Economics Commons^™

The Shrinking Geography Of Housing Opportunity In Mountain West Metros, 2022, Hira Ahmed, Joshua Padilla, Saha Salahi, Caitlin J. Saladino, William E. Brown Jr.

Housing & Real Estate

This fact sheet examines data from the National Equity Atlas on the changing geography of opportunity across Mountain West metros. The original report includes data on the largest 100 metros in the United States. This fact sheet reports on the overall percentages of affordable zip codes in nine major metropolitan areas in the Mountain West and changes in affordable zip codes for Black, Latinx, and white households in Mountain West metros from 2013 to 2019. Data for nine Mountain West metros are included: Tucson, AZ; Phoenix-Mesa-Scottsdale, AZ; Colorado Springs, CO; Denver-Aurora, CO; Albuquerque, NM; Las Vegas-Paradise, NV; Ogden-Clearfield, UT; Provo-Orem, …

Are Markets Interested In Adapting To Climate? Insights From Singapore, Stella Whittaker, Tran Bao Phuong Nguyen

Sim Kee Boon Institute for Financial Economics

We have collected the views of leading practitioners and academics in Singapore involved in funding and financing urban climate change adaptation1 (thereon referred to as urban adaptation). Throughout this paper we discuss several vital perspectives on adaptation financing, namely responsibility for adaptation investment, the extent of government adaptation investment, private sector adaptation investment appetite and prospects for experimentation in adaptation financing. We also attempt to shed light on the existence or not of an adaptation financing gap2 in Singapore.

The Misguided Journey To Queflation, Jannie Rossouw, Darrol J. Stanley

Graziadio Working Paper Series

No abstract provided.

Assessing The Odds Of A Us Recession, Thomas Lam, David Fernandez

Sim Kee Boon Institute for Financial Economics

In this commentary, SMU Sim Kee Boon Institute for Financial Economics (SKBI) Principal Researcher Thomas Lam and SKBI Director SMU Professor of Finance (Practice) Dave Fernandez offer their perspectives on the current multifaceted and highly charged US recession debate. While America is currently not in a downturn, the near-term odds of one have edged up, according to models based on key monthly and weekly indicators.

Research On The Influence Of Management Practices On Hospital Performance: An Empirical Study Based On Hospitals In Eastern China, Zhihua Zhang

Fordham Dissertations and Theses

Since the beginning of the 21st century, a series of challenges have been confronting global health development, including significant factors affecting human health such as population aging, severe infectious diseases, and climate change. In particular, the COVID-19 that swept the globe in the past three years has posed a major comprehensive test to the global health governance system. As both the last line of defense for human health and the largest consumer of health resources, how the hospital can "improve quality and promote efficiency" based on limited resources is the core of the first priority. Previous studies have proven that …

Chinese Yuan Interest Rate Swap Yields, Tanweer Akram, Khawaja Mamun

WCBT Working Papers

This paper models the dynamics of Chinese yuan (CNY)–denominated long-term interest rate swap yields. The financial sector plays a vital role in the Chinese economy, which has grown rapidly in the past several decades. Going forward, interest rate swaps are likely to have an important role in the Chinese financial system. This paper shows that the short-term interest rate exerts a decisive influence on the long-term swap yield after controlling for various macrofinancial variables, such as inflation or core inflation, the growth of industrial production, percent change in the equity price index, and the percentage change in the CNY exchange …

Bearer Negotiable Instruments: Addressing A Financial Intelligence Gap And Identifying Criminogenic Weaknesses, Hollis B. Kegg

Dissertations, Theses, and Capstone Projects

Bearer Negotiable Instruments (BNI) are a long-standing category of financial instruments used to transfer large amounts of money in ways that may not be subject to regulation, reporting, tracking, review, or oversight. There is limited information available on BNIs, and no evidence that any studies have been undertaken on BNIs alone, much less reported. Increasingly, BNIs are being used for illegal purposes including money laundering. This study gathers information about their characteristics, nature, purpose, legal status, and numbers. It also focuses on the crime risks associated with BNIs, the crime opportunities they facilitate, and the criminal weaknesses in the financial …

Essays On Entrepreneurship, Yoshiko Oka

Dissertations, Theses, and Capstone Projects

This dissertation explores the determinants of successful entrepreneurship and entrepreneurial entry. It consists of three chapters.

