Economics Commons^™

Financial Inclusion And Extreme Poverty In The Mena Region: A Gap Analysis Approach, Noha Emara, Mahmoud Mohieldin

Topics in Middle Eastern and North African Economies

Eradicating extreme poverty – $1.90 per day international poverty line – remains one of the main, but challenging Sustainable Development Goals (SDGs) in the Middle East and North African (MENA) region. As per the latest World Bank statistics of 2018, extreme poverty in the MENA region has increased from 2.7% to 5% over the period from 2013 to 2015. The region ranks as the third highest in the developing regions and has fell short of reducing extreme poverty to half by the year 2015. Using system GMM dynamic panel estimation methodology on annual data for eleven MENA countries and twenty-three …

Economics Of Reciprocity And Temptation, Laxman Bokati, Olga Kosheleva, Vladik Kreinovich, Nguyen Ngoc Thach

Departmental Technical Reports (CS)

Behavioral economics has shown that in many situations, people's behavior differs from what is predicted by simple traditional utility-maximization economic models. It is therefore desirable to be able to accurately describe people's actual behavior. In some cases, the difference from the traditional models is caused by bounded rationality -- our limited ability to process information and to come up with a truly optimal solutions. In such cases, predicting people's behavior is difficult. In other cases, however, people actually optimize -- but the actual expression for utility is more complicated than in the traditional models. In such case, it is, in …

How Socialism Failed Venezuela, Ben Abrahamson

Political Science Theses and Capstones

In the 1970s, Venezuela was considered one of the wealthiest nations in the world. They enjoyed high oil prices after the discovery of OPEC, they were a democratized country in a continent where most of it was still undeveloped. Unfortunately, in the 1980s a major cut in oil prices caused economic turmoil, and leading into the 90s there were bloody riots, political disparity, attempted coups and building poverty. In 1998 came Hugo Chavez, a newly elected president to rid their economic issues and end corruption. However, that all turned out to be the opposite of what he did. The country …

Returning To Complex Strategic Analysis: A Discussion On The Diminishing Window Of Opportunity For United States Nuclear Policy Preparation With Respect To China, Christopher Keith Giuliano

Graduate Theses/Dissertations

American upheaval over the Chinese technologically advanced strategic threat permeates throughout the government and political culture. The response to this fear is a somewhat nascent reactive U.S. policy toward China as it relates to strategic weapon systems. The U.S. currently is responding by attempting to revitalize an aging nuclear architecture, and re-prioritize strategic weapons in U.S. defense spending. However, U.S. policy must move beyond justifying nuclear weapons and requesting increased funding. What is necessary for this balance beyond an arms race is the intellectual prescription for the calculated employment or fielding of those arms.

Ultimately, this paper suggests the U.S. …

Delay And Geographic Discounting Exert Multiple Control Over Climate Change Policy Preference, Celeste Noelle Unnerstall

Graduate Theses/Dissertations

The procedures were informed by a pilot investigation conducted by this research team that is described below. In the primary study, students attending Missouri State University chose between a policy with no restrictions or taxation on their carbon emissions versus a restriction on the amount of mileage driven per month and taxation related to the mileage. The main study also included an added variable of the influence a redistribution taxation policy into different geographic distances would have on policy preference. Results were interpreted in terms of a multilevel hyperbolic discounting model using the “R” program. The results suggest that there …

The Impact Of Coal Activity On Local Revenues For Elementary And Secondary Education In Appalachia, Jilleah G. Welch, Matthew N. Murray

Coal Industry Effects on Education

This report is the second of two reports exploring the relationship between coal activity and funding for elementary and secondary education. The first report provided a descriptive analysis while this report examines the impact of changes in coal employment or production on local revenues for education using an econometric analysis. Coal employment in the U.S. has significantly decreased over the last century due to multiple factors. However, there is still great variation in trends in coal employment across regions, counties, and time. Some areas have experienced growth in coal employment while other areas have experienced significant declines in coal employment. …

