Economic Theory Commons^™

Seller Beware: Supply And Demand Reduction And Price Manipulation In Multiple-Unit Uniform Price Auctions, Abel Winn, Michael Parente, David Porter

Economics Faculty Articles and Research

We experimentally compare under-revelation of supply and demand across alternative variations of ascending and descending two-sided price clock auctions. We find that buyers reduce demand more when the price is ascending but sellers’ behavior is consistent across clock directions. As a result, the clock price rule has empirical effects on efficiency even though it is theoretically neutral.

To Have Done With Forgiveness: Capitalism, Christianity, And The Politics Of Immanence, Timothy Snediker

Electronic Theses and Dissertations

This essay seeks to formulate a critical account of the genealogical link between capitalism and Christianity by interrogating the ontology and the processes of subjectivization which subtend these two apparently disparate social and political formations. To this end, I make use of the philosophical thought of Gilles Deleuze, in particular his readings of Spinoza, Foucault, Nietzsche, and Sacher-Masoch. The central themes of the essay--the identity of God and money, and the vicissitudes of the creditor-debtor relation--culminate in a theory of a theodicy of money, which deploys an apparatus of forgiveness in order to obscure and displace the stakes and …

Akratic Homo Economicus: Does The Neoclassical Economic Theory "Rational Agent" Assumption Accurately Depict Human Nature?, Marina Logachev

Electronic Theses and Dissertations

Neoclassical economic theory has long been scrutinized for its failure to be congruent with reality, often lacking generality and tractability due to, what many critics argue to be, unrealistic assumptions. One of the theory's core suppositions is a representative "rational agent" or homo economicus, whose self-interest and optimal choices, which are in state of equilibrium and efficiency are rooted in utility maximization of his well-being. Even though neoclassical economics claims to accurately depict human nature, from its very inception it has failed to incorporate human psychology and sociology into its foundations. As the behavioral and biological research became more …

Rethinking The "Marginal Revolution" In The History Of Economic Thought: A Brief Examination Of The Marginal Utility Theory Before And In The 1870s, Ding Ning

Electronic Theses and Dissertations

The "Marginal Revolution," a well-known event in the history of economic thought, challenged the mainstream classical political economy and introduced new methods to economic study. The "Marginal Revolution" marked the rise of the Marginal Utility School and pushed the formulation of neoclassical economics. Because marginal utility is the core concept of the "Marginal Revolution," this thesis studies the origin of marginal utility theory by examining figures such as Bernoulli, Bentham, Dupuit, and Goseen, and the utility theory with its related topics of Jevons, Menger and Walras in the 1870s. This thesis considers the significance of the "Marginal Revolution," with particular …

Creating Rhetorical Subjectivities: Negotiating The Precarity Of The Homo Oeconomicus In The Neoliberal Workplace, Leslie Lynne Rossman

Electronic Theses and Dissertations

The ubiquitous impact of the neoliberal economy on our everyday life leads to questions of rhetorical significance. This project strives to incorporate service labor experience as a source as well as an effect of rhetoric thereby embodying materialist notions of the body at the site of production. I explore neoliberal discourses through the phenomena of outsourcing and offshoring by interviewing service industry employees that have experienced job uncertainty within a Fortune 500 corporation. By studying narratives, this project explores how the material effects of rhetoric are able to determine discourses of power relating to production. Thus, this study questions the …

Public Choice Lessons From The Wizarding World Of Harry Potter, Marta Podemska-Mikluch, Darwyyn Deyo, David Mitchell

Faculty Publications

J. K. Rowling’s series of books about the underage wizard Harry Potter is an effective tool for introducing students to the key concepts of public choice. By keeping political figures at the forefront of the story, Rowling encourages students to recognize the different incentives individuals face in markets versus politics. To illuminate the pedagogical potential of the series and to ease its adoption, we discuss a set of examples that best illustrate the key concepts of public choice. We also share a classroom exercise showcasing how the series can be used to promote active learning.

