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Articles 181 - 210 of 645
Full-Text Articles in Econometrics
Uncertainty And Reputation Effects In Credence Goods Markets, Eric Schniter, J. Dustin Tracy, Vojtěch Zíka
Uncertainty And Reputation Effects In Credence Goods Markets, Eric Schniter, J. Dustin Tracy, Vojtěch Zíka
ESI Working Papers
Credence-goods experiments have focused on stylized settings in which experts can perfectly identify the buyer’s best option and that option works without fail. However, in nature, credence goods involve uncertainties that complicate assessing the quality of service and advice. We introduce two sources of uncertainty. The first is diagnostic uncertainty; experts receive a noisy signal of buyer type so might make an ‘honest’ mistake when advising what is in buyers’ best interests. The second is service uncertainty; the services available to the buyers do not always work. Both sources of uncertainty make detection of expert dishonesty more difficult, so are …
Data For "Uncertainty And Reputation Effects In Credence Goods Markets", Eric Schniter, J. Dustin Tracy, Vojtěch Zíka
Data For "Uncertainty And Reputation Effects In Credence Goods Markets", Eric Schniter, J. Dustin Tracy, Vojtěch Zíka
ESI Data Sets
Credence-goods experiments have focused on stylized settings in which experts can perfectly identify the buyer’s best option and that option works without fail. However, in nature credence goods involve uncertainties that complicate assessing the quality of service and advice. We introduce two sources of uncertainty into a credence goods experiment. The first is diagnostic uncertainty; experts receive a noisy signal of buyer type so might make an ‘honest’ mistake when advising what is in buyers’ best interests. The second is service uncertainty; the services available to the buyer do not always work. Both sources of uncertainty make detection of expert …
Keeping A Clean Reputation: More Evidence On The Perverse Effects Of Disclosure, Cary Deck, J. Dustin Tracy
Keeping A Clean Reputation: More Evidence On The Perverse Effects Of Disclosure, Cary Deck, J. Dustin Tracy
ESI Working Papers
When a principal relies on an agent, a conflict of interest can encourage the agent to provide biased advice. Conventional wisdom suggests that such behavior can be reduced through disclosure requirements. However, disclosure has been shown to exacerbate self-serving bias and can actually lead to greater harm for the principal in one-shot interactions. But in many naturally occurring settings, agents form reputations, a mechanism that could diminish the incentive to provide biased advice. We test for bias in the advice agents provide when faced with reputation concerns, and examine the impact of disclosure in such an environment. In controlled laboratory …
The Economic Impact Of Lockdowns: A Theoretical Assessment, Gabriele Camera, Alessandro Gioffré
The Economic Impact Of Lockdowns: A Theoretical Assessment, Gabriele Camera, Alessandro Gioffré
ESI Working Papers
The sudden appearance of the SARS-CoV-2 virus and the onset of the COVID-19 pandemic triggered extreme and open-ended “lockdowns” to manage the disease. Should these drastic interventions be the blueprint for future epidemics? We construct an analytical framework, based on the theory of random matching, which makes explicit how epidemics spread through economic activity. Imposing lockdowns by assumption prevents contagion and reduces healthcare costs, but also disrupts income-generation processes. We characterize how lockdowns impact the contagion process and social welfare. Numerical analysis suggests that protracted, open-ended lockdowns are generally suboptimal, bringing into question the policy responses seen in many countries.
