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Full-Text Articles in Other Economics

The Primacy Of Property; Or, The Subordination Of Property Rights, Bart J. Wilson Aug 2022

The Primacy Of Property; Or, The Subordination Of Property Rights, Bart J. Wilson

ESI Publications

A property right, the standard view maintains, is a proper subset of the most complete and comprehensive set of incidents for full ownership of a thing. The subsidiary assumption is that the pieces that are property rights compose the whole that is ownership or property, i.e., that property rights explain property. In reversing the standard view I argue that (1) a custom of intelligent and meaningful human action explains property and that (2) as a custom, property is a historical process of selecting actions conditional on the context. My task is to explain how a physical world of human bodies …

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Nobel And Novice: Author Prominence Affects Peer Review, Jürgen Huber, Sabiou M. Inoua, Rudolf Kerschbamer, Christian König-Kersting, Stefan Palan, Vernon L. Smith Aug 2022

Nobel And Novice: Author Prominence Affects Peer Review, Jürgen Huber, Sabiou M. Inoua, Rudolf Kerschbamer, Christian König-Kersting, Stefan Palan, Vernon L. Smith

ESI Working Papers

Peer-review is a well-established cornerstone of the scientific process, yet it is not immune to status bias. Merton identified the problem as one in which prominent researchers get disproportionately great credit for their contribution while relatively unknown researchers get disproportionately little credit.1 We measure the extent of this effect in the peer-review process through a pre-registered field experiment. We invite more than 3,300 researchers to review a paper jointly written by a prominent author – a Nobel laureate – and by a relatively unknown author – an early-career research associate –, varying whether reviewers see the prominent author’s name, …

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Introducing New Forms Of Digital Money: Evidence From The Laboratory, Gabriele Camera Aug 2022

Introducing New Forms Of Digital Money: Evidence From The Laboratory, Gabriele Camera

ESI Working Papers

Central banks may soon issue currencies that are entirely digital (CBDCs) and possibly interest-bearing. A strategic analytical framework is used to investigate this innovation in the laboratory, contrasting a traditional “plain” tokens baseline to treatments with “sophisticated” interest-bearing tokens. In the experiment, this theoretically beneficial innovation precluded the emergence of a stable monetary system, reducing trade and welfare. Similar problems emerged when sophisticated tokens complemented or replaced plain tokens. This evidence underscores the advantages of combining theoretical with experimental investigation to provide insights for payments systems innovation and policy design.

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The Doors Of Perception: Theory And Evidence Of Frame-Dependent Rationalizability, Gary Charness, Alessandro Sontuoso Aug 2022

The Doors Of Perception: Theory And Evidence Of Frame-Dependent Rationalizability, Gary Charness, Alessandro Sontuoso

ESI Working Papers

We investigate how strategic behavior is affected by the set of notions (frames) used when thinking about the game. In our games, the action set consists of visual objects: each player must privately choose one, trying to match the counterpart’s choice. We propose a model where different player-types are aware of different attributes of the action set (hence, different frames). One of the novelties is an epistemic structure that allows players to think about new frames, after initial unawareness of some attributes. To test the model, our experimental design brings about multiple frames by varying subjects’ awareness of several attributes.

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How Federal Pollution Discharge Permits Affect U.S. Water Quality: A Study On Concentrated Animal Feeding Operations, Cloe C. Mueller Aug 2022

How Federal Pollution Discharge Permits Affect U.S. Water Quality: A Study On Concentrated Animal Feeding Operations, Cloe C. Mueller

Theses and Dissertations

This paper uses difference-in-difference regression models to examine how state-level pollution discharge permits on concentrated animal feeding operations affect U.S. water quality. I ultimately deem the permitting to be ineffective at improving water quality, calling attention to the need to re-evaluate the ``socially optimal level of pollution."

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The 2021 Nba Rule Change: Analyzing Strategic Adjustments And Changes In Worker Productivity, Jeremy Long Aug 2022

The 2021 Nba Rule Change: Analyzing Strategic Adjustments And Changes In Worker Productivity, Jeremy Long

All Theses

The NBA introduced a rule change for the 2021/22 season to stop shooters from drawing fouls from “non-basketball moves.” This paper seeks to determine how the 2021 Rule Change has impacted productivity in the NBA and investigate whether it has caused teams to make strategic adjustments. My analysis reveals evidence that the rule change has limited offensive players’ abilities to draw fouls on 3- point shots. While the rule change has rendered non-basketball moves ineffective, there is no evidence of strategic adjustments beyond this arena. I find only limited evidence that the rule change has impacted worker productivity. The findings …

