Economics Commons^™

High Frequency Factor Analysis With Partially Observable Factors, Dachuan Chen, Wenqi Lu, Siyu Xie

Research Collection School Of Economics

This paper considers a novel factor structure – Partially Observable Factor Model – where both observable factors and latent factors exist in the model simultaneously. Such factor structure can make sure both interpretability and goodness-of-fit at the same time. Necessary estimation methodologies for this partially observable factor model are developed in this paper for the high frequency data. The proposed estimation methodology is robust to jumps, microstructure noise and asynchronous observation times simultaneously.When the observable factors are exogenous, we provide the estimation theory for the integrated eigenvalues of the residual covariance matrix, which including the bias-corrected estimator, central limit theorem …

Editor's Note, Marites Tiongco

DLSU Business & Economics Review

No abstract provided.

Crazy Mountain Fiber Fest 2025, Sweet Grass County, Montana, Ava Worbets, Kika Bradford, Megan Schultz

Institute for Tourism and Recreation Research Publications

This study was conducted for the Sweet Grass County Chamber of Commerce to provide insight into the characteristics of attendees of the 2025 Crazy Mountain Fiber Fest. Fifty-two attendees of the event completed the survey. Results show that 92% of respondents were residents of Montana, of which 33% were from Sweet Grass County. Out-of-county respondents spent an average of 3.9 nights in Montana, reporting a total spending of $8,770.00, mostly in hotel/motel/bed and breakfasts. Results provide event organizers with useful data for future event planning, making improvements to the event, event marketing/promotion, and understanding the visitor spending associated with the …

The Tur Nout Effect: Challenging The Median Voter Theorem, George Thomas Rogers

Theses and Dissertations

The classical Median Voter Theorem (MVT) predicts that, in a two-party system with majority rule, candidates will converge toward the ideological center to capture the median voter. This logic, grounded in spatial models of political competition, assumes full voter participation and fails to account for the growing ideological polarization in modern democracies. This thesis reevaluates the MVT by incorporating probabilistic turnout into a utility-based model of voter behavior. It theorizes that turnout is shaped not only by ideological proximity but also by expressive motivations, including both strong affinity and strong aversion to candidates. A novel measure of turnout utility is …

An Economic Evaluation Of Cook At All Costs, Abigail Green

Theses and Dissertations

Cooking shows have been popular for decades with many variations, prizes, and a collection of talented chefs. The Netflix series Cook at All Costs provides a newer playing field incorporating auctions into the challenging landscape. Home chefs are challenged with creating unique dishes from mystery ingredients boxes acquired through various auction types in hopes of winning a monetary prize. The chefs must balance the trade-off between spending money on higher-quality ingredients to improve their chances of winning and saving money across rounds. This thesis will explore the economic concepts presented in the show by providing an understanding of how the …

Menguji Keberadaan N-Shaped Environmental Kuznets Curve Di Indonesia Dengan Model Ardl, Ridwan Pandu Sunaryo, Erny Tajib

Jurnal Ekonomi dan Pembangunan Indonesia

The study aims to test the existence of the N-shaped Environmental Kuznets Curve (EKC) and to determine the impact of fossil energy consumption and economic activity such as industrialization, urbanization, and trade openness on CO2 emissions in Indonesia from 1971 to 2021, using Autoregressive Distributed Lag (ARDL). The results of this study show that the relationship between per capita GDP and CO2 emissions in Indonesia has a reversed N-shape. Industrialization and per-capita consumption of fossil energy have a positive impact, while trade openness has a negative impact on CO2 per-capita emissions both in the short and long term. Meanwhile, urbanization …

Pengaruh Vaksinasi Covid-19 Terhadap Kesehatan Dan Kondisi Ekonomi Masyarakat Di Indonesia, Ayu Lestari, Fauziah Zen

Jurnal Ekonomi dan Pembangunan Indonesia

The COVID-19 vaccination is considered crucial for controlling the pandemic and accelerating economic recovery. However, empirical evidence on the impact of vaccination on health and the economy at the district/city level in Indonesia remains limited. This study aims to analyze the impact of vaccination on health outcomes and economic conditions. The methodology used is a fixed effect model with monthly panel data on vaccination and health outcomes (positivity rate and recovery), as well as annual data on per capita expenditure in 514 districts/cities from January 2021 to December 2022. The results show that the first dose of vaccination significantly reduces …

Harnessing Zakat To Drive Inclusive Economic Growth: Prospects And Challenges, Moh Najikhul Fajri, Andini Kusumawardhani

