An Economic Growth Analysis Of Native American Reservations In California,
2019
University of San Francisco
An Economic Growth Analysis Of Native American Reservations In California, Mahsa Ashabi
Economics Faculty Publications
A history of institutional oppression and genocide has shaped Native American communities across the United States today, reflected in large disparities of socioeconomic outcomes and productivity. Due to a lack of comprehensive data and macroeconomic research, alternative forms of spatial data and theories regarding human settlement develop a lens of understanding of this stagnation.In our efforts to better understand growth on Native American reservations, we utilize nighttime lights data to proxy for economic output in these geographic areas, measuring the settlement characteristics of reservations themselves and against surrounding U.S. regions. Through a series of log-log regressions that focus on Zipf’s …
The Effect Of Birth Order On Behavior On Behavior And Academic Performance,
2019
Western Kentucky University
The Effect Of Birth Order On Behavior On Behavior And Academic Performance, Maria Long
Mahurin Honors College Capstone Experience/Thesis Projects
This paper studies the effect of birth order on a child’s math and reading comprehension aptitudes and likelihood of behavior problems. Numerous studies have been performed on this topic and the conclusions have varied. In this paper, I control for gender, race, number of siblings, mother’s age at birth, mother’s marital status at birth of child, and how often children argue with their parents about homework. I find evidence to suggest that first-born children will have significantly higher academic performance outcomes, last-born children will have significantly lower behavior issues, and the environment in which a child is raised will have …
Common Threshold In Quantile Regressions With An Application To Pricing For Reputation,
2019
Singapore Management University
Common Threshold In Quantile Regressions With An Application To Pricing For Reputation, Liangjun Su, Pai Xu
Research Collection School Of Economics
The paper develops a systematic estimation and inference procedure for quantile regression models where there may exist a common threshold effect across different quantile indices. We first propose a sup-Wald test for the existence of a threshold effect, and then study the asymptotic properties of the estimators in a threshold quantile regression model under the shrinking-threshold-effect framework. We consider several tests for the presence of a common threshold value across different quantile indices and obtain their limiting distributions. We apply our methodology to study the pricing strategy for reputation via the use of a dataset from Taobao.com. In our economic …
Weak Σ-Convergence: Theory And Applications,
2019
Shandong University
Weak Σ-Convergence: Theory And Applications, Jianning Kong, Peter C. B. Phillips, Donggyu Sul
Research Collection School Of Economics
The concept of relative convergence, which requires the ratio of two time series to converge to unity in the long run, explains convergent behavior when series share commonly divergent stochastic or deterministic trend components. Relative convergence of this type does not necessarily hold when series share common time decay patterns measured by evaporating rather than divergent trend behavior. To capture convergent behavior in panel data that do not involve stochastic or divergent deterministic trends, we introduce the notion of weak σ-convergence, whereby cross section variation in the panel decreases over time. The paper formalizes this concept and proposes a simple-to-implement …
Inference In Partially Identified Panel Data Models With Interactive Fixed Effects,
2019
Singapore Management University
Inference In Partially Identified Panel Data Models With Interactive Fixed Effects, Shengjie Hong, Liangjun Su, Yaqi Wang
Research Collection School Of Economics
This paper develops methods for statistical inferences in a partially identified nonparametric panel data model with endogeneity and interactive fixed effects. We consider the case where the number of cross-sectional units (N) is large and the number of time series periods (T).as well as the number of unobserved common factors (R) are fixed. Under some normalization rules, wecan concentrateout thelarge dimen-sional parameter vector of factor loadings and specify a set of conditional moment restriction that are involved with only the finite dimensional factor parameters along with the infinite dimensional nonpara-metric component. For a conjectured restriction on the parameter, we consider …
Investigating The Change In The Out-Of-Pocket Cost Of Insulin Over Time,
2019
Western Kentucky University
Investigating The Change In The Out-Of-Pocket Cost Of Insulin Over Time, Jared Long
Mahurin Honors College Capstone Experience/Thesis Projects
Insulin is often cited as a classic near perfectly inelastic good; for those living with Type-1 diabetes, antihyperglycemic medicines are the only thing standing between them and possible death, and they must be willing to pay for the medication regardless of the price. When researchers at the University of Toronto released the patent for insulin in 1922, they asked for only $1 so that the medication would be available to as many people as possible; however, as insulin analogs and new biosimilar substitutes have been invented, the price of medications has increased substantially. While the rising cost of insulin has …
Reconsidering Rational Expectations And The Aggregation Of Diverse Information In Laboratory Security Markets,
2019
Emlyon Business School
Reconsidering Rational Expectations And The Aggregation Of Diverse Information In Laboratory Security Markets, Brice Corgnet, Cary Deck, Mark Desantis, Kyle Hampton, Erik O. Kimbrough