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Moderate, Overlooked Weather Events And Local Labor Markets, Michael Ellis Aug 2022

Moderate, Overlooked Weather Events And Local Labor Markets, Michael Ellis

All Theses

A substantial amount of research exists on the economic effects of natural disasters and extreme weather, as well as comparatively minor variations in daily weather conditions such as precipitation, temperature, and wind. I construct a sample of over a million storms that range from intense daily weather conditions to extreme weather. I analyze written descriptions of the damages caused by many of these storms to identify 93,743 weather events within the sample that appear to be underemphasized in the existing economic literature. These storms cause more damage and disruptions to commerce than 63.5% of storms in the sample, yet do …

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When Do Security Markets Aggregate Dispersed Information?, Brice Corgnet, Cary Deck, Mark Desantis, Kyle Hampton, Erik O. Kimbrough Jul 2022

When Do Security Markets Aggregate Dispersed Information?, Brice Corgnet, Cary Deck, Mark Desantis, Kyle Hampton, Erik O. Kimbrough

ESI Publications

We attempt to replicate a seminal paper that offered support for the rational expectations hypothesis and reported evidence that markets with certain features aggregate dispersed information. The original results are based on only a few observations, and our attempt to replicate the key findings with an appropriately powered experiment largely fails. The resulting poststudy probability that market performance is better described by rational expectations than the prior information (Walrasian) model under the conditions specified in the original paper is very low. As a result of our failure to replicate, we investigate an alternate set of market features that combines aspects …

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Social Norms And Dishonesty Across Societies, Diego Aycinena, Lucas Rentschler, Benjamin Beranek, Jonathan F. Schulz Jul 2022

Social Norms And Dishonesty Across Societies, Diego Aycinena, Lucas Rentschler, Benjamin Beranek, Jonathan F. Schulz

ESI Publications

Social norms have long been recognized as an important factor in curtailing antisocial behavior, and stricter prosocial norms are commonly associated with increased prosocial behavior. In this study, we provide evidence that very strict prosocial norms can have a perverse negative relationship with prosocial behavior. In laboratory experiments conducted in 10 countries across 5 continents, we measured the level of honest behavior and elicited injunctive norms of honesty. We find that individuals who hold very strict norms (i.e., those who perceive a small lie to be as socially unacceptable as a large lie) are more likely to lie to the …

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Hybrid U-Net: Semantic Segmentation Of High-Resolution Satellite Images To Detect War Destruction, Shima Nabiee, Matthew Harding, Jonathan Hersh, Nader Bagherzadeh Jul 2022

Hybrid U-Net: Semantic Segmentation Of High-Resolution Satellite Images To Detect War Destruction, Shima Nabiee, Matthew Harding, Jonathan Hersh, Nader Bagherzadeh

Economics Faculty Articles and Research

Destruction caused by violent conflicts play a big role in understanding the dynamics and consequences of conflicts, which is now the focus of a large body of ongoing literature in economics and political science. However, existing data on conflict largely come from news or eyewitness reports, which makes it incomplete, potentially unreliable, and biased for ongoing conflicts. Using satellite images and deep learning techniques, we can automatically extract objective information on violent events. To automate this process, we created a dataset of high-resolution satellite images of Syria and manually annotated the destroyed areas pixel-wise. Then, we used this dataset to …

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Food Price Volatility And Household Welfare: A Case Study Of Major Cities Of Pakistan, Nigar Zehra, Ambreen Fatima Jun 2022

Food Price Volatility And Household Welfare: A Case Study Of Major Cities Of Pakistan, Nigar Zehra, Ambreen Fatima

Business Review

The purpose of this paper is to find the impact of food price volatility on the welfare of urban households of Pakistan. Food price volatility in monthly prices of major food commodities for main cities of Pakistan is calculated through standard deviation method. Moreover, the study adopts the methodology provided by Alkire and Foster 2007, and Alkire and Santos 2010 to develop Household Deprived Welfare Index (DWI) for major cities of Pakistan. Following Deaton 1985, the study uses pseudo panel approach. Fixed Effect technique is applied to estimate the impact of volatility on household welfare. The results generated from pseudo …

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A Universally Translatable Explication Of Adam Smith's Famous Proposition On "The Extent Of The Market", Bart J. Wilson, Gian Marco Farese Jun 2022

A Universally Translatable Explication Of Adam Smith's Famous Proposition On "The Extent Of The Market", Bart J. Wilson, Gian Marco Farese

