Public Economics Commons^™

Medical And Recreational Cannabis In Colorado: Evidence From County-Level Sales And Medical Cards, Ethan Sattley

CMC Senior Theses

This thesis examines how Colorado’s cannabis market transitioned after recreational legalization by analyzing county-level medical card registrations and the medical share of cannabis sales from 2010–2020. Using an event-study design, I find that medical participation remained stable for several years after recreational sales began in 2014, but then declined sharply, by roughly 50–60 cards per 10,000 residents, about ten quarters after legalization. Using annual sales data, I show that the medical share of total cannabis revenue collapsed much more quickly, falling by more than half between 2014 and 2015 and converging near zero in most counties by the late 2010s. …

The Tcja And Shareholder Payouts, Carson T. Bloom

CMC Senior Theses

Abstract

The Tax Cuts and Jobs Act (TCJA) provided corporations an estimated $233 billion in tax savings, yet relatively little is known about how firms allocated this cash windfall. This study examines whether growth and mature firms differed in whether they used these tax savings to distribute dividends and repurchase shares. Using panel data on publicly traded North American firms from 2016–2019, I classify firms as either growth or mature based on their cash-flow patterns and estimate the effects of the TCJA on their behavior using a difference-in-differences design.

The results indicate that mature firms increased shareholder payouts significantly more …

Does Immigration Enforcement Induce Legalization? Replicating And Extending The H-2b Evidence To Agricultural Guest Workers, Katherine E. Schwab

CMC Senior Theses

This thesis examines whether intensified interior immigration enforcement leads employers to increase demand for legal temporary foreign workers through the H-2 guest-worker programs. Using updated administrative data from the Office of Foreign Labor Certification, I first replicate the core findings of Amuedo-Dorantes, Arenas-Arroyo, and Schmidpeter (2021), who find that county-level enforcement significantly raises employer demand for H-2B non-agricultural workers, then apply the same empirical framework to H-2A, the agricultural equivalent.

My replication results are directionally consistent with the original study – the enforcement coefficient on H-2B demand is positive across specifications – though weaker in significance, reflecting routine vintage differences …

Beyond Bans: A Travel Distance-Based Approach To Estimating The Effects Of Dobbs V. Jackson Women’S Health Organization On Fertility And Labor Supply, Enya Kamadolli

CMC Senior Theses

The Dobbs v. Jackson Women’s Health Organization decision had highly heterogeneous effects on abortion access across U.S. states, variation I exploit to identify causal effects on fertility and labor supply. Rather than a binary “total ban” indicator, I construct a continuous treatment measure based on changes in distance to the nearest legal abortion provider between 2021 and 2023, and apply a difference-in-differences design to state-level panel data. Effects are attenuated and imprecise in the South, consistent with diminishing marginal effects at large distances. In non-Southern states, I find that a 100 km increase in distance raises total births by about …

The Legacy Of Housing Discrimination: Asthma Disparities In California Cities, Taylor Daetz

CMC Senior Theses

This thesis examines the effect of discriminatory housing policy on current asthma rates in California cities. This study uses boundary design and propensity score methodologies to analyze asthma-related emergency department visits in census tracts with corresponding appraisal grades from the Home Owners’ Loan Corporation maps. The results indicate significantly higher asthma burdens in grade D (redlined) census tracts compared to grade C tracts, even when controlling for present-day pollution concentrations, with historically redlined tracts experiencing an average of 26.88 additional emergency department visits per 10,000 residents. The analysis further reveals disparities between grade C and B neighborhoods, suggesting that even …

When Consumers See It Coming: How Anticipation Affects The Domestic Cost Of Tariffs, Pierce D. Sanderson

CMC Senior Theses

Tariffs implemented by President Trump in 2018 were unexpected and significant, incurring large costs to U.S. consumers. This study examines the effect of tariff anticipation on price, quantity, and value effect on imports in the United States. Specifically, it focuses on tariffs implemented during Obama’s second term in office from 2012 to 2016 on the automotive, technology, and manufacturing industries. The findings present a significant divergence from the literature on the effects of 2018 tariffs, finding a near full pass-through of tariffs to foreign exporter prices rather than U.S. consumers. Specifically, a one percent increase in tariffs resulted in a …

Divided By Design? Urban Renewal’S Differential Impacts On Economic Outcomes By Race, Derik Suria

