Other Economics Commons^™

Political Ideology, Emotion Response, And Confirmation Bias, David L. Dickinson

ESI Publications

Motivated reasoning can serve to help resolve emotional discomfort, which suggests emotion as a likely moderator of such reasoning. This paper addresses a gap in the literature by examining emotion and confirmation bias in the political domain. Results from two preregistered studies, which involved over 900 unique participants, document a confirmation bias across distinct dimensions of belief and preference formation. Also, ideologically dissonant information significantly worsens self-reported emotion. With some exceptions, the evidence generally supports the hypothesis that negative emotion moderates the strength of the bias, which highlights the importance of emotion response in understanding and potentially counteracting confirmation bias.

A Simple Higher-Order Rational Email-Game Bubble Model And Some Implications For Momentum, Feng Liu

Hunt Institute Working Paper Series

We propose a simple higher-order rational greater-fool bubble model, where the period-1 information structure is motivated by an “information leakage” story, reminiscent of Rubinstein’s (1989) email game. Our nth-order bubble model requires only n + 2 states, and is thus simpler than that in Conlon (2004), which required n^2 + 5n + 5 states. Our model is also related to the two-agent-type case of the Araujo and Doblas-Madrid’s (2022) model, and we argue that our model might therefore not capture “momentum,” though simple extensions of it may be able to.

Re-Evaluating The Preferences Of Recreational Gulf Of Maine Cod And Haddock Anglers, Andrew M. Carr-Harris, Scott Steinback

Journal of Ocean and Coastal Economics

Since 2013, fisheries managers have used a bioeconomic model to simulate the effect of proposed regulations on angler participation and subsequent fishing mortality for Gulf of Maine Atlantic cod and haddock using data from a choice experiment survey. In the year following the last choice experiment survey, however, Gulf of Maine cod fishery experienced unprecedented regulatory changes that, to this day, considerably limit recreational harvest. Given the potential influence of these regulatory changes on angler targeting behavior and preferences, we administered a new choice experiment survey in 2019. The new survey instrument and the sampling method were updated relative to …

Adam Smith, Human Betterment, And His Erroneous Indentification With Self-Interested Human Action, Vernon L. Smith

ESI Publications

In this essay I discuss the proposition that Adam Smith has been widely misinterpreted as asserting in his second book, The Wealth of Nations, that emergent modern economies are driven by the strictly selfish motives of their human inhabitants. The propositions articulated in his first book, The Theory of Moral Sentiments, which offered a theory of society, extended seamlessly into his second book, and continued to be part of his theory of economy. In both works, he distinguished the universal state of being self-interested from actions taken in one's self-interest, and modeled people as creating and following rules of propriety …

Axiomatic Characterization Of Generalized Neo-Eu Preferences And The Falsifiability Of Ambiguity Theories, Manuel Nunez, Mark Schneider

ESI Working Papers

We introduce a new weakening of the independence axiom, co-extreme independence, which we show characterizes a class that encompasses popular ambiguity models including Hurwicz preferences, ϵ-contamination preferences, and NEOEU preferences. Importantly, our representation unifies these as forms of simple ambiguity models as we show that the Vapnik-Chervonenkis (VC) dimension of these models is either unity or increases linearly with the number of states. In contrast, standard ambiguity models characterized in the Anscombe-Aumann framework are complex ambiguity models that have a VC dimension that is either infinite or increases exponentially in the number of states. We show that simple ambiguity preferences …

A Critical Evaluation Of Loss Aversion As The Determinate Of Effort In Compensation Framing, Timothy W. Shields, James Wilhelm

ESI Working Papers

A robust finding in managerial accounting research is that participants prefer contracts framed as bonuses to economically equivalent contracts framed as penalties. Another finding is that participants put forth more effort when facing penalty contracts than equivalent bonus contracts. Both results are commonly described as due to loss aversion, an integral portion of prospect theory. We test whether loss aversion is correlated with higher effort in an experiment with two parts. In the first part, we elicit individual participants' loss aversion using two measures. In the second part of the experiment, participants choose costly effort to increase the likelihood of …