ESI Publications

Following Adam Smith’s line of argument, we examine the semantics of four economic principles in Chapter III of the Wealth of Nations that compose his famous proposition “that the division of labour is limited by the extent of the market.” We apply the Natural Semantic Metalanguage framework in linguistics to produce a series of explications that are clear and plain, cross-translatable into any language, intelligible to twenty-first-century readers, and faithfully close to the original text. Our paper explicates Smith’s logical argument in Chapter III and demonstrates how his ideas can be shared among speakers with different linguacultural backgrounds in line …

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Preventing (Panic) Bank Runs, Hubert János Kiss, Ismael Rodriguez-Lara, Alfonso Rosa-Garcia Jun 2022

Preventing (Panic) Bank Runs, Hubert János Kiss, Ismael Rodriguez-Lara, Alfonso Rosa-Garcia

ESI Publications

We study experimentally an instrument to prevent bank runs in healthy banks. In particular, we extend the basic bank-run game, where depositors choose between withdrawing or keeping their money deposited, with a third option, the possibility to relocate funds to a priority account that is less profitable, but which guarantees a payoff even in a bank run. Theoretically, the use of this instrument dominates withdrawals for depositors without liquidity needs, and given this fact, depositors should optimally keep their deposits in the bank, so no bank run shall happen. In our experiment, we find evidence that the mechanism reduces not …

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The Unemployment-Crime Relationship In California: A Reexamination At The County-Level, Taylor M. Friedman Jun 2022

The Unemployment-Crime Relationship In California: A Reexamination At The County-Level, Taylor M. Friedman

Pennsylvania Economic Review

This study investigates the unemployment-crime relationship using a panel of the 58 counties in California from 2015-2019. A regression is estimated using a one-way random effects model to control for unobserved heterogeneity. The dependent variables are categorized into two groups: violent and property crimes. Independent variables are also placed into categories: state expenditures, socioeconomic, demographic, law enforcement, and county. The results indicate that for violent crimes, poverty, Black racial composition, young males aged 14-17, and college educational attainment for people aged 18-24 are positively significant contributors to the crime rate. Population density and college educational attainment for people aged 25+ …

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Review Of Religion And The Rise Of Capitalism, Jared Rubin Jun 2022

Review Of Religion And The Rise Of Capitalism, Jared Rubin

ESI Publications

A review of Religion and the Rise of Capitalism by Benjamin M. Friedman

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The Impact Of Rising Incomes On Green House Gas Emissions Versus Green House Gas Abatement, John Mccollough Jun 2022

The Impact Of Rising Incomes On Green House Gas Emissions Versus Green House Gas Abatement, John Mccollough

Pennsylvania Economic Review

One of the most significant environmental threats today is climate change. This paper examines the role that increasing gdp has on both greenhouse gas emissions as well as greenhouse gas abatement to determine which of the two will be impacted more by rising incomes. If higher gdp per capita has a more significant impact on greenhouse gas emissions than on greenhouse gas abatement, then as time goes on and as gdp per capita continues to rise in countries around the world, it will become more and more difficult to control greenhouse gas emissions.

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Spatial Effects Of Broadband Infrastructure On China’S Regional Innovation, Guomin Li, Liang Ding, Sheng Chen, Tufan Tiglioglu Jun 2022

Spatial Effects Of Broadband Infrastructure On China’S Regional Innovation, Guomin Li, Liang Ding, Sheng Chen, Tufan Tiglioglu

Pennsylvania Economic Review

This paper empirically studies the impact of broadband infrastructure on regional innovation and the related spatial effects, using China's provincial data from 2006 to 2016. The findings show that China’s broadband infrastructure positively impacts regional innovation, indicating a significant spatial spillover effect among adjacent regions. The results of the panel SARAR model indicate that broadband infrastructure has a national wide space aggregation effect and further suggests that regionally, broadband infrastructure will significantly absorb innovation from the adjacent region and promote the spatial aggregation of innovation in economically developed areas.

