Economics Commons^™

Speed Traps: Algorithmic Trader Performance Under Alternative Market Structures, Yan Peng, Jason Shachat, Lijia Wei, S. Sarah Zhang

ESI Working Papers

Using laboratory experiments, we illustrate that trading algorithms that prioritize low latency pose certain pitfalls in a variety of market structures and configurations. In hybrid double auctions markets with human traders and trading agents, we find superior performance of trading agents to human traders in balanced markets with the same number of human and Zero Intelligence Plus (ZIP) buyers and sellers only, thus providing a partial replication of Das et al. (2001). However, in unbalanced markets and extreme market structures, such as monopolies and duopolies, fast ZIP agents fall into a speed trap and both human participants and slow ZIP …

The Cost Effectiveness Of Mental Health Treatment In The Lifetime Of Older Adults With Hiv In New York City: A Markov Approach, Juan J. Delacruz, Mark Brennan-Ing, Andreas Kakolyris, Omar Martinez

Publications and Research

Background

There are noticeable gaps in knowledge regarding the cost and effectiveness of integrated medical and behavioral services for older adults with HIV. Their lifespan is close to the population’s level but their quality of life has sharply declined due to depression and substance use. Mental health disorders are widespread among an aging population with HIV. Objective The aim of this study was to build a decision analytic model to evaluate medical interventions with and without mental health treatment using primary data of 139 older adults with HIV and health outcomes from the literature.

Methods

We tracked the progression of …

Impacts Of The Covid-19 Pandemic And The Cares Act On Earnings And Inequality, Guido Matias Cortes, Eliza C. Forsythe

Employment Research Newsletter

No abstract provided.

Economic Insecurity And Social Stability: An Exploration Of One Of Capitalism’S Vicious Cycles, Costas Panayotakis

Publications and Research

This article analyzes how capitalism’s connection to economic insecurity can, rather than fomenting social unrest, facilitate its reproduction. Also responding to contrasts in the literature between rising insecurity in recent decades and the containment of insecurity in capitalism’s post-war ‘golden age,’ this article explains why growing insecurity is more consistent with capitalism’s normal operation. Underlining the difficulty of replicating post-war efforts to mitigate insecurity through social and welfare policies, this article also sketches how the vicious cycle between capitalism and economic insecurity contributes to other serious social problems, including racism, sexism, xenophobia, the hollowing out of political democracy and a …

Nudges To Increase Completion Of Welfare Applications, Christopher J. O'Leary, Dallas Oberlee, Gabrielle Pepin

Upjohn Institute Policy and Research Briefs

No abstract provided.

Seasonal Forecast Based Preharvest Hedging, Eric D. Hunt, Cory Walters, Toni Klemm, Iyore Eronmwon

Cornhusker Economics

Given the immense effect of weather on agriculture, skillful weather forecasts are of importance to agricultural producers for effective decision making. Weather forecasts affect operational decisions such as whether or not to irrigate (where applicable), when to apply fertilizer, when to spray herbicide and pesticide, and certainly the timing of planting and harvesting. At the seasonal time scale, say in the spring, just before planting, weather forecasts may be used for strategic decision making on outcomes, say from preharvest hedging (hereafter referred to hedging), that will not be realized until the fall or harvest. Historically, the lack of skill in …

Establishing Factors Affecting Tax Morale Of The Millennials In The Gig Economy, Farah Nabila Md Fadzil

Student Works (2020-2029)

The lack of clear conceptual framework and understanding of the tax morale in the gig economy is due to the contemporary literature being sparse. Considering the development of the gig economy, the purpose of this study is to provide insights on the factors affecting tax morale of those working in the gig economy. Data was then collected from millennials working in the gig economy through a questionnaire survey and analysed using second generation multivariate analysis, known as PLS-SEM. Taking into account self-efficacy and social cognitive theory as theoretical foundation, the findings reveal that while the extent of the dependency on …

Nudges To Increase Completion Of Welfare Applications: Experimental Evidence From Michigan, Christopher J. O'Leary, Dallas Oberlee, Gabrielle Pepin