Adolescent Mental Health In The Developing World: Three Economic Analyses On Stressors, Coping, And Support, Siobhan K. Yilmaz

Economics ETDs

Adolescents are slowly being recognized as a generation, worldwide, that may require different policy approaches to improve staggering statistics on their failing wellbeing, including mental health. By providing the support to allow the next generation to achieve better mental health outcomes, they are going to be more economically successful and the future economic growth of nations can be better assured. In face of such a need, this dissertation approaches the evaluation of a number of key stressors and elements of coping and support. Each chapter produces results which overcome limitations throughout existing literature in terms of the simultaneous consideration of …

"A Glass Of Milk Strengthens A Nation." Law Development, And China's Dairy Tale, Xiaoqian Hu

Journal of Food Law & Policy

Historically, China was a soybean nation and not a dairy nation. Today, China has become the world’s largest dairy importer and third largest dairy producer, and dairy has surpassed soybeans in both consumption volume and sales revenue. This article investigates the legal, political, and socioeconomic factors that drove this transformation, and building upon fieldwork in two Chinese counties, examines the transformation’s socioeconomic impact on China’s several hundred million farmers and ex-farmers and political impact on the Chinese regime. The article makes two arguments. First, despite changes of times and political regimes, China’s dairy tale is a tale about chasing the …

Milk And The Motherland? Colonial Legacies Of Taste And The Law In The Anglophone Caribbean, Merisa S. Thompson

Journal of Food Law & Policy

This paper tells a story of the relationship between colonialism and capitalism through the lens of “milk” and “the law” in the Caribbean. Despite high levels of lactose intolerance amongst its population, milk is a regular part of many Caribbean diets and features prominently in its foodscapes. This represents a distinctive colonial inheritance that is the result of centuries of ongoing colonial violence and displacement. Taking a feminist and intersectional approach, the paper draws on analysis of key pieces of colonial legislation at significant historical junctures and secondary literature to do three things. Firstly, it examines how law aided the …

Abstention And Costly Information Acquisition In Elections, Jacob Meyer

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

Voter turnout rates are low in the United States. Even among citizens who show up to the polls, many do not vote in every race on the ballot. This is especially true for low-profile elections, and races where political party is not on the ballot. Both low turn out and incomplete ballots could be caused by high costs of information. Voters and non-voters have time constraints that can prevent them from researching every candidate or proposition on the ballot. One proposed solution to increase citizen informedness is to make voting mandatory. Mandatory voting imposes a penalty (usually a fine) if …

Utah County Level Drought Effect On Cattle Inventories 1981-2016, Fred Openshaw

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

The Utah cattle industry generates 20.6% of sales value for the agricultural sector. As well, this industry encompasses about 34.4% of Utah farms. Besides these figures, Utah cattle ranchers depend heavily upon both public and private lands for grazing as a primary source of feed for their herds. The soil moisture levels of pasturelands impacts the forage yield for a particular year. As a result, the primary purpose of this research is to determine if drought impacts Utah county cattle inventory numbers and what the magnitude of the impact is by analyzing data from 1981 to 2016. A secondary purpose …

Is China Stealing Our Tech? A Look Into The Role Of Intellectual Property Rights In Us-China Trade Relations, Ryan Chester

Honors Scholar Theses

This thesis aims to further the current scholarship on Intellectual Property Rights (IPR) and their effects on international trade and the US-China trade relationship more specifically. The main analysis of this thesis is a quantitative cross-country analysis of over 100 countries to see how IPR plays a role in international trade, while analyzing how the Sino-US trade relationship fits into larger trends. This thesis aims to answer the questions as follows: What are the current policies surrounding Intellectual Property Rights between China and the US? Does increasing the strength of IPR laws influence imports? Does the strength of a country’s …

Incentivized Learning And Libraries: A Comparative Study Of Summer Reading Programs In Connecticut, Andrew Morrison