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Evaluating The Convergence Of Incomes In Pennsylvania, 1980-2018: Did The Incomes In Pennsylvania Converge?, Yaya Sissoko, Brian Sloboda, Rubens Da Silva Jun 2022

Evaluating The Convergence Of Incomes In Pennsylvania, 1980-2018: Did The Incomes In Pennsylvania Converge?, Yaya Sissoko, Brian Sloboda, Rubens Da Silva

Pennsylvania Economic Review

This paper analyzed the recent change in both per capita earnings from employment and per capita income (including that from transfers and non-earnings sources) by Pennsylvania’s counties between 1980 and 2018, inclusive. Then, we also divided the period into the following five time periods for additional analysis: 1980-1990, 1990-2000, 2000-2010, and 2010-2018. Absolute convergence seems to have occurred among the counties in Pennsylvania that may be attributed to the gradual heterogenization of the regional economies. This result may modify some of the conclusions drawn in the recent literature regarding the mechanisms that have generated convergence in their regions. We also …

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Political Legitimacy In Historical Political Economy, Avner Greif, Jared Rubin Jun 2022

Political Legitimacy In Historical Political Economy, Avner Greif, Jared Rubin

ESI Working Papers

Political legitimacy has long been recognized in the social sciences as an integral component of governance. It encourages obedience without the threat of force, thus lowering governing costs and improving the efficacy of policies. This chapter begins by overviewing the extensive literature on political legitimacy, classifying studies by whether they are based on the beliefs (regarding the legitimacy of the authority) or effectiveness (good governance is legitimate governance). Among the studies focusing on beliefs, most take legitimacy as an exogenous element of political authority. We develop a conceptual framework to study how beliefs regarding political legitimacy form endogenously and impact …

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300 Anniversary Of Smith’ Birth, Vernon L. Smith Jun 2022

300 Anniversary Of Smith’ Birth, Vernon L. Smith

ESI Working Papers

Thousand-word brief on key quotes from Adam Smith’s two books (TMS, WN) modelling Society and Economy.

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The Modern-Day Effect Of Holc Redlining On Neighborhood Development, Liubov Ivashov May 2022

The Modern-Day Effect Of Holc Redlining On Neighborhood Development, Liubov Ivashov

Master's Theses

Racial segregation, which happened more than one hundred years ago in the U.S., is a fundamental cause of economic inequality for people living in historically segregated neighborhoods today. Redlining was one form of federal policy that forced to separate communities by race even more after the Great Depression. The Home Owners Loan Corporation (HOLC) maps are widely used in economic research papers as one of the most comprehensive sources of data available to measure the effect of residential segregation. In this paper, using the Historical Redline Score (HRS) method, the author measured the association between modern-day population distribution, rent prices, …

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Degrowth And Catholic Social Thought: Rethinking Socio-Economics For A Planet In Crisis, Chad G. Baron May 2022

Degrowth And Catholic Social Thought: Rethinking Socio-Economics For A Planet In Crisis, Chad G. Baron

Master's Theses

It is assumed within both degrowth literature and the social teaching of the Roman Catholic Church (CST) that socio-economic transitions and transformations are needed due to the failings of the dominant capitalist paradigm. Both bodies of thought engage with issues of socio-economic transitions by considering what constitutes globally just development, and by outlining key principles they espouse to be foundational to global justice. By highlighting these principles, and locating the affinities between the two, these theories of socio-economic development can benefit from engaging with the other’s promoted framework. What could follow is a more coherent and holistic approach to development, …

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How Do Reward Versus Penalty Framed Incentives Affect Diagnostic Performance In Auditing?, Bright (Yue) Hong, Timothy W. Shields May 2022

How Do Reward Versus Penalty Framed Incentives Affect Diagnostic Performance In Auditing?, Bright (Yue) Hong, Timothy W. Shields

ESI Working Papers

Prior research examines how rewards versus economically equivalent penalties affect effort. However, accountants perform various diagnostic analyses that involve more than exerting effort. For example, auditors often need to identify whether a material misstatement is the underlying cause of a phenomenon among the possible causes. Testing helps identify the cause, but testing is costly. When participants are incentivized to test accurately (rather than test more) and objectively (unbiased between testing and not testing), we find that framing the incentives as rewards versus equivalent penalties increases testing by lowering the subjective testing criterion and by increasing the assessed risk of material …

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Motives For Cooperation In The One-Shot Prisoner’S Dilemma, Mark Schneider, Timothy W. Shields May 2022

Motives For Cooperation In The One-Shot Prisoner’S Dilemma, Mark Schneider, Timothy W. Shields

ESI Working Papers

We investigate the motives for cooperation in the one-shot Prisoner’s Dilemma (PD). A prior study finds that cooperation rates in one-shot PD games can be ranked empirically by the social surplus from cooperation. That study employs symmetric payoffs from cooperation in simultaneous PD games. Hence, in that setting, it is not possible to discern the motives for cooperation since three prominent social welfare criteria, social surplus (efficiency) preferences, Rawlsian maximin preferences, and inequity aversion make the same predictions. In the present paper, we conduct an experiment to identify which of these social preferences best explains differences in cooperation rates and …