Making It Public: The Effect Of (Private And Public) Wage Proposals On Efficiency And Income Distribution, Lara Ezquerra, Joaquín Gómez-Miñambres, Natalia Jiminez, Praveen Kujal
Making It Public: The Effect Of (Private And Public) Wage Proposals On Efficiency And Income Distribution, Lara Ezquerra, Joaquín Gómez-Miñambres, Natalia Jiminez, Praveen Kujal
ESI Working Papers
The implications of (public or private) pre-play communication and information revelation in a labour relationship is not well understood. We address these implications theoretically and experimentally. In our baseline experiments, the employer offers a wage to the worker who may then accept or reject it. In the public and private treatment, workers, moving first, make a non-binding private or public wage proposal. Our theoretical model assumes that wage proposals convey information about a worker’s minimum acceptable wage and are misreported with a certain probability. It predicts that, on average, wage proposals lead to higher wage offers and acceptance rates, with …
An Experimental Study Of Within- And Cross-Cultural Cooperation: Chinese And American Play In The Prisoner’S Dilemma Game, Michael Kuroda, Jieran Li, Jason Shachat, Lijia Wei, Bochen Zhu
An Experimental Study Of Within- And Cross-Cultural Cooperation: Chinese And American Play In The Prisoner’S Dilemma Game, Michael Kuroda, Jieran Li, Jason Shachat, Lijia Wei, Bochen Zhu
ESI Working Papers
We study whether cross- and within-culture groups have different cooperation rates in the Prisoner’s Dilemma Game. In an experiment, university students in China and America engage in a single iteration of the game, complete belief elicitation tasks regarding their opponents’ play and take a survey including attitudinal measurements regarding their in- and out-group attitudes. Cooperation rates are higher across the two countries are higher in both cross-culture and in within-culture interactions, although not significantly. We also find that Chinese participants cooperate less than American ones. Further, female Chinese participants are more cooperative than Chinese male ones. In the cross-culture treatment, …
Economics Of Majoritarian Identity Politics, Rohit Ticku, Raghul S. Venkatesh
Economics Of Majoritarian Identity Politics, Rohit Ticku, Raghul S. Venkatesh
ESI Working Papers
Majoritarian identity politics has become salient in representative democracies. Why do parties engage in identity politics and what are its consequences? We present a model of electoral competition in which parties capture voter groups based on their identity, and compete over an economic policy platform for the support of non-partisan voters. In addition, the party that caters to majoritarian interests makes a costly investment in polarizing identity. The investment provides subsequent payoffs to voters who have a preference for identity. When voter preferences over policy platforms are idiosyncratic in nature, greater investment in polarizing identity (i) increases both parties’ rents …
Group-Identity And Long-Run Cooperation: An Experiment, Gabriele Camera, Lukas Hohl
Group-Identity And Long-Run Cooperation: An Experiment, Gabriele Camera, Lukas Hohl
ESI Working Papers
We stress-test the limits of the power of group identity in the context of cooperation by constructing laboratory economies where participants confront an indefinitely repeated social dilemma as strangers. Group identity is artificially induced by random assignment to color-coded groups, and reinforced by an initial cooperation task played in-group and in fixed pairs. Subsequently subjects interact in-group and out-group in large economies, as strangers. Indefinite repetition guarantees full cooperation is an equilibrium. Decision-makers can discriminate based on group affiliation, but cannot observe past behaviors. We find no evidence of group biases. This suggests that group effects are less likely to …
Classical Theory Of Competitive Market Price Formation, Sabiou M. Inoua, Vernon L. Smith
Classical Theory Of Competitive Market Price Formation, Sabiou M. Inoua, Vernon L. Smith
ESI Working Papers
We offer an information theory of market price formation, formalizing and elaborating on an old, implicit, classical tradition of supply and demand based on buyers’ and sellers’ mone-tary valuations of commodities (formally their reservation prices) and competition as a multilat-eral higgling and bargaining process. The early laboratory market experiments, as it turns out with hindsight, established the remarkable stability, efficiency, and robustness of the old view of competitive price discovery, and not the neoclassical price theory (based on individual utility and profit maximization for given prices). Herein, we present a partial-equilibrium version of the the-ory in which wealth is implicitly …
Trustors’ Disregard For Trustees Deciding Intuitively Or Reflectively: Three Experiments On Time Constraints, Antonio Cabrales, Antonio M. Espín, Praveen Kujal, Stephen Rassenti
Trustors’ Disregard For Trustees Deciding Intuitively Or Reflectively: Three Experiments On Time Constraints, Antonio Cabrales, Antonio M. Espín, Praveen Kujal, Stephen Rassenti
ESI Working Papers
Human decisions in the social domain are modulated by the interaction between intuitive and reflective processes. Requiring individuals to decide quickly or slowly triggers these processes and is thus likely to elicit different social behaviors. Meanwhile, time pressure has been associated with inefficiency in market settings and market regulation often requires individuals to delay their decisions via cooling-off periods. Yet, recent research suggests that people who make reflective decisions are met with distrust. If this extends to external time constraints, then forcing individuals to delay their decisions may be counterproductive in scenarios where trust considerations are important. In three Trust …
Standard Vs Random Dictator Games: On The Effects Of Role Uncertainty And Framing On Generosity, Ernesto Mesa-Vázquez, Ismael Rodriguez-Lara, Amparo Urbano
Standard Vs Random Dictator Games: On The Effects Of Role Uncertainty And Framing On Generosity, Ernesto Mesa-Vázquez, Ismael Rodriguez-Lara, Amparo Urbano
ESI Working Papers
We show that generosity is affected when we vary the level of role uncertainty, i.e., the probability that the dictator’s decision will be implemented. We also show that framing matters for generosity in that subjects are less generous when they are told that their choices will be implemented with a certain probability, compared with a setting in which they are told that their choices will not be implemented with certain probability.