On Explaining Why The (Human) World Is Rich, Bart J. Wilson

ESI Working Papers

The wealth of the modern world is a natural historical marvel. Explaining it has traditionally been the purview of economic historians, as exemplified by the recent book How the World Became Rich by Mark Koyama and Jared Rubin. Economic historians, though, tend to only ask process-oriented “how” questions and “by what means” questions of the Great Enrichment. The eight co-authors of Explaining Technology, who are not economic historians, engage the debate asking a different question. Their goal is to explain the exponential shape of our enrichment with a model of the combinatorial evolution of technology. With an eye toward how …

Konsumerisme Fashion Impor Di Kalangan Generasi Muda Dalam Perspektif Ketahanan Ekonomi Dan Sosial, Shabreena Sugestiani, Puri Retno Nurlingga, Pinartika Nasya Meilanty, Sabrina Zahra, Zahra Nurul Haniyyah Anas

Jurnal Kajian Stratejik Ketahanan Nasional

Generasi saat ini cenderung gemar mengenakan pakaian impor dan telah menjadi tren umum di kalangan generasi muda. Tren ini didorong oleh persepsi bahwa pakaian impor mencerminkan status sosial yang lebih tinggi, sehingga mendorong peningkatan konsumerisme fashion impor. Aktivitas ini memiliki dampak negatif pada ketahanan nasional, khususnya di bidang ekonomi dan sosial. Artikel ini bertujuan menganalisis perilaku konsumtif terhadap produk fashion impor di kalangan mahasiswa Universitas Brawijaya dengan perspektif ketahanan ekonomi dan sosial, menggunakan metode kuantitatif melalui kuesioner yang diberikan kepada mahasiswa Universitas Brawijaya serta analisis isi berbasis studi literatur. Artikel ini menunjukkan bahwa mahasiswa Universitas Brawijaya cenderung lebih memilih produk …

Gambling Habits And Probability Judgements In A Bayesian Task Environment, David L. Dickinson, Parker Reid

ESI Publications

Little is known about how gamblers form probability assessments. This paper reports on a preregistered study that administered an incentivized Bayesian choice task to n = 465 self-reported gamblers and non-gamblers. The task elicits subjective probability assessments and allows one to estimate the degree to which distinct information sources are weighted in forming probability assessments. Our data failed to support our main hypotheses that experienced online gamblers would be more accurate than non-gamblers in estimating probabilities, that gamblers experienced in games of skill (e.g., poker) would be more accurate than gamblers experienced only in non-skill games (e.g., slots), that accuracy …

Carceral Liberalism: Feminist Voices Against State Violence, Andrea Michaels

Feminist Pedagogy

The following book review of Shreerekha Pillai’s Carceral Liberalism: Feminist Voices against State Violence (2023) is an expansive and timely collection of essays on the carceral state in its implications for feminist educators. This review focuses on the connections and connectivity of two essays in the collection that attempt to address a minor examination of the person as political.

Driving Green Investments To Address Climate Change, Baptiste Gibrat

Dartmouth College Master’s Theses

The climate crisis is no longer news, and society needs to accelerate the transition to net zero emissions. Otherwise, the consequences of climate change will become increasingly catastrophic.

This thesis develops a framework to drive green investments, which reduce society’s dependance on fossil fuels. Initially, the research provides a comprehensive examination of these investments, followed by an exploration of three strategies to enhance their adoption: leveraging financial instruments and capital markets, implementing regulatory frameworks, and harnessing the power of technologies. To integrate these elements within a comprehensive framework, the study employs market research, reviews relevant literature, and includes interviews with …

Do Participation Rates Vary With Participation Payments In Laboratory Experiments?, Huizhen Zhong, Cary Deck, Daniel J. Henderson

ESI Working Papers

This paper reports a series of experiments designed to evaluate how the advertised participation payment impacts participation rates in laboratory experiments. Our initial goal was to generate variation in the participation rate as a means to control for selection bias when evaluating treatment effects in common laboratory experiments. Initially, we varied the advertised participation payment to 1734 people from $5 to $15 using standard email recruitment procedures, but found no statistical evidence this impacted the participation rate. A second study increased the advertised payment up to $100. Here, we find marginally significant statistical evidence that the advertised participation payment affects …

