Economics Commons^™

China In Africa: A New Scramble, Adelola Ojutiku

Senior Honors Projects

This paper looks into the nature of China’s involvement with African nations, which is a highly debated issue in recent times. Supporters of African nations’ relations with China argue that African countries have enjoyed increased trade, aid and investment from these relations; skeptics, however, worry that these relations may be reminiscent of European colonization, hinging upon unequal exchange and the exploitation of Africa’s resources and people. This paper interrogates whether theories of Western colonization, imperialism, and dependency by John Hobson, Vladimir Lenin, Rosa Luxemburg and David Harvey can explain the current context and conditions of China’s role in Africa. I …

Essays On Networks And Corporate Finance, Tatiana Salikhova

Graduate Theses and Dissertations

In my dissertation I explore how personal networks affect firms’ financial decisions. In the first essay, I study how social connections among divisional managers affect the capital allocation to divisions in diversified conglomerates. In contrast to the previous studies, I focus on the horizontal connections or connections formed among managers of the same level of corporate hierarchy. I show that connections among divisional managers lead to higher sensitivity of segment capital spending to segment’s growth opportunities, higher firm-level allocation efficiency and higher firm value. Additionally, firms tend to strategically assign better-connected managers to these segments, and connections help to reduce …

The Sue-And-Settle Phenomenon: Its Impact On The Law, Agency, And Society, Katie L. Colton

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

Sue-and-settle is the name applied to a federal agency’s use of litigation to create policy outside of the normal regulatory process. This paper discusses the impact that the sue-and-settle policy has had on Congress, the judiciary, and the Environmental Protection Agency. Specifically, this paper will discuss the issues caused by the perception of collusion within the sue-and-settle policy. First, this paper examines whether a relationship occurs between the litigants. The paper then discusses whether the relationship between the litigants in sue-and-settle cases tends to be collusive or not. The second part of the paper examines how Congress, the Environmental Protection …

Untangling The Economic And Social Impediments To Producer Adoption Of Organic Wheat, Donya L. Ralph-Quarnstrom

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

Consumer demand for organic products has shown double-digit growth in recent years encouraging the development of a wider range of goods (Greene, 2017). Americans with an annual household income under $30,000 actively purchase organic foods at nearly the same rate as households with over $75,000 in annual incomes, 42% versus 49% (Greene et al., 2017). Previous research observed the adoption of organic farming practices on a combination of different grains, fruits and vegetables, meat, and dairy products from across the globe. However, this is the first study to examine the adoption of organic wheat in the Western U.S. By addressing …

Three Essays On Land Property Rights, Water Trade, And Regional Development, Muyang Ge

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

This dissertation explores how property rights to a natural resource affect economic decisions for investment or sale, and how these decisions may in turn impact other areas of the economy. The first essay focuses on how incomplete land ownership on Indian Reservations in the United States affects landowner incentives to engage in agricultural production. The second essay explores how the transfer of water in arid regions via water right sales affects local labor markets and environmental outcomes. The third essay seeks to understand how shale-gas drilling has affected organic food production. This dissertation provides several policy implications. First, the findings …

The Organic Wheat Market: Three Essays On Pricing, Consumer Segments, And The Importance Of Labels, Tatiana Drugova

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

This dissertation aims to address issues related to supply and demand of organic wheat either as a commodity or contained in the final consumer products. Objectives for the first essay are to evaluate organic wheat price and premium risk, how it affects the profitability of organic wheat production, and examine whether hedging and forecasting can be used to manage the organic wheat price risk. A side objective is to apply and evaluate several data imputation methods to recover missing organic wheat price observations. Objectives for the second essay are to identify “very likely,” “likely,” and “unlikely” consumers of organic wheat …

Spreadsheets-In-Space: A Quantitative Exploration Of Movement, Currency Creation, And Conflict Within Eve Online, Christopher Alan Pryor

Graduate Theses and Dissertations

EVE Online is a massively-multiplayer online game with complex interactions between players and their unique, virtual environment. These relationships are the ongoing results of a conflict-driven economy, but they vary both in duration and by location.

This study attempts to quantify the direct effects of movement and indirect effects of conflict upon economic activity in the form of currency creation and delineate how successfully these relationships can be quantified by narrower time-spans and areas. Results of the mediation models used in this exploration indicate the changing relationship between movement (Ship Jumps), conflict (Ship Kills), and currency creation (Faction Kills) is …

Are You Happy? Local Economic Development In Northern Thailand, Katherine Sorensen

Master's Theses

Thailand has had a long history of economic development. In recent years, Thailand began to focus on economic development initiatives a local level. The implementation process has been slow, but the introduction of social enterprise programs has proven a promising strategy in local economic development. Successful examples of economic development can be found in Thailand wherein this paper argues through collaboration between government agencies and local communities lies the key to success.

