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Full-Text Articles in Econometrics

Drug Policy: The Effect Of Medical Marijuana On Opioid Consumption During The Us Opioid Epidemic, Jonathon David Knudson Jan 2020

Drug Policy: The Effect Of Medical Marijuana On Opioid Consumption During The Us Opioid Epidemic, Jonathon David Knudson

Graduate Student Theses, Dissertations, & Professional Papers

The introduction and subsequent over-prescribing of extended-release opioids in the United States resulted in a large rise in both addiction and overdose. Recognition and regulation of these new drugs as addictive did little to control the supply of opioids to Americans while Prescription Drug Monitoring Programs and Abuse Deterrent reformulations had limited effect to control the problem. Simultaneously, states like Michigan and Rhode Island legalized medical marijuana through voter referenda opening the door for a new approach to pain management. Recent research has found medical marijuana has proven an effective treatment for conditions such as chronic pain and PTSD and …

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Three Essays On “Production And Technical Efficiency”, Douglas Mugabe Jan 2020

Three Essays On “Production And Technical Efficiency”, Douglas Mugabe

Graduate Theses, Dissertations, and Problem Reports (ETD)

This dissertation examines production and or technical efficiencies in agricultural and energy systems. The first essay examines production capabilities of smallholder corn farmers following Zimbabwe’s fast track land reform program of 2000. This paper accounts for semi-parametric production frontier to provide more reliable efficiency estimates than can be obtained using traditional parametric methods. The second essay examines efficiency and state level fuel substitution in the US electricity generation sector. I apply the recent fixed effects stochastic frontier estimation to understand the implications of changes in inter-fuel substitution for technical efficiency. The third essay examines the role of drilled but uncompleted …

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Three Essays On Health Economics And Policy Evaluation, Shishir Shakya Jan 2020

Three Essays On Health Economics And Policy Evaluation, Shishir Shakya

Graduate Theses, Dissertations, and Problem Reports (ETD)

This dissertation consists of three essays on the U.S. Health care policy. Each paragraph below refers to the three abstracts for the three chapters in this dissertation, respectively. I provide quantitative evidence on how much Prescription Drug Monitoring Programs (PDMPs) affects the retail opioid prescribing behaviors. Using the American Community Survey (ACS), I retrieve county-level high dimensional panel data set from 2010 to 2017. I employ three separate identification strategies: difference-in-difference, double selection post-LASSO, and spatial difference-in-difference. I compare how the retail opioid prescribing behaviors of counties, that are mandatory for prescribers to check the PDMP before prescribing controlled substances …

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Financial Development In Developing Countries, Obinna Franklin Ezeibekwe Jan 2020

Financial Development In Developing Countries, Obinna Franklin Ezeibekwe

Masters Theses

What are the economic, political, institutional, socio-cultural, and geographical determinants of financial development in developing countries? This paper uses the two-way fixed effects (with clustered standard errors) and annual panel data from 1980 to 2018 for 69 developing countries in sub-Saharan Africa, Middle East and North Africa, East and South Asia, Latin America, and the Caribbean to address this question. The principal component analysis is employed to construct a financial development index based on three financial development indicators. This study builds on previous studies by introducing new potential determinants of financial development, such as the perception of corruption, and by …

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Testing Alphas In Conditional Time-Varying Factor Models With High Dimensional Assets, Shujie Ma, Wei Lan, Liangjun Su, Chih-Ling Tsai Jan 2020

Testing Alphas In Conditional Time-Varying Factor Models With High Dimensional Assets, Shujie Ma, Wei Lan, Liangjun Su, Chih-Ling Tsai

Research Collection School Of Economics

For conditional time-varying factor models with high dimensional assets, this article proposes a high dimensional alpha (HDA) test to assess whether there exist abnormal returns on securities (or portfolios) over the theoretical expected returns. To employ this test effectively, a constant coefficient test is also introduced. It examines the validity of constant alphas and factor loadings. Simulation studies and an empirical example are presented to illustrate the finite sample performance and the usefulness of the proposed tests. Using the HDA test, the empirical example demonstrates that the FF three-factor model (Fama and French, 1993) is better than CAPM (Sharpe, 1964) …

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Strong Consistency Of Spectral Clustering For Stochastic Block Models, Liangjun Su, Wuyi Wang, Yichong Zhang Jan 2020

Strong Consistency Of Spectral Clustering For Stochastic Block Models, Liangjun Su, Wuyi Wang, Yichong Zhang

