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Articles 991 - 1020 of 1761

Full-Text Articles in Other Economics

Exchange In The Absence Of Legal Enforcement: Reputation And Multilateral Punishment Under Uncertainty, Aidin Hajikhameneh, Jared Rubin Aug 2017

Exchange In The Absence Of Legal Enforcement: Reputation And Multilateral Punishment Under Uncertainty, Aidin Hajikhameneh, Jared Rubin

ESI Working Papers

Prinicpal-agent problems can reduce gains from exchange available in long distance trade. One solution to mitigate this problem is multilateral punishment, whereby groups of principals jointly punish cheating agents by giving them bad reputations. But how does such punishment work when there is uncertainty regarding whether an agent actually cheated or was just the victim of bad luck? And how might such uncertainty be mitigated—or exacerbated—by nonobservable, pro-social behavioral characteristics? We address these questions by designing a simple modified trust game with uncertainty and the capacity for principals to employ multilateral punishment. We find that a modest amount of uncertainty …

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Experimenting With Contests For Experimentation, Cary Deck, Erik O. Kimbrough Aug 2017

Experimenting With Contests For Experimentation, Cary Deck, Erik O. Kimbrough

ESI Publications

We report an experimental test of alternative rules in innovation contests when success may not be feasible and contestants may learn from each other. Following Halac, Kartik, and Liu (in press), the contest designer can vary the prize allocation rule from Winner‐Take‐All (WTA) in which the first successful innovator receives the entire prize to Shared in which all successful innovators during the contest duration share in the prize. The designer can also vary the information disclosure policy from Public in which at each period, all information about contestants' past successes and failures is publicly available, to Private, in which contestants …

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How Product Innovation Can Affect Price Collusion, Andrew Smyth Aug 2017

How Product Innovation Can Affect Price Collusion, Andrew Smyth

ESI Working Papers

Price conspiracies appear endemic in many markets. This paper conjectures that low expected returns from product innovation can affect price collusion in certain markets. This conjecture is tested—and supported—by both archival and experimental data. In particular, average market prices in low innovation experiments are significantly greater than those in high innovation, but otherwise identical experiments, because price collusion is more successful in the low innovation experiments.

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A Cross-Sectional Exploration Of Household Financial Reactions And Homebuyer Awareness Of Registered Sex Offenders In A Rural, Suburban, And Urban County., John Charles Navarro Aug 2017

A Cross-Sectional Exploration Of Household Financial Reactions And Homebuyer Awareness Of Registered Sex Offenders In A Rural, Suburban, And Urban County., John Charles Navarro

Electronic Theses and Dissertations

As stigmatized persons, registered sex offenders betoken instability in communities. Depressed home sale values are associated with the presence of registered sex offenders even though the public is largely unaware of the presence of registered sex offenders. Using a spatial multilevel approach, the current study examines the role registered sex offenders influence sale values of homes sold in 2015 for three U.S. counties (rural, suburban, and urban) located in Illinois and Kentucky within the social disorganization framework. Homebuyers were surveyed to examine whether awareness of local registered sex offenders and the homebuyer’s community type operate as moderators between home selling …

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The Effects Of Employment On Recidivism Among Delinquent Juveniles, Leigh Kassem Aug 2017

The Effects Of Employment On Recidivism Among Delinquent Juveniles, Leigh Kassem

Electronic Theses and Dissertations

Current research indicates an association between intense adolescent work (twenty hours or more per week) and delinquent behavior. It has been widely speculated that this relationship is spurious, occurring only as a result of other factors which are common to both offending and intense employment. The current study attempts to fill a gap in the literature by utilizing the Pathways to Desistance dataset to examine the evolution of the relationship between work and self-reported offending in a longitudinal sample of juvenile offenders. Work intensity and consistency, social capital, and expectations for success were analyzed as potential predictors of recidivism or …

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The Optimal Defense Of Networks Of Targets, Dan Kovenock, Brian Roberson Aug 2017

The Optimal Defense Of Networks Of Targets, Dan Kovenock, Brian Roberson

ESI Working Papers

This paper examines a game-theoretic model of attack and defense of multiple networks of targets in which there exist intra-network strategic complementarities among targets. The defender’s objective is to successfully defend all of the networks and the attacker’s objective is to successfully attack at least one network of targets. Although there are multiple equilibria, we characterize correlation structures in the allocations of forces across targets that arise in all equilibria. For example, in all equilibria the attacker utilizes a stochastic ‘guerrilla warfare’ strategy in which a single random network is attacked.