Upjohn Institute Working Papers

The Temporary Assistance for Needy Families (TANF) program provides cash assistance to very-low-income families with children. Application procedures to receive TANF benefits, however, often involve substantial transaction costs likely to reduce take-up. We estimate, through a randomized controlled trial design, the effects of a detailed telephone-call reminder to increase TANF application completion in southwest Michigan, where applicants must visit a regional public employment office at least four times to be eligible for benefits. We do not find that personalizing reminder calls increased participation in the initial appointment at the public employment office. However, conditional on attending the initial session, applicants …

The Extent Of The Customers Satisfaction On The Elements Of The Marketing Mix Applied In The Algerian Public Commercial Banks : An Empirical Study, Aboubaker Khoualed

Journal of the Arab American University مجلة الجامعة العربية الامريكية للبحوث

This study aims; in general, to know the extent of the customer’s satisfaction on the various elements of the marketing mix: Product, Pricing, Promotion, Place, Physical evidence, People, and Processes applied in the Algerian public commercial banks. To achieve the above-mentioned method, the researcher used a descriptive and an analytical field survey which is designed according to Likert Quintet scale. This survey was distributed randomly to a sample consisting of (150) customers of the Algerian commercial public banks which are six, namely: The National Fund for Savings and Reserve (CNEP), the National Bank of Algeria (BNA), the Popular Credit of …

The Islamic Parties In Power Experience In Both Egypt And Turkey: A Political Economy Comparative Study As Stated By Michael Mann's Theory Of " The Sources Of Social Power", Durgham Shtaya

Journal of the Arab American University مجلة الجامعة العربية الامريكية للبحوث

The study aimed to compare between the experience of Turkish Justice and Development Party (JDP), and Egyptian Muslim Brotherhood in power, by using Mann's theory (1986, 1993) of social power, which depends on four power networks (Ideological, Economic, Political and Military networks) through applying this theory to the Turkish and Egyptian cases. It has been found out that the (JDP) has invested its control in the political network, particularly through its success in the elections, to penetrate and control the other power networks. It has achieved that by adapting its flexible ideology, which has contributed to the solution of many …

The Relationship Between Government Expenditure And Gdp In Nonoil Iraqi Economy, Hasan Radhi

Journal of the Arab American University مجلة الجامعة العربية الامريكية للبحوث

In this paper, the relationship between government ependiture and Gross Domestic Product (GDP) in non-oil Iraqi economy has been examined. This study analyzed the evolution of the government expenditure (consumption and investment) in the Iraqi economy for the period of (1990-2014).It is assumed that non-oil GDP is the indicator that reflects the performance of macroeconomic activity and any decline in GDP is attributed to the increase in the consumer behavior in the government expenditure policy , the proportion of the consumer expenditure,which is financed by oil revenues, and the transformation of state institutions into social security institutions at the expense …

A Theory Of Cultural Revivals, Murat Iyigun, Jared Rubin, Avner Seror

ESI Working Papers

Why do some societies have political institutions that support productively inefficient outcomes? And why does the political power of elites vested in these outcomes often grow over time, even when they are unable to block more efficient modes of production? We propose an explanation centered on the interplay between political and cultural change. We build a model in which cultural values are transmitted inter-generationally. The cultural composition of society, in turn, determines public good provision as well as the future political power of elites from different cultural groups. We characterize the equilibrium of the model and provide sufficient conditions for …

Aggregate Implications Of Firm Heterogeneity: A Nonparametric Analysis Of Monopolistic Competition Trade Models, Rodrigo Adão, Costas Arkolakis, Sharat Ganapati

Cowles Foundation Discussion Papers

We measure the role of firm heterogeneity in counterfactual predictions of monopolistic competition trade models without parametric restrictions on the distribution of firm fundamentals. We show that two bilateral elasticity functions are sufficient to nonparametrically compute the counterfactual aggregate impact of trade shocks, and recover changes in economic fundamentals from observed data. These functions are identified from two semiparametric gravity equations governing the impact of bilateral trade costs on the extensive and intensive margins of firm-level exports. Applying our methodology, we estimate elasticity functions that imply an impact of trade costs on trade flows that falls when more firms serve …

Mothers’ Social Networks And Socioeconomic Gradients Of Isolation, Alison Andrew, Orazio P. Attanasio, Britta Augsburg, Jere Behrman, Monimalika Day, Pamela Jervis, Costas Meghir, Angus Phimister

Cowles Foundation Discussion Papers

Social connections are fundamental to human wellbeing. This paper examines the social networks of young married women in rural Odisha, India.. This is a group, for whom highly-gendered norms around marriage, mobility, and work are likely to shape opportunities to form and maintain meaningful ties with other women. We track the social networks of 2,170 mothers over four years, and find a high degree of isolation. Wealthier women and women more-advantaged castes have smaller social networks than their less-advantaged peers. These gradients are primarily driven by the fact that more-advantaged women are less likely to know other women within their …

Tax Credits For Child Care Increase Take-Up And May Help More Mothers Work, Gabrielle Pepin

Employment Research Newsletter

No abstract provided.

