Economic Theory Commons^™

Ruchir Sharma: What Went Wrong With Capitalism, Vernon L. Smith

ESI Publications

A review of Ruchir Sharma's What Went Wrong With Capitalism.

Undominated Monopoly Regulation, Debasis Mishra, Sanket Patil

Working Papers

We study undominated mechanisms with transfers for regulating a monopolist who privately observes the marginal cost of production. A mechanism is undominated if no other mechanism gives the regulator a strictly higher payoff at some marginal cost of the monopolist without lowering the regulator’s payoff at other costs. We show that an undominated mechanism has a quantity floor: whenever the monopolist is allowed to operate, it produces above a threshold quantity. Moreover, the regulator’s operation decision is stochastic only if the monopolist produces at the quantity floor. We provide a near-complete characterization of the set of undominated mechanisms and use …

On Strategy-Proofness And The Salience Of Single-Peakedness In A Private Goods Allotment Problem, Shurojit Chatterji, Jordi Masso, Shigehiro Serizawa

Research Collection School Of Economics

We consider strategy-proof rules operating on a rich domain of preference profiles in a set up where multiple private goods have to be assigned to a set of agents with entitlements and where preferences display satiation. We show that if the rule is in addition tops-only, same-sided and individually rational with respect to the entitlements, then the preferences in the domain have to satisfy a variant of single-peakedness (referred to as multi-dimensional single-peakedness relative to the entitlements). We also provide a converse of this main finding. It turns out that this domain coincides with the one already identified in a …

Religion And Economic Development: Past, Present, And Future, Sascha O. Becker, Amma Panin, Steven J. Pfaff, Jared Rubin

ESI Working Papers

This chapter examines the role of religion in economic development, both historically and today. Religion's influence varies globally, with high religiosity in countries like Pakistan and low rates in China. Despite declines in some Western countries, religion remains influential worldwide, with projected growth in Muslim populations due to higher fertility rates. Religion continues to shape societal norms and institutions, such as education and politics, even after its direct influence fades. The chapter explores how religious institutions and norms have impacted economic outcomes, focusing on both persistence and decline. It also examines cultural transmission, institutional entrenchment, networks, and religious competition as …

Religion, Culture, And Politics, Jared Rubin

ESI Working Papers

This chapter presents a conceptual framework for understanding the interaction of religion, ideology, and politics. The framework’s key insights are: i) culture and ideology provide a shared mental framework for interpreting the world; ii) ideology is malleable, and it can be used to justify a wide set of empirical realities in a manner that is consistent with the prevailing mental framework; iii) religion is particularly adept at shaping this mental framework because it attempts to explain the unknown; iv) because co-religionists share a mental framework that depends on a (religious) interpretation of events, religions are particularly likely to be co-opted …

Does Climate Change Impacts Output? An Empirical Evidence From Asia Pacific Countries., Chinmaya Behera Dr., Ranjan Kumar Mohanty Dr., Biswashree Tanaya Priyadarsini Ms., Debasis Patnaik

Bulletin of Monetary Economics and Banking

The study examines the nexus between output, Gross Domestic Product (GDP), renewable energy, trade openness, carbon emission, and foreign direct investment in Asia Pacific countries Using the autoregressive distributed lag model and yearly data from 1990 to 2021, we find (a) a long-run relationship among the variables under consideration, (b) that GDP positively impacts output in most countries, (c) that CO2 and renewable energy display varied effects, and (d) in the short run, GDP and trade openness generally exert a positive influence, but GDP demonstrates a mix of positive and negative impacts. Policymakers need to provide stable policies for environmental …

From Home To Abroad: The Intergenerational Impact Of Household Member Migration On Women’S Economic & Social Empowerment In Egypt, Menna Elgohary

Theses and Dissertations

This thesis investigates to what extent the migration of a household member to an Arab country leads to increased social and economic empowerment among Egyptian women of two age categories (15-35 and +35) over two waves. Determined through Principle Component Analysis (PCA) of panel data from Egypt Labor Market Panel Surveys in 2018 and 2023, composite indices of social and economic empowerment serve as dependent variables in an IV 2SLS regression model. The model assesses whether household member migration, proxied by migration prevalence on the district (qism) level as an IV, causes a significant increase in social and economic empowerment …