Regional Economic Development―A Survey Of Theories In The Past Two Centuries (1800-2000), Xiaohong Quan

Faculty Publications

The purpose of this paper is to survey the evolution of theories in the field of regional economic development in the past two centuries (1800-2000) before the new millennium. Theories from the ‘spacial’ dimension and from the ‘economic’ dimension are understood as the classical foundation of the field. Important theories are identified and discussed for regional economic development. Specifically, the topics examined here first center around the mechanisms behind regional economic growth, answering questions such as why growth happens in certain regions, why growth can shift to other places, and what factors or environments can foster growth in certain regions. …

Coffee In China: Market Trend And Consumer Demand, Jesse W. Mattingly

Theses and Dissertations--Agricultural Economics

Although it remains a tea consuming nation, both production and consumption of coffee in China has been increasing at double-digit rates and is not expected to slow down (International Coffee Organization (ICO), 2015). With investments and upward trends in production and rapid increases in consumption of coffee in China it is important for producers and retailers of the bean¹ in China to understand the new Chinese coffee consumer. Using survey data from Wuhan, China we help understand the Chinese coffee consumer by explaining their consumption using standard OLS regression. Results show that whether or not consumers make/brew their own …

The Financial Power Of The Powerless: Socio-Economic Status And Interest Rates Under Weak Rule Of Law, Timur Kuran, Jared Rubin

ESI Publications

In advanced economies interest rates vary inversely with the borrower's socio-economic status, which itself depends inversely on default risk. These relationships depend on the impartiality of the law. Where the law is markedly biased in favour of certain groups, the latter will pay a surcharge for capital. Legal power, as measured by privileges before the law, thus undermines financial power, the capacity to borrow cheaply. Developing this argument, this paper also tests it through judicial records from Ottoman Istanbul, 1602-1799. Three privileged Ottoman groups—men, Muslims, and titled elites—all paid relatively high interest rates conditional on various loan characteristics.

Assorted Notes, Book Launch, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Shaikh, A. (2016, February 12). Capitalism: Competition, conflict, crises (Book launch flyer). The New School for Social Research (23-2_Assor... p. 2).
• Shaikh, A. (2013, November 3). Ch 4: production and costs (Unpublished manuscript outline) (23-2_Assor... p. 3).
• Shaikh, A. (2016, April 14). Classical macrodynamics (Unpublished manuscript notes) (23-2_Assor... p. 6).
• Shaikh, A. (2016, March 15). Develop of equity (Unpublished manuscript notes) (23-2_Assor... p. 7).

Informational Efficiency And The Reaction To Terrorism: A Financial Perspective, Nicholas Roland

Honors Undergraduate Theses

The purpose of this study is to measure the message terror organizations hope to convey using the financial markets as a proxy of measurement to determine patterns within the marketplace and the effects on the terrorists’ ability to deliver a desired message due to the increased use of digital devices and access to instantaneous news, seen over the past decade. Using death count, geographic location, and event type, this study identified 109 attacks between 1985 and 2015 to be analyzed against 5 market indices and 5 securities. Measuring the effects within a 10-day sample window from the time of the …

Does Context Information Affect Perceptions Of The Intrinsic Value Of Visual Art?, Kelsey Ferguson

Inquiry: The University of Arkansas Undergraduate Research Journal

This study is an application of cultural economic value theory within the context of visual art. Current literature supports an incompatibility between objective, empirical economic research and the subjectivity of artistic expression. While variables affecting the intrinsic value of art are difficult to identify and measure, this study quantified the effect of context information on university students’ perceptions of visual art. For this study, 118 randomly assigned University of Arkansas students viewed four identical works of art and answered identical questions designed to measure perceptions of intrinsic value. Despite a hypothesis that context would positively affect participants’ reports, when significant …

The Effect Of Nba Free Agency On Player Utility, Austin Erikson

Electronic Theses and Dissertations

Observably, free agents in the National Basketball Association often make misguided decisions during the free agency period. These decisions may have a direct effect on a player’s performance and salary, affecting their overall utility. Research exists confirming that moving through free agency leads to an effect on player performance, but no study has explored the effect of changing teams through free agency on a player’s salary. As a significant number of players enter this market every year, research on this area is crucially important. The null hypothesis for performance is: H0: moving to a different team through free agency leads …

Assorted Math Notes, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Strong normalization test.mcdx by Anwar Shaikh, PhD. (Unpublished work) (24-33_Asso... p. 2).
• Shaikh, A. (2016). RE: strong normalization (Unpublished manuscript) (24-33_Asso... p. 4).
• Brody, A. (1997). The second eigenvalue of the Leontief matrix. Economic Systems Research, 9(3), 253–258. Carfax Publishing Company (24-33_Asso... p. 15).
• dos Santos, P. (2015). I method (Unpublished manuscript) (24-33_Asso... p. 24).
• Shaikh, A. (2015). Eigenvalue paths and limiting function (Unpublished manuscript) (24-33_Asso... p. 26).
• Bidard, C., & Schatteman, T. (2001). The spectrum of random matrices. Economic Systems Research, 13(3), 289–298. Taylor & Francis (24-33_Asso... p. 27).
• Sun, G.-Z. (2008). …