Journal Of Middle East and Islamic Studies

This study aims to analyze the role of zakat in promoting local inclusive economic growth in Indonesia. This research uses secondary panel data of 34 provinces during 2017-2022. The analysis techniques used in this study include the Poverty Equivalent Growth Rate (PEGR) inclusive economic growth measurement method and the Static Panel Regression Fixed Effect Model. This study concludes that zakat is proven to be an effective instrument in promoting inclusive economic growth in Indonesia, with a significant impact on income distribution even though its potential is still not optimized. Unique findings reveal that inclusive growth recovered faster than GDP post-pandemic, …

Multi-Period Portfolio Allocation: A One-Shot Stochastic Optimization Approach, Peng Liu, Chyng Wen Tee, Xiaofei Xu

Research Collection Lee Kong Chian School Of Business

Multi-period portfolio optimization is a central problem in finance, yet it is computationally intractable for traditional dynamic programming methods due to the curse of dimensionality. This paper develops a tractable and theoretically grounded 'one-shot' stochastic optimization framework that recasts the sequential decision problem into a single, high-dimensional optimization task. Our approach models the predictive distribution of factor returns using Gaussian Processes (GPs), allowing it to capture complex, non-linear market dynamics. We make three primary contributions. First, for the special case of a linear GP kernel, we derive an analytical solution for the optimal portfolio path, providing a clear economic interpretation …

Do Search Costs Explain Persistent Investment In Active Mutual Funds?, Aljoscha Janssen, Jurre Thiel

Research Collection School Of Economics

Active funds, though losing market share since the 1990s, make up nearly half of all mutual funds but charge more without better performance. We analyze fund data and a search model, highlighting the impact of search costs and active fund preferences. From 1993 to 2018, reduced search costs expanded the market and heightened competition, while a preference shift from active to passive funds increased the latter's market share. However, investors who choose active funds, facing higher search costs, and continue to show a strong preference for them, allow these funds to keep charging higher fees.

One-Sided Limited Commitment And Aggregate Risk, Yoshiki Ando, Dirk Krueger, Harald Uhlig

Research Collection School Of Economics

In this paper we study the neoclassical growth model with idiosyncratic income risk and aggregate risk in which risk sharing is endogenously constrained by one sided limited commitment. Households can trade a full set of contingent claims that pay off depending on both idiosyncratic and aggregate risk, but limited commitment rules out that households sell these assets short. The model results, under suitable restrictions of the parameters of the model, in partial consumption insurance in equilibrium. With log-utility and idiosyncratic income shocks taking two values one of which is zero (e.g., employment and unemployment) we show that the equilibrium can …

The Rising Returns To R&D: Ideas Are Not Getting Harder To Find, Yoshiki Ando, James Bessen, Xiupeng Wang

Research Collection School Of Economics

R&D has grown robustly, yet aggregate productivity growth has stagnated. Is this because “ideas are getting harder to find”? Using microdata from the US Census Bureau this paper estimates R&D effectiveness in the manufacturing sector from 1976 to 2018. We find that the marginal effect of R&D on output and the gross marginal returns to R&D have risen sharply. But rivals’ R&D has also gotten more effective, raising expected obsolescence. But firm productivity growth rises with growth in the R&D stock. Higher obsolescence slows the accumulation of R&D capital, reducing the contribution to productivity growth and shortening innovation lives.

Energetic And Economic Aspects Of Rebound, Part Ii: Applications Of The Framework, Matthew Kuperus Heun, Gregor Semieniuk, Paul Brockway

University Faculty Publications and Creative Works

Widespread implementation of energy efficiency is a key greenhouse gas emissions mitigation measure, but rebound can ‘‘take back’’ energy savings. However, the absence of solid analytical foundations hinders empirical determination of rebound magnitudes. In Part I, we developed foundations of a rigorous, analytical, consumer-sided rebound framework that is approachable for both energy analysts and economists. In this paper (Part II), we develop energy, expenditure, and consumption planes, a novel, mutually consistent, and numerically precise way to visualize and illustrate rebound. Further, we operationalize the macro factor (k) for macroeconomic rebound. Using the framework and rebound planes, we calculate and show …

The History Of Protectionism And Free Trade In The World: How Does It Impact Indonesia?, Dorothea Bening Larasati

Jurnal Vokasi Indonesia

International trade plays an important role in Indonesia's economy, with protectionism and free trade being the two main approaches in the country's trade policy. Protectionism, which aims to protect domestic industries by restricting imports, is often challenged in the face of the need to integrate global markets. In contrast, free trade seeks to open markets without barriers, which can accelerate economic growth and improve international relations. This research aims to explore the impact of protectionism and free trade policies on the Indonesian economy and provide recommendations for the government. The research uses a qualitative approach through a literature study that …