Chapter 1 estimates the effect of regional concentrations of related industrial firms and business owners' cognitive and non-cognitive traits on their business survival. Using data from the National Longitudinal Survey of Youth 1979 and the County Business Patterns, I find that incorporated businesses that operate in a location where similar businesses are clustered together have a significantly higher chance of survival. However, the effect of location appears to be insignificant for unincorporated businesses. On the other hand, the results show that businesses that are …

When Do Consumers Talk?, Ishita Chakraborty, Joyee Deb, Aniko Öry (Oery)

Cowles Foundation Discussion Papers

The propensity of consumers to talk after a good versus bad experience with a product can differ based on information available from other marketing channels, for example the brand image or advertising. This can result in selection of positive/negative word-of-mouth for reasons outside of product quality. We develop a unifying framework of WOM, brand image, product advertising, and pricing with a focus on the instrumentality motive of word-of-mouth: early adopters talk to inform new buyers’ purchasing decisions. The different marketing channels shape the information sharing behavior of the early adopter as well as the target consumer’s purchase decision. We show …

Borderplex Business Barometer, Volume 7, Number 2, Thomas M. Fullerton Jr., Steven L. Fullerton

Border Region Modeling Project

No abstract provided.

Getting Dynamic Implementation To Work, Yi-Chun Chen, Richard Holden, Takashi Kunimoto, Yifei Sun, Tom Wilkening

Research Collection School Of Economics

We develop a new class of two-stage mechanisms, which fully implement any social choice function under initial rationalizability in complete information environments. We show theoretically that our Simultaneous Report (SR) mechanisms are robust to small amounts of incomplete information about the state of nature. We also highlight the robustness of the mechanisms to a wide variety of reasoning processes and behavioral assumptions. We show experimentally that a SR mechanism performs well in inducing truth-telling in both complete and incomplete information environments and that it can induce efficient investment in a two-sided hold-up problem with ex-ante investment. The SR mechanism also …

Asymmetric Effects In Geopolitical Risk And Foreign Reserves Accumulation Among Brics Countries, Kwame O. Asomaning

Doctoral Dissertations (DBA)

Over the past decade, the rise of Geopolitical Risk (GPR) has had a significant effect on macro financial variables, prompting central banks to accumulate reserves as a "war chest" to protect their economies from the detrimental effects of such shocks. This study examines the asymmetries in the long run, short run, and locational asymmetric effects on foreign reserves in the BRICS countries, using both the Nonlinear ARDL (NARDL) and Quantile ARDL (QARDL) models over the period 2000Q1–2021Q4. The results of the NARDL model suggest that GPR has long-run asymmetric effects for BRICS, while in the short run, all countries display …

Montana Residents: Attitudes Towards Tourism 2022 & Resident Perceptions Of Community Disaster Preparedness, Carter Bermingham, Megan Schultz, Matthew Pettigrew, Glenna Brown

Institute for Tourism and Recreation Research Publications

This report is a summary of Montana residents' attitudes towards tourism within the state. Since 1992, ITRR has asked residents questions specific to their attitudes towards tourism. This study was conducted to continue tracking the perception of the tourism industry in Montana, as well as expanding the original survey to include topics such as the perceived economic benefit tourism provides to local communities, crowding at the local community level, as well as questions focused on amenities to support tourism, and disaster preparedness.

Montana Travel Experience Survey - Final Summary Report, Glenna Brown, Kara Grau, Megan Schultz

Institute for Tourism and Recreation Research Publications

This summary report highlights select findings from the nonresident 2021-2022 Montana Travel Experience Survey. Nonresident travelers who were interviewed by a surveyor in the state were given this survey along with the Nonresident Travel Survey after completing an in-person “Front End” survey at a gas station, rest area, or airport. Through June, 2022, 1,327 surveys were collected. Questions included topics related to visitors’ use of public lands, trip planning, and questions for first time and repeat visitors.

The Financialization Of Cryptocurrencies, Lei Huang, Tse-Chun Lin, Fangzhou Lu, Jian Sun

Research Collection Lee Kong Chian School Of Business

We show that change in Grayscale Bitcoin Trust premium is the single most significant predictor of Bitcoin daily return. This sentiment measure is similar to the closed-end fund discount measure as in Baker and Wurgler (2006), but more likely to reflect the excess demand from traditional investors than from blockchain specialists. Although there is a substantial variation in Bitcoin price quotes worldwide, this Grayscale premium and discount predict Bitcoin daily return for the most liquid Bitcoin exchanges. Using K-means clustering and LDA analysis, we find that this predictability is especially significant when there is a large variation in bullish and …

Impact Of Geographical Diversification And Limited Attention On Private Equity Fund Returns, Victor Ong

Research Collection Lee Kong Chian School Of Business

This article analyzes the effect of geographical diversification on global private equity (PE) fund returns. We find that there is a negative correlation between geographical diversification and PE fund returns. To establish the causality between geographical diversification and PE fund returns, we employ an instrumental variable analysis where the instrument used is the stock market capitalization of the host country where the PE fund is based. Our results apply to Net IRR, TVPI and DPI as dependent variables used to proxy for PE fund returns in the main regression model. A one standard deviation increase in geographical diversification results in …

