Economic Theory Commons^™

Testosterone Is Positively Associated With Coronary Artery Calcium In A Low Cardiovascular Disease Risk Population, Benjamin Trumble, Jacob Negrey, Stephanie V. Koebele, Randall C. Thompson, L. Samuel Wann, Adel H. Allam, Bret Beheim, M. Linda Sutherland, James D. Sutherland, Daniel Eid Rodriguez, David E. Michalik, Chris J. Rowan, Guido P. Lombardi, Angela R. Garcia, Daniel K. Cummings, Edmond Seabright, Sarah Alami, Thomas S. Kraft, Paul L. Hooper, Kenneth Buetow, Andrei Irimia, Margaret Gatz, Jonathan Stieglitz, Michael D. Gurven, Hillard Kaplan, Gregory S. Thomas, Tsimane Health And Life History Project Teams

ESI Publications

Background

In industrialized populations, low male testosterone is associated with higher rates of cardiovascular mortality. However, coronary risk factors like obesity impact both testosterone and cardiovascular outcomes. Here, we assess the role of endogenous testosterone on coronary artery calcium in an active subsistence population with relatively low testosterone levels, low cardiovascular risk and low coronary artery calcium scores.

Methodology

In this cross-sectional community-based study, 719 Tsimane forager-horticulturalists in the Bolivian Amazon aged 40+ years underwent computed tomography (49.8% male, mean age 57.6 years).

Results

Coronary artery calcium levels were low; 84.5% had no coronary artery calcium. Zero-inflated negative binomial models …

The Effect Of Wage Proposals On Efficiency And Income Distribution☆, Lara Ezquerra, Joaquín Gómez-Miñambres, Natalia Jiminez, Praveen Kujal

ESI Publications

Pre-play non-binding communication in organizations is prevalent. We study the implications of pre-play, private and public, wage proposals in labor markets. To that end, we develop a theoretical model from which we derive certain hypothesis that we test through a laboratory experiment. In the baseline, that depicts a typical labor market interaction, the employer makes a wage offer to the worker who may then accept or reject it. In subsequent treatments, workers, moving first, make private, non-binding, wage proposals to the employer. In a following treatment, the proposals are made public. Our findings suggest that both private and public wage …

Legal Protection Of Property Rights: A Dynamic Evolution Model, Fali Huang

Research Collection School Of Economics

This paper presents an analysis of a dynamic evolution model of institutions, focusing on the factors affecting the security of property rights such as coercive capacity, political power, legal quality, and private protection. These factors are endogenously determined in equilibrium, allowing legal quality to serve as a summary indicator of property security. The primary finding of the study indicates that the legal protection of property rights tends to increase over time, driven by a decline in the economy's vulnerability to expropriation, particularly due to the growing importance of commercial and industrial activities relative to agriculture. Furthermore, the coexistence of the …

Decomposability And Strategy-Proofness In Multidimensional Models, Shurojit Chatterji, Huaxia Zeng

Research Collection School Of Economics

We introduce the notion of a multidimensional hybrid preference domain on a (finite) set of alternatives that is a Cartesian product of finitely many components. We demonstrate that in a model of public goods provision, multidimensional hybrid preferences arise naturally through assembling marginal preferences under the condition of semi-separability - a weakening of separability. The main result shows that under a suitable “richness” condition, every strategy-proof rule on this domain can be decomposed into component-wise strategy-proof rules, and more importantly every domain of preferences that reconciles decomposability of rules with strategy-proofness must be a multidimensional hybrid domain.

Suggested Versus Extended Gifts: How Alternative Market Institutions Mitigate Moral Hazard, Weiwei Zheng, Jason Shachat, Daniel Houser

ESI Working Papers

Gift exchange can partially mitigate supply-side moral hazard, even in anonymous market interactions. In a market where quality is not fully contractable, the amount that a price exceeds the market-clearing level for the lowest quality is a gift from the buyer. We show that the gift formation process, inextricably linked with a market institution’s price formation process, greatly influences the size and effectiveness of the gift. When the market institution dictates that prices are formed by bids posted by buyers, any gift is one extended to the seller. When the market institution dictates that prices are formed by offers posted …

Asymmetric Shocks In Contests: Theory And Experiment, Jian Song, Daniel Houser

ESI Publications

Under optimal tournament design, equilibrium effort is invariant to the shape of the mean-zero additive stochastic component, often referred to as a “shock” or “noise”. We report data from laboratory experiments providing the first test of this prediction. Consistent with theory, we find that average effort does not significantly differ between a negatively skewed and uniform shock distribution. In addition, we test a second theoretical prediction that, in winner tournaments, when the shock distribution is asymmetric as in our design, one should exert minimum effort whenever one's competitors are exerting above equilibrium effort. With a symmetric shock distribution as in …

Match Stability With A Costly And Flexible Number Of Positions, James Gilmore, David Porter

ESI Working Papers

One of the objectives of two-sided matching mechanisms is to pair two groups of agents such that there is no incentive for pair deviation. The outcome of a match can significantly impact participants. While much of the existing research in this field addresses the matching with fixed quotas, this is not always applicable. We introduce the concept of slot stability, recognizing the potential motivation for organizations to modify their quotas after the match. We propose an algorithm designed to create stable and slot stable matches by employing flexible, endogenous quotas to address this issue.