Legalized Same-Sex Marriage And Coming Out In America: Evidence From Catholic Seminaries, Avner Seror, Rohit Ticku
Legalized Same-Sex Marriage And Coming Out In America: Evidence From Catholic Seminaries, Avner Seror, Rohit Ticku
ESI Working Papers
We study the effect of legalization of same-sex marriage on coming out in the United States. We overcome data limitations by inferring coming out decisions through a revealed preference mechanism. We exploit data on enrollment in seminary studies for the Catholic priesthood, hypothesizing that Catholic priests' vow of celibacy may lead gay men to self-select as a way to avoid a heterosexual lifestyle. Using a differences-in-differences design that exploits variation in the timing of legalization across states, we find that city-level enrollment in priestly studies fell by about 15% exclusively in states adopting the reform. The celibacy norm appears to …
The Influence Of Food Recommendations: Evidence From A Randomized Field Experiment, Kamal Bookwala, Caleb Gallemore, Joaquín Gómez-Miñambres
The Influence Of Food Recommendations: Evidence From A Randomized Field Experiment, Kamal Bookwala, Caleb Gallemore, Joaquín Gómez-Miñambres
ESI Working Papers
We report results from a randomized field experiment conducted at two food festivals. Our primary aim is to assess the impact of two types of recommendations commonly observed in food settings: most popular and chef’s choice. Subjects select a cupcake from a binary menu. The two options, offered by the same bakery, are the best seller in the bakery and the baker’s recommended cupcake. Our treatments manipulate whether the recommendation is disclosed in tandem with the cupcakes in the menu. We find that the most popular is the only recommendation that statistically significantly increased consumers’ demand relative to …
A Class Of N-Player Colonel Blotto Games With Multidimensional Private Information, Christian Ewerhart, Dan Kovenock
A Class Of N-Player Colonel Blotto Games With Multidimensional Private Information, Christian Ewerhart, Dan Kovenock
ESI Working Papers
In this paper, we study N-player Colonel Blotto games with incomplete information about battlefield valuations. Such games arise in job markets, research and development, electoral competition, security analysis, and conflict resolution. For M ≥ N + 1 battlefields, we identify a Bayes-Nash equilibrium in which the resource allocation to a given battlefield is strictly monotone in the valuation of that battlefield. We also explore extensions such as heterogeneous budgets, the case M ≤ N, full-support type distributions, and network games.
Economics Students: Self-Selected In Preferences And Indoctrinated In Beliefs, Antonio M. Espín, Manuel Correa, Alberto Ruiz-Villaverde
Economics Students: Self-Selected In Preferences And Indoctrinated In Beliefs, Antonio M. Espín, Manuel Correa, Alberto Ruiz-Villaverde
ESI Working Papers
There is much debate as to why economics students display more self-interested behavior than other students: whether homo economicus self-select into economics or students are instead “indoctrinated” by economics learning, and whether these effects impact on preferences or beliefs about others’ behavior. Using a classroom survey (n>500) with novel behavioral questions we show that, compared to students in other majors, econ students report being: (i) more self-interested (in particular, less compassionate or averse to advantageous inequality) already in the first year and the difference remains among more senior students; (ii) more likely to think that people will be unwilling …
Institutions And Opportunistic Behavior: Experimental Evidence, Antonio Cabrales, Irma Clots-Figueras, Roberto Hernán-González, Praveen Kujal
Institutions And Opportunistic Behavior: Experimental Evidence, Antonio Cabrales, Irma Clots-Figueras, Roberto Hernán-González, Praveen Kujal
ESI Working Papers
Risk mitigating institutions have long been used by societies to protect against opportunistic behavior. We know little about how they are demanded, who demands them or how they impact subsequent behavior. To study these questions, we run a large-scale online experiment where insurance can be purchased to safeguard against opportunistic behavior. We compare two different selection mechanisms for risk mitigation, the individual and the collective (voting). We find that, whether individual or collective, there is demand for riskmitigating institutions amongst high-opportunism individuals, while low-opportunism individuals demand lesser levels of insurance. However, high-opportunism individuals strategically demand lower insurance institutions when they …
In-Group Versus Out-Group Preferences In Intergroup Conflict: An Experiment, Subhashish M. Chowdhury, Anwesha Mukherjee, Roman M. Sheremeta