Competing Social Influence In Contested Diffusion: Luther, Erasmus And The Spread Of The Protestant Reformation, Sascha O. Becker, Steven Pfaff, Yuan Hsiao, Jared Rubin

ESI Working Papers

The spread of radical institutional change does not often result from one-sided pro-innovation influence; countervailing influence networks in support of the status quo can suppress adoption. We develop a model of multiple and competing network diffusion. To apply the contested-diffusion model to real data, we look at the contest between Martin Luther and Desiderius Erasmus, the two most influential intellectuals of early 16th-century Central Europe. Whereas Luther championed a radical reform of the Western Church that broke with Rome, Erasmus opposed him, stressing the unity of the Church. In the early phase of the Reformation, these two figures utilized influence …

When Bias Contributes To Variance: True Limit Theory In Functional Coefficient Cointegrating Regression, Peter C. B. Phillips, Ying Wang

Research Collection School Of Economics

Limit distribution theory in the econometric literature for functional coefficient cointegrating regression is incorrect in important ways, influencing rates of convergence, distributional properties, and practical work. The correct limit theory reveals that components from both bias and variance terms contribute to variability in the asymptotics. The errors in the literature arise because random variability in the bias term has been neglected in earlier research. In stationary regression this random variability is of smaller order and can be ignored in asymptotic analysis but not without consequences for finite sample performance. Implications of the findings for rate efficient estimation are discussed. Simulations …

Diagnosing Housing Fever With An Econometric Thermometer, Shuping Shi, Peter C. B. Phillips

Research Collection School Of Economics

Housing fever is a popular term to describe an overheated housing market or housing price bubble. Like other financial asset bubbles, housing fever can inflict harm on the real economy, as indeed the U.S. housing bubble did in the period following 2006 leading up to the general financial crisis and great recession. One contribution that econometricians can make to minimize the harm created by a housing bubble is to provide a quantitative “thermometer” for diagnosing ongoing housing fever. Early diagnosis can enable prompt and effective policy action that reduces long-term damage to the real economy. This paper provides a selective …

Covariate Adjustment In Experiments With Matched Pairs, Yuehao Bai, Liang Jiang, Joseph P. Romano, Azeem M. Shaikh, Yichong Zhang

Research Collection School Of Economics

This paper studies inference on the average treatment effect in experiments in which treatment status is determined according to “matched pairs” and it is additionally desired to adjust for observed, baseline covariates to gain further precision. By a “matched pairs” design, we mean that units are sampled i.i.d. from the population of interest, paired according to observed, baseline covariates and finally, within each pair, one unit is selected at random for treatment. Importantly, we presume that not all observed, baseline covariates are used in determining treatment assignment. We study a broad class of estimators based on a “doubly robust” moment …

Fully Modified Least Squares Cointegrating Parameter Estimation In Multicointegrated Systems, Igor L. Kheifets, Peter C. B. Phillips

Research Collection School Of Economics

Multicointegration is traditionally defined as a particular long run relationship among variables in a parametric vector autoregressive model that introduces additional cointegrating links between these variables and partial sums of the equilibrium errors. This paper departs from the parametric model, using a semiparametric formulation that reveals the explicit role that singularity of the long run conditional covariance matrix plays in determining multicointegration. The semiparametric framework has the advantage that short run dynamics do not need to be modeled and estimation by standard techniques such as fully modified least squares (FM-OLS) on the original system is straightforward. The paper derives FM-OLS …

Modeling And Forecasting Realized Volatility With The Fractional Ornstein-Uhlenbeck Process, Xiaohu Wang, Weilin Xiao, Jun Yu

Research Collection School Of Economics

This paper proposes to model and forecast realized volatility (RV) using the fractional Ornstein-Uhlenbeck (fO-U) process with a general Hurst parameter, H. A two-stage method is introduced for estimating parameters in the fO-U process based on discrete-sampled observations. In the first stage, H is estimated based on the ratio of two second-order differences of observations from different frequencies. In the second stage, with the estimated , the other parameters of the model are estimated by the method of moments. All estimators have closed-form expressions and are easy to implement. A large sample theory of the proposed estimators is derived. Extensive …

Analysis Of Freight Movements In The San Joaquin Valley, Aly Tawfik, Utsav Shah

Mineta Transportation Institute

Freight transportation plays a primary role in supply chains, costs, and availability of goods and is a major part of the economy. This study identifies, assesses, and utilizes different data sources to uncover and understand the patterns and movements of different types of freight in the San Joaquin Valley’s (SJV's) different counties. The San Joaquin Valley region consists of eight counties: San Joaquin, Stanislaus, Merced, Madera, Fresno, Kings, and Tulare. This research explored some major datasets with freight information, such as Global Trade Atlas (GTA), Port Imports and Exports Reporting Systems (PIERS), and Streetlight data insights for the year 2019 …