CMC Senior Theses

I study city-level effects of the federally and state-sponsored urban renewal program that aimed to improve living conditions for residents in blighted areas and slums. I use an interdisciplinary approach to estimate urban renewal effects on measures of income, property value, poverty, and employment. I first replicate the methodology and estimates of urban renewal effects on city outcomes in 1980 from Slum Clearance and Urban Renewal in the United States (Collins and Shester 2013). I extend this research by looking at a longer time horizon (1990, 2000, 2010) and incorporating race-based outcomes. From 1980 to 2010, estimated effects on property …

Dead Money: Measuring The Influence Of Representatives On Government Spending, Adhitya Venkatraman

CMC Senior Theses

In line with popular criticisms of Congressional pork barrel spending, I find that that individual representatives do wield significant influence in securing government contracts for their districts. Using federal contract data organized at the congressional district level from FY 2001 – FY 2021, I estimate how individual members of the House of Representatives affect funding outcomes. My identification strategy leverages changes in contract funding that occur during exogenous vacancies occurring in the middle of a term. By comparing contract funding outcomes during vacant quarters to non-vacant quarters, I estimate the amount of individual influence exercised by representatives.

During vacant quarters, …

Geographic Banking Discrimination In The United States, Simon Ross Gilbert

CMC Senior Theses

Financial institutions in the United States have historically discriminated against Black Americans in a multitude of ways. One potential dynamic of unequal access that remains understudied is geographic in nature. That is, are commercial banks less likely to locate in neighborhoods with more Black people? Using a fixed effects and selection on observables model, I find that a 1 percentage point increase in an area’s Black population is related to a 0.11 decrease in the number of commercial banks in that area. This effect is localized primarily in urban areas, particularly in cities in the Mid-Atlantic, Upper Midwest, and Pacific …

The Influence Of Political Party Affiliation And Park Accessibility On Covid-19 Case Incidence, Sascha Wolf-Sorokin

CMC Senior Theses

This paper examines the joint effect of political party affiliation and the urban landscape, as measured by access to parks, on case rates during the COVID-19 pandemic in the United States. The 2016 and 2020 U.S. Presidential Election returns are used as a proxy for a county’s political party affiliation prior to and during the COVID-19 pandemic. A county population’s spatial relationship to its parks encapsulates the green open space within an urban environment. The data set controls for features of the built environment, socioeconomic and demographic characteristics (race, gender, income, education), COVID-19 government regulations, and presidential election returns. Using …

Economic Propaganda In The United States, Brooklyn Montgomery

CMC Senior Theses

This thesis aims to identify and analyze three different forms of economic propaganda: cultural, structural, and political. I first examine ‘Do What You Love’ culture and its impact on the labor force. Chapter Two explores the propagation of neoliberal economics as an objective study, and the final chapter analyzes the use of Black capitalism as a political mechanism to quell Black radical sentiment. In detailing these phenomenons, I investigate the implementation, normalization, and effects, as well as the material repercussions of these ideas and structures.

Disembedded Liberalism: The Global Pressure On Democracy, Hallie Spear

CMC Senior Theses

The international political order is at a crossroads with divergent paths. Liberal democracy is once again threatened on the international stage. What's more troubling is that the most stable and influential democracies, the United States, those in Europe and India, seem to be vulnerable to the autocratic wave sweeping through the world. This thesis completes a critical analysis to understand the root causes of the recent disruption to democracy the world has observed. Focusing on three established, diverse, and populous democracies, this thesis investigates the economic conditions at play that made each nation vulnerable to populism. Neoliberal economic policies implemented …

Dropping The Ball: A Political And Economic Analysis Of Public Subsidization For Stadium Construction Projects, Max Fisher

CMC Senior Theses

The results generated by this research argue that the high cost of public subsidization does not outweigh the benefits associated with new stadiums. By using several cost-benefit analyses, my research adds to the current literature that these projects, while seemingly beneficial for communities, induces negligible or even negative outcomes. In particular, this study details the Las Vegas Raiders and the New York Yankees, explaining how these teams were able to achieve a new stadium. To understand why politicians continually support stadium construction despite extensive literature showing its harms, this research includes explanations based on the political theory from authors such …

‘It’S Like Baking A Cake’: An Analysis Of Conscience Voting In The New Zealand House Of Representatives Since The Introduction Of The Mixed-Member Proportional System In 1996, Harrison Hosking

CMC Senior Theses

Conscience voting in the New Zealand House of Representatives offers a unique opportunity to assess Sam Peltzman’s ‘Principal-Agent Theory’ as outlined in his 1984 paper, Constituent Interest and Congressional Voting.

