Economics Commons^™

Capital Structure Strategies For Catalyzing The Growth Of Mining Companies In Developing Countries, Pepe Kalombo Kapompa

Walden Dissertations and Doctoral Studies

A lack of effective strategies to develop capital structures affects operational profit and growth. Consequently, leaders of mining companies in the Democratic Republic of Congo are concerned about the significant financial losses resulting from these deficiencies. Grounded in trade-off theory of capital structure, the purpose of this qualitative multiple case study was to explore strategies that leaders of mining companies in the Democratic Republic of Congo used to develop capital structures that enhance operational profit and growth. The participants included three business leaders from three mining companies who successfully implemented such strategies. Data were collected from semistructured interviews and company …

Ruchir Sharma: What Went Wrong With Capitalism, Vernon L. Smith

ESI Publications

A review of Ruchir Sharma's What Went Wrong With Capitalism.

Partisanship And The Social Construction Of Deservingness In The United States, Christopher Ellis, Chris Faricy

Working Papers

No abstract provided.

Speculative Bubbles In The Recent Ai Boom: Nasdaq And The Magnificent Seven, Rerotlhe B. Basele, Peter C.B. Phillips, Shuping Shi

Cowles Foundation Discussion Papers

The recent artificial intelligence (AI) boom covers a period of rapid innovation and wide adoption of AI intelligence technologies across diverse industries. These developments have fueled an unprecedented frenzy in the Nasdaq, with AI-focused companies experiencing soaring stock prices that raise concerns about speculative bubbles and real-economy consequences. Against this background the present study investigates the formation of speculative bubbles in the Nasdaq stock market with a specific focus on the so-called ‘Magnificent Seven’ (Mag-7) individual stocks during the AI boom, spanning the period January 2017 to January 2025. We apply the real time PSY bubble detection methodology of Phillips …

A Model Of A Veteran-Friendly Community, Manuel Reyes-Loya

Hibbs Brief

This issue highlights how the Tyler Metropolitan Statistical Area (MSA) earned the Veteran‑Friendly Community (VFC) designation from the East Texas Council of Governments by demonstrating strong support for veterans in areas such as healthcare, employment, education, and quality of life. It outlines the community's existing military‑related distinctions (like Purple Heart City status and Military Friendly Schools®) and emphasizes how local economic opportunities, world‑class healthcare, educational programs, and extensive veteran support organizations contribute to making Tyler a welcoming place for veterans and their families. The brief also offers goals to sustain and expand these services, reinforcing Tyler's model approach to honoring …

Analysis Of Systematic Trade-Offs Between Military And Healthcare Expenditure Alongside Gdp Growth Of Select Asian And Western Exporting Economies In The 21st Century, Rahul Balamurugan, Carlos Gershenson, Preethi Nanjundan, Hiroki Sayama

Northeast Journal of Complex Systems (NEJCS)

This study explores the complexity in the trade-offs between military expenditure, healthcare expenditure, and GDP growth across select Asian nations and major weapon-exporting countries, examining how nations allocate finite resources between national security and human well-being over the past two decades. Using a systems science approach, the research integrates Granger causality testing to analyze temporal and directional relationships among GDP growth, military expenditure, and healthcare expenditure, uncovering their dynamic interdependencies. The methodology includes trend and slope analysis, Granger causality testing, outlier detection, and clustering to identify heterogeneity in resource allocation strategies. Developed, weapon-exporting nations exhibit complementary trends, with strong causality …

Bidding With Budgets: Algorithmic And Data-Driven Bids In Digital Advertising, Dirk Bergemann, Alessandro Bonatti, Nicholas Wu

Cowles Foundation Discussion Papers

In digital advertising, the allocation of sponsored search, sponsored product, or display advertisements is mediated by auctions. The generation of bids in these auctions for attention is increasingly supported by auto-bidding algorithms and platform-provided data. We analyze the equilibrium properties of a sequence of increasingly sophisticated auto-bidding algorithms. First, we consider the equilibrium bidding behavior of an individual advertiser who controls the auto-bidding algorithm through the choice of their budget. Second, we examine the interaction when all bidders use budget-controlled bidding algorithms. Finally, we derive the bidding algorithm that maximizes the platform’s revenue while ensuring all advertisers continue to participate.

Implementation Of Salary Caps In European Soccer Leagues, Tobias Ruffo

Honors Projects in Mathematics and Economics

This paper explores the theoretical implications of introducing a salary cap into a sporting system that traditionally lacks such a restriction: the professional European soccer system. Common themes regarding salary caps evident in the literature include views that deem them ineffective or insufficient in enhancing competitive balance, often suggesting that their implementation primarily benefits team owners financially. Conversely, there are studies demonstrating that salary caps indeed promote competitive balance and are not merely instituted for owners' financial gain. These themes will be analyzed through regression analysis of salaries and win percentages across the top four American professional sports leagues. The …

A New Induction Proof Of The Gibbard-Satterthwaite Theorem, Sarvesh Bandhu, Rohit Kumar

Working Papers

In this paper, we provide a new induction proof of the Gibbard–Satterthwaite theorem, where the induction argument builds on n = 1 rather than the existing proofs using n = 2. The provided proof is much shorter, and the arguments are very intuitive, which will be helpful in teaching and for beginners in this field.

