Economics Commons^™

Measuring The Bioeconomic Impacts Of Prolonged Drought On A Lake Ecosystem: The Case For The Great Salt Lake, Utah, Arthur J. Caplan, Dong-Hun Go

Applied Economics Faculty Publications

We present a general-equilibrium (GE) bioeconomic model of Utah's Great Salt Lake (GSL) ecosystem that tightly links the lake's ecosystem with its regional economy and attendant international trading partners, thereby enabling full identification of dynamic feedback effects in the presence of prolonged drought. The drought modeled here mimics a drying climate's impact on the lake's nutrient pool. We demonstrate how prolonged drought affects key bioeconomic variables over time, and how the GSL bioeconomy recovers toward a new steady state. We also consider how two separate fishery-specific regulatory tools—a temporary harvest moratorium and ad valorum tax on the fishery's factors of …

Understanding Us Firm Efficiency And Its Asset Pricing Implications, Giovanni Calice, Levent Kutlu, Ming Zeng

School of Economics and Finance Faculty Publications

We investigate the links between firm-level total factor productivity (TFP) growth and technical efficiency change, and their implications on firm-level stock returns. We estimate TFP growth of US firms between 1966 and 2015 and decompose TFP growth into returns to scale, technical progress, and technical efficiency change components. We show that most of the variation in TFP growth is explained by variation in technical efficiency change. Moreover, we examine the effects of important macro- and micro-level factors on inefficiency as well as its asset pricing implications. We find that low-efficiency firms are more vulnerable to a wide class of aggregate …

What Regional Economic Factors Drive Feedstock Cost For Cannabinoid Hemp Processors In The United States?, Tanner Mccarty

Journal of Agricultural Hemp Research

This study measures the importance of various regional economic and agronomic factors on a grower’s decision to cultivate cannabinoid (CBD) hemp flower in the United States, and its subsequent effect on CBD processor feedstock cost. I use real options analysis to recover the price of hemp flower required to trigger land use change from commodity crop production to hemp flower production across various scenarios endemic to different hemp producing regions. Results suggest the most important factors in determining the price required to trigger CBD floral hemp production are the expected yield of floral hemp and CBD concentrations within it. CBD …

Is Diamond A Resource Curse For Africa?, Karli Hamrick

Undergraduate Economic Review

This paper investigates the resource curse in diamond exporting industry in African countries. The empirical evidence about the “resource curse” is mixed in literature and almost none has been done regarding diamond. Our study aims to bridge that gap. The results suggest that diamond export is positively correlated with well-being in a group of African countries. In other words, the “resource curse” may not occur in diamond mining industry after the Kimberly Process (KP) was put in place in 2002. We argue that the KP serves as a good institution and has created good incentives for firms in the industry. …

Economic Prosperity Of Nevada Counties And Southwest Metros, Madison Frazee-Bench, William E. Brown, Caitlin Saladino

Economic Development & Workforce

This Fact Sheet highlights the economic and social disparities of Nevada’s counties as well as the counties in the Southwest Metro Area. By using data from The Hamilton Project, the following tables illustrate disparities within each county in Nevada and in the Southwest Metros.

Megachurches And Economic Development: Pastoral Interpretations Of Internal And External Expectations On Church Behavior, Ashley E. English

The Journal of Faith, Education, and Community

What sorts of economic development activities do megachurches engage in, and what rationale do leaders give for this behavior? This study provides theoretical guidance for answering this research question through an investigation of megachurches’ extra-role behaviors (ERB) in economic development activities. ERB is a “behavior that attempts to benefit the organization and that goes beyond existing role expectations” (Organ, Podsakoff & MacKenzie, 2006, p. 33). This field study includes an online survey completed by 42 megachurch senior or executive pastors in the Dallas-Fort Worth and Houston-Sugar Land-Baytown Metropolitan Statistical Areas and 23 follow-up telephone interviews. The researcher used these data …

Economic Impact Of Pace University's School Of Performing Arts, Rebecca Tekula Phd, Adrian Rivero

Wilson Center for Social Entrepreneurship

No abstract provided.