Research Collection School Of Economics

In this paper we prove the strong consistency of several methods based on the spectral clustering techniques that are widely used to study the community detection problem in stochastic block models (SBMs). We show that under some weak conditions on the minimal degree, the number of communities, and the eigenvalues of the probability block matrix, the K-means algorithm applied to the eigenvectors of the graph Laplacian associated with its first few largest eigenvalues can classify all individuals into the true community uniformly correctly almost surely. Extensions to both regularized spectral clustering and degree-corrected SBMs are also considered. We illustrate the …

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Model Selection For Explosive Models, Yubo Tao, Jun Yu Jan 2020

Model Selection For Explosive Models, Yubo Tao, Jun Yu

Research Collection School Of Economics

This chapter examines the limit properties of information criteria (such as AIC, BIC, and HQIC) for distinguishing between the unit-root (UR) model and the various kinds of explosive models. The explosive models include the local-to-unit-root model from the explosive side the mildly explosive (ME) model, and the regular explosive model. Initial conditions with different orders of magnitude are considered. Both the OLS estimator and the indirect inference estimator are studied. It is found that BIC and HQIC, but not AIC, consistently select the UR model when data come from the UR model. When data come from the local-to-unit-root model from …

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All Pay Quality-Bids In Score Procurement Auctions, Dan Kovenock, Jingfeng Lu Jan 2020

All Pay Quality-Bids In Score Procurement Auctions, Dan Kovenock, Jingfeng Lu

ESI Working Papers

In this paper, we study score procurement auctions with all-pay quality bids. A supplier’s score is the difference between his quality and price bids. The supplier with the highest score wins and gets paid his own price bid. The procurer’s payoff is the difference between the winner’s quality and the procurer’s payments to the suppliers. Equilibrium quality and price bids are solved without first obtaining the corresponding equilibrium scores. We find that quality bids, the suppliers’ payoffs and the procurer’s payoff do not depend on whether price bids are made contingent on quality bids. Compared to a benchmark of winner-pay …

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Rationally Inattentive Savers And Monetary Policy Changes: A Laboratory Experiment, Andrea Civelli, Cary Deck, Antonella Tutino Jan 2020

Rationally Inattentive Savers And Monetary Policy Changes: A Laboratory Experiment, Andrea Civelli, Cary Deck, Antonella Tutino

ESI Working Papers

We study the response of consumption and saving decisions of rationally inattentive individuals to changes in monetary policy in the laboratory. First, we theoretically characterize the choices of a rationally inattentive agent processing information about the interest rate. Then, we design an experiment with induced inattention to test for the predictions of the model, contrasting them to the full information case. Consistent with the predictions, experimental subjects (a) increase attention when utility gains exceed cognitive costs of tracking the policy rate and decrease savings when their perceived economic outlook deteriorates; (b) respond to Delphic, but not Odyssean, forms of forward …

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Reconsidering Rational Expectations And The Aggregation Of Diverse Information In Laboratory Security Markets, Brice Corgnet, Cary Deck, Mark Desantis, Kyle Hampton, Erik O. Kimbrough Jan 2020

Reconsidering Rational Expectations And The Aggregation Of Diverse Information In Laboratory Security Markets, Brice Corgnet, Cary Deck, Mark Desantis, Kyle Hampton, Erik O. Kimbrough

ESI Working Papers

The ability of markets to aggregate dispersed information is a cornerstone of economics and finance. In a seminal experiment, Plott and Sunder (1988) offer support for the rational expectations hypothesis. However, recent laboratory experiments have called into question the robustness of those initial results. In this paper, we offer the first attempt to directly replicate key findings of the original study. Failing to replicate their results, the post-study probability that market performance is better described by rational expectations than the prior information (Walrasian) model is low. Given this result, we introduce a new treatment that implements a market structure consistent …

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An Experimental Comparison Of News Vending And Price Gouging, Zuzana Brokesova, Cary Deck, Jana Peliova Jan 2020

An Experimental Comparison Of News Vending And Price Gouging, Zuzana Brokesova, Cary Deck, Jana Peliova

ESI Working Papers

The newsvendor problem is a workhorse model in operation management research. We introduce a related game that operates in the price dimension rather than the inventory dimension: the price gouging game. Using controlled laboratory experiments, we compare news vending and price gouging behavior. We replicate the standard pull-to-center effect for news vending and find that the equivalent pattern occurs with price gouging. Further, we find that the pull-to-center is asymmetric both for newsvendors and price gougers. More broadly, the experimental results reveal that choices are similar across the theoretically isomorphic games, suggesting that observed behavior in newsvendor experiments is representative …