The Effect Of Crime On Tourism In Indonesia, Muhammad Farhan, Hera Susanti

Journal of Strategic and Global Studies

Tourism sector is widely known as one of economic sectors that can be the engine of economic growth in an effort to reduce poverty in a country. However, growth in the tourism sector can be influenced by safety factors. Tourists tend to avoid tourism destination areas with high crime rates in order to avoid becoming victims of crime. This study aims to analyze the effect of crime on the number of tourist arrivals in Indonesia by using four proxies of crime, which are total crime rate, property crime rate, violent crime rate, and fraud crime rate. This study utilizes a …

Consumption Of Over-The-Top (Ott) Media Streaming Services In Rural Tamil Nadu, Rajarathi K

Theses and Dissertations

Over-the-top (OTT) Media Streaming Services are modern online entertainment services based on new media technologies. During the COVID-19 lockdowns, the OTT consumer base experienced exponential growth, especially in India. Currently, the Indian OTT industry is in its second growth phase, owing to increased consumption in rural India. The interests of rural consumers align with different types of OTT content, providing potential market for OTT media streaming services. Tamil Nadu is a front runner in the consumption of YouTube and other popular OTT media streaming services in the country. The Government of Tamil Nadu is making penetration efforts to establish OTT …

Coordination Within And Across Two Cultures, Gabriele Camera, James Gilmore, Marilyn Giselle Hazlett, Jason Shachat, Bochen Zhu

ESI Working Papers

We study within- and cross-culture interaction in a Stag Hunt game, using a controlled online experiment with Chinese and American participants. We find that cross-culture interactions can have a positive impact on efficiency. American participants, particularly females, more frequently selected the efficient but risky action when facing a Chinese counterpart. Chinese male participants, instead, less frequently selected the efficient but risky action when facing an American counterpart. These behavioral asymmetries do not support the notion of cultural equivalence, nor the hypothesis that multiculturalism fosters strategic uncertainty.

Cyclical Interest In Entrepreneurship And The Virginia Economy, Daniel Farhat

Journal of Business & Entrepreneurship

This study uses keyword search data from Google to construct an index representing broad interest in entrepreneurship in Virginia. Dynamic correlations are evaluated to identify how short-term movements in the index relate to employment and earnings, leading economic indicators, home prices and business applications. Results support opportunity-driven mindsets in the labor market but not in the real estate market. The index is shown to have some economic prediction power, and is capable of producing new insights compared to data from actual business activity. This study highlights the role entrepreneurial interest may play in policy and lays the groundwork for further …

Mathematical Methods For Economics And Business Syllabus, Marian Melnyk

Open Educational Resources

This syllabus outlines an online asynchronous course introducing essential mathematical tools and techniques in economics. It spans 24 sessions covering Functions, Differentiation, Limits, Integration, and Multivariable Functions, grounded in college algebra and calculus. The course utilizes Open Educational Resources (OER) for all materials, available in text and video formats on Blackboard. Continuous assessment, including quizzes, homework, two 1-hour tests, and a final exam, ensures consistent progress. Weekly online office hours provide additional support. The primary objective is to equip students with the mathematical skills necessary for economic analysis and problem-solving.

Comparative Study Of Halal Certification Mechanism: Indonesia, Malaysia And Mexico, Faiz Nur Faiqoh, Nur Fatwa

Journal Of Middle East and Islamic Studies

This research was conducted to examine the handling and procedures for halal certification at halal certification institution in Indonesia, Malaysia as a Muslim-majority country and Mexico as a Muslim-minority country, and to analyze using the SWOT approach. Halal product certification in Indonesia is carried out by the Halal Product Guarantee Agency (BPJPH) under the auspices of the government (Ministry of Religion). The aim is to provide guarantees to the community, especially Muslims from the products consumed. And in Malaysia it is carried out by JAKIM (Department of Islamic Development Malaysia) under the post of prime minister of Malaysia. While in …

The Strategies Of The Ziswaf Ctarsa Institution In Fundraising And Allocating Ziswaf, Cahyania Nursyabani, Wiwit Musaada, Nurul Huda