Qualitative techniques including a two months of fieldwork in Thailand, first hand observations, and appreciative inquiry interviews are used to analyze economic development initiatives in the communities of …

An Improved Bayesian Unit Root Test In Stochastic Volatility Models, Yong Li, Jun Yu

Research Collection School Of Economics

A new posterior odds analysis is developed to test for a unit root in volatilitydynamics in the context of stochastic volatility models. Our analysis extendsthe Bayesian unit root test of So and Li (1999) in two important ways. First,a mixed informative prior distribution with a random weight is introducedfor the Bayesian unit root testing in volatility. Second, a numerically morestable algorithm is introduced to compute Bayes factor, taking into accountthe special structure of the competing models. It can be shown that theapproach introduced overcomes the problem of the diverging “size” in themarginal likelihood approach by So and Li (1999) and …

Does India's Growth Matter? Evidence From The Saarc Nations, Rohan Ray, Cledwyn Fernandez

Research Collection School Of Economics

The study estimates the extent of spillover effects that India's real per capita gross domestic product (GDP) growth rate has on the growth rates of other countries in the South Asian Association for Regional Cooperation (SAARC) region for the period 2003–2016. It also identifies whether the conventional trade channel is the means through which growth is transmitted from India to her neighboring countries. Using a random effects model, we conclude that on average, a 1 percentage point increase in India's real per capita GDP growth rate results in 0.46 percentage point increase in the per capita GDP growth rates of …

Editorial Introduction To The Special Issue Entitled: Spatial Econometrics: New Methods And Applications, Zhenlin Yang

Research Collection School Of Economics

Spatial econometrics is a fast growing research area, with the theories and methods developed over the past five decades or so being applied more and more widely, not only in the specialized fields such as regional science, real estate, economic geography, and urban economics, but also increasingly in the general fields such as economics, finance and social networks, in particular in the recent decade. One of the driving forces is perhaps the formation of the Spatial Econometrics Association (SEA) at Rome in 2006 and its subsequent annul conference started in 2007 at the Cambridge University, which have helped greatly the …

Wage-Vacancy Contracts And Multiplicity Of Equilibria In A Directed Search Model Of The Labor Market, Nicolas L. Jacquet, John Kennes, Serene Tan

Research Collection School Of Economics

This paper studies a directed search model of the labour market, which is standard in all aspects except two. First, we allow firms to post wage–vacancy contracts advertising the number of workers they would pay as well as the payment all will receive. Second, we consider two cases: one where workers are risk neutral and one where workers are risk averse, both in finite and large economies. Our paper shows that when firms post wage–vacancy contracts, whether workers are modelled as risk neutral or risk averse matters: the types of symmetric equilibria and the nature of multiplicity of equilibria are …

Housing Equity And Household Consumption In Retirement: Evidence From The Singapore Life Panel, Lipeng Chen, Liang Jiang, Sock Yong Phang, Jun Yu

Research Collection School Of Economics

We utilize data from the Singapore Life Panel© survey to empirically investigate the impact of housing equity on consumption of elderly households. Based on panel analysis, we find housing equity value has no significant impact on non-durable consumption for elderly people. The conclusion holds for a battery of robustness check. Moreover, heterogeneity analyses based on subsamples by age of household head, house type, and number of property possessed also show no significant impact of housing equity on consumption in general. Finally, we use scenario analysis to study the Lease Buyback Scheme (LBS), a novel housing equity monetization scheme which allows …

Equal-Quantile Rules In Resource Allocation With Uncertain Needs, Yan Long, Jay Sethuraman, Jingyi Xue

Research Collection School Of Economics

A group of agents have uncertain needs on a resource, and the resource has to be divided before uncertainty resolves. We propose a class of division rules we call equal-quantile rules, parameterized by λ ∈ (0, 1]. The parameter λ is a common maximal probability of satisfaction — the probability that an agent’s realized need is no more than his assignment — imposed on all agents. Thus, the maximal assignment of each agent is his λ-quantile assignment. If the endowment of the resource exceeds the sum of the agents’ λ-quantile assignments, each agent receives his λ-quantile assignment and the resource …

Jump Factor Models In Large Cross-Sections, Jia Li, Viktor Todorov, George. Tauchen

Research Collection School Of Economics

We develop tests for deciding whether a large cross-section of asset prices obey an exact factor structure at the times of factor jumps. Such jump dependence is implied by standard linear factor models. Our inference is based on a panel of asset returns with asymptotically increasing cross-sectional dimension and sampling frequency, and essentially no restriction on the relative magnitude of these two dimensions of the panel. The test is formed from the high-frequency returns at the times when the risk factors are detected to have a jump. The test statistic is a cross-sectional average of a measure of discrepancy in …