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Nebraska Monthly Economic Indicators: July 26, 2017, Eric Thompson Jul 2017

Nebraska Monthly Economic Indicators: July 26, 2017, Eric Thompson

Leading Economic Indicator Reports

The Leading Economic Indicator – Nebraska (LEI-N) 1 rose by 2.75% during June of 2017. The rapid increase in the LEI-N indicates that the Nebraska economy will grow quickly at the end of 2017. All components of the indicator rose during June. Business expectations were strong while the value of the U.S. dollar fell, a positive sign for Nebraska’s export-oriented businesses. There also was a sharp increase in building permits for single-family homes during the month.

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Equilibrium Play In Voluntary Ultimatum Games: Beneficence Cannot Be Extorted, Vernon L. Smith, Bart J. Wilson Jul 2017

Equilibrium Play In Voluntary Ultimatum Games: Beneficence Cannot Be Extorted, Vernon L. Smith, Bart J. Wilson

ESI Working Papers

One robust result in experimental economics is the failure to observe equilibrium play in the ultimatum game. A heretofore unnoticed feature of the game is that neither player voluntarily chooses to play the game. Motivated by Adam Smith’s proposition that beneficence—like that of non‐ equilibrium play in the ultimatum game—cannot be extorted by force, we offer the responder the opportunity to opt out of the game for a mere $1 payoff for both players. We observe high rates of equilibrium play with highly unequal splits when responders choose to play such ultimatum games with both fixed and variable sums.

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War And Conflict In Economics: Theories, Applications, And Recent Trends, Erik O. Kimbrough, Kevin Laughren, Roman M. Sheremeta Jul 2017

War And Conflict In Economics: Theories, Applications, And Recent Trends, Erik O. Kimbrough, Kevin Laughren, Roman M. Sheremeta

ESI Working Papers

We review the main economic models of war and conflict. These models vary in details, but their implications are qualitatively consistent, highlighting key commonalities across a variety of conflict settings. Recent empirical literature, employing both laboratory and field data, in many cases confirms the basic implications of conflict theory. However, this literature also presents important challenges to the way economists traditionally model conflict. We finish our review by suggesting ways to address these challenges.

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Passing It Along: Experiments On Creating The Negative Externalities Of Climate Change, Alessandro Del Ponte, Andrew W. Delton, Reuben Kline, Nicholas A. Seltzer Jul 2017

Passing It Along: Experiments On Creating The Negative Externalities Of Climate Change, Alessandro Del Ponte, Andrew W. Delton, Reuben Kline, Nicholas A. Seltzer

Political Science Faculty Articles and Research

Climate change is a global social dilemma. Mitigating it is partly a political problem created by inequitable distributions of the benefits of carbon emissions and the costs of climate change; that is, the people who benefit the most are not the same set of people who pay the most costs. Here we use an experimental economic approach to political science to study these inequities. In two experiments, we show that people willingly create climate problems when those problems are passed along to others. Surprisingly, this is not further exacerbated if those others are from another country. We also show that, …

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Informed Entry In Auctions, Diego Aycinena, Hernán Bejarano, Lucas Rentschler Jul 2017

Informed Entry In Auctions, Diego Aycinena, Hernán Bejarano, Lucas Rentschler

ESI Publications

We examine entry decisions in first-price and English clock auctions with participation costs. Potential bidders observe their value and report maximum willingness to pay (WTP) to participate. Entry occurs if revealed WTP (weakly) exceeds the randomly drawn participation cost. We find no difference in WTP between auction formats, although males have a higher WTP for first-price auctions. WTP is decreasing in the number of potential bidders, but this reduction is less than predicted and small in magnitude.