Limit Theory For Locally Flat Functional Coefficient Regression, Peter C. B. Phillips, Ying Wang

Research Collection School Of Economics

Functional coefficient (FC) regressions allow for systematic flexibility in the responsiveness of a dependent variable to movements in the regressors, making them attractive in applications where marginal effects may depend on covariates. Such models are commonly estimated by local kernel regression methods. This paper explores situations where responsiveness to covariates is locally flat or fixed. The paper develops new asymptotics that take account of shape characteristics of the function in the locality of the point of estimation. Both stationary and integrated regressor cases are examined. The limit theory of FC kernel regression is shown to depend intimately on functional shape …

Connecting The (Dirty) Dots: Current Account Surplus And Polluting Production, Jungho Lee, Shang-Jin Wei, Jianhuan Xu

Research Collection School Of Economics

According to the existing open-economy macroeconomics literature, a current account surplus is associated with a welfare loss only when distortions exist in either savings or investment. We propose a new welfare effect even in the absence of such distortions. In our theory, a trade imbalance − the largest component of a current account imbalance − interacts with a country’s pollution control (“cleanness”) regime to generate welfare effects outside the standard channels. In particular, a trade surplus alters the shipping costs and composition of a country’s imports, producing a welfare loss associated with greater pollution.

Religion And Growth, Sascha O. Becker, Jared Rubin, Ludger Woessmann

ESI Working Papers

We use the elements of a macroeconomic production function—physical capital, human capital, labor, and technology—together with standard growth models to frame the role of religion in economic growth. Unifying a growing literature, we argue that religion can enhance or impinge upon economic growth through all four elements because it shapes individual preferences, societal norms, and institutions. Religion affects physical capital accumulation by influencing thrift and financial development. It affects human capital through both religious and secular education. It affects population and labor by influencing work effort, fertility, and the demographic transition. And it affects total factor productivity by constraining or …

What Did Adam Smith Mean? The Semantics Of The Opening Key Principles In The Wealth Of Nations, Bart J. Wilson, Gian Marco Farese

ESI Publications

We present a semantic and textual analysis of the first two chapters of the Wealth of Nations to elucidate the meaning of several of Adam Smith’s key ideas. Using the methodology of the Natural Semantic Metalanguage, we produce semantic explications of some of Adam Smith’s fundamental principles of economics phrased in simple and cross-translatable words. The extracts from the original text function as textual evidence and conceptual reference for the explications we present. We demonstrate that: (i) by reducing the principles as conceived by Smith to their core meanings, it is possible to resolve some interpretive ambiguities for general readers …

Striving Toward Bitcoin Price Stability: Second-Layer Money And The Case For Real Bills, Scrip & Notes, Eduardo Blasco, Carlos García De Enterría

Journal of New Finance

Monetary systems comprise various layers of real and financial assets arranged hierarchically. Due to its properties, Bitcoin is a suitable asset to become the base money of a monetary system once its price has stabilized and people see it more like a medium of exchange than an investment. We review Bitcoin’s characteristics and explain their effect on its intra- and inter-temporal liquidity. We argue that Bitcoin will lower its bid-ask spread once users adopt financial assets convertible to Bitcoin. We propose the use of three financial assets working as Bitcoin derivatives to reduce Bitcoin’s demand shocks and lower its volatility: …

An Introduction To Personal Growth Bets: Using Contract Law To Lose Weight And Quit Smoking, Max Raskin, Jack Millman

Notre Dame Journal on Emerging Technologies

Self-improvement is hard. Whether losing weight or quitting smoking, individuals have a difficult time honoring their commitments, especially if the only person they are disappointing is themselves. In this Article, we introduce a new legal mechanism for incentivizing personal growth. We describe this mechanism as a personal growth contract, which allows an individual to make an enforceable agreement with either a counterparty or himself with the aim of self-improvement. We propose the use of smart contracts to help execute unilateral personal growth contracts. Our conclusion is that personal growth contracts should be presumptively legal, provided they do not violate some …

Interim Rationalizable Implementation Of Functions, Takashi Kunimoto, Rene Saran, Roberto Serrano

Research Collection School Of Economics

This paper investigates rationalizable implementation of social choice functions (SCFs) in incomplete information environments. We identify weak interim rationalizable monotonicity (weak IRM) as a novel condition and show it to be a necessary and almost sufficient condition for rationalizable implementation. We show by means of robust examples that interim rationalizable monotonicity (IRM), found in the literature, is strictly stronger than weak IRM and that IRM is not necessary for rationalizable implementation, as had been previously claimed. These examples also demonstrate that Bayesian monotonicity, the key condition for full Bayesian implementation, is not necessary for rationalizable implementation. That is, rationalizable implementation …

