Economics Commons^™

Two Essays In Development: Convergence And Technological Adoption, Jacob Campbell

All Dissertations

This dissertation is comprised of two essays in development economics, both related to conver gence either in outcomes (Chapter 1) or ultimate causes (Chapter 2).

Chapter 1:

This paper investigates the dynamics of productivity convergence across the United States from 1800 to 2020. Exploiting a novel historical dataset from Tamura et al. (2025), I examine β- and σ-convergence at both aggregate and sectoral levels for the entire history of the United States. I f ind a long-run trend toward convergence consistent with the conditions of an integrated national market with free mobility of labor and capital. However, the pace of …

National Center For Children In Poverty Releases 2025/2026 Tanf Cash Assistance Policy Series, Karen Chatfield, Sydney Elltringham

All Faculty and Staff Papers and Presentations

The National Center for Children in Poverty (NCCP) at Bank Street Graduate School of Education has released its 2025/2026 TANF Cash Assistance Policy Series to help support policymakers and advocates in strengthening these vital supports.

Civilian Mass Killings Perpetrated By Nonstate Actors: Data Trends And Theoretical And Empirical Risk Factors, Charles H. Anderton, Roxane A. Anderton

Economics

This article addresses two research questions: (1) What are recent trends in nonstate actor (NSA) civilian mass killings by country locations and perpetrator groups? and (2) What are risk factors for NSA civilian mass killings based on economic choice theory and large-sample empirical inquiry? We summarize recent data on mass killings perpetrated by various NSAs including rebel groups; political, territorial, and identity militias; and terrorist organizations. Following a review of the empirical NSA mass killing literature, we develop an economic choice model of a NSA's resource allocations to direct (military) fighting and to violence against civilians when in contestation with …

Investigating Household Non-Farm Enterprises In Nigeria: What Influences Their Survival And Function In The Face Of Droughts?, Anna Xochitl Settels Palacios

Economics Honors Projects

This paper examines whether household non-farm enterprises (NFEs) in Nigeria function as coping mechanisms during drought shocks. Using monthly panel data, climatic water balance measures, and survival, linear probability, and staggered difference-indifferences models, I find that drought exposure is associated with increased persistence in NFE activity, reflected in lower hazards of enterprise closure and reduced monthly exit probabilities. These findings suggest that NFEs may be used as a tool by agricultural households to cope with agricultural shocks by reallocating labor, smoothing income, and maintaining economic activity.

Information Aggregation In Decision Markets Under A Modified Hanson Market Maker, Leo Vershel

Behavioral and Computational Economics (MS) Theses

In this paper, we report the results of experiments where subjects participate in a prediction market utilizing the Hanson automated market maker. The key distinction of our environment when compared with previous studies in the prediction market space is in the introduction of a conditional market that allows subjects to make conscious decisions to infuence market outcomes, and thus it investigates the quality of the decisions made by the subjects as opposed to the accuracy of the market prices. Utilizing dispersed “not-state” information, we evaluate whether subjects can accurately infer true states and maximize organizational welfare. Our initial baseline results …

Exploring The Impact Of Poverty On Financial Literacy: The Role Of Parental Education In College Student Financial Behavior, Zoe Williams

Honors Theses

Many college students experience financial stress, yet financial hardship is often explained as a simple lack of financial knowledge. Recent research suggests that how students are socialized around money may matter just as much as what they know. In this study, I examined whether parental education, specifically first-generation college status, changes the relationship between household income and financial health among undergraduate students at a regional public university in the southeastern United States. Participants included 204 undergraduates recruited through the university research pool. Students reported household income (categorized as < $50,000 or >$50,000), first-generation status, and financial behaviors. Financial literacy was measured using an …

Multinational Investment Activity Under Policy Uncertainty In Host And Competing Countries, Daisoon Kim, Sunhyung Lee

Department of Economics Faculty Scholarship and Creative Works

This paper examines how economic policy uncertainty (EPU) in host and competing countries reshapes U.S. multinationals’ greenfield foreign direct investment (FDI). Using firm–destination level data from 2003 to 2021, we show that while host-country EPU deters investment, EPU in competing destinations attracts it through a spillover effect. We document a structural shift around 2015: as global EPU rose unevenly, the spillover effect from competitors became the dominant driver of investment decisions, supplanting the direct effect of host-country policy instability. Our findings indicate that in an era of heightened global uncertainty and risk, FDI allocation is governed by relative, not just …

Manipulation Or Monetization?: The Rise Of Stock Buybacks And Their Effects On Firm Valuation And Investment, Thomas H. Serrano

Economics Undergraduate Honors Theses

Abstract:

This thesis uses basic econometrics to examine the relationship between stock buybacks, firm valuation, and investment among publicly traded firms from 2000-2024. Using firm-level data pulled from Compustat North America and a fixed-effect multivariate regression, it evaluates whether buybacks are associated with higher valuation and stronger productive investment as defined in the paper. The results show that buybacks are positively associated with firm valuation the first year that they occur, but the relationship disappears when they are lagged for a year. Furthermore, the analysis does not find strong statistical evidence that repurchases are associated with changes in investment, or …

Credit Accessibility In Diverse Urban Communities And The Dynamics Of Their Lending Markets: The Case Of Minority Depository Institutions, Noara Razzak

All Dissertations

In my dissertation, I study credit access in diverse urban communities, the role of the financial institutions that serve them, such as Minority Depository Institutions (MDIs) and non-MDIs. The first chapter studies the effect of bank branch closures (both MDIs and non-MDIs) on credit access in these diverse urban communities. MDIs are US community banks that are owned and operated by minority populations, such as Black-owned, Asian-owned, Hispanic-owned banks or Native-owned banks. The second chapter studies the proximity of Black-owned banks to historically segregated urban neighborhoods. More specifically I study whether surviving Black-owned banks are more likely to be present …

Financial Overconfidence, Borrowing, And Life-Cycle Outcomes, Jessica B. Parkinson

All Graduate Reports and Creative Projects, Fall 2023 to Present

This paper studies the effects of overconfidence in a lifetime consumption and savings model that allows for debt accumulation. Overconfidence, a well-documented behavioral bias, leads individuals to hold distorted perceptions of the different interest rates that they face on their savings and on their borrowings. While existing life-cycle models with overconfidence abstract from debt, I introduce a spread between the interest rates on savings and on borrowings, where the overconfident individual forms distorted perceptions of this spread. To model the actual and the perceived spreads, a continuously differentiable logistic function is utilized, and these spreads are incorporated into a standard …

Gme As A Healthcare And Economic Driver In Southern Nevada, Tripp Umbach

Policy Briefs and Reports

In early 2025, the Nevada Health and Bioscience Corporation (NHBC) commissioned Tripp Umbach to conduct a comprehensive study examining the current state and future expansion of physician training and retention in Southern Nevada. The approach recommended in this report is rooted in strategic partnerships among medical institutions, proven funding approaches, and needed policy changes. Tripp Umbach, a nationally renowned private consultancy specializing in medical education expansion strategies, reviewed data, conducted interviews, and developed recommendations to expand GME, highlighting its profound economic impact in Southern Nevada.

Red, White, And Broke: A Call For Accountability In Government, Mary A. Scott

Honors Theses

This study examines the scale of waste, fraud, and abuse in U.S. federal spending. The purpose of this research is to clarify how fiscal management in the federal government is intended to operate versus how it actually functions. Using a combination of conceptual analysis, existing literature, case-based evidence, and data analysis, findings suggest that the persistence of oversight failures arises from weak implementation, limited enforcement authority of oversight bodies, and an emphasis on recovery rather than prevention practices. This study contributes to the broader discussion of public finance by providing an accessible framework to understand why the foundational federal principle …

The Effects Of Private Equity Ownership Of Acute Care Hospitals On Patient Experience, Abigail M. Huffman

Theses and Dissertations

In 10 years, private-equity firms' share of hospitals has grown from 2-3% to 8%.  Using data from two sources: the Hospital Consumer Assessment of Healthcare Providers and Systems (HCAHPS) patient surveys and the Private Equity Stakeholder Project (PESP), I demonstrate a causal effect of private-equity ownership on patient satisfaction using difference-in-difference methods.

Initial Type Craft, Micah Angelus

Theses and Dissertations

What kinds of objects can still think when the self-contained aesthetic object can no longer be taken for granted? The historical ruptures that have placed painting under crisis have also brought into view the fallacy of artistic autonomy, raising questions about how value, contemplation, and meaning persist under conditions of deconstruction.

Effects Of Punitive Immigration Enforcement On The Health Of Latinos With Lower Educational Attainment, Andrea Sofia Mendoza

Theses and Dissertations

This paper analyzes the effects of the Secure Communities (SC) immigration enforcement program on self reported health and healthcare-seeking behaviors of citizen and non-citizen Latinos with lower educational attainment. SC allowed local jails to use FBI and DHS data to determine whether arrested individuals were eligible for deportation. SC was rolled out across counties from late 2008 through 2013. Using data from the Behavioral Risk Factors Surveillance Survey (BRFSS) and implementation records from Alsan and Yang (2024), staggered difference-in- difference regression estimates show that SC implementation increased the likelihood of a reported heart attack and heart disease across the sample. …

The Supply-Side Effects Of Air Pollution On Local Non-Polluting Industries, Erin Hyman

Theses and Dissertations

This paper examines the relationship between PM2.5 and the production of goods and services across industries using a county–industry panel (1999–2013). Fixed effects regressions show higher activity in manufacturing but relative declines in non-polluting sectors, suggesting pollution reflects production intensity and a reallocation toward polluting industries.

