Economics Commons^™

Should Dams Respond To Power Prices? Environmental Economics And Emissions Effects Of Hydropower Peaking, Levi Stephen Konrad-Shankland

Environmental Studies Senior Theses

Hydroelectricity stands to be particularly important to a decarbonizing power grid because unlike many renewables it is dispatchable. However, ramping up and down hydropower production at short notice to respond to power demand—hydropeaking—worsens many of the environmental harms of hydroelectricity (Bipa et al., 2024). In Chapter 1, I create a microeconomic framework to explain how and why revenue-motivated dams hydropeak.

In Chapter 2, I assess the extents to which six different case study dams around the US hydropeak, first by decomposing actual flow regime into combinations of counterfactual management objectives, and second with an index of flow variation alignment with …

Understanding Formal Financial Access In Indonesia: Evidence From Micro Data, M. Aulia Rachman, Yozi Aulia Rahman, Maulida Dewi Pangestika, Risanda Alirastra Budiantoro

Economics and Finance in Indonesia

This study examines the determinants of access to formal financial institutions using secondary household survey data from Indonesian Family Life Survey, Wave 5 (IFLS-5). Logistic regression analysis reveals that loan amount, savings, education level, age, housing status, and internet usage are positively and significantly associated with greater access. Individuals with higher savings, higher education, and homeownership exhibit a higher probability of utilizing formal financial services. Although the significance of internet usage varies across models, it remains a strong predictor when properly controlled, particularly due to its role in enhancing digital literacy. In contrast, income and health insurance ownership do not …

Cooling Deserts For Renters: Heat Equity Inside The Nyc Housing System, Tahreem Ashraf

Dissertations, Theses, and Capstone Projects

This study introduces the Cooling Desert Index (CDI), a composite spatial measure designed to identify census tracts in New York City where extreme heat vulnerability and structural barriers to adaptive cooling converge. Drawing on five publicly available datasets and a seven phase statistical pipeline, the CDI scores all 2,231 NYC census tracts on a continuous 0 to 100 scale by integrating heat exposure, severe rent burden, household income, racial composition, language access, disability status, and housing crowding. The analysis identifies 557 cooling deserts, defined as tracts where environmental heat risk is high and financial constraints make effective cooling structurally inaccessible, …

Essays On Health And Immigration Policy, Selen Ozdogan

Dissertations, Theses, and Capstone Projects

This dissertation consists of two essays in applied microeconomics, each examining how individuals and institutions respond to policy changes. Both essays leverage natural experiments and recent advances in difference-in-differences estimation to identify causal effects. Both also speak to a common theme in public policy: the gap between intended and actual consequences of government intervention, and the role that policy design plays in shaping those consequences.

The first essay examines the impact of state-level e-cigarette excise taxes on nicotine and tobacco exposure among adults aged 18 and older. A central contribution is its use of individual-level panel biomarker data from urine …

How Much And How Fast Do Investors Respond To Equity Premium Changes? Evidence From Wealth Taxation, Andreas Fagereng, Luigi Guiso, Marius Ring

Cowles Foundation Discussion Papers

Using administrative panel data on Norwegian investors’ portfolios, we document strong but slow portfolio allocation responses to a persistent wealth-tax-induced shock to the equity premium. Short-run responses resemble the modest sensitivity documented using surveys. The longer-run responses are much larger and can be rationalized by moderate risk aversion. We document that equity premium shocks affect stock market entry but not exits, suggesting that entry costs dominate participation costs. Our finding of slow responses supports the asset-pricing literature that uses adjustment frictions to explain important asset-pricing puzzles, and has implications for optimal capital taxation when tax rates differ across assets.