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Nebraska Business And Consumer Confidence Indexes: July 7, 2017, Eric Thompson Jul 2017

Nebraska Business And Consumer Confidence Indexes: July 7, 2017, Eric Thompson

Leading Economic Indicator Reports

Consumer confidence rose sharply in Nebraska during June 2017 while business confidence remained very strong. The Consumer Confidence Index – Nebraska (CCI-N) stood at 100.4 in May but rose to 104.7 during June, which is well above the neutral value of 100.0. The outlook of Nebraska businesses remained very strong. The Business Confidence Index – Nebraska (BCI-N) fell to 109.2 in June, well above the neutral value and just below its May value of 110.2. Business confidence has been very strong in Nebraska throughout the first half of 2017. When asked about the most important issue facing their business, customer …

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The Economic Impact Of Proposed New Facilities At Stonewall Resort, Eric Bowen, Christiadi, John Deskins Jul 2017

The Economic Impact Of Proposed New Facilities At Stonewall Resort, Eric Bowen, Christiadi, John Deskins

Bureau of Business & Economic Research

No abstract provided.

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Bondholder Reorganization Of Systemically Important Financial Institutions, Steven Gjerstad Jun 2017

Bondholder Reorganization Of Systemically Important Financial Institutions, Steven Gjerstad

ESI Working Papers

This paper describes a resolution process for faltering financial firms that quickly allocates losses to bondholders and transfers ownership of the firm to them. This process overcomes the most serious flaws in resolution plans submitted by banks under Dodd-Frank Title I and in the FDIC receivership procedure in Dodd-Frank Title II by restoring the balance sheet of a failing financial institution and immediately replacing the management and board of directors who allowed its demise. In almost all bank failures, this process would eliminate the need for government involvement beyond court certification of the reorganization. The procedure overcomes the serious incentive …

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Nebraska Monthly Economic Indicators: June 21, 2017, Eric Thompson Jun 2017

Nebraska Monthly Economic Indicators: June 21, 2017, Eric Thompson

Leading Economic Indicator Reports

The Leading Economic Indicator – Nebraska (LEI-N) 1 fell by 0.51% during May of 2017. This is the second consecutive monthly decline in the LEI-N. The declines followed three months of rapid increase from January through March of 2017. Taken together, the LEI-N values imply a moderation in economic growth in Nebraska in late 2017 after strong growth midyear. Among the components of the indicator, business expectations were strong during May while the value of the U.S. dollar fell, which is a positive sign for Nebraska’s export-oriented businesses. However, manufacturing hours, building permits and airline passen

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A Review On Literature Of Waqf For Poverty Alleviation Between 2006-2016, Nur Atikah Atan, Fuadah Johari Jun 2017

A Review On Literature Of Waqf For Poverty Alleviation Between 2006-2016, Nur Atikah Atan, Fuadah Johari

Library Philosophy and Practice (e-journal)

Background - The success of Waqf as a source of socio-economic financing in Islamic history in developing a country by providing the social and public goods to the society have been a major factor for Waqf practices to be retrieved back today. In order to exterminate the poverty, depending in Zakat alone is not enough. Waqf can be an alternative in solving the socio-economic problem of the Ummah which covers the issues such as poverty, inequality and rising cost of living as well in promoting the social well-being in the society. Purpose - The purpose of this article is to …

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Sentiments, Conduct, And Trust In The Laboratory, Vernon Smith, Bart J. Wilson Jun 2017

Sentiments, Conduct, And Trust In The Laboratory, Vernon Smith, Bart J. Wilson

ESI Publications

In this essay we provide a brief account and interpretation of The Theory of Moral Sentiments showing that it departs fundamentally from contemporary patterns of thought in economics that are believed to govern individual behavior in small groups, and contains strong testable propositions governing the expression of that behavior. We also state a formal representation of the model for individual choice of action, apply the propositions to the prediction of actions in trust games, report two experiments testing these predictions, and interpret the results in terms directly related to the model. In short, we argue that the system of sociability …

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Advancing Rationality With Sustainability: An Analysis Of Agent-Based Simulation, Osman Goktug Tanrikulu Jun 2017

Advancing Rationality With Sustainability: An Analysis Of Agent-Based Simulation, Osman Goktug Tanrikulu

Hatfield Graduate Journal of Public Affairs

Today, falling trends of species and ecosystem in the world due to overconsumption and destruction of natural resources are at critical levels. It is vital for humanity to operate with sustainable and resilient modes of production and consumption. In this regard, this paper examines the basic premise of rationality and introduces sustainability as an advancement to the theoretical concept of rationality. Thus, a rational mindset and a sustainable mindset are compared under depletion of environmental resources. The understanding of rationality in the analysis is based on Garett Hardin’s (1968) ‘the tragedy of the commons’ model, in which actors are self-interested …