The Effects Of The One-Child Policy On Household Financial Decisions, Sylvia M. Xu

Honors Theses

The Chinese One-Child Policy, enacted in 1979, was an attempt to decrease the population growth rate following a period of massive social and political confusion and uncertainty. While the policy was beneficial to curbing the population growth in China, it also introduced unintentional consequences, including sex imbalance, and other demographic differences. The goal of this paper is to examine the economic behavior and financial decisions of son-families and daughter-families across different provinces and regions of China, which have varying levels of sex imbalance, as a result of a cultural preference for sons. These financial decisions include the household saving rate, …

Deny, Deny, Deny, Michael Lewyn

Scholarly Works

Some commentators argue that new housing supply and less restrictive zoning will not reduce housing prices in high-cost cities. This article discusses and critiques their arguments.

Insatiability And Crisis: Using Interdisciplinarity To Understand (And Denaturalize) Contemporary Humans, Sean P. Macdonald, Costas Panayotakis

Publications and Research

This chapter illustrates how collaboration between different social sciences can encourage students to think critically about prevailing assumptions regarding human nature. Both the chapter and the pedagogical experience on which it is based investigate the distinctive type of human created by capitalist society. In so doing, it takes a heterodox approach to analyzing the concept of an insatiable human nature through a case study that invites students to critically assess this perspective. This discussion then leads to an investigation and critique of traditional neoclassical Economic assumptions about human behavior, which forms the basis for a case study on the causes …

Religious Identity And The Provision Of Public Goods: Evidence From The Indian Princely States, Latika Chaudhary, Jared Rubin

ESI Publications

This paper describes a simple model of how a ruler’s religious identity affects public goods provision. Our primary insight is that rulers reduce public goods expenditures to a greater degree when there are privately-provided substitutes excludable by religion.The basic idea is that if the good is provided privately to the ruler’s co-religionists, the ruler faces weaker incentives to provide this public good because his co-religionists receive lower marginal utility from its provision. Testing such a conjecture is an empirical challenge, however, since the religious identity of rulers rarely varies over time and place. We address this problem by exploiting …

Book Launch, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Book launch planning notes by Anwar Shaikh, PhD

Physics Colloquium, University Of Maryland, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• University of Maryland physics colloquium folder notes by Anwar Shaikh, PhD (23-25_Univ... p. 1)
• Taxi receipt from College Park Marriott Hotel to New Carrollton train station by Taxi-Taxi Inc. (23-25_Univ... p. 2)
• Hotel guest folio by College Park Marriott Hotel & Conference Center (23-25_Univ... p. 4)
• Amtrak electronic ticket by Amtrak (23-25_Univ... p. 6)
• University of Maryland physics colloquium presentation notes by Anwar Shaikh, PhD (23-25_Univ... p. 7)
• Correspondence regarding Amtrak ticket printing by Anwar Shaikh, PhD (23-25_Univ... p. 8)
• Correspondence regarding itinerary for visit to University of Maryland by Victor Yakovenko (23-25_Univ... p. 11)
• Spring 2016 …

The Impact Of State-Provided Paid Family Leave On Wages: Examining The Role Of Gender, Aimee Samantha Abrams Widdicombe

Scripps Senior Theses

The U.S. is the only OECD country that does not offer any form of federal paid parental leave. Only three states—California, New Jersey and Rhode Island—have state-provided paid leave policies; implemented in 2004, 2009 and 2014, respectively. Through descriptive statistics and difference-in-difference-in-difference regression analyses of the wages of women and men of childbearing age (19-45 years) in those three states, we assess whether the paid leave programs have effected wages, and whether these effects vary depending on gender. Our results show that wages of women of childbearing age saw negligible net effects post-policy in policy states, although statistically insignificant. On …