Honors Scholar Theses

With digital forms of entertainment and media more inescapable than ever, it has become increasingly difficult to encourage children and teens to read. Simultaneously, despite an overwhelming amount of literature demonstrating the educational benefits of reading, especially as a necessity in the summer between academic years, library budgets are shrinking as federal funding nears its end. How do libraries promote summer reading amidst declining interest and decreased funding? Using data from public libraries across Connecticut, this paper investigates how libraries are adapting their children's summer reading programs to a changing landscape, how programs are designed to incentivize reading without eliminating …

Robust Identification Of Investor Beliefs, Xiaohong Chen, Lars P. Hansen, Peter G. Hansen

Cowles Foundation Discussion Papers

This paper develops a new method informed by data and models to recover information about investor beliefs. Our approach uses information embedded in forward-looking asset prices in conjunction with asset pricing models. We step back from presuming rational expectations and entertain potential belief distortions bounded by a statistical measure of discrepancy. Additionally, our method allows for the direct use of sparse survey evidence to make these bounds more informative. Within our framework, market-implied beliefs may differ from those implied by rational expectations due to behavioral/psychological biases of investors, ambiguity aversion, or omitted permanent components to valuation. Formally, we represent evidence …

Financing Firms In Hibernation During The Covid-19 Pandemic, Tatiana Didier, Federico Huneeus, Mauricio Larrain, Sergio L. Schmukler

Cowles Foundation Discussion Papers

The coronavirus (COVID-19) pandemic has halted economic activity worldwide, hurting firms and pushing them toward bankruptcy. This paper provides a unified framework to organize the policy debate related to firm financing during the downturn, centered along four main points. First, the economic crisis triggered by the spread of the virus is radically different from past crises, with important consequences for optimal policy responses. Second, to avoid inefficient bankruptcies and long-term detrimental effects, it is important to preserve firms’ relationships with key stakeholders, like workers, suppliers, customers, and creditors. Third, firms can benefit from “hibernating,” using the minimum bare cash necessary …

Stability And Robustness In Misspecified Learning Models, Mira Frick, Ryota Iijima, Yuhta Ishii

Cowles Foundation Discussion Papers

We present an approach to analyze learning outcomes in a broad class of misspecified environments, spanning both single-agent and social learning. Our main results provide general criteria to determine—without the need to explicitly analyze learning dynamics—when beliefs in a given environment converge to some long-run belief either locally or globally (i.e., from some or all initial beliefs). The key ingredient underlying these criteria is a novel “prediction accuracy” ordering over subjective models that refines existing comparisons based on Kullback-Leibler divergence. We show that these criteria can be applied, first, to unify and generalize various convergence results in previously studied settings. …

Belief Convergence Under Misspecified Learning: A Martingale Approach, Mira Frick, Ryota Iijima, Yuhta Ishii

Cowles Foundation Discussion Papers

We present an approach to analyze learning outcomes in a broad class of misspecified environments, spanning both single-agent and social learning. We introduce a novel “prediction accuracy” order over subjective models, and observe that this makes it possible to partially restore standard martingale convergence arguments that apply under correctly specified learning. Based on this, we derive general conditions to determine when beliefs in a given environment converge to some long-run belief either locally or globally (i.e., from some or all initial beliefs). We show that these conditions can be applied, first, to unify and generalize various convergence results in previously …

Addressing Urban Income Inequality Through Education: A Case Study In Atlanta, Garrett Bronn

Finance Undergraduate Honors Theses

For decades, the income inequality gap between the rich and poor has continued to expand dramatically, with criticism of existing education systems often at the heart of the issue. Large urban cities are commonly at the forefront of the issue, given the plethora of teacher strikes in recent years. Events such as the 11-day Chicago teacher’s strike in October of 2019 that idled academics and college prep for 350,000 students, have highlighted many current education issues (Hauck, 2019). With underfunded and poorly equipped middle and high schools, students in poor and minority neighborhoods in cities are less prepared academically, ill …