Legends, Lies, & Rewritten Lives: After The Little Bighorn: Forgotten Struggles Of Those Who Walked Away, 2nd Edition, Thomas B. Davidson

DU Textbooks

This Story surrounds an event that occurred one summer on June 25, 1876, along the banks of the Little Bighorn River in what is now the state of Montana. Seen from a 21st century perch, it is a story of a collision between two very different civilizations or empires. Both empire’s military fought in the manner of their society. This narrative will attempt to balance the believable truth of what happened in that contest between the military representatives of both societies while also trying to tell an engaging story, without drifting into naked partisanship, purple prose, or sensationalism. The narrative …

(Wp 2026-03) Fomc Forecasts, Constant-Gain Learning, And Optimism/Pessimism, Stephen J. Cole

Economics Working Papers

This paper uses an adaptive learning framework to study FOMC forecasts from the Summary of Economic Projections (SEP) dataset. FOMC expectations are modeled as the sum of two components: (1) an endogenous learning part and (2) a sentiment part capturing waves of optimism and/or pessimism. The results include key policy takeaways. FOMC forecasts are responsive to incoming macroeconomic information, consistent with adaptive learning, while sentiment is persistent, correlated across GDP growth and inflation forecasts, and becomes quantitatively more important during and around recessions. FOMC participants also rely more on their endogenous/learning model to form expectations, but sentiment plays a larger …

Essays On The Economics Of Aging: Structural And Machine Learning Approaches, Alexander S. Kwon

Dissertations, Theses, and Capstone Projects

Population aging has made the study of older workers’ economic behavior increasingly important for understanding labor markets, retirement systems, and public policy. In many advanced economies, rising old-age dependency ratios have increased the need to understand labor-supply, retirement, and savings decisions later in life (OECD, 2025). In the United States, these issues are especially important because Social Security faces long-run financing pressure, with the Old-Age and Survivors Insurance Trust Fund projected to be depleted around 2033 (U.S. Social Security Administration, Office of the Chief Actuary, 2025). Longer life expectancy increases the expected length of retirement and raises the fiscal importance …

News Media Coverage Of Measure Ula: How The Story Of La’S Big Project To Address Homelessness And Affordable Housing Got Sidetracked By The Story Of Big Real Estate, Christopher R. Martin

Faculty Publications

“Measure ULA,” named after United to House LA, was approved by voters in Los Angeles in 2022 to create a dedicated, long-term funding source for solutions to homelessness in LA, including funding the construction of affordable homes and preventing homelessness by helping tenants stay in their homes. The funding would come from a new tax on the most expensive real estate transactions in L.A. (i.e., mansion tax), and would affect fewer than 4% of all property transactions. At the end of three years of local news coverage about Measure ULA from the Los Angeles Times and LAist, the news audience …

The Montana Travel Industry - 2025 Summary, Melissa Weddell

Institute for Tourism and Recreation Research Publications

In 2025, Montana welcomed 13.2 million visitors — a 4% decline from 2024 — who collectively spent $5.6 billion across the state. Tourism supported 52,610 jobs (1 in 11 statewide), generated $360 million in state and local taxes, and saved the average Montana household over $740 in taxes. Glacier Country led regional spending at $1.79 billion, followed by Yellowstone Country at $1.34 billion. The typical visitor was 57.8 years old, traveled in a group of 2.2, stayed 5.2 nights, and arrived primarily by car (74%). Top origin states were Washington, Idaho, and North Dakota. Visitors were drawn most by mountains …

2025 Estimates - Nonresident Visitation, Expenditures, And Economic Contribution, Kara Grau

Institute for Tourism and Recreation Research Publications

Montana welcomed an estimated 13.24 million nonresident visitors in 2025, generating $5.64 billion in traveler expenditures and contributing an estimated $7.11 billion in total economic output to the state's economy. Nonresident spending supported approximately 52,620 jobs and generated $360.4 million in state and local tax revenues. Fuel (21%) and restaurant/bar spending (20%) accounted for the largest shares of visitor expenditures, followed by lodging, outfitter/guide services, and groceries. Summer travel remained the dominant season, with the third quarter accounting for 45% of annual visitation and 54% of total expenditures. Vacation travelers represented the largest visitor segment (41%) and had the highest …

Montana Resident Report: Rural Montana And Tribal Communities And Activities, Q1 2026, Carter Bermingham, Megan Schultz

Institute for Tourism and Recreation Research Publications

This study was designed to better understand residents’ perceptions of smaller, rural towns in Montana, along with their level of interest in visiting and participating in activities in American Indian communities across the state. The Institute for Tourism and Recreation Research (ITRR) conducts resident studies on a quarterly basis to better understand current topics throughout the state, with resident travel routinely serving as one of those topics. Recent efforts at the state level have focused on expanding Montana’s tribal tourism industry to provide economic benefits and to inspire visitation to Indian Country.

