Economics Commons^™

Three Essays On Panel Structure Models, Wuyi Wang

Dissertations and Theses Collection (Open Access)

In panel structure models, individuals can be classified into different groups with the slope parameters being homogeneous within the same group but heterogeneous across groups, both the number of groups and each individual’s group membership are unknown. This dissertation proposes some methods to identify the panel structure models under different specifications, namely, developing a Lasso-type Panel-CARDS method in the linear panel, constructing two sequential binary segmentation algorithms in the nonlinear panel, and using K-means algorithm in the spatial panel.

Chapter 2 studies the estimation of a linear panel data model with latent structures. To identify the unknown group structure of …

Divergence, Convergence Or Crossvergence Of Chinese And Us Approaches To Regional Integration: Evolving Trajectories And Their Implications, Heng Wang

Research Collection Yong Pung How School Of Law

Trends in Chinese and U.S. approaches to regional integration are likely to profoundly affect other states and even the future of global economic governance. Showing a possible paradigm shift, the Belt and Road Initiative (BRI) and North American Free Trade Agreement (NAFTA) renegotiation reflect the latest major developments in China and the U.S. regarding regional integration. In particular, the U.S. pursues managed trade, shifts to bilateralism, and adopts an aggressive approach. This article analyses a core question: will Chinese and U.S. trade approaches converge, diverge or both, and why? For the analysis of the convergence or divergence, four aspects will …

Testing The Boundaries Of The Double Auction: The Effects Of Complete Information And Market Power, Erik O. Kimbrough, Andrew Smyth

Economics Faculty Research and Publications

We report boundary experiments testing the robustness of price convergence in double auction markets for non-durable goods in which there is extreme earnings inequality at the competitive equilibrium (CE). Following up on a conjecture by Smith (1976a), we test whether the well-known equilibrating power of the double auction institution is robust to the presence of complete information about traders’ values and costs and the presence of symmetric market power. We find that complete information is insufficient to impede convergence to CE prices; however, introducing market power consistently causes prices to deviate from the CE, whether or not subjects possess complete …

Team Payroll, Pitcher And Hitter Payrolls And Team Performance: Evidence From The U.S. Major League Baseball, Xing Lu, Jason Matthews, Miao Wang, Hong Zhuang

Economics Faculty Research and Publications

We use the U.S. Major League Baseball team level data in 1985-2015 and find an inverse U-shaped relationship between team payrolls and winning percentages. Furthermore, when investigating the winning effects of pitcher and hitter payrolls, we find the similar curvilinear relationship between pitcher/hitter salaries and team performance.

Three Essays On Asset Price Bubbles, Frank Ofori-Acheampong

Dissertations

This dissertation examines various issues associated with asset price bubbles. In the first essay, a Markov regime-switching model with time-varying transition probabilities is developed to identify asset price bubbles in the S&P 500 Index. The model nests two different methodologies; a state-dependent regime-switching model and a Markov regime-switching model. Three bubble regimes are identified; dormant, explosive, and collapsing. Time-varying transition probabilities are specified for each of the nine possible transitions in the Markov regime-switching model. Estimation of the model is done using conditional maximum likelihood with the Hamilton filter. Results show that transition probabilities depend significantly on trading volume and …

The Effect Of Maternal Employment On Family Well-Being, Bezawit Teshome Agiro

Dissertations

This dissertation is composed of three essays on the effect of maternal employment on family well-being using data from Early Childhood Longitudinal Study: Kindergarten Class of 2010-11 (ECLS-K: 2011). In general, the findings from this study suggest that the effect of maternal employment on children’s weight status and cognitive development is not significant, but it is significant on mothers’ overall health and psychological well-being.

The first essay re-examines the effect of maternal employment on child obesity by taking a sample of grade 2 children who had at least one younger sibling from the spring 2013 cohort. The study makes use …

Health Shocks, Human Capital, And Labor Market Outcomes, Francisco Parro, R. Vincent Pohl

Upjohn Institute Working Papers

Health, human capital, and labor market outcomes are linked though complex connections that are not fully understood. We explore these links by estimating a flexible yet tractable dynamic model of human capital accumulation in the presence of health shocks using administrative data from Chile. We find that (i) human capital mitigates the negative labor market effects of health events, (ii) these alleviating effects operate through channels involving occupational choice, the frequency of exposure to health events, and access to health care, and (iii) the effect of health shocks on labor market outcomes is heterogeneous across industries and types of diagnoses.