Journal Of Middle East and Islamic Studies

Zakat, infaq, alms, and waqf (ZISWAF) are Islamic social finance instruments that contribute to improving community welfare. On this basis, the CT ARSA Foundation established the ZISWAF CTARSA Institution. This study aims to determine the strategies of the ZISWAF CTARSA Institution in managing ZISWAF funds. The research method used is descriptive-qualitative with a field study approach. The data used came from interviews and literature studies. The results showed that the ZISWAF CTARSA Institution, as a relatively new institution, has successfully managed ZISWAF funds. ZISWAF's fundraising activities have proven to be very effective, both online and offline. The distribution model of …

An Examination Of The Impact Of Court-Appointed Fines And Fees: How Governmental Reliance On These Expenses Is Harming Vulnerable Communities, Rachel Elizabeth Couche

Dissertations and Theses

Fines and fees are commonplace in the United States criminal justice system as a form of punishment for both minor and severe offenses. While substantial research has demonstrated that these financial consequences disproportionately affect certain communities, studies that depict a narrative of these impacts are vastly underrepresented in the field. This project expands upon past literature by delving into the effects of these practices on individuals and their families. The current study outlines the findings from a content analysis of twelve semi-structured interviews on the impacts of fines and fees in Oregon. The findings create a deeper understanding of how …

Who Helps Tsimane Children And Adults?, Eric Schniter, Daniel K. Cummings, Paul L. Hooper, Jonathan Stieglitz, Benjamin C. Trumble, Hillard S. Kaplan, Michael D. Gurven

ESI Working Papers

We examine various forms of helping behavior among Tsimane Amerindians of Bolivia, focusing on the provision of shelter, childcare, food, sickcare, cultural influence, and traditional story knowledge. Kin selection theory traditionally explains nepotistic nurturing of youth by closely related kin. However, less attention has been given to understanding the help provided by individuals without close genetic relatedness. To explain who provides various forms of help, we evaluate support for several predictions derived from kin selection theory. Our results show that helpers who are most often closely related and from an older generation tend to provide more costly forms of help …

Measuring Heterogeneous Preferences For The Preservation Of Prime Farmland With And Without Agrivoltaics, Arthur J. Caplan, Tiffany Woods, Brent Chamberlain, Sarah Klain

Applied Economics Faculty Publications

This study fills a gap in cultural ecosystem service (CES) assessment of prime farmland located in peri-urban areas by presenting results from a choice experiment recently conducted in Utah's Wasatch Front region. The choice experiment was designed to account for heterogeneous effects associated with a wide array of socio-demographic and attitudinal characteristics on household preferences for farmland preservation, including farmland used for the joint production of solar power and agricultural products. We apply a mixed-logit model to our data that controls for preference heterogeneity among Wasatch Front households along two dimensions – at the individual household level and according to …

Minimum Wage: Theoretical And Empirical Debates, Ghofran Alrebh

Electronic Theses and Dissertations

This thesis aims to explore the evolution of research methodologies in the minimum wage debate, focusing on the contrasting perspectives of the neoclassical and institutional models. By examining the changes in research methodologies employed by economists from these two schools, this study seeks to shed the light on the shifting paradigms and the impact of these changes on our understanding of minimum wage policies and their implications. This highlights the limitations of relying on one economic school of thought in understanding socio-economic phenomena complexations and policy decisions. As well as it creates the necessity to critical evaluation of the method …

Institutional And Structural Evolution Of The U.S. Financial System 1945-2023: The Long-Wave Financial Cycle And The Role Of Thwarting Mechanisms, Shaun K. Brog

Electronic Theses and Dissertations

This thesis develops a theoretical framework that attempts to explain the dynamic interactions that lead to episodes of severe financial instability. Adapting Minsky’s Financial Instability Hypothesis to the specific characteristics of financial intermediaries and building on Ferri and Minsky’s ideas regarding the role of thwarting institutions, I propose that financial fragility is the result of a long-wave cycle in financial relations characterized by significant institutional and structural evolution within the U.S. financial system. This evolution results in a preponderance of financial activity undertaken outside the regulatory umbrella while margins-of-safety are eroded, newly innovated financial assets proliferate, and financial intermediaries become …