Respondents were asked to comment on how much …

“Megadeal” Subsidies, Local Spillovers And Corporate Innovation, Yoojin Lee, Shaphan Ng, Aruhn Venkat

Research Collection School Of Accountancy

We examine whether the largest place-based, firm-specific corporate subsidies (“Megadeals”) awarded by state and local governments affect local firms’ innovation. First, we document that 1) subsidy firms innovate in the subsidized county and 2) subsidy firms bring inventors from other counties into the subsidized county, consistent with subsidy firms generating new knowledge locally. In our main test, we use a stacked cohort design with stringent fixed effects to document that local firms increase patenting following a Megadeal. Cross-sectionally, effects are increasing 1) in subsidy firm innovativeness, 2) in the technological closeness of subsidy firms and local firms, 3) when subsidy …

Beyond The Shelf: How Reallocating Shelf Space To Emerging Brands Enhances Store Performance Through Dynamic Brand-Level Effects, Jesse Core, Ho Kim

Journal of Applied Marketing Theory

This study examines the effects of reallocating shelf space from established to emerging brands in the flavored malt beverage category, a fast-moving, impulse-driven product category. Using a 13-week field experiment in 16 U.S. grocery stores (six treated, ten control), we reallocated one shelf facing from an established to an emerging brand for four weeks before reverting the shelves to their original configuration. Then we analyzed weekly SKU-level data on sales with fixed-effects panel regressions. Results show that the shelf-space reallocation increased category sales by 21.2% during treatment and 27.6% after reversion, revealing persistent gains. At the brand level, emerging brands …

Effectiveness Of Monetary Policy Communication: Evidence From Textual Analysis Of Daily Newspaper Articles, Bisrat Abebe Woldesilassie

Dissertations

Monetary policy communication has become a crucial tool for central banks to shape market expectations and enhance transparency. The goal of this paper is to measure how effectively the Fed communicates monetary policy through FOMC minutes by analyzing the impact of the release of FOMC minutes on financial markets through textual sentiment analysis of daily newspaper articles. I measure the surprise in the daily news sentiment that is caused by FOMC minutes release. The surprise in the sentiment is calculated as the change in the news sentiment that is measured over three weeks prior to the release of the FOMC …

The Impact Of Corruption On Private Investment In The Mena Region: An Empirical Study On The Period Of 1996-2023, Mohamed A. El Regdawy

Theses and Dissertations

This study aims to examine and understand empirically the impact of corruption on private investment in the MENA region during the period of 1996-2023, as private investment is a key enabler for sustainable economic growth. To better understand such a relationship, a Pooled Mean Group estimator was implemented to figure out this relationship in both the short run and long run. The findings confirm that in the long run, within the context of MENA, corruption was used as a tool to overcome the lack of quality in the regulations that were supposed to enable the role of the private sector. …

Psychological Architecture: Evaluating The "Greenhouse Model" As A Structural Standard For Lgbtq+ Well-Being, Ava Lee

University Honors Theses

Traditional LGBTQ+ mental health frameworks often conceptualize psychological safety as a matter of individual endurance. This paper critiques this focus on adaptive resilience, which systematically shifts responsibility from institutions to individuals. To counter this, the study introduces "Psychological Architecture," a framework viewing social environments as constructed infrastructures that can either support or undermine queer well-being. The model contrasts performative "Glasshouses," which prioritize visibility over safety, with engineered "Greenhouses" that nurture sustainable safety through three sequential pillars: Authentic Representation (walls), Emotional Validation (insulation), and Vocal Activism (ventilation).