Policy Innovations For Affordable Housing In Singapore: From Colony To Global City, Sock Yong Phang

Research Collection School Of Economics

Global cities today are facing fundamental challenges in relation to unaffordable housing and growing economic inequality. Singapore’s success in making home ownership possible for 90% of its population has attracted much attention internationally. This book represents a culmination of research by the author on key housing policy innovations for affordable housing. Housing policy changes were effected in the 1960s through reforms of colonial legislation and institutions dealing with state land acquisition, public housing, and provident fund savings. The comprehensive housing framework that was established enabled the massive resettlement of households from shophouses, slums and villages to high-rise government-built flats. In …

Occupational Shortage And Labor Market Adjustments: A Theory Of Islands, Joanne Tan, Riccardo Zago

Research Collection School Of Economics

Human Resources officers report occupational shortage to be the main cause of unfilled vacancies. Yet, it is not clear whether these are empty complaints or actually lead to effective wage and employment adjustments over time. By crossing data from the UK Employer Skill Survey with the UK Labor Force Survey, we show that shortage only leads to wage and employment adjustments for non-routine occupations in England, while no such adjustment occurs for routine occupations. This result is robust to several empirical specifications and varying levels of aggregation. Moreover, firms facing routine occupation shortage are more likely to outsource these vacancies, …

Optimal Stackelberg Strategies For Financing A Supply Chain Through Online Peer-To-Peer Lending, Guang-Xin Gao, Zhi-Ping Fan, Xin Fang, Yun Fong Lim

Research Collection Lee Kong Chian School Of Business

In recent years, supply chain finance (SCF) through online peer-to-peer (P2P) lending platforms has gained its popularity. We study an SCF system with a manufacturer selling a product to a retailer that faces uncertain demand over a single period. We assume that either the retailer or the manufacturer faces a capital constraint and must borrow capital through an online P2P lending platform. The platform determines a service rate for the loan, the manufacturer sets a wholesale price for the product, and the retailer chooses its order quantity for the product. We identify optimal Stackelberg strategies of the participants in the …

The Heterogeneous Effects Of The Minimum Wage On Employment Across States, Wuyi Wang, Peter C. B. Phillips, Liangjun Su

Research Collection School Of Economics

This paper studies the relationship between the minimum wage and the employment rate in the US using the framework of a panel structure model. The approach allows the minimum wage, along with some other controls, to have heterogeneous effects on employment across states which are classified into a group structure. The effects on employment are the same within each group but differ across different groups. The number of groups and the group membership of each state are both unknown a priori. The approach employs the C-Lasso technique, a recently developed classification method that consistently estimates group structure and leads to …

Fair Division With Uncertain Needs, Jingyi Xue

Research Collection School Of Economics

Imagine agents having uncertain needs for a resource when the resource has to be divided before uncertainty resolves. In this situation, waste occurs when an agent's assignment turns out to exceed his realized need. How should the resource be divided in the face of possible waste? This is a question out of the scope of the existing rationing literature. Our main axiom to address the issue is no domination. It requires that no agent receive more of the resource than another while producing a larger expected waste, unless the other agent has been fully compensated. Together with conditional strict endowment …

Rethinking The Fiscal Relationship Between Public Lands And Public Land Counties: County Payments 4.0, Mark Haggerty

Humboldt Journal of Social Relations

In 1908, Congress authorized payments to local governments, including counties and school districts, to compensate for the non-taxable status of the newly established forest reserves within their boundaries. The original program shared revenue generated from commercial activities on public lands, e.g. timber harvesting, not anticipating the major changes in the volume and types of activities on National Forest lands, particularly in the Pacific Northwest, that have played out over the past century. Two subsequent reforms – the appropriated Payments in Lieu of Taxes (PILT) in 1976 and ‘transition’ payments made between 1990 and 2018, including payments associated with the Northwest …

The Political Framing Of Public Policies: An Analysis Of Act 10 In Wisconsin, David Brooker

Lawrence University Honors Projects

Political framing of public policy is typically different than the actual effects of the policy. In the case of Act 10 there was an extremely negative perception from teachers in the state of Wisconsin especially when it came to their salaries despite little empirical difference in salaries. Wisconsin’s Act 10, which altered the state’s public-sector collective bargaining laws, provides a natural experiment to test the political framing of public policy. A survey was conducted of teachers across the state of Wisconsin to determine their opinions regarding Act 10 and salary data from Wisconsin and Missouri were collected for comparison. It …

Poverty In New York City: Consumption Expenditure As A Poverty Predictor, Michael Lomtevas

Student Theses and Dissertations

This thesis seeks to replicate the findings of a 2012 study published by Meyer and Sullivan in the Journal of Economic Perspectives using data provided by the Columbia University Longitudinal Wellness Survey. That study found that a poverty measure based on consumption predicted material hardship better than both the Official (OPM) and Supplemental Poverty Measures (SPM). This was found to be the case because a well-constructed consumption poverty measure (CPM) captures in-kind benefits that the OPM neglects. Such a measure also avoids issues inherent in the SPM that arise from respondents underreporting their income and includes the ability to consume …

Consumer Response To Fraudulent Producer Behavior In The Agri-Food Marketing System, Syed Imran Ali Meerza, Christopher Gustafson

