Economics Commons^™

The Kindness Of Strangers: Theory And Evidence On Spatial Distance And Giving, James Konow, Leonie Kuhl, Nora Szech

Economics Faculty Works

Arguments for directing charitable giving to distant beneficiaries for their greater benefits contradict actual charitable donations that go mostly to more proximate beneficiaries. Controlled studies reveal mixed results finding the giving-distance relationship to be direct, inverse, flat, or various combinations of the three. This paper reports a new theory of the distinctive relationship between giving and spatial distance and relevant results from four experimental studies. Two studies vary distances between donors and beneficiaries locally: a field experiment involves local refugees and a laboratory experiment local people in need. Both find significant inverse relationships between giving and spatial distance. Two other …

Engaging The Audience Through Gps: Using Ai To Design Experiential Learning Activities In The Social Sciences, Zaki Eusufzai

Economics Faculty Works

Shows how instructors can use AI tools to design experiential learning activities that promote deeper engagement and critical thinking. Introduces the GPS framework— Games, Puzzles, and Storytelling—as an alternative to traditional assessments. A game on social mobility shows how AI-assisted design can produce meaningful classroom simulations that reveal structural inequality and foster reflection. Rather than being a threat, AI can be re-purposed as a creative partner in re-imagining pedagogy.

The David And Goliath Phenomenon: When Small Powers Win Big Wars, Vivian Pettigrew

2026 Research Poster Competition

After over a decade of war, hundreds of thousands dead, and twenty-four years of power, Bashar al-Assad's regime in Syria collapsed in November of 2024 in just twelve days. The success of fragmented Syrian rebels against such a long-standing and powerful government challenges widely held assumptions about power and stability. This research addresses these challenged assumptions by examining the so-called “David and Goliath phenomenon," or cases in which smaller states or rebel groups come out victorious against greater powers. Understanding these cases is crucial to explaining predictability in war and regime vulnerability, while also having important implications for modern international …

An Analysis Of How Adverse Weather Conditions Impact Concessions Revenue At Live College Sporting Events, Luke V. Eiermann

Honors Undergraduate Theses

Previous literature finds that weather affects consumer behavior, though these findings are conflicting among sports fans. While there have been some studies into weather’s effects on attendance, there has not yet been research into its effects on concessions revenue. This is a topic of interest as adverse weather is increasingly prevalent in consumers’ lives, and learning more about their behavior in response to adverse weather is becoming more important. I performed a fixed effects panel data regression, using weather data sourced from the NOAA and sports and population data sourced from various locations. I did not find significant results for …

The Trade-Off Between Quality And Quantity: Evidence From A Field Experiment On Tutoring, Rohen Shaw

Cowles Foundation Discussion Papers

High-dosage tutoring has the potential to substantially raise adolescent academic achievement, but schools may lack the resources to deliver small-group tutoring frequently at scale. This paper studies the relative importance of tutoring group size (quality) versus tutoring frequency (quantity) using a randomized controlled trial in a Midwestern U.S. charter middle school. Students were randomized to a control group, tutoring twice a week in 2-student groups, or tutoring three times a week in 3-student groups, with equal total cost per student across the two treatment arms. The results show that tutoring in 2-student groups led to a statistically significant improvement in …

The First 1000 Days And Beyond: The Process Of Child Development, Orazio Attanasio

Cowles Foundation Discussion Papers

This paper reviews recent developments in the economics of human development, focusing on the early years of life as a critical period for shaping long-term outcomes. Early childhood development is inherently multidimensional: cognitive and socioemotional skills evolve dynamically and interact with health, nutrition, and environmental influences. Economists have contributed to this field by providing a conceptual unifying framework that highlights how key drivers of development reflect the choices of individuals operating under incentives and constraints. Within this framework, the paper emphasizes two central challenges: understanding the interactions among multiple dimensions of development and identifying causal links—particularly the effects of different …

Impacts Of Spatial Intensity Policies On Jakarta Property Prices, Stevanus J. Manahampi, M. Halley Yudhistira

Jurnal Ekonomi dan Pembangunan Indonesia

This study examines the effects of floor area ratio (FAR) and building coverage ratio (BCR) on property prices in Jakarta. Using a hdonic price mdel with data from property listings and a geographical information system (GIS) analysis, it explores how these regulations influence values across regions and property types, accounting for access to amenities and infrastructure. Results show FAR lowers prices in dense areas like Central Jakarta but raises them in less developed regions like East Jakarta. BCR effects are mixed, positive where infrastructure is strong but negative where it is weak, underscoring the need for context-specific urban planning.