Smoking Behaviour And Its Impact On The Quality Of Life Of The Beneficiary Families Of Social Assistance Funds In East Java, Indonesia, Renny Nurhasana, Suci Puspita Ratih, Rara Warih Gayatri, Tika Dwi Tama, Ni Made Shellasih, Aryana Satrya, Fadhilah Rizky Ningtyas, Nurul Muhafilah

Journal of Strategic and Global Studies

The government implements social assistance programs for poor families and vulnerable groups. Therefore, the implementation is still facing various challenges. One of the toughest challenges is smoking behaviour. As the income has been increasing, the cigarette’s expense is also high. Cigarette’s expenditure substitutes other basic needs, such as nutritional foods, health, and education expenses. This study analyses smoking behaviour in social assistance recipients and its impact on quality of life. By using qualitative method, particularly the Rapid Assessment Procedure, data were obtained through in-depth interviews. The study uses purposive method to collect samples in East Java, both Malang City and …

Spanish Book, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection contains:

• A letter from Irene Castro Nava at Fondo de Cultura Económica in Mexico City, notifying Professor Shaikh that the Spanish edition of his book Capitalism: Competition, Conflict, Crises was set to be published on January 26, 2023, as Capitalismo. Competencia, crisis, y conflicto. (This appears to conflict with the actual publication title, which is Capitalismo. Competencia, conflicto y crisis.)

The Optimality Of Constant Mark-Up Pricing, Dirk Bergemann, Tibor Heumann, Stephen Morris

Cowles Foundation Discussion Papers

We consider a nonlinear pricing environment with private information. We provide profit guarantees (and associated mechanisms) that the seller can achieve across all possible distributions of willingness to pay of the buyers. With a constant elasticity cost function, constant markup pricing provides the optimal revenue guarantee across all possible distributions of willingness to pay and the lower bound is attained under a Pareto distribution. We characterize how profits and consumer surplus vary with the distribution of values and show that Pareto distributions are extremal. We also provide a revenue guarantee for general cost functions.We establish equivalent results for optimal procurement …

Estimating The Effects Of The Ada Amendments Act On The Hiring And Termination Of Individuals With Disabilities, Using New Disability Categorizations, Patrick Button, Philip Armour, Simon Hollands

Upjohn Institute Working Papers

Disability discrimination laws are often used to potentially increase employment for individuals with disabilities. However, legal theory and empirical economics research do not provide conclusive answers as to how expansions in disability discrimination laws affect economic outcomes, namely hiring rates, for individuals with disabilities. We estimate the effect of the ADA Amendments Act (ADAAA) on employment transitions: hirings and terminations for individuals with disabilities relative to those without disabilities. To calculate employment transitions, we use data from the Survey of Income and Program Participation (SIPP). We also use the SIPP to develop additional measures and categorizations of disability based on …

An Experimental Test Of Algorithmic Dismissals, Brice Corgnet

ESI Working Papers

We design a laboratory experiment in which a human or an algorithm decides which of two workers to dismiss. The algorithm automatically dismisses the least productive worker whereas human bosses have full discretion over their decisions. Using performance metrics and questionnaires, we find that fired workers react more negatively to human than to algorithmic decisions in a broad range of tasks. We show that spitefulness exacerbated this negative reaction. Our findings suggest algorithms could help tame negative reactions to dismissals.

The Impact Of Covid-19 And Associated Policy Responses On Global Food Security, Edward J. Balistreri, Felix Baquedano, John C. Beghin

Department of Economics: Faculty Publications

We analyze the impact of the COVID-19 pandemic and associated policy responses on the global economy and food security in 80 low- and middle-income countries. We use a global economy-wide model with detailed disaggregation of agricultural and food sectors and develop a business-as-usual baseline for 2020 and 2021 called “But-for-COVID” (BfC). We then shock the model with aggregate income shocks derived from the IMF World Economic Outlook for 2020 and 2021. We impose total-factor productivity losses in key sectors as well as consumption decreases induced by social distancing. The resulting shocks in prices and incomes from the CGE model simulations …

God Games: An Experimental Study Of Uncertainty, Superstition, And Cooperation, Aidin Hajikhameneh, Laurence R. Iannaccone

Economics Faculty Articles and Research

This paper uses a novel lab experiment to test claims about the origins and functions of religion. We modify the standard public goods game, adding a computer-based agent that adjusts earnings in ways that might depend on players' contributions. Our treatments employ three different descriptions of the adjustment process that loosely correspond to monotheistic, atheistic, and agnostic interpretations of the computer's role. The adjustments neither mask players' contributions nor magnify their impact. Yet players in all three adjustment treatments contribute much more than those who play the standard public goods game. Players' contributions and survey responses show that adjustments induce …