ESI Working Papers
The ability of markets to aggregate diverse information is a cornerstone of economics and finance, and empirical evidence for such aggregation has been demonstrated in previous laboratory experiments. Most notably Plott and Sunder (1988) find clear support for the rational expectations hypothesis in their Series B and C markets. However, recent studies have called into question the robustness of these findings. In this paper, we report the result of a direct replication of the key information aggregation results presented in Plott and Sunder. We do not find the same strong evidence in support of rational expectations that Plott and Sunder …
Random Coefficient Continuous Systems: Testing For Extreme Sample Path Behavior,
2019
Singapore Management University
Random Coefficient Continuous Systems: Testing For Extreme Sample Path Behavior, Yubo Tao, Peter C. B. Phillips, Jun Yu
Research Collection School Of Economics
This paper studies a continuous time dynamic system with a random persistence parameter. The exact discrete time representation is obtained and related to several discrete time random coefficient models currently in the literature. The model distinguishes various forms of unstable and explosive behavior according to specific regions of the parameter space that open up the potential for testing these forms of extreme behavior. A two-stage approach that employs realized volatility is proposed for the continuous system estimation, asymptotic theory is developed, and test statistics to identify the different forms of extreme sample path behavior are proposed. Simulations show that the …
Rank Tests At Jump Events,
2019
Singapore Management University
Rank Tests At Jump Events, Jia Li, Viktor Todorov, George Tauchen, Huidi. Lin
Research Collection School Of Economics
We propose a test for the rank of a cross-section of processes at a set of jump events. The jump events are either specific known times or are random and associated with jumps of some process. The test is formed from discretely sampled data on a fixed time interval with asymptotically shrinking mesh. In the first step, we form nonparametric estimates of the jump events via thresholding techniques. We then compute the eigenvalues of the outer product of the cross-section of increments at the identified jump events. The test for rank r is based on the asymptotic behavior of the …
M-Estimators Of U-Processes With A Change-Point Due To A Covariate Threshold,
2019
Yunnan University
M-Estimators Of U-Processes With A Change-Point Due To A Covariate Threshold, Lili Tan, Yichong Zhang
Research Collection School Of Economics
Economic theory often predicts a “tipping point” effect due to multiple equilibria. Linear threshold regressions estimate the “tipping point” by assuming at the same time that the response variable is linear in an index of covariates. However, economic theory rarely imposes a specific functional form, but rather predicts a monotonic relationship between the response variable and the index. We propose new, rank-based, estimators for both the “tipping point” and other regression coefficients, exploiting only the monotonicity condition. We derive the asymptotic properties of these estimators by establishing a more general result for M-estimators of U-processes with a change-point due to …
Asymptotic Theory For Rough Fractional Vasicek Models,
2019
Zhejiang University
Asymptotic Theory For Rough Fractional Vasicek Models, Weilin Xiao, Jun Yu
Research Collection School Of Economics
This paper extends the asymptotic theory for the fractional Vasicek model developed in Xiao and Yu (2018) from the case where H ∈ (1/2, 1) to the case where H ∈ (0, 1/2). It is found that the asymptotic theory of the persistence parameter (k) critically depends on the sign of k. Moreover, if k > 0, the asymptotic distribution for the estimator of k is different when H ∈ (0, 1/2) from that when H ∈ (1/2, 1).
Sieve Estimation Of Time-Varying Panel Data Models With Latent Structures,
2019
Singapore Management University
Sieve Estimation Of Time-Varying Panel Data Models With Latent Structures, Liangjun Su, Xia Wang, Sainan Jin
Research Collection School Of Economics
We propose a heterogeneous time-varying panel data model with a latent group structure that allows the coefficients to vary over both individuals and time. We assume that the coefficients change smoothly over time and form different unobserved groups. When treated as smooth functions of time, the individual functional coefficients are heterogeneous across groups but homogeneous within a group. We propose a penalized-sieve-estimation-based classifier-Lasso (C-Lasso) procedure to identify the individuals’ membership and to estimate the group-specific functional coefficients in a single step. The classification exhibits the desirable property of uniform consistency. The C-Lasso estimators and their post-Lasso versions achieve the oracle …
The Political Economy Of Foreign Aid And Growth: Theory And Evidence,
2019
University of Paris
The Political Economy Of Foreign Aid And Growth: Theory And Evidence, Sultan Mehmood, Avner Seror
ESI Working Papers
In this paper, we demonstrate that even when foreign aid is used to fund patronage, it may still have a positive - and significant - effect on economic growth in developing countries. First, we present a theory that formalizes the effect of aid on economic growth and patronage. Next, we provide evidence from Pakistan consistent with the predictions of the model that foreign aid increases economic growth, despite being used for patronage. The identification strategy we propose allows us to provide causal evidence for the predictions of the model.