This thesis begins with a brief assessment of the principal-agent model (and other literature regarding parliamentary representation) before looking at the New Zealand Parliamentary system and the phenomenon of private member’s bills and how they aid the legislative process. This is followed by an exploration of a constructed dataset of conscience votes that have occurred since the inception of the mixed-member proportional (MMP) electoral system in 1996. An analysis …

Alleviating Poverty In Sub-Saharan Africa, Owen Dubeck

CMC Senior Theses

While most of the world has been able to dramatically reduce extreme poverty rates, Sub-Saharan Africa has failed to do so and is the only region in the world with more people living in extreme poverty than thirty years ago. This thesis will develop a policy framework for alleviating poverty by drawing from countries that are performing surprisingly well and poorly in the region. The thesis concludes with an analysis of whether education, health, or agricultural sectors should be receiving more or less funding based on expected rates of return and the feasibility of policy successes.

Human Development And Subnationalism: A Disaggregated Analysis Of Indian States: Kerala And Uttar Pradesh, Manika Garg

CMC Senior Theses

This thesis investigates achievements in human development outcomes on health, education, and poverty indicators across Indian states, in order to discern what factors might influence a state’s better orientation toward social policies. After conducting data analysis, the study explains differences in outcomes, as achieved by Kerala and Uttar Pradesh, by building an argument of subnational solidarity and its impact on determining the state’s policy agendas.

Analysis Of The Economic Impact Of Constructing A Nba Arena On The Host City, Grant Gilchrist

CMC Senior Theses

Using economic data collected from 24 different Metropolitan Statistical Areas in the US, this thesis investigates the impact of constructing a new National Basketball Association (NBA) arena on the host city’s economy. When a simplistic model is implemented, which does not control for other economic factors or individual subject heterogeneity, significantly positive economic impacts of arena construction are observed. However, when a more appropriate model specification is implemented that controls for economic activity and individual heterogeneity, these effects are no longer statistically significant. This comparative analysis ultimately highlights the importance of appropriate model specification and supports the conclusion that new …

Is Avocado Toast The Reason I'M Still Living With My Parents?, Brendan Macdonald

CMC Senior Theses

Is avocado toast the reason that I am still living with my parents? In other words, does the consumption of avocado toast, or more specifically eating out in general, have any impact on one’s ability to be a homeowner. In May of 2017, an Australian real estate developer by the name of Tim Gurner was asked to provide advice to young people who could not afford to purchase a home. He responded by saying, “when I was trying to buy my first home, I wasn’t buying smashed avocado for $19 and four coffees at $4 each,” (Victor, 2017). While the …

A Deep Dive Into Technological Unemployment: A State-Level Analysis On The Employment Effect Of Technological Innovations, Yuqing "Jenny" Cang

CMC Senior Theses

Ever since the first Industrial Revolution, during which many textile artisans lost their jobs to weaving machines, the relationship between technological progress and unemployment has been explored and examined by researchers and policy makers. Existing empirical research, mostly at the microeconomic level, has presented ambiguous results. Procuring data on 51 U.S. states for a period of 19 years and a large number of controls, this paper studies the employment effect of technological innovations with a novel state-level macroeconomic analysis. Using commercially-supplied Research and Development expenditure as a proxy, this paper finds that although technological innovations have a non-significant effect on …

A Comparative Examination Of International Carbon Trading Mechanisms, Allison Moors

CMC Senior Theses

A Comparative Examination of International Carbon Trading Mechanisms

Peer Misbehavior Effects In The Classroom, Alex Hwung

CMC Senior Theses

This paper seeks to evaluate the effects of peer misbehavior in the classroom on student learning outcomes--namely, if there is any truth behind the old saying that “one bad apple ruins the bunch”. Using experimental data, I show that there is a strong initial relationship between the level of misbehavior in a given classroom and performance on a mathematics evaluation; however, the inclusion of lagged peer achievement in the model causes most of that relationship to be absorbed away, suggesting that the bulk of peer effects stem more from the academic performance of other students than from their behavior.

Conditional Cash Transfers And Their Effect On Poverty, Inequality, And School Enrollment: The Case Of Mexico And Latin America, Maria Romano

CMC Senior Theses

Over the past two decades, conditional cash transfer (CCT) has become one of the most widespread approaches to social development in Latin America. Spurred in large part by the evident and immediate success of Mexico’s CCT initiative, a multitude of countries began to invest heavily in this strategy hoping to reduce poverty and inequality in the short and long run. This paper examines the relationship between CCT program breadth and poverty, inequality, and secondary school enrollment over a thirteen year span in order to determine whether or not programs with the largest coverage were the most efficient. This question is …

Deconstructing The Third Rail: An Analysis Of The Issue Of Poverty In The United States Through The Lens Of Social Security, Nikita Mehandru