Factors Influencing The Dry Bulk Sales And Purchase Market : Capesize Vessels, Alexandros N. Atzas

World Maritime University Dissertations

No abstract provided.

Relationship Between Port Performance And Economic Development : A Case Study On The Freeport Of Monrovia, Deanna Dolobah-Togba

World Maritime University Dissertations

No abstract provided.

An Impact Of Maritime Trade On The Nigerian Economy, Femi Emmanuel Ogunleye

World Maritime University Dissertations

No abstract provided.

Managerial Incentives To Repeatedly Collude: Frequency, Partners And Governance Rules, Catarina Marvao Dr., Chloé Le Coq

Articles

Cartel recidivism has been discovered among many convicted firms and is often perceived as a result of the limited efficiency of competition policy. The incentives for managers to collude have been linked to the firm’s organizational structure, the corporate culture, and the type of executive compensation packages in place.

To the extent that undetected cartels differ from detected ones in relevant dimensions, the current empirical results on illegal cartels are biased. To tackle this issue, we use a novel dataset of a population of cartels, which were legal in Sweden up until 1993. We contribute to the current debate on …

Data Driven Value-At-Risk Forecasting Using A Svr-Garch-Kde Hybrid, Marius Lux, Wolfgang Karl Hardle, Stefan Lessmann

Sim Kee Boon Institute for Financial Economics

Appropriate risk management is crucial to ensure the competitiveness of financial institutions and the stability of the economy. One widely used financial risk measure is value-at-risk (VaR). VaR estimates based on linear and parametric models can lead to biased results or even underestimation of risk due to time varying volatility, skewness and leptokurtosis of financial return series. The paper proposes a nonlinear and nonparametric framework to forecast VaR that is motivated by overcoming the disadvantages of parametric models with a purely data driven approach. Mean and volatility are modeled via support vector regression (SVR) where the volatility model is motivated …

Rhode Island Current Conditions Index -- November 2020, Leonard Lardaro

The Rhode Island Current Conditions Index

No abstract provided.

Fashion Design Piracy: An Issue Of Intellectual Property Or Economic Impact?, Vendela Dente

Fordham Undergraduate Law Review

Currently, United States law offers no fashion design protection against design piracy. The fashion industry profits from pioneering creative content; yet, this content lies outside the domain of intellectual property law. Fashion designs are inevitably undervalued by consumers and the industry due to the lack of protection of original designs for the benefit of the industry's monetary value. Fashion design can be protected under copyright, trademark and patent law but these laws provide ambiguity and strict requirements for fashion labels. This Note will discuss the effects of fashion piracy both on innovation and the fashion industry’s bottom line.

Taxing Gambling Machines To Enhance Public And Private Revenue, Thomas A. Garrett, David Paton, Leighton Vaughan Williams

Faculty and Student Publications

© 2020 The Authors. Kyklos published by John Wiley & Sons Ltd Electronic gambling (‘slot’) machines are a key component of the global gambling industry. We introduce a theoretical framework which shows that under reasonable assumptions, shifting from a per-machine licence fee to a gross profits tax (GPT) on machine revenue can help to resolve policy tensions between industry profitability, economic growth and government revenue. We test the theory using data on recent changes to gambling taxation in the UK, in particular the move to a gross profits-based Machine Games Duty (MGD). Our results reveal that the shift from licence …

Labor Market, Urban Poverty And Propoor Employment Policies, Heba Nassar, Heba El-Laithy

