Economics Commons^™

Working Paper No. 88, Algorithms And Thorstein Veblen’S ‘Machine Process’, Eunji Jang

Working Papers in Economics

This inquiry seeks to establish that the ‘machine process’ which Thorstein Veblen introduced into the Economics literature back in 1904, exhibits similarities to algorithms that are readily found in contemporary times--more than one hundred years on. In The Theory of Business Enterprise [1904] (2005), Veblen defines the machine process as a system that prioritizes efficiency, standardization, and automation. Relatedly, this inquiry argues that algorithms are based upon similar principles and exhibit similar tendencies that yield similar outcomes. Additionally, this inquiry explores the institutional role of algorithms, elaborating upon how their increasing prevalence and solidification might serve to enhance efficiency in …

Working Paper No. 91, The Emergence Of Industrial ‘Sabotage’ In The Evolution American Health Insurance, H. J.

Working Papers in Economics

This inquiry seeks to establish that over the years the American health insurance industry has evolved in the direction of offering more and more disadvantages versus advantages to consumers as holders of insurance policies as well as healthcare products and services. In the tradition of Thorstein Veblen, this tendency should be considered as an institutional evolution that can be traced back in time to its origins in mutual aid societies and lodge practices. With the industrialization of the American economy, the healthcare industry exhibits signs of advancing, and but one indicator of this advance is that insurance plans became formalized. …

Working Paper No. 87, The Double-Edged Sword Of American Philanthropy, Nathan Lewis-Lusso

Working Papers in Economics

This inquiry seeks to establish that American philanthropy, often hailed as a moral virtue, is in part a reflection of systemic policy failures that have forced private individuals to address public needs. While one blade of the philanthropic sword has historically provided essential support in areas such as education, healthcare, and poverty alleviation, the other blade of the sword has also allowed for wealthy individuals to shape public priorities, often reinforcing existing inequalities. By analyzing the historical development of philanthropy, its role in addressing policy gaps, and its potential in undermining democratic governance, this inquiry highlights the complex and often …

Semiparametric Cointegrating Rank Selection For Curved Cross Section Time Series, Peter C.B. Phillips

Cowles Foundation Discussion Papers

Cointegrating rank selection is studied in a function space reduced rank regression where the data are time series of cross section curves. A semiparametric approach to rank selection is employed using information criteria suitably modified to take account of the function space context, extending the linear cointegrating model to accommodate cross section data under general forms of dependence. A parametric formulation is employed analogous to recent work on cross section curve autoregression and cointegrating regression. Consistent cointegrating rank estimation is developed by the use of information criteria methods that are extended to the curve time series environment. The asymptotic theory …

The Impact Of Adult Awareness Of Climate Change On Renewable Energy Consumption In The United States, Mohammad Ismayl Al Masud

SACAD: Scholarly Activities

I conduct a survey among college students in Texas to assess their willingness to pay for renewable energy to tackle climate change. An individual with a good level of climate awareness is 9.38% more willing to pay extra for renewable energy. Comparably, people with an excellent level of awareness are 23% more likely to financially favor renewable energy than others, given the willingness to pay those with a good level of awareness. Utilizing the ARDL model, I analyze the national-level data to extrapolate the individual-level results on a macroeconomic level. I find that a 1% increase in awareness level would …

Robust Inference For Time Varying Predictability: A Sieve-Ivx Approach, Nan Liu, Peter C.B. Phillips, Yajie Zhang

Cowles Foundation Discussion Papers

Predictive regression models are often used to evaluate the predictive capability of economic fundamentals on bond and equity returns. Inferential procedures in these regressions typically employ parameter constancy or piecewise constancy in slope coefficients. Such formulations are prone to misspecification, more especially during periods of disturbance or evolution in prevailing economic and financial conditions, which can lead to size distortion and spurious evidence of predictability. To address these issues the present work proposes a semiparametric predictive regression model with mixed-root regressors and time-varying coefficients that allow for smooth evolution in the generating mechanism over time. For estimation and inference a …

Three Essays Exploring The Interaction Between Health And Labor Market Outcomes, Jingxin Nie

USF Tampa Graduate Theses and Dissertations

This dissertation investigates the influence of health policies and employment disruptions on individual health, behavior, and cognitive outcomes, utilizing quasi-experimental methods to address causal inference challenges across three distinct studies.