Queueing Problem With Dynamic And Heterogeneous Opportunity Costs, Sarvesh Bandhu, Parikshit De, Devwrat Dube

Working Papers

We study queueing problems in which agents have heterogeneous per-period waiting costs (their private information), which can vary with queue position and are thus dynamic. Our goal is to implement a Rawlsian allocation rule that minimises the maximum of individual waiting costs among all agents. Under complete information, we introduce the Just Algorithm, a simple method that always selects a Rawlsian queue. However, in settings with incomplete information where agents possess multidimensional private types i.e., the vector of their per-period waiting costs for each period, we prove that no Dominant Strategy Incentive-Compatible (DSIC) mechanism can implement the Rawlsian queueing rule …

Undominated Monopoly Regulation, Debasis Mishra, Sanket Patil

Working Papers

We study undominated mechanisms with transfers for regulating a monopolist who privately observes the marginal cost of production. A mechanism is undominated if no other mechanism gives the regulator a strictly higher payoff at some marginal cost of the monopolist without lowering the regulator’s payoff at other costs. We show that an undominated mechanism has a quantity floor: whenever the monopolist is allowed to operate, it produces above a threshold quantity. Moreover, the regulator’s operation decision is stochastic only if the monopolist produces at the quantity floor. We provide a near-complete characterization of the set of undominated mechanisms and use …

Willingness To Pay Estimates For Carbon Capture And Management: Evidence From A Pilot Choice Experiment, Bruktawit M. Ahmed, Mahelet G. Fikru

Economics Faculty Research & Creative Works

Utilizing a discrete choice experiment with 250 US electricity consumers, this study estimates willingness to pay (WTP) for each percentage increase in carbon dioxide captured and the preferred carbon management technique—permanent storage or industrial utilization. Results from an alternative-specific conditional logit model suggest a WTP of $0.13 for each percent increase in carbon capture, and an additional $5-$6 per month for industrial utilization over storage. In contrast, the estimated WTP for each percent increase in renewable energy is $0.25, suggesting that consumers value renewable energy nearly twice as much as carbon capture. These preliminary results indicate some preference for carbon …

International Monetary Adjustment With And Without A Global Fiscal Authority, Nathaniel Cline, David Fields, Matias Vernengo

Working Papers

No abstract provided.

Impact Of Foreign Remittances, Foreign Direct Investment And Financial Development On Human Development Of Selected Asian Countries, Sumra Khalid, Ayesha Rehan, Bushra F. Malik

Accounting, Business Analytics, Economics, and Finance Department Faculty Articles

Foreign remittances play a contributing role in determining the growth potential of the nations of the world. Considering its significant role, the existing research has analyzed the major factors affecting the economic growth of some selected Asian nations. The data was utilized from 2005 to 2020 in some selected Asian countries. Human development was used as the dependent variable. However, foreign remittances, financial development and foreign direct investment, trade openness and labor force participation rate were taken as independent variables. The OLS regression results indicated that foreign remittances, foreign direct investment, and financial development led to enhanced nations' human development. …

Research On The Influence Of The Quantity And Quality Of Young Talents On Regional Economic Development, Jinzhao Liu

Dissertations and Theses Collection (Open Access)

This study focuses on the critical impact of both the quantity and quality of young talent on regional, particularly urban, economic development in terms of pace and quality. The paper examines how educated and innovative youth serve as catalysts for economic progress, driving innovation and entrepreneurship in urban areas. Through an examination of economic growth theories and innovation-driven development models, the research employs a Cobb-Douglas production function for empirical analysis, revealing the significant positive influence of high-quality young populations on regional GDP growth.

Concurrently, case studies of Zhongguancun and Suzhou's textile industry demonstrate the transformative power of young talent in …

Implementing Efficiency With Equality, Sarvesh Bandhu, Ratul Lahkar

Working Papers

We consider the implementation of efficiency with minimum inequality in a large population model of negative externalities. Formally, the model is one of tragedy of the commons with the aggregate strategy at the efficient state being lower than at the Nash equilibrium. A planner can restore efficiency by imposing an externality equivalent tax and then redistributing the tax revenue as transfers to lower inequality. We characterize the payment scheme that minimizes inequality, as measured by the Gini coefficient, at the efficient state subject to incentive compatibility and budget balance. We then construct a mechanism that implements efficiency with minimum inequality …