Metapopulation Dynamics Of Sars-Cov-2 Transmission In A Small-Scale Amazonian Society, Thomas Kraft, Edmond Seabright, Sarah Alami, Samuel M. Jenness, Paul L. Hooper, Bret Beheim, Helen Davis, Daniel K. Cummings, Daniel Eid Rodriguez, Maguin Gutierrez Cayuba, Emily J. Miner, Xavier De Lamballerie, Lucia Inchauste, Stéphane Priet, Benjamin Trumble, Jonathan Stieglitz, Hillard Kaplan, Michael Gurven

ESI Publications

The severity of infectious disease outbreaks is governed by patterns of human contact, which vary by geography, social organization, mobility, access to technology and healthcare, economic development, and culture. Whereas globalized societies and urban centers exhibit characteristics that can heighten vulnerability to pandemics, small-scale subsistence societies occupying remote, rural areas may be buffered. Accordingly, voluntary collective isolation has been proposed as one strategy to mitigate the impacts of COVID-19 and other pandemics on small-scale Indigenous populations with minimal access to healthcare infrastructure. To assess the vulnerability of such populations and the viability of interventions such as voluntary collective isolation, we …

Apolipoprotein-Ε4 Is Associated With Higher Fecundity In A Natural Fertility Population, Benjamin Trumble, Mia Charifson, Tom Kraft, Angela R. Garcia, Daniel K. Cummings, Paul L. Hooper, Amanda J. Lea, Daniel Eid Rodriguez, Stephanie V. Koebele, Kenneth Buetow, Bret Beheim, Riana Minocher, Maguin Gutierrez, Gregory S. Thomas, Margaret Gatz, Jonathan Stieglitz, Caleb E. Finch, Hillard Kaplan, Michael Gurven

ESI Publications

In many populations, the apolipoprotein-ε4 (APOE-ε4) allele increases the risk for several chronic diseases of aging, including dementia and cardiovascular disease; despite these harmful effects at later ages, the APOE-ε4 allele remains prevalent. We assess the impact of APOE-ε4 on fertility and its proximate determinants (age at first reproduction, interbirth interval) among the Tsimane, a natural fertility population of forager-horticulturalists. Among 795 women aged 13 to 90 (20% APOE-ε4 carriers), those with at least one APOE-ε4 allele had 0.3 to 0.5 more children than (ε3/ε3) …

Bankers As Immoral? Some Parallels And Differences Between Aquinas’S Views On Usury And Marxian Views Of Banking And Credit, Thomas E. Lambert

Faculty and Staff Scholarship

Since ancient times the practices and ethics of bankers and banking in general have undergone a great deal of criticism. While lending is motivated by profit, and while households are not explicitly coerced into borrowing money, the justice of a system which exploits workers and at the same time encourages them to borrow money in order to maintain a certain standard of living can be viewed as sometimes unfair and perhaps immoral. The value of goods, according to St. Thomas Aquinas and Karl Marx, should mostly reflect the value of labor embodied in them, and for that reason, labor should …

Group Identity And The Formation Of Conditional Social Preferences Among Chinese Youth, Timo Heinrich, Jason Shachat, Qinjuan Wan

ESI Working Papers

Con icts between local and migrant populations have been ubiquitous in modern China. We examine the potential for longer-term amelioration of this conflict through successive generations and intergroup contact within integrated schooling. We adopt the perspective that in- and out-group biased behaviour structurally arises from group conditional social preferences. We assess the group-conditional social preferences of local and migrant children in a second-tier Chinese city, Xiamen, and the extent these preferences correlate with those of their parents. We find that local students have a greater likelihood of Egalitarian preferences and a lower likelihood of Generous preferences when allocating with locals …

Analisis Aktivitas Marketing Public Relations Untuk Meningkatkan Citra Merek (Studi Kasus Pada Pt Rata), Mifthah Ghufrani, Margareta Manalu

Jurnal Administrasi Bisnis Terapan

The trend of installing braces as an accessory is of course influenced by many things, with the main goal being to tidy up the teeth and gums. PT Rupa Aestetika Teknologi Aktual (RATA) has been one of the players in the dental and beauty industry since 2019. By using the clear aligner method, RATA has become a dental brand that aligns teeth without braces. In compiling and implementing a marketing work program, RATA implements a marketing public relations strategy. The purpose of this study is to analyze marketing public relations activities and get an overview of the activities implemented to …

Penerapan Program Employee Engagement Untuk Meningkatkan Motivasi Kerja Karyawan Pada Pt Abc, Shavina Ramadhani, Istiadi Soenarto

Jurnal Administrasi Bisnis Terapan

This study contains an explanation of the tasks of the human resources division in implementing the employee engagement program at PT ABC, and there are several obstacles and solutions in implementing the program, as well as shortcomings in implementing the employee engagement program at PT ABC. The purpose is to explain the implementation of employee engagement programs at PT ABC. Qualitative methods carry out this writing through observations, interview techniques, and documentation. Based on the results, the Human Resources Division implemented the program because it positively impacted the company. Implementing one of the employee engagement programs carried out through …