Hubungan Pertumbuhan Ekonomi Dengan Inflasi Di 90 Kabupaten-Kota Indonesia, Samsul Arifin, Hermanto Siregar, Lukytawati Anggraeni, Yeti Lis Purnamadewi

Jurnal Ekonomi dan Pembangunan Indonesia

This study aims to explain the relationship between economic growth and inflation in 90 Indonesian cities during the period 2018–2022 using the GMM estimator with Windmeijer - Sigmund robust standard errors. The author’s findings reveal that the two-way relationship between the two is that economic growth has a significant positif effect on inflation, while inflation has a negatif but insignificant effect. Through the results of this study, policymakers and stakeholders can consider priority objectives, namely achieving economic growth targets compared to inflation problems during the COVID-19 crisis and economic development during the future economic recovery.

Menilai Kembali Kapasitas Pajak Daerah: Mampukah Menggeser Sektor Terbelakang Menjadi Sektor Maju?, Oki Sakti Nugrahajati, Setyo Tri Wahyudi, Ahmad Ibnu Riza, Annisa Nurul Hakim

Jurnal Ekonomi dan Pembangunan Indonesia

Tulungagung Regency’s Locally Generated Revenue (PAD) remains concentrated in three main types of taxes, while levies contribute less than optimally. This study aims to analyze the potential and performance of regional taxes and levies as instruments of fiscal independence in Tulungagung Regency using overlay analysis. The analysis shows that several taxes with low contributions have experienced significant growth, indicating policy space for expanding the revenue base. This finding implies that the overlay analysis approach can guide the determination of more precise and contextual fiscal strategies, as well as contribute to the development of a regional fiscal evaluation framework and the …

Dampak Kebijakan Hilirisasi Nikel: Kuasi-Eksperimen Di Sulawesi, Siddiq Robbani, Uka Wikarya

Jurnal Ekonomi dan Pembangunan Indonesia

Studi ini menganalisis dampak kebijakan larangan ekspor bijih nikel (2014–2016) dan pembangunan smelter (2009–2021) terhadap PDRB per kapita dan konsumsi rumah tangga per kapita menggunakan data panel seimbang dari 81 kabupaten/kota di Sulawesi periode 2006–2021. Dampak kausal dan efek spillover dianalisis menggunakan metode Difference-in-Difference (DiD) dan Spatial Durbin Model (SDM). Hasil penelitian menunjukkan kebijakan larangan ekspor tidak berdampak pada kedua variabel. Pembangunan smelter justru berdampak negatif terhadap PDRB per kapita, tetapi menghasilkan efek spillover positif pada PDRBperkapita daerah tetangga dan efek spillover negatif terhadap konsumsi rumah tangga per kapita di daerah non-smelter.

Turning Local Strength Into Regional Change: An Operational Plan For Capacity Building In Virginia’S Tobacco Region, Ellie Plisko

Master of Urban and Regional Planning Capstone Projects

Virginia's Tobacco Region possesses meaningful community assets including committed local leadership, established social networks, and demonstrated resilience, yet many localities consistently struggle to translate those strengths into high-impact economic development projects. The gap is not one of vision or funding, but of organizational capacity: the ability to develop, manage, and implement complex projects over time.

This capstone plan was developed for the Virginia Tobacco Region Revitalization Commission (TRRC) to address that gap directly. Drawing on semi-structured stakeholder interviews, document and case analysis, and comparative institutional assessment, the research identifies the structural, relational, and process-based conditions that distinguish successful projects from …

Borderplex Business Barometer, Volume 10, Number 1, Thomas M. Fullerton Jr., Steven L. Fullerton

Border Region Modeling Project

No abstract provided.