Forgive Me Not? Racial And Institutional Disparities In The Paycheck Protection Program Loan Forgiveness, Vladimir Kotomin, Wyatt Frere, Ruby Morr

Faculty Publications – Finance, Insurance, and Law

Existing research establishes that minority borrowers, particularly Black small business owners, faced significant challenges in accessing funds from the Paycheck Protection Program (PPP), especially in its early stages. We find that institutional and racial disparities persist during the PPP loan forgiveness stage. Controlling for various loan- and borrower-level characteristics, we demonstrate that relationship lenders – community banks, credit unions, and farm credit institutions – are associated with higher rates of PPP loan forgiveness. In contrast, automated lenders – fintechs and fintech banks – exhibit the lowest forgiveness rates. Black borrowers experience the poorest outcomes, except for loans issued by non-depository …

Conviction, Incarceration, And Recidivism: Understanding The Revolving Door, John Eric Humphries, Aurélie Ouss, Kamelia Stavreva, Megan Stevenson, Winnie Van Dijk

Cowles Foundation Discussion Papers

Noncarceral conviction is a common outcome of criminal court cases: for every individual incarcerated, there are approximately three who were recently convicted but not sentenced to prison or jail. We extend the binary-treatment judge IV framework to settings with multiple treatments and use it to study the consequences of noncarceral conviction. We outline assumptions under which widely-used 2SLS regressions recover margin-specific treatment effects, relate these assumptions to models of judge decision-making, and derive an expression that provides intuition about the direction and magnitude of asymptotic bias when a key assumption on judge decision-making is not met. We find that noncarceral …

Borderplex Business Barometer, Volume 9, Number 3, Thomas M. Fullerton Jr., Steven L. Fullerton

Border Region Modeling Project

No abstract provided.

Research On The Mechanism Of China's Stock Market And The Efficiency Of Factor-Based Stock Selection Strategies, Huaixiang Xing

Dissertations and Theses Collection (Open Access)

Based on the data of 4280 firms listed on China's A-share market from 2010 to 2023, this paper constructs 20 market factors and 4 financial factors to systematically study multi factor stock selection strategies in China's stock market. Furthermore, this article analyzes the impact of China's capital market mechanisms on stock selection strategies, which include margin trading and securities lending mechanism, Mainland-Hong Kong Stock Connect mechanism, analyst coverage mechanism, and information disclosure mechanism. The main conclusions are as follows:

Firstly, this paper reveals that 12 market factors, including size, price, and liquidity are all effective pricing factors, and the strategy …

Digital Twin Dynamics: Employee’S Willingness To Adopt Ai Digital-Twin In A Craftsmanship Environment, Seow Hoon Tee

Dissertations and Theses Collection (Open Access)

Singapore’s manufacturing sector, contributing 22% to the nation’s GDP, is undergoing a strategic transformation under the Manufacturing 2030 vision, which aims to increase sector value by 50%. However, a critical challenge emerges in the widening age gap among craftsmen, particularly between 30 and 50 years old, misaligning with succession planning efforts. As senior craftsmen approach retirement, the urgency to transfer specialized expertise significantly increases. In response, initiatives such as the National AI Strategy (NAIS) 2.0 and Industry 5.0 efforts by the Singapore Manufacturing Federation (SMF) and Advanced Remanufacturing and Technology Centre (ARTC) emphasize AI-driven solutions to enhance knowledge retention and …

On Strategy-Proofness And The Salience Of Single-Peakedness In A Private Goods Allotment Problem, Shurojit Chatterji, Jordi Masso, Shigehiro Serizawa

Research Collection School Of Economics

We consider strategy-proof rules operating on a rich domain of preference profiles in a set up where multiple private goods have to be assigned to a set of agents with entitlements and where preferences display satiation. We show that if the rule is in addition tops-only, same-sided and individually rational with respect to the entitlements, then the preferences in the domain have to satisfy a variant of single-peakedness (referred to as multi-dimensional single-peakedness relative to the entitlements). We also provide a converse of this main finding. It turns out that this domain coincides with the one already identified in a …

Food Self-Sufficiency And Building-Integrated Urban Agriculture: Lessons From Singapore, Tomoki Fujii, Christoph Waibel, Xinyi Du, Zhongming Shi

Research Collection School Of Economics

Singapore aims to achieve 30 percent food self-sufficiency by 2030, known as the 30-by-30 target, and this paper reviews Singapore’s changing landscape for urban agriculture and its recent progress towards the 30-by-30 goal, highlighting key challenges such as land constraints, high production costs, and resource limitations. Building-integrated agriculture (BIA), which utilizes building surfaces such as rooftops, façades, and balconies for food production within urban environments, is examined as a potential way to increase self-sufficiency through a simulation. Despite the BIA’s potential, practical issues—including regulatory concerns and infrastructure limitations—must be addressed before it can be implemented at scale. Insights from Singapore’s …