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Considerations Of Socio-Economic Input, Related Challenges And Recommendations For Ecosystem-Based Maritime Spatial Planning: A Review, Mavra Stithou Jun 2017

Considerations Of Socio-Economic Input, Related Challenges And Recommendations For Ecosystem-Based Maritime Spatial Planning: A Review, Mavra Stithou

Journal of Ocean and Coastal Economics

Socio-economics in an ecosystem-based Marine Spatial Planning (MSP) process cover a wide range from specifying socio-economic objectives, respective indicators, organising stakeholder engagement, to data, methods and tools (e.g., environmental valuation and cost-benefit analysis) for example to identify issues, assess ecosystem services, provide an insight on human behaviour and compare alternative marine plans with potentially competing goals. In addition, social principles such as that of social equity have an important role to play in achieving sustainability in marine management. However, the use of socio-economics in making the ecosystem-based MSP framework operational, poses certain challenges to researchers, regulators and policy-makers. The purpose …

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More Balanced Economic Growth, Eric Thompson Jun 2017

More Balanced Economic Growth, Eric Thompson

Business in Nebraska

There has been a re-balancing of both global and domestic economic growth during 2017. Globally, growth is improving in Europe and China, yielding more balanced international growth. Within the United States, growth also has become more balanced across industries. As in past years, the service sector, supported by growth in employment and real wages, has grown steadily with increases in retail trade, business services, personal services and construction activity. However, in recent months, there also has been improved growth in the industrial sector, with a rebound in the energy sector, and more business investment in capital equipment. The result is …

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Nebraska Business And Consumer Confidence Indexes: June 2, 2017, Eric Thompson Jun 2017

Nebraska Business And Consumer Confidence Indexes: June 2, 2017, Eric Thompson

Leading Economic Indicator Reports

Consumer confidence fell in Nebraska during May 2017 while business confidence remained very strong. The Consumer Confidence Index – Nebraska (CCI-N) fell to roughly neutral during May. The CCI-N stood at 102.5 in April but fell to 100.4 during May, which is only slightly above the neutral value of 100.0. The outlook of Nebraska businesses remained very strong. The Business Confidence Index – Nebraska (BCI-N) rose to 110.2 in May, above its April value of 109.1 and well above the neutral value. Business confidence has been very strong in Nebraska during the first five months of 2017. When asked about …

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Collegiate Football Attendance In El Paso: 1967-2014*, Thomas M. Fullerton Jr., Wesley A. Miller Jun 2017

Collegiate Football Attendance In El Paso: 1967-2014*, Thomas M. Fullerton Jr., Wesley A. Miller

Border Region Modeling Project

This study examines potential determinants of American football game attendance for the University of Texas at El Paso (UTEP) Miners program. Time series data are utilized to analyze UTEP attendance from 1967 to 2014. Parameter estimation is carried out using two-staged least squares regression analysis. Among the more notable outcomes, ticket sales are not strongly affected by the local business cycle and are not inversely correlated with unemployment. Demand for tickets is also found to be upward sloping. Forecasts are generated for the 2015 season and several quantitative metrics indicate that good out-of-sample simulation performance is attained. Replication of this …

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Sleep Restriction And Circadian Effects On Social Decisions, David L. Dickinson, Todd Mcelroy May 2017

Sleep Restriction And Circadian Effects On Social Decisions, David L. Dickinson, Todd Mcelroy

ESI Publications

Our study examines how chronic sleep restriction and suboptimal times-of-day affect decisions in a classic set of social tasks. We experimentally manipulate and objectively measured sleep in 184 young-adult subjects, who were also randomly assigned an early morning or late evening experiment session during which decision tasks were administered. Sleep restriction and suboptimal time-of-day are both estimated to either directly or indirectly (via an impact on sleepiness) reduce altruism, trust, and trustworthiness. We conclude that commonly experienced adverse sleep states, most notably chronic sleep restriction, significantly reduce prosocial behaviors, and can therefore limit benefits from short-term social interactions.