The Effect Of Inbound Tourism On Consumer Prices In Japan, Serenity E. Thompson

Theses and Dissertations

This paper uses monthly prefectural data to estimate the effect of inbound tourism on Japan’s consumer prices. Results indicate that a 10% increase in foreign overnight stays is associated with a 0.01% increase in capital city prices. The paper discusses localized dual pricing as a response to these price pressures.

The Effect Of Prenatal Substance Use Policies On Women's Well-Being, Zukruf Alam

Theses and Dissertations

This paper examines the effects of punitive and priority treatment policies relating to the use of illicit substances during pregnancy on women's health and health-related behavior. Punitive interventions criminalize substance use during pregnancy, which can even lead to termination of parental rights. In contrast, priority treatment policies support pregnant women and grant them priority access to substance use disorder treatment programs. I use staggered difference-in-differences methods and data from the Behavioral Risk Factor Surveillance System data from 2004 to 2018 to estimate the impact of prenatal substance use policies on women's mental health, physical health, self-reported poor health, and cigarette …

Private Equity, State Enforcement, And Arbitration Outcomes Under The No Surprises Act: Evidence From Air Ambulance Disputes, Peter Readman

Theses and Dissertations

The No Surprises Act (NSA) removed patients from responsibility for out-of-network surprise medical bills. In its place, the NSA established an independent dispute resolution (IDR) process through which providers and insurers submit competing payment offers to an arbitrator, who selects one offer in full. Using the universe of federal air ambulance IDR disputes from Q1 2023 through Q2 2025 (57,368 dispute line items), I examine whether provider ownership structure and enforcement jurisdiction jointly predict arbitration outcomes. The two outcomes, whether the provider offer prevails, and how large that prevailing offer is relative to the benchmark payment rate, the Qualifying Payment …

Congestion Pricing And Traffic Safety: Evidence From New York City, Mirella Charros

Theses and Dissertations

This paper examines the impact of congestion pricing on motor vehicle collisions in New York City. Using a spatial difference-in-differences approach, the study finds evidence of increased collisions near the congestion boundary, suggesting potential spillover effects and changes in traffic patterns following policy implementation.

Air Pollution And Self-Reported Health Outcomes In The United States, Alina Dervisevic

Theses and Dissertations

This study examines the relationship between short-term PM2.5 exposure and self-reported health outcomes among U.S. adults using BRFSS data from 2000 to 2012 linked to county-level pollution and weather data. Results show that PM2.5 exposure is associated with worse mental health and gender specific behavioral responses.

Herding In Artificial Intelligence, John Cotter

Honors Scholar Theses

This paper examines whether increased attention to artificial intelligence (AI) influences herding behavior in financial markets. As AI has become a dominant theme in both financial markets and public discourse, understanding how investor attention affects behavior has become increasingly important. Herding behavior is measured using the Cross-Sectional Absolute Deviation (CSAD) methodology developed by Chang, Cheng, and Khorana (2000). The analysis uses daily data from December 2019 through November 2025 and focuses on the Global X Artificial Intelligence & Technology ETF (AIQ) as a proxy for the AI sector. Investor attention is measured using a composite Google Search Volume Index (SVI) …

The Goad, The Bad, & The Ugly: The Livestreamed Vice Signaling & Body Fascism Of Clavicular & Asmongold, Jacob T. Fry

Department of Communication Studies: Dissertations, Theses, and Student Research

This thesis explores the rhetorical, material, and symbolic implications of fascist livestreaming in the United States through two popular streamers: Clavicular and Asmongold. These two streamers represent a small slice of the rise of different reactionary rhetorics online and how the use of different masculine subcultures—in this case ‘Looksmaxxing’ or Gamer inspired rhetoric—are used as ideological texts for white male supremacy. Whether in front of the glow of their gaming monitor or the flashing lights of a nightclub, the livestreaming of the body, home, relationships, and lifestyles challenge rhetorical conceptions of style, the ‘public/private sphere,’ and political communication. As different …

Fascism Usa: Class And Identity Politics In The Age Of Trump, Marc Edelman

Publications and Research

This essay argues that Trump’s triumph in the 2024 presidential contest represents the consolidation of an oligarchical authoritarian project, backed by a multi-class and (surprisingly, for some) multi-racial electorate. It brought intensified state and freelance attacks on immigrants, labor unions, women, LGBTQ+ people, journalists, civil servants, assorted “political enemies,” and other groups that the MAGA movement targets. It is institutionalizing authoritarian governance structures in ways that will be exceedingly difficult to undo. The paper first addresses the experience of growing up in the shadow of fascism. It analyzes various sectors that supported Trump and the impacts of inflation, incumbency, economic …