Designing Call Auction Institutions To Eliminate Price Bubbles: Is English Dutch The Best?,
2019
Chapman University
Designing Call Auction Institutions To Eliminate Price Bubbles: Is English Dutch The Best?, Cary Deck, Maroš Servátka, Steven Tucker
ESI Working Papers
The bubble and burst pattern in asset market experiments is among the most replicable results in experimental economics. Numerous studies have searched for means to reduce this mispricing. Using controlled laboratory experiments, we compare mispricing in standard double auction markets to prices in two clock auctions. The double Dutch auction, shown to be more efficient than the double auction in commodity market experiments, does not eliminate bubbles. However, the English Dutch auction does yield prices reflective of underlying fundamentals and succeeds in taming bubbles even with inexperienced traders in the common declining fundamental value environment.
Salience And Social Choice,
2019
Chapman University
Salience And Social Choice, Mark Schneider, Jonathan W. Leland
ESI Working Papers
The axioms of expected utility and discounted utility theory have been tested extensively. In contrast, the axioms of social welfare functions have only been tested in a few questionnaire studies involving choices between hypothetical income distributions. In this note, we conduct a controlled experiment with 100 subjects in the role of social planners that tests five fundamental properties of social welfare functions to provide a basic test of cardinal social choice theory. We find that four properties of the standard social welfare functions tested are systematically violated, producing an Allais paradox, a common ratio effect, a framing effect, and a …
Rhode Island Current Conditions Index -- March 2019,
2019
University of Rhode Island
Rhode Island Current Conditions Index -- March 2019, Leonard Lardaro
The Rhode Island Current Conditions Index
No abstract provided.
A Time To Print, A Time To Reform,
2019
Martin-Luther University of Halle-Wittenberg
A Time To Print, A Time To Reform, Lars Boerner, Jared Rubin, Battista Severgnini
ESI Working Papers
The public mechanical clock and movable type printing press were arguably the most important and complex technologies of the late medieval period. We posit that towns with clocks became upper-tail human capital hubs--clocks required extensive technical know-how and fine mechanical skill. This meant that clock towns were in position to adopt the printing press soon after its invention in 1450, as presses required a similar set of mechanical and technical skills to operate and repair. A two-stage analysis confirms this conjecture: we find that clock towns were 34-40 percentage points more likely to also have a press by 1500. The …
Actuarial Modeling And Analysis Of The Hong Kong Life Annuity Scheme,
2019
Singapore Management University
Actuarial Modeling And Analysis Of The Hong Kong Life Annuity Scheme, Koon Shing Kwong, Wai-Sum Chan, Johnny Siu-Hang Li
Research Collection School Of Economics
The Hong Kong Mortgage Corporation (HKMC) Limited, which was established in March 1997 and is wholly owned by the government of the Hong Kong Special Administrative Region, has a major mission to develop and provide different financial retirement instruments to Hong Kong residents to help address the income poverty of retirees. In June 2017, HKMC Annuity Limited, a wholly-owned subsidiary of the HKMC was incorporated to implement a new life annuity scheme which would be launched by mid-2018 to cater for the needs of cash-rich Hong Kong old age residents. The objective of the scheme is to provide an additional …
Forecasting Equity Index Volatility By Measuring The Linkage Among Component Stocks,
2019
Singapore Management University
Forecasting Equity Index Volatility By Measuring The Linkage Among Component Stocks, Yue Qiu, Tian Xie, Jun Yu, Qiankun Zhou
Research Collection School Of Economics
The linkage among the realized volatilities across component stocks are important when modeling and forecasting the relevant index volatility. In this paper, the linkage is measured via an extended Common Correlated Effects (CCE) approach under a panel heterogeneous autoregression model where unobserved common factors in errors are assumed. Consistency of the CCE estimator is obtained. The common factors are extracted using the principal component analysis. Empirical studies show that realized volatility models exploiting the linkage effects lead to significantly better out-of-sample forecast performance, for example, an up to 32% increase in the pseudo R2. We also conduct various forecasting exercises …
Limit Theory For Moderate Deviations From Integrated Garch Processes,
2019
Singapore Management University
Limit Theory For Moderate Deviations From Integrated Garch Processes, Yubo Tao
Research Collection School Of Economics
This paper develops the limit theory of the GARCH(1,1) process that moderately deviates from IGARCH process towards both stationary and explosive regimes. The asymptotic theory extends Berkes et al. (2005) by allowing the parameters to have a slower rate of convergence. The results can be applied to unit root test for processes with mildly-integrated GARCH innovations (e.g. Boswijk (2001), Cavaliere and Taylor (2007, 2009)) and deriving limit theory of estimators for models involving mildly-integrated GARCH processes (e.g. Jensen and Rahbek (2004), Francq and Zakoïan (2012, 2013).