Borderplex Business Barometer, Volume 10, Number 2, Thomas M. Fullerton Jr., Steven L. Fullerton

Border Region Modeling Project

No abstract provided.

Highlights Of The Borderplex Economic Outlook To 2027, Thomas M. Fullerton Jr., Steven L. Fullerton

Border Region Modeling Project

No abstract provided.

El Paso Business Cycle Downturn Analysis: 1991 – 2025, Steven L. Fullerton, Thomas M. Fullerton Jr.

Border Region Modeling Project

Recession indicator research for the United States and other national economies has accelerated since 2019. Because of relative ease of implementation, these indices show much promise and expand the business cycle toolkit for applied economists, policy analysts, and business planners. From a regional perspective, a potentially attractive feature of these indices is fairly minimal data requirements. This study extends this branch of the business cycle literature into the realm of regional economics. An application of the framework is developed for El Paso, Texas, USA. That metropolitan economy is a natural candidate for this type of exploratory analysis because of the …

Identifying Industry-Preferred Automation Software In Engineering: An Indeed-Based Analysis To Inform Engineering Technology Curriculum Design, Triet Minh Phan, Collins Okafor, Winifred Okafor, Devang Mehta, Mohsen Souissi, Jenora Waterman, Connie Mayberry, Misty Thomas, Orlando Ayala, Angie Price, Maurizio Manzo

Engineering Technology Faculty Publications

In the evolving field of automation engineering, staying aligned with industry software demands is critical to preparing graduates for the modern workforce. This study investigates the prevalence of leading industrial automation platforms—Rockwell / Allen-Bradley (RSLogix / Studio 5000), Siemens (TIA Portal / Step 7), and Schneider Electric (EcoStruxure / Unity Pro)—across job postings collected from Indeed using the keyword "automation engineering." The research compiles a structured dataset of job postings with seven fields: ID, Job Title, Organization, Rockwell / Allen-Bradley, Siemens, Schneider Electric, and Posting URL. Each entry is manually coded to indicate whether the listed software platforms are mentioned, …

Medical And Recreational Cannabis In Colorado: Evidence From County-Level Sales And Medical Cards, Ethan Sattley

CMC Senior Theses

This thesis examines how Colorado’s cannabis market transitioned after recreational legalization by analyzing county-level medical card registrations and the medical share of cannabis sales from 2010–2020. Using an event-study design, I find that medical participation remained stable for several years after recreational sales began in 2014, but then declined sharply, by roughly 50–60 cards per 10,000 residents, about ten quarters after legalization. Using annual sales data, I show that the medical share of total cannabis revenue collapsed much more quickly, falling by more than half between 2014 and 2015 and converging near zero in most counties by the late 2010s. …

Determinants Of The U.S. Experience Economy: A Macroeconomic, Demographic, And Technological Analysis, 1984–2023, Chloe Ross

CMC Senior Theses

Pine and Gilmore et al. 1999 examine American consumers’ preferences for experiences over durable goods. Since then, there has been a multitude of research on the psychology behind this shift in consumption preferences, and there has been an abundance of media coverage of the new “experience economy.” This thesis goes beyond psychology and examines the macroeconomic, demographic, and technological determinants of experiential spending in the United States from 1984 to 2023. I use annual data from the Bureau of Labor Statistics’ Consumer Expenditure Survey (CES) and variables from the Bureau of Economic Analysis (BEA), Federal Reserve Economic Data (FRED), US …

Keeping America Ahead: The Global Chip Conundrum, Ethan Chen

CMC Senior Theses

Semiconductors underpin nearly every aspect of modern economic, military, and technological power. Yet while the United States pioneered chip innovation and design, it now heavily depends on foreign manufacturing, particularly Taiwan and the Taiwanese Semiconductor Manufacturing Company who produce more than 90% of the world’s leading edge chips. This thesis investigates how the U.S. lost its fabrication leadership, what risks its current dependence creates, and what strategies can most effectively restore domestic capacity and resilience in both the short term and long term. By going through historical analysis of industrial development, recent policy evaluation such as export controls and the …