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Reference Dependent Prices In Bargaining: An Experimental Examination Of Precise First Offers, Erik O. Kimbrough, David Porter, Mark Schneider Jan 2020

Reference Dependent Prices In Bargaining: An Experimental Examination Of Precise First Offers, Erik O. Kimbrough, David Porter, Mark Schneider

ESI Working Papers

Evidence from psychology and marketing suggests that those who make a "precise" first offer in bargaining get a better deal than those who make a "round" first offer. We report on a series of experiments designed to test for and improve our understanding of the "precise first offer" (PFO) effect in bargaining and whether it likely reflects rational optimizing or equilibrium behavior. Our experimental treatments vary whether decisions are incentivized and whether the PFO effect can emerge as an equilibrium of a cheap-talk signaling game. We find evidence of a PFO effect when subjects read a vignette and make unincentivized …

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The Doors Of Perception, Gary Charness, Alessandro Sontuoso Dec 2019

The Doors Of Perception, Gary Charness, Alessandro Sontuoso

ESI Working Papers

We investigate how a player’s strategic behavior is affected by the set of notions she uses in thinking about the game, i.e., the “frame”. To do so, we consider matching games where two players are presented with a set of objects, from which each player must privately choose one (with the goal of matching the counterpart’s choice). We propose a novel theory positing that different player types are aware of different attributes of the strategy options, hence different frames; we then rationalize why differences in players’ frames may lead to differences in choice behavior. Unlike previous theories of framing, our …

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Recessions Or Partisanship: What Explains Climate Skepticism In The U.S.?, Abhishek S. Sambatur Dec 2019

Recessions Or Partisanship: What Explains Climate Skepticism In The U.S.?, Abhishek S. Sambatur

Undergraduate Economic Review

This paper investigates the variations in public mood pertaining to climate skepticism and attempts to empirically assess whether economic recessions or partisanship help explain aggregate-level trends and movements across a 16-year time horizon. Public survey data from the iPoll and Gallup Organization were used to construct the Climate Change Skeptic Index (CCSI) that served as a proxy to capture public opinion trends in skepticism across the U.S. A two-part vector autoregressive model suggests that while economic recessions might be causally linked to climate skepticism, partisanship plays a more influential role in explaining it over time. The key result is that …

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Is Diamond A Resource Curse For Africa?, Karli Hamrick Dec 2019

Is Diamond A Resource Curse For Africa?, Karli Hamrick

Undergraduate Economic Review

This paper investigates the resource curse in diamond exporting industry in African countries. The empirical evidence about the “resource curse” is mixed in literature and almost none has been done regarding diamond. Our study aims to bridge that gap. The results suggest that diamond export is positively correlated with well-being in a group of African countries. In other words, the “resource curse” may not occur in diamond mining industry after the Kimberly Process (KP) was put in place in 2002. We argue that the KP serves as a good institution and has created good incentives for firms in the industry. …

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Is Our Coal-Onial Era Ending Anytime Soon?, Hadiqa Faraz Dec 2019

Is Our Coal-Onial Era Ending Anytime Soon?, Hadiqa Faraz

Undergraduate Economic Review

In this paper, I estimate the long-run co-integrated relationship between energy demand and economic growth for 20 countries from the year 2000 to 2016. I use panel unit-root and heterogeneous panel co-integration tests to test for non-stationarity of the panels and to determine whether there is a long-run link between energy consumption and GDP per capita. The estimated model uses a first-difference OLS model to estimate income elasticity of energy demand; the empirical results of this model show that there is a long-run relationship between energy consumption per capita and GDP per capita. In the long-term, on average, with 1% …

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Rhode Island Current Conditions Index -- December 2019, Leonard Lardaro Dec 2019

Rhode Island Current Conditions Index -- December 2019, Leonard Lardaro

The Rhode Island Current Conditions Index

No abstract provided.

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Finance And Ideology: The Firm-Level Channels, Hao Liang, Rong Wang, Haikun Zhu Dec 2019

Finance And Ideology: The Firm-Level Channels, Hao Liang, Rong Wang, Haikun Zhu

Research Collection Lee Kong Chian School Of Business

We provide firm-level evidence on how politicians’ ideologies affect economic outcomes and financial development by exploring a unique setting of ideological discontinuity in China from Maoism to Dengism around 1978. We find the ideological exposure during a politician’s early adulthood has an enduring effect on contemporary firm and city policies. Firms governed by “Mao’s mayors” have more stakeholder spending, lower pay inequality, and less internationalization than those governed by Deng’s. Further evidence suggests politicians’ ideology may affect economic activities through channels other than economic policy. Selection bias, endogenous matching and mayor age effect are unlikely to drive our results.

