Other Economics Commons^™

Can Manipulators Mislead Prediction Market Observers?, Ryan Oprea, David Porter, Chris Hibbert, Robin Hanson, Dorina Tila

ESI Working Papers

We study experimental markets where privately informed traders exchange simple assets, and where uninformed third parties are asked to forecast the values of these assets, guided only by market prices. Although prices only partially aggregate information, they signicantly improve the forecasts of third parties. In a second treatment, a portion of traders are given preferences over the forecasts made by observers. Although we find evidence that these traders attempt to manipulate prices in order to influence the beliefs of observers, we find no evidence that observers make less accurate forecasts as a result.

Who Should Own The Air?: A Closer Look At Smoking Bans, Stacy Mcmullen

Honors Program Theses

Smoking bans result from public health concerns. There are well over 70,000 articles in peer-reviewed journals that link smoking with various health problems [Chaloupka et al. 2004-2005, 2]. There are also a number of states currently debating statewide bans. Are statewide smoking bans the answer to the tobacco problem or are they simply an example of excessive paternalism? The purpose of this paper is to examine the two sides of the argument and determine whether policymakers should implement smoking bans. It will show that, in the end, nonsmokers should own the air, and smoking bans should be implemented to protect …

Adam Smith And Consumerism's Role In Happiness: Modern Society Reexamined, Michael Busch

Honors Program Theses

In modern America, consumerism has encouraged people to seek happiness through constantly expansion of their material standard of living. Consumerism has led to a growth of status consumption and .want-creation, both of which increase consumption without contributing to happiness. Adam Smith observed that lasting happiness is found in tranquility as opposed to consumption. In their quest for more consumption, people have forgotten about the three virtues Smith observed that best provide for a tranquil lifestyle and overall social well-being. Applying the virtues to modern society may decrease overall consumption but will lead to a more satisfied life.

Microcredit In Developing Countries: Evaluating Programs For Poverty Alleviation, Kelly Sue Nessa

Honors Program Theses

There is no question that poverty is a devastating problem in our world today; the UN estimates 34,000 children and 16,000 adults die each day from hunger or preventable diseases with poverty-related causes, totaling more than 18 million a year (Riddell, 2007). One way that poverty is exacerbated is through the inaccessibility of credit to the poor (Todaro, 2006). Microcredit/microfinance has become a popular way of addressing this problem, and this affects a great percentage of the world population that is impoverished. Therefore, a true evaluation of the benefits and downfalls of this economic tool should be addressed. The purpose …

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 2007, Central Bank Of Nigeria

CBN Annual Report

In 2007, the Central Bank of Nigeria (CBN) faced significant challenges in monetary management due to statutory allocations to government tiers, autonomous foreign exchange inflows, and pre-election spending. These challenges were addressed through Open Market Operations (OMO), issuance of treasury securities, standing facilities, and foreign exchange swaps. The introduction of the monetary policy rate (MPR) in December 2006 moderated inter-bank rates, encouraged trading, and improved the transmission of monetary policy actions. The Bank intensified its non-regular management activities to ensure the Policy Support Instrument (PSI) target was met. The financial system at end-2007 comprised the CBN, the Nigeria Deposit Insurance …

Promoting Economic Literacy In Massachusetts And Beyond, Margaret Brooks

Bridgewater Review

No abstract provided.

Global Information Technology Report 2006-2007: Connecting To The Networked Economy, Priscilla Finley

Library Faculty Research

This World Economic Forum report by Dutta (INSEAD) and Mia (WEF) evaluates the penetration of information and communication technologies (ICT) in 122 economies across the globe.

Eco Reading List & Sign Up Sheet, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes.

• Shaikh, A., PhD. (2007, Fall). Reading list for Economics 210S: Topics in economic analysis: Inflation [Course reading list].

• Shaikh, A., PhD. (2007, Fall). Sign-up sheet for GECO 6210: Topics in economics: Inflation [Course sign-up sheet].

• Shaikh, A., PhD. (2007, Fall). Sign-up sheet for GECO 6990: Independent study [Course sign-up sheet].

Culture Sometimes Matters: Intra-Cultural Variation In Pro-Social Behavior Among Tsimane Amerindians, Michael Gurven, Arianna Zanolini, Eric Schniter

ESI Publications

Agent-centered models usually consider only individual-level variables in calculations of economic costs and benefits. There has been little consideration of social or cultural history on shaping payoffs in ways that impact decisions. To examine the role of local expectations on economic behavior, we explore whether village affiliation accounts for the variation in dictator game offers among the Tsimane of the Bolivian Amazon independently of other factors that could confound such an effect. Our analysis shows that significant differences in altruistic giving exist among villages, village patterns are recognized by residents, and offers likely reflect variation in social expectations rather than …

Earnings Effects Of Sexual Orientation Revisited: Evidence From The Cps, Clay Rehrig

Renée Crown University Honors Thesis Projects - All

Objective. To measure the wage premium or penalty associated with sexual orientation of partnered lesbians and gays and to compare these estimates with those produced using smaller sample sizes and alternative definitions of homosexuality.