Essays In Industrial Organization, Nilesh Kumar Jain

Doctoral Theses

This thesis contains three chapters on industrial organization, covering two distinct topics. Chapters 1 and 2 examine the impact of firm owner's corruption on the organization, while Chapter 3 analyzes the market dynamics of a two-sided newspaper market.\medskip The first chapter investigates the agency conflict that arises when the principal (the owner) of a firm is involved in corruption. A corruptible principal has an incentive to conceal his or her illegal activities, while the agent (CEO or manager), due to their information advantage, is in a position to monitor this corruption, thus creating an agency conflict. We show that such …

Ecological Influences On Informal Property Rights: Experimental Evidence, Erik O. Kimbrough

Economics Faculty Articles and Research

This paper explores the possibility that informal property right systems evolve unique features as a function of the characteristics of the resources over which they are established. We develop an experimental environment that allows us to test this hypothesis by comparing the emergence of property in (virtual) land when resource yields are either high- or low-variance and renewable or non-renewable. Previous research suggests that high-variance resources may lead to relatively insecure claims to property. Intuition suggests that this may be amplified when those resources are renewable. The experiments confirm that informal property rights adapt to resource characteristics in a manner …

When The Rich Do (Not) Trust The (Newly) Rich: Experimental Evidence On The Effects Of Positive Random Shocks In The Trust Game, Hernán Bejarano, Joris Gillet, Ismael Rodriguez-Lara

ESI Publications

We study behavior in a trust game where first-movers initially have a higher endowment than second-movers but the occurrence of a positive random shock can eliminate this inequality by increasing the endowment of the second-mover before the decision of the first-mover. We find that second-movers return less (i.e., they are less trustworthy) when they have a lower endowment than first-movers, compared with the case in which first and second-movers have the same endowment. In addition, second-movers who experience the positive shock return more than second-movers who have the same endowment as the first-mover from the outset. First-movers do not seem …

Electric Commuter Rail Access In Residential Communities: A Hedonic Analysis Case Study Of Nonmarket Value Creation, Catherine A. Sunding

Scripps Senior Theses

This study quantifies the price impact on houses of a new electric commuter rail line outside of Denver, Colorado. I find a negative price impact corresponding to increased accessibility and proximity of homes to the rail stations due to the negative externalities associated with the track. I also discover an even larger negative price impact of the rail stations in the years before the stations opened to the public, indicating possible endogeneity in the location of the rail line. I attempt to account for this endogeneity using instrumental variable analysis due to a limitation of house pricing data before 2016.

The International Transracial Adoption Effect: Measuring The Well-Being Of Korean Adoptees Vs. Non-Adopted Korean Americans, Grace H. Jones

Honors Theses

In this study, I examine the differences in well-being and long-term outcomes between adopted and non-adopted Korean Americans. The vast majority of adopted Korean Americans are placed with white, heterosexual couples, positioning them in a unique position in American society. While they are raised in white families and often disconnected from Korean culture, they are still perceived and treated as Asian by society. Scholars refer to this tension as the transracial adoptee paradox. This study explores how that paradox affects both economic and non-economic outcomes. The analysis finds that adopted Koreans tend to earn higher incomes than their non-adopted peers, …

The Paradox Of Value, David Enrique Guarnizo

Theses and Dissertations

The present thesis project examines how, in the United States, and especially in the state of Virginia, archetypes of "wealth," "value," and "identity" have been constructed in relation to land and territory. This analysis explores the tension between the inherent value of life on the land and the economic value that can be derived from it. This tension is exemplified by a theory known as the "paradox of value", also referred to as the "paradox of water and diamonds", which was developed by the renowned Scottish economist and philosopher, Adam Smith. This theoretical framework serves as a fundamental axis for …