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The Coronavirus Pandemic And Participation In The Influencer Economy, Emma Grace Richbourg May 2022

The Coronavirus Pandemic And Participation In The Influencer Economy, Emma Grace Richbourg

Honors Theses

The 2019 coronavirus pandemic, also referred to as the COVID-19 pandemic, altered day-to-day life and has effected the economy quite notably. The aim of this paper is to determine to what extent the COVID-19 pandemic altered consumer behavior and whether these alterations encouraged participation in the influencer economy, which represents social media influencers who create and monetize online content. In order to do so, I administered a survey to 250 respondents to evaluate the reach of influencers during the pandemic and whether social media users felt the presence of influencers was an effective marketing technique. I also conducted an analysis …

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On The Generalizability Of Using Mobile Devices To Conduct Economic Experiments, Yiting Guo, Jason Shachat, Matthew J. Walker, Lijia Wei May 2022

On The Generalizability Of Using Mobile Devices To Conduct Economic Experiments, Yiting Guo, Jason Shachat, Matthew J. Walker, Lijia Wei

ESI Working Papers

Recent technological advances enable the implementation of online, field and hybrid experiments using mobile devices. Mobile devices enable sampling of incentivized decisions in more representative samples, consequently increasing the generalizability of results. Generalizability might be compromised, however, if the device is a relevant behavioural confound. This paper reports on a battery of common economic games and decision-making tasks in which we systematically randomize the decision-making device (computer versus mobile phone) and the laboratory setup (physical versus online). The results offer broad support for conducting decision experiments using mobile devices. For six out of eight tasks, we find robust null results …

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Property, Bas Van Der Vossen May 2022

Property, Bas Van Der Vossen

Philosophy Faculty Books and Book Chapters

"This chapter discusses the nature and value of property rights. It will explain (1) what property rights are, (2) the relationship between private property and economic development, and (3) some objections to structuring societies around such rights. This discussion throughout focuses on the decentralizing nature of private property rights, asking what implications it has from a philosophical, but also social and political, point of view."

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Strengthening The Southern Nevada Workforce Pipeline, Katie M. Gilbertson May 2022

Strengthening The Southern Nevada Workforce Pipeline, Katie M. Gilbertson

Student Research

Workforce development has been a keystone in the discussion of economic diversification of Las Vegas for decades. The leisure and hospitality industry is the lifeline for the Southern Nevada economy due to the reliance on tourism as the city’s main economic driver. The leisure and hospitality industry requires physical labor and more face-to-face customer interaction than other employment sectors. Thus, these jobs often do not require high educational attainment, but rather sharp soft skills like effective listening, nonverbal communication, and negotiation strategies. While these are valuable traits, the lack of educational attainment within the leisure and hospitality workforce suppresses employees’ …

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Panel Data Analysis Of Import Tariff Policy On Economic Growth And Industrial Output In Developing Economies, Connor A. Palazzo May 2022

Panel Data Analysis Of Import Tariff Policy On Economic Growth And Industrial Output In Developing Economies, Connor A. Palazzo

Empirical Economic Bulletin, An Undergraduate Journal

This paper is focused on interpreting the effects of import tariff policy on domestic economic growth in the small market economies of developing nations. There have been several previous studies that have investigated the effect of tariff policy on domestic consumers and producers of already established economies. In addition, there have also been many studies assessing the effects tariffs from developed countries have on developing countries. However, few reports have been done on how tariffs impact the domestic producers of a developing nation. It is widely accepted that open and free trade is the best method for facilitating growth and …

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What Are The Economic Barriers For A More Efficient Adoption Equilibrium? Analyzing The Perceived Challenges Lgbtq+ Persons Face In The Adoption Process, Andrew Schoonover May 2022

What Are The Economic Barriers For A More Efficient Adoption Equilibrium? Analyzing The Perceived Challenges Lgbtq+ Persons Face In The Adoption Process, Andrew Schoonover

Economics Undergraduate Honors Theses

From understanding why adoption matters to drilling down why same sex male couples are not adopting at high rates, more questions are raised than answers found. But all of the complexities and intricacies boil down to one umbrella question: How can the economy shift the equilibrium (i.e., current state of adoption in America) to be more equitable, empowering, and efficient for everyone? Specifically, how can policy choices help increase the demand of gay couples to adopt -- helping to close the gap between gay and lesbian adoption rates? The “lowest hanging fruit” policy remedy for this problem is to alleviate …

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