Macroeconomic Resilience And Sentiment Dynamics In The Global Luxury Fashion Industry, Mehr Gupta

CMC Senior Theses

The global luxury fashion industry is often viewed as a sector where broad economic conditions intersect with individual spending behavior. Yet despite this common assumption, it remains unclear whether macroeconomic fluctuations meaningfully shape luxury firms’ financial performance. This thesis examines the relationship between four key macroeconomic indicators - consumer sentiment, disposable income, unemployment, and exchange rates - and firm-level quarterly revenue for twelve publicly listed luxury companies from the early 2000s through 2024. Firm financial data from S&P Capital IQ are matched with macroeconomic measures from the Federal Reserve (FRED), and the analysis employs a two-way fixed-effects framework with firm …

Factors Correlated With State-Level Variation In Grocery Consumption Changes During The Covid-19 Pandemic, Sun Young Byun

CMC Senior Theses

In this paper, I employ a two-part empirical strategy to explore the effects of the COVID-19 pandemic on grocery consumption across U.S. states. First, I use the United States Department of Agriculture's Weekly Retail Food Sales data from 2018-2023 to estimate a time-series panel model. I use the results to test three hypotheses regarding state-level variation in consumption changes and impacts in the initial pandemic period, the remaining pandemic period, and the post-pandemic period. Second, I use the estimated state-level effects as dependent variables in cross-sectional regressions to test three hypotheses linking variation in state-level consumption patterns to economic, demographic, …

The Lipstick Effect Across Economic Crises: An Empirical Study Of Cosmetics And Luxury Spending From 2004 – 2023, Richard M. Sweeney Iii

CMC Senior Theses

This paper examines whether consumers shift toward lower-cost beauty products during periods of economic uncertainty and whether this behavior moves with financial market volatility. Using household-level microdata and aggregate monthly expenditure data from the Bureau of Labor Statistics’ Consumer Expenditure Surveys (2004–2023), the study evaluates how cosmetics spending changes relative to jewelry across two major economic crises: the Global Financial Crisis and the COVID-19 pandemic. Across both datasets, cosmetics consistently become a larger share of discretionary spending when economic conditions deteriorate, supporting the presence of a lipstick-effect pattern. At the macro level, cosmetics spending is generally inversely related to market …

The Tcja And Shareholder Payouts, Carson T. Bloom

CMC Senior Theses

Abstract

The Tax Cuts and Jobs Act (TCJA) provided corporations an estimated $233 billion in tax savings, yet relatively little is known about how firms allocated this cash windfall. This study examines whether growth and mature firms differed in whether they used these tax savings to distribute dividends and repurchase shares. Using panel data on publicly traded North American firms from 2016–2019, I classify firms as either growth or mature based on their cash-flow patterns and estimate the effects of the TCJA on their behavior using a difference-in-differences design.

The results indicate that mature firms increased shareholder payouts significantly more …

Maternity Leave And Women’S Leadership In A Changing Work Environment: Global Evidence, Josefine Byström

CMC Senior Theses

Family leave policies play a central role in shaping women’s participation and advancement in the labor market. This study investigates whether the relationship between maternity leave duration and women’s labor outcomes has changed before and after the COVID-19 pandemic. Using a cross-country panel spanning multiple years with fixed effects, this study examines two related outcomes: women’s labor force participation and representation in leadership. Prior to 2011, maternity leave duration displayed opposite non-linear patterns across these outcomes: an inverted U-shape for labor force participation, peaking at moderate leave lengths, and a U-shape for women’s leadership, which improved only at longer durations …

From Static Λ To Moving Penalties: Dynamic Regularization In Mean-Variance Portfolio Choice, Ariel Santiago