The Game Of Going Public: Market Timing, Information Asymmetry, And The Signaling Effects Of Initial Public Offerings (Ipos) In The Technology Industry, Kiana Seva

Scripps Senior Theses

My thesis explores the game of going public in the technology industry, specifically the strategic decision-making process of issuing an initial public offering (IPO), the advantages a company may gain from its market timing, and the signaling effects of its IPO. Existing research on this subject is vast but fragmented into areas that focus on the decision to go public, game theoretical analysis of the advantages, analysis of the advantages using quantitative data, and signaling effects. To address this gap, I developed and analyzed three game theoretic models which account for all these factors that affect the success of an …

Digital Platform Transitions In The Finance Industry: Three Essays, Cheryll-Ann Wilson

2025

This three-paper dissertation is motivated by an emerging dichotomy in the financial sector: an increasing use of an open-source digital platform—the Python platform—in an industry that historically has been wedded to proprietary systems.

Chapter 1 is a qualitative pilot study to ascertain which factors are likely to motivate investment professionals to select Python versus other tools and/or technologies. I find that efficiency and access to industry-specific libraries—notably Pandas and NumPy—are significant motivators in their selection of Python over Excel. Chapters 2 and 3 examine the issues through a sequential, exploratory mixed methods approach.

Chapter 2—the qualitative field study—investigates how and …

Three Essays On Sustainability Economics, Hélène Flore Nguemgaing

Graduate Theses, Dissertations, and Problem Reports (ETD)

As global economies face increasing resource dependencies and supply chain challenges, it becomes essential to understand the vulnerabilities that threaten economic stability. This dissertation investigates three empirical issues in agribusiness and critical minerals using econometric models to estimate the following: 1) the impact of supply chain disruptions on stock market returns during COVID-19; 2) the extraction of rare earth elements from acid mine drainage treatment by investigating the impacts of ownership and legislation in West Virginia and Pennsylvania; 3) China-to�FOBb (Free-on-Board) price transmission in rare earth elements markets: a copula-based dynamic tail dependence analysis.

The first essay evaluates how events …

Essays On Technological Change And Scientific Research, Max Mayca

Electronic Theses & Dissertations (2024 - present)

The primary objective of economic science has long been to understand and promote growth, as it contributes to a more prosperous civilization and improves individual well-being. The core drivers of growth—capital accumulation, human capital development, and technological progress—are well-established. While capital deepening enables scaling of production, and human capital enhances labor productivity, technological and scientific advancements remain the most critical, as they continually redefine the efficiency frontier. Given this centrality, it is essential to understand how technological progress affects labor markets, how research resources should be allocated, and how technology relates to human capital formation.

The first part of this …

China’S Economic Slowdown: How Does It Affect New Zealand’S Economy?, Haven Qin

CMC Senior Theses

This paper examines the impact of China’s economic slowdown on New Zealand’s economy, focusing on sector-specific linkages across real estate, the stock market, exports, and import prices. As a small open economy, New Zealand’s deep integration with global markets makes it particularly vulnerable to external shocks from its largest trading partner. Employing OLS regression models and monthly economic data, this study reveals the nuanced pathways through which China’s economic conditions influence New Zealand. Key findings include the sensitivity of New Zealand’s housing market to Chinese property investments and Chinese stock market performance, the influence of Chinese financial market performance on …

An Analysis Of Mental Health And Workplace Absenteeism, Kristin Marie Vrona

Graduate Research Theses & Dissertations

This dissertation examines the effect of mental health on own health-related absenteeism among employed adults in the United States, using data from the 2010–2014 Medical Expenditure Panel Survey (MEPS). The MEPS uniquely differentiates between absences due to one’s own health and those due to another person’s health, enabling causal estimation of individual-level factors influencing absence decisions.

The analysis incorporates both mental and physical health measures, including diagnostic indicators and self-reported general well being, which are used as proxies for severity that may affect both diagnosed and undiagnosed individuals. Results reveal a consistent pattern: individuals experiencing high psychological distress but lacking …