Learning From 2002: County-Level Economic Analysis Of The Salt Lake City Winter Olympics And Implications For Utah 2034, Ronan Spencer

Undergraduate Honors Capstone Projects

This paper examines economic and distributional impacts and the existing literature on the 2002 Salt Lake City Winter Olympics to inform policy recommendations for the upcoming 2034 Utah Olympic Games. Using a difference-in-differences (DiD) framework on county-level data from 1995 to 2006, we compare Utah host counties to Colorado counties. Results indicate that the Games generated an average of 1,084 Leisure and Hospitality jobs per host county, suggesting approximately 5,420 total jobs across all five host counties. We saw a positive but marginally significant increase in tourism and hospitality GDP of $37.2 million relative to Colorado controls (p=0.078). We also …

Restorative Justice In Cache Valley: Building Community Resilience Through Restorative Practices, Rivkah Haubner

Undergraduate Honors Capstone Projects

Restorative justice as a field of study is primarily applied to criminal justice proceedings or similar topics. As such, its use as a tool in political organizing is an underdeveloped field. Due to its Indigenous history, restorative justice has intrinsically ant-colonial, anti-imperial, and anti-racist roots and is therefore already situated within the ethos of many progressive movements. Historically, radical movements within the United States and across the world experienced both internal and external pressures that undermined their goals. Restorative justice offers a framework through which to understand political action as a whole and specific tools to address internal conflict within …

Two Essays On Finance: The Dark Side Of The Ceo Inside Debt: Evidence From Stock Price Crash Risk And Cybersecurity Risk And Corporate Bond Yield Spreads, Amir Gholami

Theses and Dissertations

This dissertation comprises of two papers. In the first paper, I found that despite being thought of as a governance mechanism, CEO inside debt seems to distort firms’ information environment. My results indicate that the CEO inside debt creates an incentive for managers to hoard bad news to prevent technical defaults, leading to increasing stock price crash risk. My results are robust after addressing endogeneity using the instrumental variable (IV) approach, a difference-in-differences test based on the implementation of Internal Revenue Code Section 409A Final Regulations, and Oster’s omitted variable diagnostic test, and selection bias using the propensity score matching …

Two Essays On Finance: Co-Opted Directors And Mergers And Acquisitions And The Impact Of Biodiversity Risk On The Cost Of Bank Loans, Fariba Gholami

Theses and Dissertations

This dissertation comprises of two papers. In the first paper, co-opted board members, those appointed after the CEO assumes office, are poor monitors and, contrary to prior assumptions, ineffective advisors. I show that board co-option is associated with suboptimal merger and acquisition (M&A) decisions, adverse deal characteristics, and lower acquirer’s short- and long term returns and operating performance. These results are robust to the use of propensity score matching, entropy balancing, Instrumental variable using 2SLS, and difference-in-differences to address selection bias and endogeneity. Cross-sectional evidence indicates that the negative effects of board co-option are more pronounced when boards are less …

The Macroeconomics Of Intergenerational Mental Health Dynamics, Boaz Abramson, Job Boerma, Diego Daruich, Aleh Tsyvinski

Cowles Foundation Discussion Papers

We develop a quantitative macroeconomic theory of child mental health. The theory is grounded in child psychiatry, formalized in a life-cycle heterogeneous agent model of child development, and disciplined using micro data on mental health of children and parents. Intergenerational transmission of mental illness arises due to both biological factors and parental behavior. Parents experiencing mental illness have negative expectations and lose time due to rumination. As a result, they invest less in their child’s mental health. We use the model to evaluate policies designed to improve child mental health. We show that subsidizing mental health treatment for children generates …

Position: The Pre/Post-Training Boundary Should Govern Ip In Industry–Academia Ml Collaborations, Dirk Bergemann, Soheil Ghili, Nitzan Mekel-Bobrov

Cowles Foundation Discussion Papers

Industry–academia ML collaborations routinely fail to launch—not for scientific reasons, but because academics must publish while companies must protect models trained on proprietary data, and no standard contract framework resolves this tension. Because contracts are negotiated by legal departments alone, many apparent legal disputes are incentive misalignment problems that only scientists at the table can correctly diagnose. We propose PBOS (Protect-the-Business / Open-Source-the-Science), a community-adoptable contract template anchored to a single technically-grounded boundary: pre-training artifacts (architectures, training code, benchmarks, untrained weights) are open science; post-training artifacts (weights trained on proprietary data) are business IP. This boundary is technically meaningful, legally …