papers

Some economists argue that consumption of publicly visible goods is driven by social status. Making a causal inference about this claim is difficult with observational data. We conduct an experiment in which we vary both whether a purchase of a physical product is publicly visible or kept private and whether the income used for purchase is linked to social status or randomly assigned. Making consumption choices visible leads to a large increase in demand when income is linked to status, but not otherwise. We investigate the characteristics that mediate this effect and estimate its impact on welfare.

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Two Essays Examining Organizational Performance, Stacey Alexis Gelsheimer Jan 2015

Two Essays Examining Organizational Performance, Stacey Alexis Gelsheimer

USF Tampa Graduate Theses and Dissertations

In highly competitive industries where firms aren’t protected by barriers to entry and consumers’ preferences are constantly changing, the willingness and ability to adapt and continually improve operations may be critical for continued success. However, the internal exchanges between employees and managers that may be an integral part of the development and implementation of new ideas are often not modeled or included in our standard economic theories. In this research I investigate whether a higher level of employee voice (or employee input) predicts higher levels of continual improvement, and whether this continual improvement predicts higher levels of firm performance. Additionally, …

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New Environmental Demands And The Future Of The Helsinki−Tallinn Freight Route, Olli-Pekka Hilmola, Harri Lorentz, Dawna L. Rhoades Jan 2015

New Environmental Demands And The Future Of The Helsinki−Tallinn Freight Route, Olli-Pekka Hilmola, Harri Lorentz, Dawna L. Rhoades

Publications

The environmental friendliness of short sea shipping has been justified in Europe by the ensuing lower congestion at hinterlands and unneeded large-scale infrastructure investments on roads and railways. However, the attractiveness of short sea shipping is about to change. This is because of increasing environmental regulations (International Maritime Organization (IMO) sulfur regulation in the Baltic Sea and planned CO2 emissions trading) and increased world market oil prices. In this research, we analyze this potential change using data envelopment analysis on the existing transportation chain alternatives in the Helsinki (Finland)−Tallinn (Estonia) short sea route (chains using either roro, ropax or container …

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Oup Book Backup, Anwar Shaikh Phd Jan 2015

Oup Book Backup, Anwar Shaikh Phd

Archives of Anwar Shaikh

Backup of complete book.

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Does The Message Matter? A Field Experiment On Political Party Recruitment, Jessica Robinson Preece Jan 2015

Does The Message Matter? A Field Experiment On Political Party Recruitment, Jessica Robinson Preece

Faculty Publications

Do men and women respond to various party recruitment messages similarly? Working with the Utah County Republican Party, we designed a field experiment in which we invited over 11,600 male and female party activists to attend a free, party-sponsored “Prospective Candidate Information Seminar” by randomizing different invitation messages. We found that women were half as likely as men to respond to recruitment—log on to the seminar website for more information, register for the seminar, and attend the seminar. While we found some suggestive evidence about what recruitment messages may particularly motivate women or men vis-a-vis a control message, our findings …

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Higher Education Expenditures And Revenues : A Case Study On The University Of Northern Iowa, Thomas Keld Madsen Jan 2015

Higher Education Expenditures And Revenues : A Case Study On The University Of Northern Iowa, Thomas Keld Madsen

Honors Program Theses

Higher education costs have skyrocketed in recent years, leaving millions of students in copious amounts of debt. Facing problems with decreased support from state legislators, universities have increased tuition and fees to compensate. At the same time, university spending, especially in non-academic programs and services, has continued to rise. A fight as emerged between states and the schools residing in them for who is to blame for the increasing cost of higher education, and in the middle of the debate are schools such as the University of Northern Iowa (UNI). A medium-sized school, UNI faces decreasing financial support from the …

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Does Religion Affect Economic Growth?, Parash Upreti Jan 2015

Does Religion Affect Economic Growth?, Parash Upreti

Honors Program Theses

A majority of the people in the world are affiliated with a religion. A study about world’s major religious groups found out that there are about 5.8 billion religiously affiliated people, which is about 85% of the world’s population (Pew Research Center 2012). It is important for people to understand how religion affects people’s daily lives, especially how religions affect spending and income. In this study, we are interested in finding whether or not religion has an impact on the economic growth of a country. Past studies have suggested that religion, in specific forms and activities, affects the people’s income …

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The Cognitive Basis Of Social Behavior: Cognitive Reflection Overrides Antisocial But Not Always Prosocial Motives, Brice Corgnet, Antonio M. Espín, Roberto Hérnan-Gonzalez Jan 2015

The Cognitive Basis Of Social Behavior: Cognitive Reflection Overrides Antisocial But Not Always Prosocial Motives, Brice Corgnet, Antonio M. Espín, Roberto Hérnan-Gonzalez

ESI Working Papers

Even though human social behavior has received considerable scientific attention in the last decades, its cognitive underpinnings are still poorly understood. Applying a dual-process framework to the study of social preferences, we show in two studies that individuals with a more reflective/deliberative cognitive style, as measured by scores on the Cognitive Reflection Test (CRT), are more likely to make choices consistent with “mild” altruism in simple non-strategic decisions. Such choices increase social welfare by increasing the other person’s payoff at very low or no cost for the individual. The choices of less reflective individuals (i.e. those who rely more heavily …

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Malaysian Equities: A Sector Analysis Of Risk And Normality, Robert J. Powell Jan 2015

Malaysian Equities: A Sector Analysis Of Risk And Normality, Robert J. Powell

Research outputs 2014 to 2021

This study uses Value at Risk (VaR) and Conditional Value at Risk (CVaR) metrics to measure the relative riskiness of sectors for Malaysian equities. VaR is a widely used volatility measure, but only measures risk below a specified threshold, whereas CVaR looks at risk beyond that threshold. The study finds that the relative risk of sectors changes with changing economic circumstances as measured by VaR, but remains significantly the same as measured by CVaR. Parametric (normally distributed) measures of VaR are compared to nonparametric measures, and it is found, consistently across all sectors, that parametric measures are not suitable measures …

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Sustainable Microfinancing: Improving Microenterprise's Traditional Measures Of Success, Stephen R. Watson Jan 2015

Sustainable Microfinancing: Improving Microenterprise's Traditional Measures Of Success, Stephen R. Watson

Graduate Research Papers

Microfinance has over three decades of experience serving the needs of the poor on earth. Unfortunately, academia and the secular world are divided on its effectiveness to lift the impoverished from the bottom of the economic pyramid. India is the focus of this paper, but measures of microfinace success are essentially universal. This paper examines the metrics used to evaluate programs and their benefit to India's poor. Current estimates find 2.8 billion people survive on less than $2 per day. Subsistence living impacts nutrition, shelter, sanitation, transportation and access to healthcare and education. India's caste system creates discrimination and overpopulation …

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