Data Source and Sampling Methods. Data are drawn from the Current Population Survey, produced by the U.S. Census Bureau. Extracting household information from the out-going March rotation provides a sample of 37,000 households interviewed in the years 1995 and 2000. Only workers living with a partner are included in the analysis.

Study Design. Following the methodology used by Black et al. (2003), this study uses a …

Pay And Performance: Among 100 Best U.S. Companies To Work For, Omair Mahmood Faisal

Undergraduate Theses and Capstone Projects

In the 21st century, world is becoming a global village and with increased competition businesses are always looking for regions with the lowest possible production costs. Appropriate compensation of U.S. employees working for major U.S. corporations is a hotly debated topic in political circles. This research focuses on the top 100 companies designated as “the best companies to work for” by Fortune Magazine for the year 2006. Performance of these companies, as measured by their return on equity, return on assets, revenue growth and earnings growth along with their profit margin is used to determine the impact on them as …

The Role Of Economics In Achieving Welfare Gains For Animals, Jennifer Fearing, Gaverick Matheny

State of the Animals 2007

The demand for animal products and services is a powerful economic force in society, and multibillion-dollar industries are organized around this demand. These industries often face increased costs by improving animal welfare and are quick to use economic arguments against proposed welfare reforms (see sidebar on page 169). These arguments, while often specious, can influence consumers, voters, and policy makers. Citizens are less likely to support animal welfare reforms they’ve been told will double their shopping bill or impoverish family farmers.

Animal welfare advocates cannot respond to these economic arguments with moral rhetoric alone. Instead, non-governmental observers (NGOs) must challenge …

Rationality In Economics: Constructivist And Ecological Forms, Vernon L. Smith

ESI Publications

Chapter 1: Rediscovering the Scottish Philosophers

Web Page, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes.

• Shaikh, A., PhD. (2007, February 27). Web page [Folder cover with handwritten notes].

• Brooks, P. (2006, May). Homepage updating: See tips and tricks file [Instructions with handwritten notes].

• Hodson, C. (2007, February 21). Email regarding my homepage [Email with handwritten notes].

• Brooks, P. (2006, May). Homepage updating: See tips and tricks file [Clean copy of instructions].

• Shaikh, A., PhD. (n.d.). Jeff contact information [Handwritten note].

• Mars, C. (2005, November 3). Email regarding web instructions [Email with handwritten notes and forwarded thread].

The Private Rates Of Return To Undergraduate Education By Major, Nick Johnson

Honors Program Theses

The private returns to undergraduate education are important to understand for high school graduates trying to decide between the work force and college. The IRR method is the best measure of the private returns to education because it allows for important variables to be accounted for and includes the time value of money. Using data from the National Longitudinal Study of 1972, there are large differences in the returns to college by major. This model allows the returns to college to vary by college selectivity and, through ability, within an individual major.

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 2006, Central Bank Of Nigeria

CBN Annual Report

This Report reviews the operations of the Central Bank of Nigeria (CBN) and macroeconomic developments during the fiscal year 2006 and appraises the major economic policy outcomes during the period. The Bank reported a stable foreign exchange market in 2006, with an average effective official exchange rate of N 128.65 per U.S dollar, an increase of 2.6% over 2005. The stock of external reserves, valued at US$12.30 billion, was 49.6% higher than in 2005, driven by high crude oil prices and lower debt-service burden. The reserves were equivalent to 28.4 months of import cover, exceeding the 6 months requirement under …

Reviewed Work: Understanding Institutional Diversity By Elinor Ostrom, Jonathan G.S. Koppell

Publications from President Jonathan G.S. Koppell

No abstract provided.

The Growth Of Nonprofits, Michael L. Jones

Bridgewater Review

No abstract provided.

Credit Card Interest Rates: Does Race And Gender Matter?, Brian Hecht

Renée Crown University Honors Thesis Projects - All

This paper examines the consumer credit card market in theUnited Statesto determine what factors, race and gender specifically, influence interest rates available to consumers. Data from the 2001 Survey of Consumer Finances is used to model the credit card market and answer the questions: All else being equal do women have higher credit card interest rates than men? Do blacks or Hispanics, all else being equal, have higher credit card interest rates than whites?

The paper provides background on the credit card market and its growing importance, reviews key literature on the role that discrimination can play in different lending …

Reform In Lieu Of Change: Tastes Great, Less Filling, Jonathan G.S. Koppell

Publications from President Jonathan G.S. Koppell

In this response to Light, Koppell argues that the increasing frequency of reform may reflect Congress's inability to make significant changes to the substance of entrenched government programs. Moreover, he observes that the more profound evolution in government has been the movement toward the market-based provision of services, which has created a demand for new competencies in the public sector.

It’S Not About The Money: The Role Of Preferences, Cognitive Biases And Heuristics Among Professional Athletes, Michael Mccann

Law Faculty Scholarship

Professional athletes are often regarded as selfish, greedy, and out-of-touch with regular people. They hire agents who are vilified for negotiating employment contracts that occasionally yield compensation in excess of national gross domestic products. Professional athletes are thus commonly assumed to most value economic remuneration, rather than the love of the game or some other intangible, romanticized inclination.