Vision Zero: Speed Limit Reduction And Traffic Injury Prevention In New York City, Kristin Mammen, Hyoung Suk Shim, Bryan S. Weber

Publications and Research

We examine the effect on the incidence of casualties and crashes of a city-wide vehicle speed limit reduction in New York City (NYC) streets. The law change, part of Mayor Bill de Blasio’s Vision Zero Action Plan to improve traffic safety, cuts the default speed limit for streets with no speed limit signs from 30 to 25 mph beginning November 7, 2014. We use a monthly panel dataset with crash statistics for the entire population of NYC streets, from July 2012 through March 2019. Several difference-in-differences regressions show a statistically significant and meaningful decline in injuries and crashes.

Should Place-Based Jobs Policies Be Used To Help Distressed Communities? Yes, But Current Policies Need Reforms, Timothy J. Bartik

Presentations

No abstract provided.

Predicting Market Trends: Effects Of Gdp And Pmi On Changes In Stock Closing Prices, Charley Renna

Student Scholar Symposium Abstracts and Posters

In an effort to learn more about the impact of certain economic variables on the stock market, I chose to analyze the impact that the Purchasing Managers’ Index and U.S. Gross Domestic Product have on three major stock indices: S&P 500, Dow Jones Industrial Average, and Nasdaq 100. The PMI is an index of the direction of economic trends in the manufacturing and services sector. Released on the first business day of every month, it consists of a diffusion index that summarizes whether market conditions are expanding, staying the same, or contracting. An index level greater than 50 percent suggests …

The Impact Of Veterans Treatment Courts On The Community, Daniela Mettos, Amanda Leingang

Cornhusker Economics

With the United States’ ongoing presence in the Middle East and the ever-present possibility of future conflict, the commitment to tend to the unique needs of veterans returning from combat is an essential one. The number of veterans suffering from mental health issues, substance abuse disorders, and physical trauma continues to rise. With this comes an increased risk of Intimate Partner Violence (IPV), drug and alcohol abuse, and repeating criminal behavior, all of which increase the likelihood that veterans will find themselves involved in the criminal justice system at some point following their combat service.

Utilizing effective, reliable, and focused …

Genetically Modified Organisms In The United States Crop Market, Toluwani V. Ogunbayode

Quest

Economic Analysis

Research in progress for ECON 2302: Principles of Microeconomics

Faculty Mentors: Millie D. Black, Ph.D., and Michael Latham, Ph.D.

The following paper represents research begun by students in Honors Principles of Microeconomics. The honors course introduced students to numerous economic models and methods of analysis. Students were asked to identify an economic issue or controversy related to topics studied in class and to provide a literature review relevant to their topic. Students were also asked to provide an economic analysis, discuss opposing viewpoints, present an economic evaluation of various policy options, and make a recommendation regarding the preferred …

A Data Analysis Of The World Happiness Index And Its Relation To The North-South Divide, Charles Alba

Undergraduate Economic Review

In this document, we perform a detailed data analysis on the World Happiness Report with its relation to the socio-economic North-South Divide. In order to do so, we perform some extensive data cleaning and analysis before querying on the World Happiness Report. Our results based on Hypothesis Testing determines the happiness of the Global North is greater than that of the Global South. Furthermore, our queries show that the mean happiness score for the Global North significantly outweighing that of the South. Likewise, the 10 'Happiest' nations all belong to the Global North whereas the 10 'least happy' nations belong …

Give Us A Little Social Credit: To Design Or To Discover Personal Ratings In The Era Of Big Data, Abigail Devereaux, Linan Peng

Economics and Management Faculty publications

In 2014, the State Council of the Chinese Communist Party announced the institution of a social credit system by 2020, a follow-up to a similar statement on the creation of a social credit system issued by the State Council in 2007. Social credit ratings of the type being developed by the State Council in partnership with Chinese companies go beyond existing financial credit ratings in an attempt to project less-tangible personal characteristics like trustworthiness, criminal tendencies, and group loyalty onto a single scale. The emergence of personal credit ratings is enabled by Big Data, automated decision-making processes, machine learning, and …

Is Our Coal-Onial Era Ending Anytime Soon?, Hadiqa Faraz

Undergraduate Economic Review

In this paper, I estimate the long-run co-integrated relationship between energy demand and economic growth for 20 countries from the year 2000 to 2016. I use panel unit-root and heterogeneous panel co-integration tests to test for non-stationarity of the panels and to determine whether there is a long-run link between energy consumption and GDP per capita. The estimated model uses a first-difference OLS model to estimate income elasticity of energy demand; the empirical results of this model show that there is a long-run relationship between energy consumption per capita and GDP per capita. In the long-term, on average, with 1% …