Grounded in the findings of a 2024 qualitative pilot study of a queer roller …

The Cleansing Effect Of Technological Investment: An Empirical Analysis Of Episodic Labor Market Polarization (2000–2010), Adam Murphy

University Honors Theses

This paper investigates the episodic nature of labor market polarization in the United States between 2000 and 2010. While the Skill-Biased Technological Change (SBTC) framework may have successfully explained the rise of inequality in the 1980s, it struggled to account for the wage stagnation and hollowing out of the middle class that followed in the 1990s and 2000s. Utilizing Task-Biased Technological Change (TBTC) as a primary lens, this study examines how the codification of routine tasks allowed for the widespread substitution of middle-skill labor by technological capital. By synthesizing IPUMS-CPS occupational data with Bureau of Economic Analysis (BEA) investment statistics, …

The Political Economy Of Mandatory Disclosure: A Literature Review, Hao Liang, Hanyu Zhang

Research Collection Lee Kong Chian School Of Business

Reviewing the literature on mandatory corporate disclosure from a political economy perspective, we synthesize the classic justifications for disclosure regulations while emphasizing why voluntary disclosure often fails to achieve socially efficient transparency. We also highlight how legal institutions, enforcement capacity, and political forces shape the design, credibility, and effectiveness of disclosure mandates. Drawing on evidence from international and China-focused studies, we review empirical findings on how mandatory disclosure affects investor protection, information environments, and firm behavior, showing that similar reporting rules yield different outcomes across institutional settings. We further extend the discussion to ESG and climate-related disclosure to examine emerging …

Compellingness In Nash Implementation, Shurojit Chatterji, Takashi Kunimoto, Paulo Daniel Salles Ramos

Research Collection School Of Economics

A social choice function (SCF) is said to be Nash implementable (in pure strategies) if there exists a mechanism in which every pure-strategy Nash equilibrium induces outcomes specified by the SCF. The main objective of this paper is to assess the impact of considering mixed-strategy equilibria in Nash implementation. We define compelling Nash implementation as a case where the implementing mechanism possesses a pure-strategy equilibrium that strictly Pareto dominates any undesired mixed-strategy equilibrium. We show that if the finite environment and the SCF to be implemented jointly satisfy what we call Condition COM, then we can construct a finite …

Mandates, Markets, And Megawatts: An Empirical Analysis Of The Causal Effects Of State-Level Energy Storage Mandates On Utility-Scale Battery Storage Deployment In The United States, Bill Zheng

Quantitative Social Science Undergraduate Senior Theses

Utility-scale battery storage is accelerating at an unprecedented pace as the world increasingly relies on renewable energies to power grids. Demand for data centers has produced record-high electricity demand, and utility-scale batteries are becoming crucial in supporting the grid and the variability of renewables. As a result, analysis on the efficacy of policy drivers of battery storage will provide the field with a roadmap for the most impactful policy solutions to spur battery storage deployment. This paper estimates the effect of state battery storage mandates on cumulative installed battery capacity using a staggered difference-in-differences (DiD) design following Callaway and Sant’Anna …

The Role Of Bank Portfolio Heterogeneity In The Fiscal Stimulus Policy In Indonesia, Michael Kusuma, Brigitha Mega Rebeca

BISNIS & BIROKRASI: Jurnal Ilmu Administrasi dan Organisasi

Fiscal stimulus transmission is often hindered by banking frictions from risk-averse behavior and channel specialization. To evaluate the fiscal stimulus policy in Indonesia, this study introduces a modified Input-Output (I-O) framework integrated with bank portfolio-based shock vectors. This approach captures banking frictions by incorporating institution-specific portfolio weights into the macro-simulation framework, providing a more realistic assessment than standard uniform-transmission assumptions. Three scenarios are simulated (policy design, interim realization, and expansionary response) to assess the macroeconomic impacts of credit concentration. The results reveal a significant gap between the initial policy design and its actual realization, generating an economic opportunity loss of …

The Impact Of Road Quality On Nearby House Prices, Michael Cary, Brad Humphreys

Economics Faculty Working Papers Series

This paper estimates the impact of road quality on house prices in Hamilton County, Ohio, USA which includes the city of Cincinnati. We use a hedonic regression framework using road segment level international roughness index (IRI) data as a measure of road quality. We find that rougher roads decrease house prices, with a one standard deviation increase in road roughness from the sample mean decreasing house prices by 3.5%. This equates to a $6,700 decrease in the value of an average priced home in our sample, demonstrating the importance of road quality and maintenance for local economic development.