CMC Senior Theses

This thesis evaluates whether dynamically tuned weight penalties can improve high-dimensional mean-variance portfolio choice. Classical Markowitz portfolios perform poorly when the number of assets is large relative to the data, because small estimation errors in means and covariances can generate extreme, fragile allocations. A common remedy is to regularize the weights using L1 (lasso), L2 (ridge), or elastic-net penalties, but these are typically chosen once and held fixed. Using monthly excess returns on the 48 Fama-French industry portfolios from January 2010 to June 2025, this thesis compares penalized mean-variance and minimum-variance strategies under long-only and long-short constraints, with and without …

Esg And Misvaluation In U.S. Equity Markets, Rohaan Bhojwani

CMC Senior Theses

Existing research has produced conflicting conclusions on whether environmental, social, and governance (ESG) characteristics are efficiently priced in equity markets. While some studies argue that ESG performance improves firm value through lower risk and stronger fundamentals, others suggest that investor demand has inflated valuations in the past beyond intrinsic worth. This thesis examines whether ESG-driven valuation gaps represent justified pricing through firm fundamentals or systematic mispricing using Bartram and Grinblatt’s Agnostic Fundamental Analysis Framework (2018).

For this paper, I analyze the top 1000 U.S public firms by market value. I regress the market value on 19 accounting fundamentals for these …

Three Essays In Labor Economics, Yoritsugu Shimazu

Electronic Theses & Dissertations (2024 - present)

The first chapter decomposes aggregate productivity growth into a pure-technology contribution and an allocative-efficiency contribution for Japan and the United States, applying a single estimation methodology symmetrically to comparable firm-level panels. Production functions are estimated by the Gandhi, Navarro, and Rivers (2020) gross-output procedure under monopolistic competition (GNR-MC), which recovers firm-level price markups and wage markdowns, and these enter the Baqaee–Farhi (2020) decomposition through the closed form of Aoki et al. (2024). Both panels are drawn from Compustat with identical pre-processing and estimation, and we close the markup-level identification gap that GNR leave open with a normalization anchored on the …

The Economics Of The U.S. Student Loan Market And The Case For The Education Development Financial Institution, Ian Akers

CMC Senior Theses

The United States student loan market is shaped by a variety of market failures–credit constraints, positive externalities, behavioral frictions including myopia, debt aversion, and misperception–that together justify government intervention in the market. Yet the design of federal intervention is just as important as its existence. This thesis details the economic theory underpinning the market for student loans, evaluates three historical federal student loan programs (the Perkins Loan Program, the Federal Family Education Loan Program, and the Federal Direct Loan Program) through the lens of that theory. The thesis then proposes a novel institutional model as a targeted response to the …

Algorithmic Trading In Idiosyncratic-Payoff Markets: A Multi-Agent System For On-Chain Prediction Contracts, Saif Aldeen A.K. Agha

CMC Senior Theses

This thesis documents the design, deployment, and forward-test evaluation of an evolutionary multi-agent algorithmic trading system on Polymarket, the largest decentralized prediction market. The system pairs a locally-hosted 72-billion-parameter language model with a gradient-boosted statistical filter and an evolutionary selection mechanism that maintains a population of approximately 500 autonomous trading agents. Each agent generates a probability estimate for an event, compares it to the prevailing market price, and trades the resulting disagreement.

The central empirical exercise estimates a panel regression of trade-level profit on the absolute disagreement between the agent's probability estimate and the market price, controlling for agent identity, …

Decomposing Carbon Intensity In U.S. Imports: Trade Composition Vs. Technological Change From 2000-2019, Alyssa K. Wong

CMC Senior Theses

This paper examines whether the increasing share of U.S. manufactured imports from China between 2000 and 2019 affected the carbon intensity of U.S. consumption. Bilateral trade data from BACI are combined with emissions data from the OECD Inter-Country Input-Output framework to construct a measure of carbon intensity defined as emissions embodied per dollar of imports at a country level. Changes over time are decomposed into composition effects, driven by shifts in import shares, and technique effects, driven by changes in emissions intensity within exporting countries. Carbon intensity declines substantially over the period. While increased imports from China would have raised …