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Uniform Inference In Panel Autoregression, John C. Chao, Peter C. B. Phillips Dec 2019

Uniform Inference In Panel Autoregression, John C. Chao, Peter C. B. Phillips

Research Collection School Of Economics

This paper considers estimation and inference concerning the autoregressive coefficient (rho) in a panel autoregression for which the degree of persistence in the time dimension is unknown. Our main objective is to construct confidence intervals for rho that are asymptotically valid, having asymptotic coverage probability at least that of the nominal level uniformly over the parameter space. The starting point for our confidence procedure is the estimating equation of the Anderson-Hsiao (AH) IV procedure. It is well known that the AH IV estimation suffers from weak instrumentation when rho is near unity. But it is not so well known that …

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Detecting Financial Collapse And Ballooning Sovereign Risk, Peter C. B. Phillips, Sp Shi Dec 2019

Detecting Financial Collapse And Ballooning Sovereign Risk, Peter C. B. Phillips, Sp Shi

Research Collection School Of Economics

This paper proposes a new model for capturing discontinuities in the underlying financial environment that can lead to abrupt falls, but not necessarily sustained monotonic falls, in asset prices. This notion of price dynamics is consistent with existing understanding of market crashes, which allows for a mix of market responses that are not universally negative. The model may be interpreted as a martingale composed with a randomized drift process that is designed to capture various asymmetric drivers of market sentiment. In particular, the model is capable of generating realistic patterns of price meltdowns and bond yield inflations that constitute major …

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Sieve Estimation Of Time-Varying Panel Data Models With Latent Structures, Liangjun Su, Xia Wang, Sainan Jin Dec 2019

Sieve Estimation Of Time-Varying Panel Data Models With Latent Structures, Liangjun Su, Xia Wang, Sainan Jin

Research Collection School Of Economics

We propose a heterogeneous time-varying panel data model with a latent group structure that allows the coefficients to vary over both individuals and time. We assume that the coefficients change smoothly over time and form different unobserved groups. When treated as smooth functions of time, the individual functional coefficients are heterogeneous across groups but homogeneous within a group. We propose a penalized-sieve-estimation-based classifier-Lasso (C-Lasso) procedure to identify the individuals’ membership and to estimate the group-specific functional coefficients in a single step. The classification exhibits the desirable property of uniform consistency. The C-Lasso estimators and their post-Lasso versions achieve the oracle …

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Har Testing For Spurious Regression In Trend, Peter C. B. Phillips, Xiaohu Wang, Yonghui Zhang Dec 2019

Har Testing For Spurious Regression In Trend, Peter C. B. Phillips, Xiaohu Wang, Yonghui Zhang

Research Collection School Of Economics

The usual t test, the t test based on heteroskedasticity and autocorrelation consistent (HAC) covariance matrix estimators, and the heteroskedasticity and autocorrelation robust (HAR) test are three statistics that are widely used in applied econometric work. The use of these significance tests in trend regression is of particular interest given the potential for spurious relationships in trend formulations. Following a longstanding tradition in the spurious regression literature, this paper investigates the asymptotic and finite sample properties of these test statistics in several spurious regression contexts, including regression of stochastic trends on time polynomials and regressions among independent random walks. Concordant …

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Harnessing The Power Of Social Incentives To Curb Shirking In Teams, Brice Corgnet, Brian C. Gunia, Roberto Hernán González Dec 2019

Harnessing The Power Of Social Incentives To Curb Shirking In Teams, Brice Corgnet, Brian C. Gunia, Roberto Hernán González

ESI Working Papers

We study several solutions to shirking in teams that trigger social incentives by reshaping the workplace social context. Using an experimental design, we manipulate social pressure at work by varying the type of workplace monitoring and the extent to which employees engage in social interaction. This design allows us to assess the effectiveness as well as the popularity of each solution. Despite similar effectiveness in boosting productivity across solutions, only organizational systems involving social interaction (via chat) were at least as popular as a baseline treatment. This suggests that any solution based on promoting social interaction is more likely to …

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News-Driven Expectations And Volatility Clustering, Sabiou M. Inoua Dec 2019

News-Driven Expectations And Volatility Clustering, Sabiou M. Inoua

ESI Working Papers

Financial volatility obeys two well-established empirical properties: it is fat-tailed (power-law distributed) and it tends to be clustered in time. Many interesting models have been proposed to account for these regularities, notably agent-based computational models, which typically invoke complicated mechanisms, however. It can be shown that trend-following speculation generates the power law in an intrinsic way. But this model cannot exaplain clustered volatility. This paper extends the model and offers a simple explanation for clustered volatility: the impact of exogenous news on traders’ expectations. Owing to the famous no-trade results, rational expectations, the dominant model of news-driven expectations, is hard …