Children’S Gender And Investments From Nonresident Fathers, Kristin Mammen

Publications and Research

Evidence suggests that fathers have stronger ties to sons than daughters, which may result in differential investments in their children. This paper investigated whether girls’ gender restricts their access to fathers' contributions if they do not live together. The data used were the 1994-2008 March/April Match Current Population Survey Child Support Supplements, a large, nationally representative sample which identifies child support eligible mothers of all marital statuses and collects information on nonresident fathers’ financial and social investments in their children. Results for court-mediated outcomes such as the existence and amounts of child support orders showed that courts do not allocate …

Strategies To Build Economic Strength In Lagging Areas: Investment, Tax Incentives, Wage Subsidies, Worker Training, And Education, Michael Wasylenko

Economics - All Scholarship

No abstract provided.

Understanding Employee Engagement: A Mixed-Methods Study, Joren M. Scharn

Theses & Dissertations

For over 4 decades businesses around the world have been conducting employee satisfaction surveys at regular intervals and this surfaced a strong positive relationship between employee satisfaction, customer satisfaction, and overall company performance. In recent years however, academics and researchers have reopened the debate on whether employee or job satisfaction metrics are in fact reliable indicators of productivity, suggesting that employee engagement has a far stronger correlation to productivity. This study addresses two interrelated problems that are associated with a practice that is common in working environments all over the world. According to literature, it is generally accepted that (a) …

Rhode Island Current Conditions Index -- December 2019, Leonard Lardaro

The Rhode Island Current Conditions Index

No abstract provided.

Bottlenecks Or Growth Zones? A Study Of The Chirundu And Beitbridge Border Economies, Anna Ngarachu, Christopher Wood, Heinrich Krogman, Elisha Tshuma, Dale Mudenda

Southern African Journal of Policy and Development

Land borders in the Southern African Development Community (SADC) region are critical zones for unlocking regional value chains, trade and economic development. The Beitbridge and Chirundu border posts represent important links in the North–South Corridor. They are vital in both regional development and bilateral initiatives. It is at these borders that many issues related to regional integration intersect. Understanding the major complications that prevent competitive trade and undermine trade facilitation initiatives is, therefore, essential. This policy brief examines the causes of standing time – a major contributor to transport costs in sub-Saharan Africa – and discusses the softer issues such …

Contrasting And Synthesizing Perspectives On Late Stage Capitalism And The French Revolution, Alyssa Allen

Jessie O'Kelly Freshman Essay Award

The modern-day American wealth inequality epidemic coupled with the effective silencing of the masses through superdelegates and the Electoral College fosters conditions akin to Pre-Revolutionary France with the bourgeoisie being oppressed through wealth inequality and the Estate System.

Three Essays On Incentive Mechanisms, Kuangli Xie

Economics Theses and Dissertations

In this thesis, I use both theoretical and experimental methods to investigate incentive mechanisms of the sort commonly used by firms and governments. I have finished three chapters, two of which focus on how firms choose the appropriate incentive mechanisms to motivate their employees and the other one investigates how governments design mechanisms to improve social welfare. Chapter two provides a novel explanations why stock options are widely used in executive incentive contracts. Chapter three titled ``Ask Your Workers to Report Frequently, But Not Too Often'' studies how having employees reporting their progress to supervisors affects the employees' work effort. …

Third-Degree Price Discrimination Versus Uniform Pricing, Dirk Bergemann, Francisco Castro, Gabriel Weintraub

Cowles Foundation Discussion Papers

We compare the revenue of the optimal third-degree price discrimination policy against a uniform pricing policy. A uniform pricing policy offers the same price to all segments of the market. Our main result establishes that for a broad class of third-degree price discrimination problems with concave revenue functions and common support, a uniform price is guaranteed to achieve one half of the optimal monopoly profits. This revenue bound obtains for any arbitrary number of segments and prices that the seller would use in case he would engage in third-degree price discrimination. We further establish that these conditions are tight, and …

Uniform Pricing Versus Third-Degree Price Discrimination, Dirk Bergemann, Francisco Castro, Gabriel Weintraub