Video Shoot - Three Questions, Anwar Shaikh Phd

Archives of Anwar Shaikh

as an archivist detailing a new entry, analyze the uploaded file and give an outline of the material with all dates standardized, all bullet-point item formatting, and sentence case for titles, and italics for all titles, 1.5 spacing between paragraphs, and expand the published items into full apa references with publisher details and journal information but without internet links, or any further description of the different items, standardize the handwritten notes, emails, and comments into full apa-style manuscript citations so they match the level of formality of the published papers, with all handwritten notes credited to anwar shaikh, phd unless …

Linnearity Calculations, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Linearity calculations by Anwar Shaikh, PhD (pp. 1-2)
• Measuring curvature by Anwar Shaikh, PhD (p. 4)
• Your library materials are overdue by New York University and Consortium Libraries (p. 14)
• White, A. D. (1896). Fiat money inflation in France: How it came, what it brought, and how it ended. D. Appleton and Co. (p. 14)
• O'Brien, T. J. (1991). A simple binomial no-arbitrage model of the term structure: With applications to the valuation of interest-sensitive options and interest-rate swaps. Salomon Brothers Center for the Study of Financial Institutions. (p. 14)
• Curvature measure: Numeric calculations by …

Compounding The Sacred And The Profane: How Economic Theory Brings New Insight To The Growth And Decline Of American Protestantism, Bretton Chad

CMC Senior Theses

In this thesis, economic theory and models will be used to analyze trends of religious growth and decline within the United States. These theories and models, such as Rational Choice Theory, will be applied in order to better understand and gain new insight into shifts and changes within the religious landscape of the United States. Recent trends of growth and decline within Protestantism, the most prominent Christian tradition in America, will be the focus of the investigation. As its main focus, this thesis will ultimately demonstrate that the trends of decline in the mainline Protestant tradition opposed to the trends …

Toronto Historical Materialism Conference & General Notes, Anwar Shaikh Phd

Archives of Anwar Shaikh

as an archivist detailing a new entry, analyze the uploaded file and give an outline of the material with all dates standardized, all bullet-point item formatting, and sentence case for titles, and italics for all titles, 1.5 spacing between paragraphs, and expand the published items into full apa references with publisher details and journal information but without internet links, or any further description of the different items, standardize the handwritten notes, emails, and comments into full apa-style manuscript citations so they match the level of formality of the published papers, with all handwritten notes credited to anwar shaikh, phd unless …

Tlos And Global Financial Markets: The Case Of Derivatives, Hannah L. Buxbaum

Articles by Maurer Faculty

No abstract provided.

A Sustainability-Based Project Selection Algorithm: Socio-Technical-Economic Project Selection (Steps) Algorithm, Bharathi Bhattu

Dissertations, Master's Theses and Master's Reports

Multi-dimensional aspects play a vital role in the task of project-decision making. Environmental effects are to be considered in addition to other technical and non-technical aspects in order to avoid undue environmental damage. This current work introduces a new decision-making algorithm (Socio-Technical-Economic Project Selection or STEPS) that is demonstrated with the use of RCA (recycled concrete aggregate) as riprap for slope stabilization and erosion control which leaches chemical arsenic when in contact with water. Arsenic has long been recognized for its lethal properties. The main intention of introducing this new algorithm is to use sustainability concepts of social, technical, and …

Battle Of The Beds: The Economic Impact Of Airbnb On The Hotel Industry In Chicago And San Francisco, Katherine Goree

Scripps Senior Theses

The sharing economy is the private redistribution of goods via peer-to-peer sharing. Since internet use has saturated the U.S., the sharing economy has become widely internet-based. Airbnb, a website and app that facilitates the short-term rental of space to stay in another person’s home, has become a major component of the sharing economy.

This study includes an empirical analysis of the hotel occupancy rates in two major markets, San Francisco and Chicago, and how they have or have not changed, from the 2008 launch of Airbnb through the end of 2014. The study hypothesizes that Airbnb has had a statistically …

Marx Keynes Poster, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Mexico Nov 2016 Marx - Keynes poster by Anwar Shaikh, PhD
• Anwar Shaikh en la Facultad de Economía by Universidad Nacional Autónoma de México

Robust Information Cascade With Endogenous Ordering, Yi Zhang

Research Collection School Of Economics

We analyze a sequential decision model with endogenous ordering in which decision makers are allowed to choose the time of acting (exercising a risky investment option) or waiting. We show the existence of a unique symmetric equilibrium and characterize information cascade under endogenous ordering. Further, if there are two or more risky investment options, individuals tend to wait longer with competition. Hence, we could end up with a dilemma: more options might be worse.