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The Effect Of Integration: A Study On The Impact Of Diversity On Economic Indicators, Luke H. Schleier May 2017

The Effect Of Integration: A Study On The Impact Of Diversity On Economic Indicators, Luke H. Schleier

Undergraduate Honors Theses

This paper examines the effect of diversity, measured by the dissimilarity index, on the economic strength of an area. Economic strength is measured using five economic indicators: median home value, median income, median gross rent, percentage of people with health insurance, and firms per capita. The work aims to show that there is a positive economic impact due to integrating and creating communities that are more diverse. Previous work shows there is a positive impact of diversity on economic indicators such as wages, rents, and production but previous studies do not look at the effect on these economic indicators. This …

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Emotions And Behavior Regulation In Decision Dilemmas, Joaquín Gómez-Miñambres, Eric Schniter May 2017

Emotions And Behavior Regulation In Decision Dilemmas, Joaquín Gómez-Miñambres, Eric Schniter

ESI Publications

We introduce a dynamic model of emotional behavior regulation that can generalize to a wide range of decision dilemmas. Dilemmas are characterized by availability of mutually exclusive goals that a decision maker is dually motivated to pursue. In our model, previous goal pursuant decisions produce negative emotions that regulate an individual’s propensity to further pursue those goals at future times. This emotional regulation of behavior helps explain the non-stationarity and switching observed between so-called “preferences” revealed in repeated decision dilemmas (e.g., by choosing A over B at time 1, then choosing B over A at time 2). We also explain …

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A Dual-Role Analysis Of Game Form Misconception And Cognitive Bias In Financial And Economic Decision Making, Chinedum D. Nwadiora May 2017

A Dual-Role Analysis Of Game Form Misconception And Cognitive Bias In Financial And Economic Decision Making, Chinedum D. Nwadiora

LSU New Orleans Theses and Dissertations

The endowment and the framing effect are widely examined cognitive biases. The experimental economics literature, using choice data gathered through an elicitation device, commonly finds evidence of these biases. Recent work by Cason & Plott (2014) shows that the interpretation of choice data as consistent with biases related non-standard preference theory could also be consistent with confusion or misconception of the game type used to elucidate preferences. I use the Cason and Plott card auction framework to analyze offers of buyers and sellers in an experimental setting with subjects from the University of New Orleans simulating 97 sellers and 90 …

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On Private Governance, Bart J. Wilson May 2017

On Private Governance, Bart J. Wilson

ESI Publications

Edward Peter Stringham’s book Private Governance: Creating Order in Economic and Social Life (2015) is a compelling defense of the proposition that private governance is more widely used and more effective than most people think. Stringham looks to history to see how people solved problems of fraud and cheating without government intervention and provides example after compelling example to contradict the strong claim that a government or any third-party enforcer is necessary for voluntary exchange. While Stringham doesn’t take on the tough problem that private governance is not sufficient for its task, his book is intended to be the beginning, …

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Unemployment, Does It Really Hurt?, Claudia Vargas May 2017

Unemployment, Does It Really Hurt?, Claudia Vargas

Theses and Dissertations

This paper analyzes the consequences of changes in the unemployment rate in Colombia on the level of education attained for adolescents. Increases in the unemployment rate are associated with an increase in the average number of years of education. No significant effect was found for men of the same age.

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How We Think About Economics, Bart J. Wilson May 2017

How We Think About Economics, Bart J. Wilson

ESI Publications

"From my casual observation, many economists were surprised at the content of Vernon's Nobel lecture on ecological and constructivist rationality in economics. Having been awarded the prize 'for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms,' I think many expected him to catalogue the major findings of experimental economics in his prize lecture. David Porter has described Vernon as a live, interactive version of the Journal of Economic Literature. But Vernon Smith is no cataloguer. He is a synthesizer, and he synthesizes acutely aware that scientific inquiry is …

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The Fifth Epoch: Socio-Economic Approach To Sustainable Capitalism, David M. Boje, Yue Cai Hillon May 2017

The Fifth Epoch: Socio-Economic Approach To Sustainable Capitalism, David M. Boje, Yue Cai Hillon

Markets, Globalization & Development Review

The purpose of this conceptual essay is to challenge the inevitability of living with the destructive beast of speculative market economics in the 4th epoch of global capitalism. We are facing an existential socio-ecological threat from the short-term excesses of financial capitalism, a socially irresponsible form that consumes without producing value and without bearing entrepreneurial risk, benefitting only the few. The fate of roughly 90% of humanity hangs in the balance. The primary contribution of this paper proposes a 5th epoch of capitalism, inspired by Savall and Zardet’s socio-economic and sustainable approach that restores human potential and value …

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