Mixed Bayesian Implementation In General Environments, Takashi Kunimoto

Research Collection School Of Economics

A social choice rule is said to be mixed Bayesian implementable if one can design a mechanism (or institution) in which the set of all mixed Bayesian Nash equilibrium outcomes coincides with that specified by the rule. The objective of this paper is to generalize the results of mixed Bayesian implementation. By means of example, I first assess the implication of common priors in Bayesian implementation. Second, I identify a mild condition that fills the gap between the necessity and sufficiency for mixed Bayesian implementation in general environments including non-economic ones. Third, I establish some new results to unify the …

The Revealed Preference Theory Of Stable Matchings With One-Sided Preferences, Gaoji Hu, Jiangtao Li, Rui Tang

Research Collection School Of Economics

This note studies the testable implications of the theory of stable matchings intwo-sided matching markets with one-sided preferences. Our main result connects therevealed preference analysis to the well-known lattice structure of the set of stablematchings, and tests the rationalizability of a data set by analyzing the joins andmeets of matchings.

Diversity And Health: Three Essays Exploring Social Context And Outcomes, Aaron Novotny

Graduate Theses and Dissertations

As the world becomes more diverse and more integrated, examining how racial, political, and food diversity influences individuals’ consumption, behaviors, and health becomes more paramount than ever before. The United States grows more racially diverse with large racial and ethnic shifts on the horizon regarding the proportion of the population. With the U.S. population expected to become more diverse, individuals’ political affiliation becoming more prevalent to personal identity, and food security becoming more problematic; we examine how racial, political, and food diversity influences individuals’ consumption and preferences with the intent to understand what changes in health and preferences may occur. …

The Farmers’ Federation: Regional Racial Mythologies As Agricultural Capital, Jama Mcmurtery Grove

Graduate Theses and Dissertations

In 1927, the Farmers’ Federation agricultural cooperative in Western North Carolina launched an organization to solicit funds from wealthy donors. The money raised through philanthropic campaigns enabled the cooperative to fund large-scale agricultural projects, which helped members navigate the dramatic agricultural transformations of the early twentieth century. Although the cooperative advocated a progressive program of business-minded, scientific farming, its leadership modified programs to reflect farmer members’ limited resources and the realities of mountain production. As a result, the co-op provided a crucial bridge between white farmers and new methods of agricultural production that reached deep into peoples’ familial and productive …

An Exploratory Study Of The Impact Of Acculturation On Fashion Consumption Among Hispanic Immigrants In The U.S., Laura Toloza

Graduate Theses and Dissertations

With a population of 58 million in 2016, the Hispanic immigrant population in the U.S. is expected to grow nearly 30% by 2060 (Hispanic influence, 2016). Immigrants are affected by acculturation and often have difficulty maintaining their culture of origin. Prior studies have revealed acculturation influences on consumer behaviors, but despite the increased population and purchasing power of Hispanic immigrants in the U.S., few studies have explored the ways in which acculturation influences shopping behaviors for fashion products among Hispanic consumers. The purpose of this study is to explore the general attitude related to shopping (i.e., shopping orientation) of Hispanic …

Dusty Shoes: Appalachia Wisdom Fertilizing The Future Of Religious Leadership, Jill Crainshaw

Journal of Appalachian Health

Dust from their journeys through the hills and hollows of Appalachia clings to their shoes and has forever shaped their vocational journeys. This is a refrain I have distilled from the reflections of students who have participated in Wake Forest University School of Divinity’s multicultural contexts course that includes a 10-day sojourn in the mountains of North Carolina.

Identifying Priority And “Bright-Spot” Counties For Diabetes Preventive Care In Appalachia: An Exploratory Analysis, Peter J. Mallow, Michael Topmiller, Jennifer Rankin, Jene Grandmont, David Grolling, Jessica L. Mccann, Mark Carrozza

Journal of Appalachian Health

Introduction: Type 2 diabetes mellitus (T2DM) prevalence and mortality in Appalachian counties is substantially higher when compared to non-Appalachian counties, although there is significant variation within Appalachia.

Purpose: The objectives of this research were to identify low-performing (priority) and high-performing (bright spot) counties with respect to improving T2DM preventive care.

Methods: Using data from the Centers for Medicare and Medicaid (CMS), the Dartmouth Atlas of Health Care, and the Appalachia Regional Commission, conditional maps were created using county-level estimates for T2DM prevalence, mortality, and annual hemoglobin A1c (HbA1c) testing rates. Priority counties were identified using the following criteria: top 33rd …

The Social Determinants Of Health And The Decline In U.S. Life Expectancy: Implications For Appalachia, Steven H. Woolf, Heidi Schoomaker, Latoya Hill, Christine M. Orndahl

Journal of Appalachian Health

For the past century, life expectancy in industrialized countries has increased, and the U.S. has shared in that progress. However, beginning in the 1980s, advances in U.S. life expectancy began to lose pace with peer countries. By 1998, U.S. life expectancy had fallen below the average for Organisation for Economic Cooperation and Development nations. U.S. life expectancy peaked in 2014 and has been decreasing for three consecutive years, a trend not been seen since the influenza pandemic a century ago. Put simply, U.S. health is in decline.