In-Group Versus Out-Group Preferences In Intergroup Conflict: An Experiment, Subhashish M. Chowdhury, Anwesha Mukherjee, Roman M. Sheremeta
ESI Working Papers
Individuals participating in a group conflict have different preferences, e.g., maximizing their own payoff, maximizing the group’s payoff, or defeating the rivals. When such preferences are present simultaneously, it is difficult to distinctly identify the impact of those preferences on conflict. In order to separate in-group and out-group preferences, we conduct an experiment in which human in-group or out-group players are removed while keeping the game strategically similar. Our design allows us to study (i) how effort in a group conflict vary due to in-group and out-group preferences, and (ii) how the impact of these preferences vary when the two …
Foreign Direct Investment And Economic Growth: A Panel Data Analysis, Yuan Yao
Foreign Direct Investment And Economic Growth: A Panel Data Analysis, Yuan Yao
Empirical Economic Bulletin, An Undergraduate Journal
This paper investigates the influences of FDI on economic growth of selected Latin American and Asian countries both directly and indirectly through factors such as technology, knowledge transfer, and trade openness. The study uses the growth regression to examine and identify not only the relationship between the FDI and economic growth of the underlying countries but also the interaction effects of FDI with human capital and trade openness on the economic growth based on the statistical performance of the interaction terms in the model. The evidence from the study shows that FDI does have an impact on economic growth both …
Star Player Bias In The Nba: A Quantile Regression Approach, Daniel Barrett
Star Player Bias In The Nba: A Quantile Regression Approach, Daniel Barrett
Empirical Economic Bulletin, An Undergraduate Journal
This paper examines the impact of an NBA player’s salary on the number of fouls drawn by them in a season. NBA referees have complete discretion in making calls of whether a player does or does not commit a foul in game, with decisions susceptible to bias, favoring certain players with more fouls called in their favor than another player. The study uses salary to determine a player’s value, using a panel dataset of all players from the 2015-16 NBA season through the 2018-19 NBA season for salary and game statistics. The impact of salary is determined using a quantile …
Trade Liberalization And Economic Performance: An Empirical Analysis, Brandon Fontaine
Trade Liberalization And Economic Performance: An Empirical Analysis, Brandon Fontaine
Empirical Economic Bulletin, An Undergraduate Journal
Trade liberalization has long been a debated topic; free traders will argue it makes all involved parties more prosperous while protectionists say that it costs jobs and hurts countries’ economies. This paper will study the relationship between a country’s trade freedom, as measured by the Heritage Foundations trade openness metrics, and the nation’s economic performance. This study will incorporate indicators such as gross domestic product, unemployment, and investment flows across 56 countries of different income levels to determine whether free trade policies lead to greater economic performance. The three income levels analyzed will be high-income, medium-income, and low-income. The empirical …
The Effect Of Poor Working Conditions And Income Inequality On Gdp Growth, Trent Remillard
The Effect Of Poor Working Conditions And Income Inequality On Gdp Growth, Trent Remillard
Empirical Economic Bulletin, An Undergraduate Journal
This paper looks to see if there is a relationship between poor working conditions and growth in GDP annually. Many nations have historically treated their workers very poorly, and offered little in support or protection to them. Consequently, many of these same nations have seen large boosts in annual GDP growth. This paper aims to see if there is a correlation between this treatment of workers, and these subsequent boosts of GDP growth, and if there is, is it possible to predict the expected level of growth based on these factors.
Macroeconomic Drivers Of Reit Stock Prices, Nicholas Mulligan
Macroeconomic Drivers Of Reit Stock Prices, Nicholas Mulligan
Empirical Economic Bulletin, An Undergraduate Journal
This paper investigates several variables as potential drivers of REIT stock performance. The results show that four of the six independent variables, all of positively correlated ones, were significant. The combination of variables proved to be very predictive, yielding an R-squared of 0.9712. The two variables that were added in this study versus the benchmark Morgan Stanley study proved to be highly significant. The two negatively correlated variables proved to be insignificant.