Cowles Foundation Discussion Papers

We compare the revenue of the optimal third-degree price discrimination policy against a uniform pricing policy. A uniform pricing policy offers the same price to all segments of the market. Our main result establishes that for a broad class of third-degree price discrimination problems with concave revenue functions and common support, a uniform price is guaranteed to achieve one-half of the optimal monopoly profits. This revenue bound holds for any arbitrary number of segments and prices that the seller would use in case he would engage in third-degree price discrimination. We further establish that these conditions are tight and that …

Fully Modified Least Squares For Multicointegrated Systems, Igor Kheifets, Peter C.B. Phillips

Cowles Foundation Discussion Papers

Multicointegration is traditionally defined as a particular long run relationship among variables in a parametric vector autoregressive model that introduces links between these variables and partial sums of the equilibrium errors. This paper departs from the parametric model, using a semiparametric formulation that reveals the explicit role that singularity of the long run conditional covariance matrix plays in determining multicointegration. The semiparametric framework has the advantage that short run dynamics do not need to be modeled and estimation by standard techniques such as fully modified least squares (FM-OLS) on the original I(1) system is straightforward. The paper derives FM-OLS limit …

Inference And Specification Testing In Threshold Regression With Endogeneity, Ping Yu, Qin Liao, Peter C.B. Phillips

Cowles Foundation Discussion Papers

We propose three new methods of inference for the threshold point in endogenous threshold regression and two specification tests designed to assess the presence of endogeneity and threshold effects without necessarily relying on instrumentation of the covariates. The first inferential method is a parametric two-stage least squares method and is suitable when instruments are available. The second and third methods are based on smoothing the objective function of the integrated difference kernel estimator in different ways and these methods do not require instrumentation. All three methods are applicable irrespective of endogeneity of the threshold variable. The two specification tests are …

Intuitive Beliefs, Jawwad Noor

Cowles Foundation Discussion Papers

Beliefs are intuitive if they rely on associative memory, which can be described as a network of associations between events. A belief-theoretic characterization of the model is provided, its uniqueness properties are established, and the intersection with the Bayesian model is characterized. The formation of intuitive beliefs is modelled after machine learning, whereby the network is shaped by past experience via minimization of the difference from an objective probability distribution. The model is shown to accommodate correlation misperception, the conjunction fallacy, base-rate neglect/conservatism, etc.

Trade Models And Macroeconomics, Ray C. Fair

Cowles Foundation Discussion Papers

This paper discusses some macro links that are missing from trade models. A multicountry macroeconometric model is used to analyze the effects on the United States of increased import competition from China, an experiment that is common in the recent trade literature. In the macro story a fall in Chinese export prices is stimulative. Domestic prices fall, which increases real wage rates and real wealth, which increases household expenditures. In addition, the Fed may lower the interest rate because of the lower prices, which is stimulative. Trade models do not have these channels, and they likely overestimate the negative effects …

Boosting: Why You Can Use The Hp Filter, Peter C.B. Phillips, Zhentao Shi

Cowles Foundation Discussion Papers

The Hodrick-Prescott (HP) filter is one of the most widely used econometric methods in applied macroeconomic research. The technique is nonparametric and seeks to decompose a time series into a trend and a cyclical component unaided by economic theory or prior trend specification. Like all nonparametric methods, the HP filter depends critically on a tuning parameter that controls the degree of smoothing. Yet in contrast to modern nonparametric methods and applied work with these procedures, empirical practice with the HP filter almost universally relies on standard settings for the tuning parameter that have been suggested largely by experimentation with macroeconomic …

Continuously Updated Indirect Inference In Heteroskedastic Spatial Models, Maria Kyriacou, Peter C.B. Phillips, Francesca Rossi

Cowles Foundation Discussion Papers

Spatial units typically vary over many of their characteristics, introducing potential unobserved heterogeneity which invalidates commonly used homoskedasticity conditions. In the presence of unobserved heteroskedasticity, standard methods based on the (quasi-)likelihood function generally produce inconsistent estimates of both the spatial parameter and the coefficients of the exogenous regressors. A robust generalized method of moments estimator as well as a modified likelihood method have been proposed in the literature to address this issue. The present paper constructs an alternative indirect inference approach which relies on a simple ordinary least squares procedure as its starting point. Heteroskedasticity is accommodated by utilizing a …