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Price Signaling And Bargain Hunting In Markets With Partially Informed Populations, Mark Schneider, Daniel Graydon Stephenson Nov 2019

Price Signaling And Bargain Hunting In Markets With Partially Informed Populations, Mark Schneider, Daniel Graydon Stephenson

ESI Working Papers

Classical studies of asymmetric information focus on situations where only one side of a market is informed. This study experimentally investigates a more general case where some sellers are informed and some buyers are informed. We establish the existence of semiseparating perfect Bayesian equilibria where prices serve as informative signals of quality to uninformed buyers, while informed buyers can often leverage their informational advantage by purchasing high quality items from uninformed sellers at bargain prices. These models provide a rational foundation for the co-existence of bargains, price signaling, and Pareto efficiency in markets with asymmetric information. We test these theoretical …

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Understanding The Characteristics Of Remittance Recipients In Venezuela: A Country In Economic Crisis, Nicole A. Degla Nov 2019

Understanding The Characteristics Of Remittance Recipients In Venezuela: A Country In Economic Crisis, Nicole A. Degla

Undergraduate Economic Review

This essay analyzes household surveys from the World Bank Global Financial Inclusion Database for the years 2011, 2014, and 2017, as a means to distinguish individual level characteristics of remittance recipients in Venezuela. Remittances are defined as “crossborder, person-to-person payments of relatively low value. The transfers are typically recurrent payments by migrant workers to their relatives in their home countries (World Bank, 2015). Through the use of a linear probability model and probit regressions, I examine the variables age, gender, education level, and income quintile. Results of the analysis find that age has a statistically significant negative effect on the …

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Do Appeals To Donor Benefits Raise More Money Than Appeals To Recipient Benefits? Evidence From A Natural Field Experiment With Pick.Click.Give., John A. List, James J. Murphy, Michael K. Price, Alexander G. James Nov 2019

Do Appeals To Donor Benefits Raise More Money Than Appeals To Recipient Benefits? Evidence From A Natural Field Experiment With Pick.Click.Give., John A. List, James J. Murphy, Michael K. Price, Alexander G. James

ESI Working Papers

We partnered with Alaska’s Pick.Click.Give. Charitable Contributions Program to implement a statewide natural field experiment with 540,000 Alaskans designed to explore whether targeted appeals emphasizing donor benefits through warm glow impact donations. Results highlight the relative import of appeals to self. Individuals who received such an appeal were 4.5 percent more likely to give and gave 20 percent more than counterparts in the control group. Yet, a message that instead appealed to recipient benefits had no effect on average donations relative to the control group. We also find evidence of long-run effects of warm glow appeals in the subsequent year.

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A Class Of N-Player Colonel Blotto Games With Multidimensional Private Information, Christian Ewerhart, Dan Kovenock Nov 2019

A Class Of N-Player Colonel Blotto Games With Multidimensional Private Information, Christian Ewerhart, Dan Kovenock

ESI Working Papers

We consider a class of incomplete-information Colonel Blotto games in which N ≥ 2 agents are engaged in (N + 1) battlefields. An agent’s vector of battlefield valuations is drawn from a generalized sphere in Lp-space. We identify a Bayes-Nash equilibrium in which any agent’s resource allocation to a given battlefield is strictly monotone in the agent’s valuation of that battlefield. In contrast to the single-unit case, however, agents never enjoy any information rent. We also outline an extension to networks of Blotto games.

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Cooperation In Indefinitely Repeated Helping Games: Existence And Characterization, Gabriele Camera, Alessandro Gioffré Nov 2019

Cooperation In Indefinitely Repeated Helping Games: Existence And Characterization, Gabriele Camera, Alessandro Gioffré

ESI Working Papers

Experiments that investigate the spontaneous emergence of money in laboratory societies rely on indefinitely repeated helping games with random matching (Camera et al., 2013; Camera and Casari, 2014). An important open issue is the lack of a general proof of existence of an equilibrium capable of supporting the efficient allocation under private monitoring, without money. Here, we fill this gap by offering a general proof, as well as by characterizing the efficient non-monetary equilibrium. This technique can be extended to study games with simultaneous actions.

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Rhode Island Current Conditions Index -- November 2019, Leonard Lardaro Nov 2019

Rhode Island Current Conditions Index -- November 2019, Leonard Lardaro

The Rhode Island Current Conditions Index

No abstract provided.

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