Cornhusker Economics

Over the last decade, food fraud scandals, such as the adulteration of Chinese milk with melamine, the discovery of horse-meat in many European meat products, and the mislabeling of Italian olive oils, have increased the attention of the media, consumers, and governments about the vulnerability of the food system to intentional adulteration or misrepresentation of product ingredients or products themselves based on economic motives (Lotta and Bogue 2015). Food fraud is defined as the intentional substitution, addition, tampering, or misrepresentation of food products for economic gains (Spink and Moyer 2011). Food fraud is motivated by economic gain and is enabled …

Framing The Urban-Rural Divide: The Role Of Historical Myths And Metaphors In The Social And Political Dynamics Of North American Colonialism, Laura Supple

Dartmouth Undergraduate Journal of Politics, Economics and World Affairs

No abstract provided.

Fiscal Incentives For Hiring Female Workers? Evidence From Vietnam, Duy N. Duong

Dartmouth Undergraduate Journal of Politics, Economics and World Affairs

No abstract provided.

A Look Into Australian Policy On Asylum Seekers And Refugees: A Humanitarian Effort Or A Violation Of Human Rights?, Nahla Achi

Dartmouth Undergraduate Journal of Politics, Economics and World Affairs

No abstract provided.

Cheonggyecheon Restoration Project: The Politics And Implications Of Globalization And Gentrification, Yasmin Yoon

Dartmouth Undergraduate Journal of Politics, Economics and World Affairs

No abstract provided.

Unemployment Insurance And The Unemployment Rate: Evidence Across U.S. Counties, Ariel Goldszmidt

Dartmouth Undergraduate Journal of Politics, Economics and World Affairs

No abstract provided.

Revamping India’S Answer To The Rohingya Crisis, Arjun Soin

Dartmouth Undergraduate Journal of Politics, Economics and World Affairs

No abstract provided.

The Nuclear Ban Treaty: Advocates, Neutrals, And Opponents In The European Union, Alexis Dorner

Dartmouth Undergraduate Journal of Politics, Economics and World Affairs

No abstract provided.

Growth Ambitions And Rising Powers: Sino-Indian Asymmetric Balancing In Bilateral, Regional, And Multilateral Settings, Rebecca Lamb

Dartmouth Undergraduate Journal of Politics, Economics and World Affairs

No abstract provided.

Masthead, Dujpew Editorial Board

Dartmouth Undergraduate Journal of Politics, Economics and World Affairs

No abstract provided.

Letter From The Editor, Dujpew Editorial Board

Dartmouth Undergraduate Journal of Politics, Economics and World Affairs

No abstract provided.

Volume I | Issue I | 2018, Dujpew Editorial Board

Dartmouth Undergraduate Journal of Politics, Economics and World Affairs

No abstract provided.

Us Airline Stock Market Performance And Change In Investor Behavior Over The Great Recession Of 2008, Rebecca Wood, Jayendra Gokhale

Publications

We study the relationship of West Texas Intermediate (WTI) crude oil returns and the stock market returns with the US airline stocks before, during and after the 2008 financial crisis. We confirm the positive relationship of the airline stock returns with the overall market and the negative relationship with WTI. However, we find that the crisis led to a structural change in this relationship. Our results differ for low-cost airlines which absorb the oil price shock better as compared to legacy airlines. We also find that there is a difference in the relationship between the airline stock returns and WTI …

The Impact Of Brexit Related Events On European And Us Exchange Rates, George E. Lavallin Mr.

Honors College Theses

On June 23^rd, 2016, the British public voted to leave the European-Union in a highly contested referendum. The purpose of this thesis is to gain an understanding of whether ‘Brexit’ associated events and announcements had an impact on the US Dollar/Euro, British Pound/Euro and US Dollar/British Pound exchange rates. 69 Brexit associated events or announcements were identified for the study from 1^st January 2013 to 31^st December 2017. Using a univariate analysis (two-sample t-test in combination with a Levene-test of equal variance) as well as a multivariate analysis (OLS regression), the study examines exchange rate changes …

The Rapid Evolution Of Homo Economicus: Brief Exposure To Neoclassical Assumptions Increases Self-Interested Behavior, John Ifcher, Homa Zarghamee

Economics

Economics students have been shown to exhibit more selfishness than other students. Because the literature identifies the impact of long-term exposure to economics instruction (e.g., taking a course), it cannot isolate the specific course content responsible; nor can selection, peer effects, or other confounds be properly controlled for. In a laboratory experiment, we use a within- and across-subject design to identify the impact of brief, randomly-assigned economics lessons on behavior in the ultimatum game (UG), dictator game (DG), prisoner's dilemma (PD), and public-goods game (PGG). We find that a brief lesson that includes the assumptions of self-interest and strategic considerations …