Lending credibility to this intuition is the rational actor model, a law and economic precept which presupposes that when individuals are presented with a set of choices, they rationally weigh costs and benefits, and select the course of action that maximizes their …

Smith’S Humean Criticism Of Hume’S Account Of The Origin Of Justice, Spencer J. Pack, Eric Schliesser

Economics Faculty Publications

Adam Smith criticizes David Hume's account of the origin of and continuing adherence to the rule of law for being not sufficiently Humean. Hume explained that adherence to the rule of law originated in the self-interest to restrain self-interest. According to Smith, Hume does not pay enough attention to the passions of resentment and admiration, which have their source in the imagination. Smith offers a more naturalistic and evolutionary account of the psychological preconditions of the establishment and morality of justice than Hume had. Smith severs the intimate connection that Hobbes and Hume made between justice and property.

The Earned Income Tax Credit, Taxes, And Food Stamps: Their Effects On Minimum Wage Workers By State, Aaron William Popp

Honors Program Theses

The federal government spends billions of dollars annually on programs to lift low income workers out of poverty, but the money is not necessarily efficiently spent. If the benefits provided by the government provide a work incentive, then to increase the income of a worker by $1 requires more than $1 in government funds. Some programs, however, do provide an incentive for people to work. Given the complexity of the federal bureaucracy, few people have tried to compute the income that minimum wage workers would expect to earn given a set of government benefits that they receive and a number …

(Review) Self-Interest Before Adam Smith: A Genealogy Of Economic Science, Spencer J. Pack

Economics Faculty Publications

Pierre Force, Self-Interest Before Adam Smith: A Genealogy of Economic Science (Cambridge: Cambridge University Press, 2003), pp. ix, 279, $65.00. ISBN 0-521 83060-5.

(Review) Pierre Force, Self-Interest Before Adam Smith: A Genealogy Of Economic Science, Spencer J. Pack

Economics Faculty Publications

Pierre Force, Self-Interest Before Adam Smith: A Genealogy of Economic Science (Cambridge: Cambridge University Press, 2003), pp. ix, 279, $65.00. ISBN 0-52183060-5.

Banking Sector Reforms And Bank Consolidation: Conceptual Framework., Moses Ajayi

Bullion

Reforms are predicated upon the need for reorientation and repositioning of an existing status quo in order to attain an effective and efficient state The objective of this paper is, therefore, to present the conceptual framework for banking sector reforms. particularly, consolidation. The paper is divided into five sections. following the introduction, section ll conceptualizes the facets of reforms and conceptual issues on consolidation in the banking sector, while section ll discusses the critical success issues in banking sector consolidation. section IV presents concepts associated with country elements of banking elements of banking reforms, while section five concludes the paper. …

Banking Sector Reforms And Bank Consolidation: The Turkey Experience., U. M. Ogubunka

Bullion

Countries reform their banking sectors for a number of reasons, including structural, capitalization and ownership issues. Consequently, the objectives of the reforms can hardly be the same in all countries. This paper is presented on the basis that an overview of the banking reform in the lessons Nigeria could learn from it. The paper is structured into seven sections. the next section following this introduction identifies some of the key features of Turkish banking system pre-reform era of 2001, section three deals on the drivers of banking reform in the country. section four reviews some of the actions taken in …

Post-Consolidation Challenges., Biodun Adedipe

Bullion

This paper tend to look at the huge complexity of a consolidation programme of the kind embarked upon by the CBN demands caution, constant reappraisal of strategies and actions, and full attention to the identified and emerging challenges. The paper is structured into three parts, dealing with the benefits of a properly conceived and effectively implemented consolidation programme, which has several components. beyond the benefits, the challenges that the banking industry stakeholders (especially the Central Bank of Nigeria) will face when the "dust settles". The final part offers some advice on what the CBN and other stakeholders should do in …

Non-Performing Assets Of The Banking System In Nigeria: Complementary Measures., Moses F. Otu

Bullion

The article examines the structure of the non-performing assets of the banking system in Nigeria with the view of ascertaining loan concentration. further attempt would be made to examine the causes of deteriorating assets and explore the complementary options for managing the non-performing loans. Following an introduction as section one, the rest of the paper is thus: section two focuses on definitional and conceptual issues, section three covers the literature review while section four addresses the methodology and trend of non- performing assets and the sectoral contributions. Section five, presents the complementary options and the concluding remarks. The study concluded …

Challenges Of Banking Sector Reforms And Bank Consolidation In Nigeria., Odufu I. Imala

Bullion

This paper intended to look at the number of reforms that have since been created, several of them was intended to enhance the risk management capability of both the regulated institutions and the regulators. the current reforms are part of the broader and on-going national economic reforms. This paper x-rays the challenges envisaged in their implementation. Following the introduction, section 2 examines the role of the banking system in the economy, while section 3 provides the rationale for the reforms in Nigeria. Section 4, the reform agenda is discussed with a brief on the journey so far. Section 5 identifies …