Faculty Journal Articles

A complicated relationship exists between labor market mechanisms and poverty. Poverty might arise from labor market mechanisms, as much as from other more obvious factors such as overall living standards, low levels of production and productivity as well as socioeconomic conditions that lead to inequalities in the labor market. This paper tries to study the relationship between urban poverty and the labor market by constructing a poverty index using the data of the Survey" Socioeconomic conditions of Work in Greater Cairo". Factor analysis was used to combine seventeen socio-economic variables in one poverty index. The index was used to study …

Are Community Banks A Driver Of New Business Formation? Empirical Evidence From The United States From 2005 To 2015, Christopher Dodd

Honors Projects in Economics

The number of small banks in the U.S. has dropped drastically since the Global Financial Crisis (GFC) (Federal Deposit Insurance Corporation [FDIC], 2018). Small businesses, which are essential to a well-functioning economy, often rely on banks as a source of financial capital. This study helps explain if the number of community banks in a state impacts new business formation and whether financial regulation passed following the GFC, specifically the DoddFrank Wall Street Reform and Consumer Protection Act of 2010, moderates the significance of the relationship. This thesis contributes to the literature in a few major ways. First, it provides a …

America At A Glance: Unemployment Among People With Disabilities During The Covid-19 Recession, University Of Montana Rural Institute

Employment

People with disabilities are often the first to experience economic disruptions, and among the last to recover. Unemployment among people with disabilities spiked to 18.9% in April 2020 and declined to 12.5% in September. Both the initial increase and recent decrease in unemployment was primarily driven by changes in temporary unemployment (unemployed workers who expect to go back to their same job within six months). While temporary unemployment has gone down, permanent unemployment has risen since the recession began, and may indicate that for some, temporary unemployment is becoming permanent. As the recession wears on and unemployment benefits begin to …

Producer Services: An Engine For High-Wage Job Growth, Spencer Cook, Eric Thompson

Business in Nebraska

Producer services providers are firms that sell services primarily to the business community rather than to individuals and households. Many producer services businesses are classified in the professional, scientific, and technical service (PSTS) industry. Accounting firms, consultants, and computer design services are prominent examples of PSTS businesses that are worth studying for three reasons:

1. SUPPORT OF OTHER INDUSTRIES: PSTS industries supply the broader business community, making them a critical segment of the economy.

2. RAPID HIGH WAGE JOB GROWTH: Many PSTS industries are rapidly growing and pay high wages. The producer services sector, in fact, is the principal source …

Data For "An Experimental Investigation Of Health Insurance Policy And Behavior", J. Dustin Tracy, Hillard Kaplan, Kevin James, Stephen Rassenti

ESI Data Sets

We introduce a new experimental approach to measuring the effects of health insurance policy alternatives on behavior and health outcomes over the life course. Cash-motivated subjects are placed in a virtual environment where they earn income and allocate it across multi-period lives. We compare behavior across age, income and insurance plans---one priced according to an individual's expected cost and the other uniformly priced through employer-implemented cost sharing. We find that 1) subjects in the employer-implemented plan purchased insurance at higher rates; 2) the employer-based plan reduced differences due to income and age; 3) subjects in the actuarial plan engaged in …

Macroeconomic Aspects Of Maintenance Optimization Of Critical Infrastructures, S. A. Timashev, A. V. Bushinskaya

Engineering Management & Systems Engineering Faculty Publications

The main goal of maintenance is prevention, timely detection and elimination of failures and damage. From the point of view of critical infrastructures (CIs), the main purpose of their maintenance is to increase the safety of CIs and / or to ensure life safety. CIs should be optimal in terms of their purpose, cost, as a source of income and profit at all stages of their life cycle, and also acceptable in terms of possible loss of human lives or injuries. The paper considers the assessment of necessary optimal investments in the maintenance (time interval between subsequent maintenance), to increase …

Some Regional Economic Perspectives On Covid-19 Impacts, Paul A. Coomes

Institute for the Study of Free Enterprise Working Papers

It has been about eight months since the Covid-19 pandemic began sweeping across America, causing the well-known health care emergency, and major economic and fiscal distortions. Presumably, we are in the last stages of the damage, as activity has picked up in most realms of daily life. However, recovery problems linger in many areas, including air travel, cruises, hotels, conventions, concerts, and schools. While not over, enough information has emerged to start documenting the regional economic impacts around Kentucky. This note examines the latest public data to study the apparent economic and fiscal damage related to Covid responses, public and …