Research Newsletter Faculty Of Arts & Sciences: Issue Iii, Faculty Of Arts And Sciences

Faculty of Arts and Sciences Archives

• Cutting-edge research
• Academic engagement
• Interdisciplinary research
• Public health
• Water-related conflicts
• Salinity tolerance
• Seed priming
• Thatta
• Phonology workshop
• Creative talks

Montana Agritourism In 2024: Opportunities And Challenges In A Changing Landscape, Glenna Hartman, Elena Bigart, Ava Worbets, Hilary Faxon, Melissa Weddell

Institute for Tourism and Recreation Research Publications

Agritourism is a growing industry that offers Montana’s farmers and ranchers an opportunity to supplement their income, preserve agricultural heritage, and foster public engagement with rural communities. With Montana’s rich agricultural history, expansive landscapes, and growing tourism sector, agritourism is uniquely positioned to thrive, benefiting both producers and local economies. This report highlights the opportunities, challenges, and future potential of agritourism in Montana, based on research and survey data from farmers, ranchers, and community stakeholders.

Religion And Economic Development: Past, Present, And Future, Sascha O. Becker, Amma Panin, Steven J. Pfaff, Jared Rubin

ESI Working Papers

This chapter examines the role of religion in economic development, both historically and today. Religion's influence varies globally, with high religiosity in countries like Pakistan and low rates in China. Despite declines in some Western countries, religion remains influential worldwide, with projected growth in Muslim populations due to higher fertility rates. Religion continues to shape societal norms and institutions, such as education and politics, even after its direct influence fades. The chapter explores how religious institutions and norms have impacted economic outcomes, focusing on both persistence and decline. It also examines cultural transmission, institutional entrenchment, networks, and religious competition as …

Religion, Culture, And Politics, Jared Rubin

ESI Working Papers

This chapter presents a conceptual framework for understanding the interaction of religion, ideology, and politics. The framework’s key insights are: i) culture and ideology provide a shared mental framework for interpreting the world; ii) ideology is malleable, and it can be used to justify a wide set of empirical realities in a manner that is consistent with the prevailing mental framework; iii) religion is particularly adept at shaping this mental framework because it attempts to explain the unknown; iv) because co-religionists share a mental framework that depends on a (religious) interpretation of events, religions are particularly likely to be co-opted …

Fintech’S Rise Reshaping Asean’S Financial Future, Swee Liang Tan

Research Collection School Of Economics

Fintech can offset the diminishing effects of bank lending on economic growth. By leveraging innovative technologies, fintech companies can reduce transaction costs, address information asymmetry issues and streamline processes such as customer evaluation and risk assessment. This strategic collaboration between banks and fintech firms can lead to improved efficiency and effectiveness in financial services, such as pressuring traditional banks to innovate in areas such as customer interface and processes, ultimately boosting economic growth.

Subway, Collaborative Matching, And Innovation, Yumi Koh, Li Jing, Jianhuan Xu

Research Collection School Of Economics

Using rapid expansion of the Beijing subway from 2000 to 2018, we analyze its impact on collaborative matches in innovations. We find that an hour reduction in travel time between a pair of locations in Beijing brought 14.85% to 37.69% increase in collaborated patents. Far-apart location pairs were more affected, and the local average causal response is approximately 34.92% to 82.29%. The effect is mainly driven by increased matches among highly productive innovators. The entry of new innovators, relocation of existing innovators, and collaborations among low-productive innovators also contribute to the increase in collaborative matches, especially in the long run.

تشخيص واقع مواقع التواصل الاجتماعي وفاعلية الرسالة التسويقية الإلكترونية: حالة دراسية لعينة من طلاب جامعة بغداد, ماهر فاضل محمد

Muthanna Journal of Administrative and Economics Sciences

تتناول هذه الدراسة تشخيص مواقع التواصل الاجتماعي و فاعلية الرسالة التسويقية الإلكترونية، وذلك من خلال دراسة حالة لعينة من طلاب جامعة بغداد. يهدف البحث إلى تحليل دور منصات التواصل الاجتماعي في تحسين التفاعل مع الإعلانات التجارية وزيادة الوعي بالعلامة التجارية. اعتمدت الدراسة على المنهج الوصفي التحليلي، حيث تم جمع البيانات باستخدام استبيان وزع على 200 طالب، وتم تحليلها إحصائيًا باستخدام معامل ألفا كرونباخ لاختبار الثبات، بالإضافة إلى اختبار التوزيع الطبيعي.

وتتمثل مشكلة البحث تعد الرسائل التسويقية التي تُرسل عبر منصات التواصل الاجتماعي و فاعليتها في استهداف الجمهور، خصوصًا في بيئة العراق الجامعية. ومن هنا، يطرح هذا البحث تساؤلًا رئيسيًا: ما …