The Medical Check Up Result Data Collection System Function To Determine The Health Condition Of Workers At Pt. Pertamina Region Iii, Shonia Fitriananda, Mohammad Ridha

Jurnal Administrasi Bisnis Terapan

Activities carried out at PT. Pertamina (Persero) is very diverse. One of the activities is Medical Check Up under the auspices of Pertamedika, which is a health facility in PT. Pertamina (Persero) which is intended for workers to be checked for health every year with physical examination in the form of heart examination, blood tests, eye tests, and ultrasonography (USG). With the activities, it is inseparable from direct communication between the administration and workers to confirm each other about the needs and desires of workers who can be helped by the medical administration. The preparation of this academic paper task …

Pengaruh Emotional Intelligence, Locus Of Control, Risk Aversion, Dan Financial Literacy Terhadap Risky Investment Intention Di Indonesia, Sekar Savira Ramadhani, Maria Ulpah, Wardatul Adawiyah

Jurnal Manajemen dan Usahawan Indonesia

This study investigates how individual factors—namely emotional intelligence, external locus of control, risk aversion, and financial literacy—affect the intention to invest in risky financial instruments in Indonesia. The research explores both the direct and indirect effects of these factors on risky investment intentions. Data were collected from 507 respondents through an online questionnaire. The findings indicate that emotional intelligence, external locus of control, and financial literacy positively influence the intention to invest in risky assets, while risk aversion has a negative effect. Additionally, the analysis of indirect effects shows that financial literacy moderates the relationship between emotional intelligence and risk …

The Implications Of Religiosity And Complementary Determinants On The Repurchase Intention Of Halal-Certified Food In Indonesia 2024, Jihan Luthfiyyah Siregar, Nurdin Sobari

ASEAN Marketing Journal

Manuscript Type: Research Article.

Research Aims: This study applies the Theory of Planned Behavior (TPB) framework to examine the impact of religiosity on repurchase intentions for halal-certified food, incorporating factors such as subjective norms, awareness, trust, halal knowledge, halal certification, and perceived behavioral control.

Design/Methodology/Approach: Data were collected from 472 respondents through a purposive sampling survey in Indonesia, and analyzed using Structural Equation Modeling (SEM) with SmartPLS v.3.2.9.

Research Findings: A total of 20 hypotheses were tested. The findings reveal that religiosity influences the mediators—halal knowledge, halal certification, subjective norms, and perceived behavioral control—which, in turn, shape attitudes and stimulate …

Childcare Expense And Demand In The Mountain West, 2023, Lara Karaalp, Yashesvi Sharma, Caitlin J. Saladino, William E. Brown Jr., Kristian Thymianos, Olivia K. Cheche

Economic Development & Workforce

This fact sheet presents 2023 data on childcare expenses in the five Mountain West states of Arizona, Colorado, Nevada, New Mexico, and Utah. The data are sourced from The LendingTree article, “Families Who Pay for Childcare Spend Nearly a Fifth of Their Income on It.” The original report includes data on the states’ percentages of weekly income spent on childcare as well as the percentage of households using paid childcare.

Qris Adoption And Utilization: Examining Gen Z’S Digital Payment Behavior Among Indonesian Vocational Students, Febri Andriyani, Beatrix Siagian, Pijar Suciati, Ajenk Citra

Jurnal Vokasi Indonesia

The rapid growth of digital payment systems has significantly influenced consumer behavior, particularly among Generation Z, who readily adopt cashless transactions. This study examines the adoption and usage of QRIS (Quick Response Code Indonesian Standard) as a payment method at the Vocational Education Program, Universitas Indonesia (Vokasi UI) canteen. Using a descriptive research design, data were collected from 145 respondents through a structured survey with Stratified Random Sampling to ensure representativeness. The findings reveal that 98% of respondents actively use QRIS, and 100% expressed confidence in understanding its functionality. Users rated QRIS as practical and reliable (100%) and secure (98%), …

Trump's Trade Offensive And The Gulf Response: Navigating A New Era Of Us-Middle East Economic Relation, Maudy Noor Fadhlia, Zhillan Zhalila Fahlevi