Delivering Health Knowledge And Wisdom From The Hills And Hollows Of Appalachia, F. Douglas Scutchfield Md, Erin N. Haynes, Robert M. Shapiro Ii, Charlotte S. Seidman

Journal of Appalachian Health

There is knowledge in the pages of Appalachia’s hills. This journal is positioned to find and publish those translations. It grows from a need to provide an outlet for scholarship about Appalachia’s health so that knowledge, and occasionally wisdom, is shared with those who care about and are committed to improving the region’s health.

Disruptive Innovation: The Rise Of The Knowledge-Sharing Market In China, Yaqing Lan

International Studies Honors Projects

Innovation is a major subject of international political economy, but mainstream discussions focus on scientific research and development and detach innovation development from their social contexts. In response to this view, this project reveals the importance of cultural and social factors in influencing innovation development by examining the rise of the knowledge-sharing market (KSM) -- a social-network-site-based economy in China. It suggests the KSM is a disruptive innovation not only because it is pioneered by a latecomer in the global innovation market, China, but also because its emergence from the changing Chinese consumer demands disrupts the mainstream thinking of innovation.

Politics, Protest And Patience: Gendered Rights And Human Security In India And South Korea, Anika Backelin-Harrison

Gender, Women’s, and Sexuality Studies Honors Papers

National security measures are often framed from a masculinist, hegemonic viewpoint, determining that the wellbeing of a state and its citizens is dependent on protection by a patriarchal government. This paper argues that the health and strength of a country and its citizens are better promoted through a focus on human security, defined by the United Nations as the right of all people to live in freedom and dignity, free from poverty and despair. Moreover, a gendered approach to human security is necessary to advance economic development, personal security and freedom from violence. Nonetheless, women all over the world are …

Bringing Business Back To The Ballpark, David Drea

Business and Economics Honors Papers

This study uses ordinary least squares and quantile regressions to discover the determinants of total attendance for Major League Baseball teams. Furthermore, the study seeks to discover whether or not the average time length of a baseball game has any significant effect on total attendance. The data ranges from the year 2016 until 2018 and includes all thirty professional teams. The purpose of the quantile regression is to gain a deeper understanding of total attendance’s determinants and to see which distributions in the data are most affected. The results were that home runs are a significant stimulant in attendance and …

The Effect Of Foreign Aid On Political Violence: Learning From Case Studies Of Nigeria And Sierra Leone, Charlotte Rohrer

Politics Honors Papers

Policymakers in OECD countries regularly cite reducing political violence as a fundamental purpose of foreign aid. For example, countries such as Pakistan and Iraq have received considerable amounts of aid meant to address the root causes of political violence. This project analyzes quantitative and qualitative evidence to assess whether foreign aid can reduce political violence. The quantitative and qualitative analyses study Boko Haram in Nigeria and the Revolutionary United Front in Sierra Leone to focus on regional and country-wide political violence. The study further focuses on aid projects in Sierra Leone and Nigeria as a means to reduce or curb …

The Wealth Of Nations And The Advancement Of Collective Security, Kerry Daniel Good

Senior Honors Theses

This thesis will address the economic development of countries from the strategic perspective of the United States, and consider how this development will progress overlaid in the context of the Chinese framework for the projection of national power. Using an inter-disciplinary approach, this research will synthesize sources on national security policy and economics, while seeking a Christian apologetic framework to answer these questions: How can the United States promote the economic development of countries in the Asia-Pacific region using a biblical economic-development model, as a part of its national strategy? This thesis focuses on some of the political and socio-economic …

Smoothing, Discounting, And Demand For Intra-Household Control For Recipients Of Conditional Cash Transfers, Diego Aycinena, Szabolcs Blazsek, Lucas Rentschler, Betzy Sandoval

Economics and Finance Faculty Publications

Inter-temporal preferences are important determinants of investment decisions, including investments in human capital. Yet, little is known about these preferences for recipients of conditional cash transfers (CCTs). We simultaneously estimate utility curvature (preference for consumption smoothing), discounting, and present biasedness for such recipients. We also introduce a financially motivated method of measuring willingness to forgo funds to control household finances. We find that female participants in a CCT program in Guatemala have very high degrees of utility curvature and low discount factors, which may lead to low levels of investment by participants in the human capital of the household. We …