Recursive Preferences, The Value Of Life, And Household Finance, Antoine Bommier, Daniel Harenberg, François Le Grand, Cormac O'Dea

Cowles Foundation Discussion Papers

We analyze lifecycle saving strategies using a recursive utility model calibrated to match empirical estimates for the value of a statistical life. We show that, with a positive value of life, risk aversion reduces savings and annuity purchase. Risk averse agents are willing to make an early death a not-so-adverse outcome by enjoying greater consumption when young and bequeathing wealth in case of death. We also find that greater risk aversion lowers stock market participation. We show that this model can rationalize low annuity demand while also matching empirically documented levels of wealth and private investments in stocks. Our findings …

Recursive Preferences, The Value Of Life, And Household Finance, Antoine Bommier, Daniel Harenberg, François Le Grand, Cormac O'Dea

Cowles Foundation Discussion Papers

We analyze lifecycle saving strategies using a recursive utility model calibrated to match empirical estimates of the value of a statistical life. The novelty of our approach is that we require preferences to be monotone with respect to first order stochastic dominance. The framework we use can disentangle risk aversion and the intertemporal elasticity and can feature a positive value of life without placing constraints on the value of the risk aversion parameter or the intertemporal elasticity of substitution. We show that, with a positive value of life, risk aversion reduces savings, decreases stock market participation and decreases annuity purchase. …

Belief Convergence Under Misspecified Learning: A Martingale Approach, Mira Frick, Ryota Iijima, Yuhta Ishii

Cowles Foundation Discussion Papers

We present an approach to analyze learning outcomes in a broad class of misspecified environments, spanning both single-agent and social learning. We introduce a novel “prediction accuracy” order over subjective models, and observe that this makes it possible to partially restore standard martingale convergence arguments that apply under correctly specified learning. Based on this, we derive general conditions to determine when beliefs in a given environment converge to some long-run belief either locally or globally (i.e., from some or all initial beliefs). We show that these conditions can be applied, first, to unify and generalize various convergence results in previously …

Political Connections And Abnormal Stock Returns: An Analysis Of The Trump Nominations, Kennon Bacon

All Graduate Plan B and other Reports, Spring 1920 to Spring 2023

Shortly after winning the 2016 Presidential Election, Donald Trump began announcing his Cabinet nominations. I examine cumulative abnormal returns (CARs) for firms with political connections to Cabinet and some non-Cabinet level appointments. Nominee and stock characteristics are aggregated, and I find positive and significant CARs surrounding the announcement dates. Additionally, the traits of being a Cabinet nominee, being a board member, and having a narrow confirmation margin all significantly explain the CARs for various event windows and subgroups. The annualized CARs around the announcement date for these firms are often greater than 100% in excess of the market, providing strong …

Effectiveness Of China's Plug-In Electric Vehicle Subsidy, Tamara L. Sheldon, Rubal Dua

Faculty Publications

Subsidies for promoting plug-in electric vehicle (PEV) adoption are a key component of China's overall plan for reducing local air pollution and greenhouse gas emissions from the light-duty vehicle sector. In this paper, we explore the impact and cost-effectiveness of the Chinese PEV subsidy program. In particular, a vehicle choice model is estimated using a large random sample of individual level, model year 2017 Chinese new vehicle purchases. The choice model is then used to predict PEV market share under alternative policies. Simulation results suggest that the 2.5% PEV market share of Chinese new vehicle sales in 2017 resulted in …

Affective Empathy In Non-Cooperative Games, Jorge Vásquez, Marek Weretka

Economics: Faculty Publications

In this paper, we examine strategic settings in which players have interdependent preferences. Players' utility functions depend not only on the strategy profile being played, but also on the realized utilities of other players. Thus, players' realized utilities are interdependent, capturing the psychological phenomena of affective empathy and emotional contagion. We offer a solution concept for these empathetic games and show that the set of equilibria is non-empty and, generically, finite. Motivated by psychological evidence, we then analyze sympathetic and antipathetic games. In the former, players' utilities increase in others' realized utilities, capturing unconditional friendship; in the latter, the opposite …