CMC Senior Theses

The ongoing debate over welfare in the United States is rooted in the long-standing tension between the nation’s commitment to providing for its most vulnerable and a deep-seated belief that such support can corrupt its recipients. Social Security has struck this balance and appeals to the masses with its pay-as-you-go system and universally distributed benefits. Yet, the solvency of Social Security is threatening the program that has attempted to guard against old age and disability for the last eighty years. This paper examines how the perception of poverty in the United States is a hindrance when tackling social welfare policies. …

Against The Grain: The Imf, Bread Riots, And Altered State Development In The Hashemite Kingdom Of Jordan, David M. Leathers

CMC Senior Theses

Since the end of World War II, and especially over the past three decades, there has been a dramatic increase of interactions between international financial institutions (IFIs) and states. This paper will explore these interactions by examining the Hashemite Kingdom of Jordan and the International Monetary Fund (IMF). This paper rests on the assumption that the complex implications of these interactions are not yet comprehensively understood and will move towards that goal by setting forth a collection of new approaches to further understand IFI-state interaction. It will discuss Jordan’s economic and political history, structural adjustment policies implemented by the IMF, …

Determinants Of Public Funding For Professional Athletic Venues, John K. Holland

CMC Senior Theses

This paper examines the financing of professional athletic venues and why certain franchises are able to obtain high percentages of overall stadium funding from the public. Existing literature shows the negligible effect of new athletic venues on the local economy and per capita income, and therefore the benefits from such a project are largely intangible. I use an ordinary least squares regression and show that the more successful a team is the less public funding they tend to receive. I also find that broad city statistics do not represent the specific areas that policy makers consider when making decisions about …

How Many Barack Obamas Does It Take: An Analysis Of The Effect Of Charter Schools On Real Estate And Crime, Aananditaa Kakkar

CMC Senior Theses

This study looks at the relationship between charter school presence and neighborhood quality in Los Angeles. Using data from the Los Angeles Department of Education, Zillow Real Estate, and the Los Angeles Sheriff, this paper attempts to find whether changes in charter presence influence the price of surrounding real estate or the occurrence of serious and petty crimes. The results find that charter schools tend to be associated with a decrease in home sale prices. The results on crime imply that crime increases upon the opening of charter schools, however they are statistically insignificant.

Taxation With Representation Ain't So Hot Either: An Empirical Analysis Of Taxpayer Satisfaction, Rei Kawano

CMC Senior Theses

This paper analyzes whether the decreasing progressivity of the US Federal Tax system appear to affect taxpayer satisfaction. I use data from the publicly available General Social Survey and combine them with average tax rates from Piketty and Saez (2007). In this study, two distinct questions are addressed: (1) Is a taxpayer’s belief that his or her own federal income tax is too high affected by their actual average tax rates? (2) Is a taxpayer’s belief that his or her own federal income tax is too high affected by the progressivity of the federal income tax?

The results show that …

Take Me Out Of The Ball Game: The Efficacy Of Public Subsidies In The Success Of Professional Sports Stadiums, Jonah Chodosh

CMC Senior Theses

This paper weights the relative advantages of multiple factors that lead to the success of professional sports stadiums in major markets, though a discussion of the arguments for and against public subsidies towards these projects. Using a logit statistical model, the paper determines that the two factors determining the highest likelihood of venue success include multiple tenants and access to mass transit. The analysis demonstrates that public subsidies towards stadiums don’t generate sufficient economic returns, and that successful stadiums can be created without using taxpayer funds.

An Economic Impact Study Of The "Boom" Period Of Baseball Stadium Redevelopment, Emily Mcnab

CMC Senior Theses

The intention of this study is to analyze the economic impact of redeveloped Major League Baseball stadiums opened between 1991 and 2004. Using two empirical models, including an event study, this impact analysis captures the economic conditions of the cities during the opening year of the stadium, as well as the prior conditions leading up to the opening of the stadium, along with any lingering effects or gradual changes in conditions. The impact was measured in relation to the Metropolitan Statistical Areas corresponding to the 18 ballparks included, specifically looking at the impact on employment rates and per capita personal …

A False Sense Of Security: The Social Security Debate, Chris Shipman-Sercu

CMC Senior Theses

My motivation to write this thesis is based on the controversy surrounding the Social Security system that has recently infiltrated the media. Through my research, I have discovered the debate concerning Social Security is not a recent development but has existed since the 1930’s. Many sources are warning citizens to no longer count on Social Security as they most likely will not receive benefits until a extremely old age if they receive benefits at all. Current retirees are fearful of either a decrease in benefits or not receiving the money they contributed to the system through the years of employment …