Journal Of Middle East and Islamic Studies

In 2025, the Trump administration implemented sweeping tariff measures as part of its "America First" trade agenda. While aimed broadly at correcting trade imbalances, these policies have had significant ripple effects on Middle Eastern economies, particularly in the Gulf. The objective is to examine how the Trump administration’s tariff regime constitutes a deliberate exercise in economic statecraft and how Gulf states are responding to preserve economic sovereignty and geopolitical relevance. The methodology involves qualitative research method and collecting the data through documents. The paper distinguishes the U.S. tariff regime through the lens of economic coercion, categorizing these tariffs as strategic …

Islamic Approach Analysis Sustainable Development: The Role Of Geopolitical Risk On Environmental In Indonesia, Basri -. Basri, Muh. Asharif Suleman

Journal Of Middle East and Islamic Studies

Studi ini mengkaji faktor-faktor yang mempengaruhi pembangunan berkelanjutan di Indonesia, dengan fokus pada kualitas lingkungan melalui perspektif Islam. Di tengah dinamika geopolitik global, risiko-risiko tersebut secara signifikan mempengaruhi kebijakan dan praktik lingkungan. Pendekatan Islam menawarkan kerangka kerja yang khas dengan mengintegrasikan nilai-nilai etika, spiritual, dan sosial ke dalam tata kelola lingkungan. Dengan menggunakan data deret waktu dari tahun 1992–2022 dan Model Koreksi Kesalahan Vektor (VECM), penelitian ini menganalisis hubungan jangka pendek dan jangka panjang antara risiko geopolitik, ketegasan kebijakan lingkungan, dan modal manusia terhadap kualitas lingkungan. Hasilnya menunjukkan bahwa risiko geopolitik memiliki efek jangka pendek yang signifikan tetapi tidak berdampak …

General Equilibrium Markets As Distributed Computational Systems, Steven Gjerstad

ESI Working Papers

One principal capability of markets is the coordination of information distributed among market participants who typically have competing incentives. Despite distributed information and conflicting incentives, competition among market participants often leads to socially desirable resource allocation. In this sense a market is a distributed multi-agent mechanism that, in effect, finds an optimal solution to a computational problem that is not known to any individual market participant. The purpose of this paper is to demonstrate that capacity of markets by defining automated agents that interact with one another in a distributed system that implements a socially desirable resource allocation. In this …

Var Analysis: Association Between Non-Performing Loan, Housing Price, Economic Indicators, And Mortgage, Yulifar Amin Gultom, Masruri Muchtar, Pardomuan Robinson Sihombing

Jurnal Akuntansi dan Keuangan Indonesia

Background: The economic crisis from 2008 to 2009 was due to the collapse of the housing price bubble, which increased the default rate or non-performing loans of mortgages. Much research on non-performing loans compared to property price and economic indicators has been done in other countries, but not in Indonesia. This research is modified to suit the housing market in Indonesia, aiming to investigate causality relationships between non-performing loans, residential property price index, gross domestic product, mortgages, and credit interest rates. It also analyzes the impulse response function and variance decomposition of each variable, focusing on non-performing loans to show …

Cost Of Illness Pada Pasien Hipertensi Rawat Jalan Di Puskesmas Gamping 2, Yuni Andriani, Sephia Wulandari, Niken Larasati

Jurnal Ekonomi Kesehatan Indonesia

Hypertension is characterized by increased blood pressure due to various risks that do not function normally in stabilizing blood pressure. According to WHO, the number of hypertension patients worldwide in 2020 reached 972 million (26.4%) and increased in 2021 to 1.2 billion (29.2%). Hypertension treatment must be carried out long, requiring a substantial aggregate treatment cost. Based on BPJS data, in 2014, hypertension accounted for approximately Rp2.8 trillion in healthcare costs, which increased annually until 2016, reaching around Rp4.2 trillion. The purpose of this study is to describe the overall estimated cost of hypertension treatment for outpatients at Puskesmas Gamping …

Determinants Of Catastrophic Health Expenditure Of Households In Indonesia, Rafa Fayza Afrizal, Novira Hasya, Faticha Putri Harda, Wildan Avif Alfathin, Vanissa Nur Latifah, Maxent Rael Nainggolan, Fadillah Rahmah Jaelani, Estro Dariatno Sihaloho

Jurnal Ekonomi Kesehatan Indonesia

The need for healthcare services due to illness is unpredictable, thus burdening patients economically and posing a risk of catastrophic events. The percentage of households with catastrophic health expenditures is defined as out-of-pocket payments exceeding 10% of the household’s capacity to pay for healthcare. Increasing catastrophic expenditure costs can further deteriorate the household’s financial condition. This study analyzes the determinants of catastrophic health expenditures in Indonesian households. A total of 12,892 household samples from the cross-sectional Indonesian Family Life Survey (IFLS) wave 5 (2014) were used in this study. Using a logistic regression model, this study aims to identify various …