The first chapter examines the effects of Medicaid expansion under the Affordable Care Act on workers' compensation claims, leveraging variation in insurance coverage resulting from the policy change. Employing a difference-in-differences (DID) approach and a staggered DID framework following Callaway & Sant'Anna, this study uses data from the Current Population Survey’s Annual Social and Economic Supplements (ASEC). The findings reveal that despite increasing insurance coverage, Medicaid expansion did not significantly …

Are Stock Returns And Output Growth Higher Under Democrats?, Ray C. Fair

Cowles Foundation Discussion Papers

Recent literature suggests that both stock returns and economic growth are significantly higher under Democratic presidential administrations. This is a puzzle in that persistent differences in stock returns seem unlikely in efficient markets, and it is not obvious why Democrats should do better. Often these kinds of results go away upon further analysis or more data, and this appears to be true in the present case. In this paper the sample is extended to 28 administrations, fromWilson-1 through Biden. While the mean stock return under the Democrats is higher, none of the differences in means is significant at conventional significance …

The Theoretical Consequences Of Mr. Churchill Gold Standard Policy And The ‘Long Struggle Of Escape’, Nathaniel Cline, Matias Vernengo

Working Papers

No abstract provided.

Gambaran Manejemen Capaian Target Pendidikan Dan Pelatihan Pegawai Non-Klinis Unit Keuangan Rumah Sakit Abc, Virgiawan Agung, Angestika Wilandari

Jurnal Administrasi Bisnis Terapan

Education and training for non-clinical employees in hospitals is an important element in improving employee competence and performance to support optimal health services. This study aims to provide an overview of the achievement of education and training targets for non-clinical employees in the financial unit of ABC Hospital. The research method used is a qualitative approach with data collection through interviews with non-clinical employees of the finance unit and secondary data analysis of training records in 2023. The results showed that the training achievements of non-clinical employees still did not meet the set target of 150 hours per year. The …

The Market Value Of Partisan Balance, Brian D. Feinstein, Daniel J. Hemel

Northwestern University Law Review

For the past century, Delaware’s constitution has provided that no more than a bare majority of judges on the state’s courts may hail from the same political party. Some scholars and jurists theorize that Delaware’s commitment to a politically balanced judiciary increases the state’s attractiveness to out-of-state corporations and adds value to Delaware-chartered firms. These claims echo a larger literature in law and the social sciences positing that ideological diversity improves decisional quality. Recently, a series of federal court decisions in the case of Adams v. Carney put these claims to the test. In December 2017, a federal district court …

A Qualitative Exploration Of The Robert Smith Gift At Morehouse College, Kinnis Gosha, Nina Gilbert, Whitney Nelson, Kaylah Mackroy, Mi'kayla Newell, Amber Reid, Kaela S. Jackson

Journal of Student Financial Aid

Previous scholars investigating the effects of student loan debt have conducted survey analyses involving large samples to examine the relationships among debt forgiveness, loan repayment behavior, income earnings, and returning home. Fewer works have explored the outcomes of student loan elimination in a qualitative study. In 2019, Robert Smith donated a Gift (RSGift) to the graduating class of Morehouse College, which eliminated the new graduates’ student loan debt, inviting further inquiry into their developments since receiving the gift. This study employs a qualitative investigation to examine how student loan elimination influenced the graduating classes. This study also applies Yosso’s Community …

Strategies U.S. Hospital Leaders Use To Recruit, Hire, And Retain Physicians To Sustain Profitability, Terence Christopher Williams

Walden Dissertations and Doctoral Studies

Poor physician retention negatively impacts the quality of community healthcare, leading to financial losses and increased operational costs for hospitals. Hospital administrators and the governing boards are particularly concerned with addressing this issue to ensure sustainable healthcare delivery. Grounded in the Hertzberg’s two factor theory, the purpose of this qualitative pragmatic inquiry was to explore strategies that hospital administrators can utilize to improve physician retention. The participants included eight high-ranking hospital administrators within the geographic region of North Carolina who had an active role in provider retention. Data was collected using semistructured interviews, identify five critical themes: (a) implement mentorship, …

Social Security And Retirement Income In The Mountain West, 2022, Dre Boyd-Weatherly, Taylor Volk, Caitlin J. Saladino, William E. Brown Jr.

Cities & Metros

This fact sheet presents data on the mean total retirement income for forty-four cities in the Mountain West: Arizona (13), Colorado (14), Nevada (9), New Mexico (3), and Utah (5). The Smart Asset report, “Social Security and Retirement Income Are Highest in These Cities – 2024 Study,” reports data from the 2022 one-year American Community Survey conducted by the U.S Census Bureau.

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 …