Quality Analysis Of Lift Ticket Prices In The United States Using Logistic Regression, Jared Murphy
Quality Analysis Of Lift Ticket Prices In The United States Using Logistic Regression, Jared Murphy
Empirical Economic Bulletin, An Undergraduate Journal
This paper investigates the possibility of a relationship between Lift Ticket Prices and quality of resorts in the United States of America. The study incorporates information from a number of past research papers analyzing the price of lift tickets and the individual characteristics of the ski area. In recent years, the price of lift tickets has increased far greater than the rate of inflation. With over 350 companies operating in the industry in the United States, they combine for annual revenue greater than $2 billion. Consumers who enjoy the sport have seen a sharp increase in prices throughout the past …
Economic Determinants Of Within-Country Political Instability And Violence: A Panel Data Examination Of Central And South America, Michael Biskupic
Economic Determinants Of Within-Country Political Instability And Violence: A Panel Data Examination Of Central And South America, Michael Biskupic
Empirical Economic Bulletin, An Undergraduate Journal
This paper examines the potential impact of economic factors on withincountry violence and instability utilizing a panel data approach. More specifically, this paper examines the impact of within-country income inequality on a measure of political stability and a measure of within-country violence. Utilizing a Generalized Least Squares method, this paper finds that only in countries with a per-capita income less than $5000 is there a significant relationship between income inequality and violence. This paper concludes with a discussion of the results, recommendations for future research, and a section on policy recommendations based on the empirical results and potential risks not …
Student Achievement In Rhode Island Charter Schools: A Cross-Sectional Analysis, Edward Golas
Student Achievement In Rhode Island Charter Schools: A Cross-Sectional Analysis, Edward Golas
Empirical Economic Bulletin, An Undergraduate Journal
Using standardized test results from the school year 2018-19 this study compares the performance of 3rd through 8th graders in Rhode Island charter schools to their peers in traditional public schools (TPSs). This study also uses OLS techniques to test if Rhode Island charter schools help to bridge the achievement gap between minority (black and Hispanic) students and white students. The results show that in approximately ¾ of comparable instances, Rhode Island charter schools outperform TPSs on both English and math standardized tests. Additionally, it was found that Hispanic students attending a charter school are predicted to score higher on …
A Time Series Analysis Of Determinants Of Pce Inflation In The United States, Elliot Charron
A Time Series Analysis Of Determinants Of Pce Inflation In The United States, Elliot Charron
Empirical Economic Bulletin, An Undergraduate Journal
This paper investigates the factors contributing to the PCE inflation rate in the United States. The study incorporates economic determinants in a time series analysis to examine the influence of economic variables on the PCE Inflation rate in the United States. The economic variables include the unemployment rate, wages, inflation expectations, the federal funds rate, the money supply, import prices, and the labor force participation rate. The ADF unit root test shows that the first difference is stationary while the Johansen test of cointegration shows that there is cointegration of 7 and that a vector error correction model (VECM) must …
Comparing Machine Learning Techniques For Predicting Bank Failure, Armen Eghian
Comparing Machine Learning Techniques For Predicting Bank Failure, Armen Eghian
Empirical Economic Bulletin, An Undergraduate Journal
The study of machine learning has helped create and refine many types of predictive models. These models have been applied to countless problems, but the importance of banking stability has led many researchers to create models predicting if a bank will be active in future years. Neural networks, support vector machines, and traditional regression models, have been used to predict bank failure, but random forests have not been fully explored. This paper shows random forests can offer prediction power greater than neural networks and logit models when used to predict bank failure. This aligns with work comparing random forests and …
The Relationship Between Transportation Accessibility And Economic Development, Abigail Kiggen
The Relationship Between Transportation Accessibility And Economic Development, Abigail Kiggen
Empirical Economic Bulletin, An Undergraduate Journal
This paper investigates the possible relationship between transportation infrastructure accessibility and economic development in a given region. The study will incorporate data from counties in the state of Massachusetts to compare development from previous studies in the New York area. The independent variable will be transportation infrastructure accessibility, and the dependent variable will be measures of economic development. The results show that there are generally not correlations between better accessibility and economic development in a given region.
Ways Forward In Energy Markets And The Environment, Jacob Nelson
Ways Forward In Energy Markets And The Environment, Jacob Nelson
Williams Honors College, Honors Research Projects
Renewable energy sources have come to the forefront of energy production policy over the last twenty years. Studies of external and direct costs of both renewable and nonrenewable energy sources have contributed to growing understandings of ways in which these energy sources can be compared in a monetary context. Using data from the U.S. Energy Information Administration (EIA) alongside international data from the International Renewable Energy Agency (IRENA) among other sources, we have developed forecasts for the future costs, both direct and social, of each energy source as well as a difference-in-difference experiment to determine potential effects of state-level energy …
Three Essays In Applied Urban Economics, Alexander Cardazzi
Three Essays In Applied Urban Economics, Alexander Cardazzi
Graduate Theses, Dissertations, and Problem Reports (ETD)
The first chapter examines the effect of policing strategies on housing prices. Crime has been shown to negatively affect housing values. However, there is not much empirical evidence documenting the amenity value of how people are policed. Stop & Frisk was a particularly salient policing tactic employed in New York City until a judge ruled it to be unconstitutional. This chapter uses exogenous variation in Stop & Frisk behavior resulting from landmark events in a federal class action lawsuit as well as exposure to Operation Impact, a high intensity policing strategy, to explain variation in property sales. Results indicate a …