Status Sosial Ekonomi Dan Pengeluaran Oop Kesehatan Penyandang Disabilitas, Maxent Rg Nainggolan, Riki Relaksana

Jurnal Ekonomi Kesehatan Indonesia

In 2020, the number of persons with disabilities in Indonesia reached 22.97 million. One of the main challenges this population faces is the high burden of health expenditures, particularly those that are urgent and unpredictable. This study aims to analyze the influence of socioeconomic status on out-of-pocket (OOP) health expenditures among households with persons with disabilities in Indonesia. A quantitative approach was employed using secondary data from the 2022 National Socioeconomic Survey (Susenas), utilizing the core module (KOR) and the household expenditure module (KP). Data were analyzed using the two-part regression model to identify the determinants of OOP health spending. …

The Dynamics Of Word-Of-Mouth Marketing: An Agent-Based Modeling Approach To Message Credibility And Consumer Engagement, Ali Nasirzonouzi, Carlos Gershenson

Northeast Journal of Complex Systems (NEJCS)

Word-of-mouth (WOM) marketing is a critical factor in the dissemination of information and adoption of products in social networks. This paper investigates the impact of two important factors message credibility and consumer engagement on WOM adoption dynamics using agent-based modeling (ABM). This study proposes a simple qualitative model to investigate how these factors influence adoption rates through both broadcast communication and peer-to-peer influence by simulating interactions on a spatially clustered network.

The findings show that increased message credibility significantly boosts adoption, achieving a balance between broadcast and social mechanisms. Also, consumer engagement primarily affects the adoption mechanism, shifting the effect …

Surges In The Shadows: Stock-Flow Adjustments And Public Debt Spikes, Leandro Andrian, Cesar Rodriguez, Oscar M. Valencia

Economics Faculty Publications and Presentations

This paper investigates the drivers of public debt surges in 172 countries from 1980 to 2021, focusing on stock-flow adjustments (SFA)—discrepancies between annual debt changes and budget deficits. Using survival analysis methods, we find that a one percentage point increase in the SFA to GDP ratio raises the hazard rate of a debt surge by 16%, with stronger effects in advanced economies (28%) compared to emerging markets (15%). Conditional on an increasing debt trend, higher SFA significantly increase the probability of a debt spike materializing. We address potential self-selection with an IV approach based on fiscal transparency, emphasizing that accurate …

Do Anterior-Posterior Lumbar Fusions Provide More Short-Term Value Than Posterior-Only? An Application Of The Operative Value Index, Steven R. Glener, Advith Sarikonda, D. Mitchell Self, Ashmal Sami, Danyal Quraishi, Emily Isch, Arbaz A. Momin, Cheritesh R. Amaravadi, Jack Jallo, Joshua Heller, Ashwini Sharan, Alex R. Vaccaro, Srinivas K. Prasad, James Harrop, Nicholas J. Clark, Ahilan Sivaganesan

Department of Neurosurgery Faculty Papers

BACKGROUND: Lumbar fusion is a common treatment for degenerative spine changes. Although both anterior-posterior (AP) and posterior-only approaches are used, their cost-effectiveness remains uncertain. This study aims to compare the costs and short-term "value" (outcomes per dollar spent) of AP and posterior-only lumbar fusions using time-driven activity-based costing and patient-reported outcomes.

METHODS: A retrospective review of AP and posterior lumbar fusions from 2017 to 2022 was conducted. Time-driven activity-based costing was used to assign intraoperative costs based on resource utilization, and the Oswestry Disability Index (ODI) was collected preoperatively and 3 months postoperatively. The Operative Value Index (OVI) was defined …

The Effect Of Bike Lanes On Commuting Patterns And Non-Commuting Perspectives In Cities, Zhuoran Shang

Dissertations - ALL

This dissertation studies how bike lanes affect cities on commuting and non-commuting margins. The first chapter analyzes the impact of bike lanes on commuting behavior, including mode shares, commuting flows, and travel times. Using data from Seattle spanning 2000 to 2012, this chapter employs several reduced-form estimations. Instrumental variable regressions reveal that the provision of bike lanes reduces car mode shares but does not significantly affect bike mode shares. By introducing a novel treatment variable that captures both the proximity and coverage of bike lanes, I find that bike lanes encourage more people to commute by bike, but also contribute …