Sustaining Digital Assets Through Mobile Estate Planning, Norliza Katuk, Asvinitha Muniandy, Norazlina Abd. Wahab, Ijaz Ahmad

An-Najah University Journal for Research - B (Humanities)

Many people own online accounts, with some having financial values like Internet banking, e-wallet and cryptocurrency. In the case of sudden death, their heirs are unaware of the digital assets possessed by the deceased person, which causes the assets to be lost forever, and the heirs might not receive the assets. If an estate plan did not account for digital assets properly, the beneficiaries would not be able to access them. Therefore, this paper addresses this issue by implementing a software development approach in designing a suitable model for sustaining digital assets through smartphones to allow the inheritance of digital …

Identifying Risk-Taking Behavior And Prudent Asset Allocation In Pension Funds In Indonesia, Mohammad Alvin Prabowosunu, Reza Yamora Siregar, Rosi Melati, Devan Hadrian, Rizky Rizaldi Ronaldo

Economics and Finance in Indonesia

This research aims to investigate asset allocation strategies in the pension fund industry in Indonesia in relation to liability profiles and risk-taking behavior. Utilizing data on market returns for each asset class and several financial indicators of pension funds, we applied the risk-taking behavior model proposed by Andonov & Rauh (2022) and a modified model to observe the Liability-Driven Investment (LDI) strategies of pension funds in Indonesia. We discovered that private defined contribution pension fund schemes (PPIP) tend to exhibit higher risk-taking behavior, primarily through investment allocation in equities. On the other hand, private defined benefit pension funds (PPMP) demonstrate …

Ideology And Economic Change, Jared Rubin, Debin Ma

ESI Working Papers

This paper revisits the old theses of the contrasting paths to modernization between Japan and China. It develops a new analytical framework regarding the role of ideology and ideological change—Meiji Japan’s decisive turn towards the West pitted against Qing China’s lethargic response to Western imperialism—as the key driver behind these contrasting paths. Our framework and historical narrative highlight the contrast between Tokugawa Japan’s feudal, decentralized political regime and Qing China’s centralized bureaucratic system as a key determinant driving the differential patterns of ideological realignment. We argue that the 1894-95 Japanese naval victory over China could not be justified under the …

Moral Content Diminishes Preference Falsification, Maxine Bonneau, Tanya O'Garra, Praveen Kujal

ESI Working Papers

We examine how the moral (or neutral) content of an issue influences the tendency to falsify attitudes, given varying social and monetary incentives to engage in such ‘preference falsification’. We conduct an incentivized two stage online experimental study where, in a prior first stage, attitude strength over moral and neutral issues is elicited. Then, in the second stage participants in groups of ten were asked to express their preferences regarding the moral or neutral issues for each possible combination of supporters and opposers in their group, each associated with varying monetary payoffs. More than half of the participants falsify their …

Capital Flows And Corruption On Southeast And East Asia’S Economic Growth: A Panel Data Analysis, Tithvitou Teng

Empirical Economic Bulletin, An Undergraduate Journal

This paper investigates the role of capital flows both from internal and external sources on economic growth, as well as the main social obstacle factor to growth, corruption. The paper attains this by conducting panel data analysis for Southeast and East Asian countries from 2005-2022. Sources of capital flows are divided into external sources, i.e. foreign direct investment (FDI) and personal remittance, and internal sources, i.e. domestic bank credit and stock market capitalization. The results show that corruption hinders economic growth and only some sources of capital have a positive impact on the economy while the effect of other sources …

Hosting Mega Events Impact On Gdp Growth: A Panel Data Analysis, Silas Pearce

Empirical Economic Bulletin, An Undergraduate Journal

This paper investigates the impact of hosting “mega events” such as the Olympics on a country’s GDP growth. The study incorporates information on the country’s factors of economic development. Spillovers will be modeled through the state of the global economy by using controls such as countries that did not host mega events. The results show that countries that host the Olympics do not see any extra GDP growth than those that did not host an event.