The Effect Of State Abortion Restrictions On Female Labor Force Participation And School Enrollment, Elena T. Albano

Graduate Masters Theses

This paper examines the causal effect of state-level abortion restrictions on young women’s labor force participation and school enrollment following the Supreme Court’s 2022 decision in Dobbs v. Jackson Women’s Health Organization. Using a difference-in-differences design that exploits the cross-state variation in post-Dobbs abortion policies, I estimate that abortion bans led to a decline in combined school and labor force participation among young women by at least 1 percentage point. This effect is qualitatively robust to a triple difference specification that uses men as a within-state control group, confirming that the results do not reflect broader economic shocks specific to …

Joan Robinson Rate Of Interest Paper, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Robinson, J. (1960). The rate of interest. In Collected economic papers (Vol. 2, pp. 246–265). Basil Blackwell. (Reprinted from Econometrica, 1951, 19(2), 92–111).

The Relationship Between Government Bailouts And Risk-Taking Behavior In Banks: A Case Study From The Great Financial Crisis Of 2008-09, Derek J. Cameron

Economics Working Papers

This study seeks to determine whether the expectation of a government bailout in the event of a crisis incentivizes ex ante risk-taking in banks. Although this subject has been the subject of extensive research in both economics and finance, this specific paper differs from existing literature in that it uses a strictly empirical methodology with minimal theoretical modeling and few assumptions about the banking sector, while also considering the entire banking sector and limiting itself exclusively to ex ante bank investment decisions. This study employs data compiled from various sources about 11 American banks of various sizes between January 2002 …

Three Essays On Demand And Distribution, Alejandro Gonzalez

Arts & Sciences Graduate Student Theses and Dissertations

This dissertation answers two basic questions: what are the effects of aggregate demand on the long-run level of economic activity, and how do exogenous changes in the bargaining power of workers affect macroeconomic performance? The first chapter, written with Steven Fazzari, extends a simple Keynesian growth model to show that demand shocks can have permanent effects on labor productivity and labor supply. Estimating the model on U.S. data, we find that positive demand shocks raise labor productivity persistently, implying that stronger demand increases the long-run level of economic activity. The second chapter shows that these results can be rationalized within …

How Much Should A Conversational Recommender System Converse?, Akshit Kumar, Vahideh Manshadi, Akhilesh Tumu

Cowles Foundation Discussion Papers

Conversational recommender systems powered by generative AI can enhance personalization by facilitating information elicitation through follow-up questions. However, engaging in these conversations imposes a communication cost on users. As platforms with different objectives and monetization models deploy these systems, a central question is: how does the platform’s objective and sellers’ strategic response shape the design of these systems in terms of their elicitation strategy? We develop a parsimonious model of conversational elicitation in which interaction generates noisy preference information and imposes a communication cost borne by the user. A user-welfare-maximizing platform elicits more information when accurate niche matching yields large …

The Disconnect In Female Labour Force Participation Policy In Egypt: Design And Implementation Gaps, Miral Mohamed Omran

Theses and Dissertations

This study investigates the disconnect between Egypt's ambitious female labor force participation (FLFP) policy goals in the National Strategy for the Empowerment of Egyptian Women 2030 and the declining indicators since its launch. Applying Van Meter and Van Horn's implementation framework, it analyzes the full policy process using qualitative interviews across government, civil society, and private sector actors involved in the national policy’s design and execution. Findings reveal structural failures, resource shortages, coordination gaps, leadership turnover, and donor-driven fragmentation, intensified by cultural norms and frontline resistance. Recommendations prioritize short-term administrative tweaks leveraging public sector downsizing for harmonization and rethinking the …

Interest Rate Lecture, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Shaikh, A. (n.d.). APE II interest rate lecture (Handwritten notes).
• Shaikh, A. (n.d.). Gibson's paradox (Unpublished manuscript).
• Shaikh, A. (n.d.). Interest rate patterns (Unpublished manuscript).