Federalizing Benefits: The Introduction Of Supplemental Security Income And The Size Of The Safety Net, Andrew Goodman-Bacon, Lucie Schmidt

Economics: Faculty Publications

In 1974, Supplemental Security Income (SSI) federalized cash welfare programs for the elderly, blind, and individuals with disabilities, imposing a national minimum benefit, and differentially raising payment levels in states that paid below its benefit floor. We show that this increased disability participation, but shrank non-disability cash transfer programs. For every four new SSI recipients, three came from other welfare programs. Each dollar of per capita SSI income increased total per capita transfer income by just over 50 cents. Federalizing part of a patchwork safety net need not increase redistribution by as much as traditional models of fiscal federalism suggest.

Ethnic Conflict's Effect On Internet And Black Male Feminism, Seraphin Tala

Honors Scholar Theses

Within the study of democratic institutions worldwide there exists the need to study factors within states, countries, and or territories that elicit or hinder democracy. Among these are the relationships that exist between ethnic cultures that interact within the same governmental structure and the roles they play within that institution. Throughout the African continent, there are many governmental structures that support hundreds of tribes holding various sociocultural differences. These differences have led to ethnic conflicts throughout African history and even escalated to civil war which pose social, political and economic detriments to the nation involved. In recent years the internet …

Does Proximity To Fast Food Cause Childhood Obesity? Evidence From Public Housing, Jeehee Han, Amy Ellen Schwartz, Brian Elbel

Center for Policy Research

We examine the causal link between proximity to fast food and the incidence of childhood obesity among low-income households in New York City. Using individual-level longitudinal data on students living in public housing linked to restaurant location data, we exploit the naturally occurring within-development variation in distance to fast food restaurants to estimate the impact of proximity on obesity. Since the assignment of households to specific buildings is based upon availability at the time of assignment to public housing, the distance between student residence and retail outlets—including fast food restaurants, wait-service restaurants, supermarkets, and corner stores—is plausibly random. Our credibly …

Shattering Glass Ceilings: Where Are All Of The Women In Finance?, Rebecca Schubach

Business and Economics Honors Papers

At a time when women are equally represented in professional fields such as medicine and academia, the finance industry is still facing a lack of gender diversity, most notability at the C-Suite level. Statistics on the paucity of women paint a bleak picture, despite the fact that women are awarded majority of undergraduate and graduate degrees in the United States, a reversal from just one generation ago. This begs the question, what is deterring women from a career in finance? Are compensation discrepancies at play? This paper seeks to examine if being a female truly penalizes a woman in regards …

Cultivating Alternative Subsistence Farming Practices In Dangriga, Belize, Alexander Johnson

Economics Undergraduate Honors Theses

Subsistence farming, also referred to as backyard farming, is an important opportunity for families in areas of low economic status. Small scale poultry farming is another practice often used by families in similar situations because of the financial and nutritional benefits provided. By combining the two practices in a process where they each benefit from the other, a sustainable system can be created. The poultry-garden system can provide a source of food for the household and, if run effectively, supplemental income can be generated through the sale of excess poultry, eggs, or vegetation. This project attempted to take the concept …

The Effects Of South Africa's Unexpected Monetary Policy Shocks In The Common Monetary Area, Bonang N. Seoela

Boise State University Theses and Dissertations

The Common Monetary Area (CMA) is a multilateral agreement that provides a framework for a fixed exchange rate regime between the South-African Rand and the currencies of Lesotho, Eswatini, and Namibia (LEN). The nature of the arrangement restrains the LEN countries from exercising independent discretionary monetary policy. As a result, they must rely on the South African authorities for policy formulation and implementation. Interest rates in the LEN countries cannot deviate too far from those in South Africa. Given this limited scope for monetary policy in the LEN countries, this study investigates how each member country adjusts to shocks to …