Economic Theory Commons^™

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 …

The Transforming Importance Of Social Skills In The Labor Market In The 2010s, Andrew Bradjan

CMC Senior Theses

The growing importance of social skills has led to an increase in returns to wages and employment for workers specializing in social skill-intensive occupations. Between 2012 and 2019, social skill-intensive occupations grew by 3 percentage points as a share of the U.S. labor force. Math-intensive occupations also grew by a similar amount during this time. To analyze these patterns, I utilize a model of team production where workers trade tasks to exploit their comparative advantage. Social skills reduce coordination costs between workers and allow them to specialize and cooperate with other workers more effectively by trading tasks. This model predicts …

Towards A Better Understanding Of The Development Of Collaborative Consumption Pricing, Funda Sarican

2022

With the rise of social platforms, consumers started creating value by sharing human and physical resources. As a result, there has been an increase in collaborative consumption. My papers focus on the peer-to-peer travel accommodation service Airbnb, a popular online market for short-term housing rentals.

In paper one, an integrated framework for collaborative consumption pricing is developed by adopting the hedonic demand theory and leveraging the multilevel modeling method that accounts for various factors from nested data. This paper contributes to the research literature by extending the usage of multilevel modeling across cities to consider city effects and broadening the …

Nft-Related Companies: Token Sale Returns, Robert Liu

CMC Senior Theses

Non-fungible tokens (NFTs) have emerged as a new means of digital asset ownership and many companies are building projects that revolve around the technology. These companies are blockchain-based and raise capital for their projects through cryptocurrency token sales, which have become a new mechanism of entrepreneurial finance. In a sample of 62 NFT-related companies, I examine which company, fundraising, and token sale process characteristics are associated with the performance of 7-day and 60-day market returns after a token’s public listing. A multivariate regression analysis finds that the total amount of capital raised before a token launch has a negative relationship …

The Cost-Effectiveness And Feminization Of The Human Papillomavirus Vaccine, Audrey Jammes

Scripps Senior Theses

Approved in 2006, the Human Papillomavirus (HPV) vaccine provided a medical breakthrough in combating cancer by inoculating first female and then male adolescents in 2010. In 2016, a new HPV vaccine was approved for all adolescents. However, it is the most expensive vaccine created in the United States and its female centered prescription led to debates regarding the vaccine’s necessity and risks. For the STS portion of this paper, analysis of the language in the vaccine’s prescriptions from 2006, 2010, and 2016 demonstrates two implicit assumptions regarding female health built into the vaccine’s rollout. Comparison of the two assumptions to …

The Leveling Spirit: Violence And Inequality In Postwar Iraq, Griffin Perrault

Honors Theses

The Iraq War (2003–2011) constitutes by some estimates one of the deadliest and most destructive conflicts of the 21st century (Hagopian et al., 2013). In addition to the disputed figures of excess violent civilian casualties––generally ranging from 180,000 to 210,000 deaths––the war has created one of the major refugee crises of modern times, with 1 in 25 Iraqis estimated to have been displaced from their homes by the 2003 invasion (Costs of War, 2021). While much of this violence has been wrought by American and Iraqi coalition troops, violence against civilians has also been perpetuated by insurgent groups and paramilitary …

Does Recreational Marijuana Dispensing Induce Substitution For Alcohol?, Aubrey E. Mange

Economics Masters Project Research Papers

I exploit geographic and temporal variation in recreational marijuana dispensing to estimate its effect on alcohol related prices and mortalities. I interpret the finding of a casual reduction in alcoholic poisonings as evidence for a substitutive relationship, contributing to a growing marijuana policy literature and the divided economic literature exploring substitution between the two goods.

Eigenvalue Ii, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Eigenvalue II by Anwar Shaikh (unpublished work).
• Lahr, M. (2021, September 13). Economic Systems Research final review correspondence. (Unpublished manuscript correspondence).
• Shaikh, A. (2022, June 12). Manuscript revision notes for Economic Systems Research. (Unpublished manuscript note).
• Caldwell, B. (2021, February 16). Biographical statement: Bruce Caldwell. (Unpublished seminar introduction).
• Hamilton, J. R., & Jensen, R. C. (1983). Summary measures of interconnectedness for input-output models. Environment and Planning A, 15(1), 55–65. Pion.
• Shaikh, A. (2021, March 3). From power law to stretched exponential. (Unpublished manuscript note).
• Shaikh, A. (2021, March 2). Eigenvalue paper …

After The Cambridge Controversies: Reflections Old And New, Harvey Gram

Publications and Research

Perfect foresight is a consequence of applying the Pontryagin Maximum Principle to the analysis of an intertemporal general equilibrium. For this reason, the capital theory controversy ended in an intellectual impasse. The critique of mainstream theory largely ignored the perfect foresight entailments of intertemporal equilibrium analysis, while its defenders, with notable exceptions, too often failed to acknowledge this implication of the technique of dynamic programming. From this standpoint, the long debate over the existence or non-existence of an aggregate production function is secondary. This leaves open the theoretical question of how to proceed with an analysis of the actual dynamics …

Marx, Critical Theory, And The Treadmill Of Production Of Value: Why Environmental Sociology Needs A Critique Of Capital, Alex Stoner

Journal Articles

This chapter explores the domestication of Marx’s critique of political economy within Marxist-oriented environmental sociology, and treadmill of production (ToP) theory, in particular. The aim is to explicate the theoretical resources for a rigorous critique of capital-induced planetary degradation. Shortcomings of ToP theory pertaining to the conceptualization of capital and value are identified. The reasons for these shortcomings, including how they might be addressed, are elaborated by reconsidering key aspects of Marx’s critical theory of modern capitalist society. The chapter contributes to current discussions in both critical theory and environmental sociology by demonstrating the continued relevance of Marx’s critical theory …

Perishable Goods Versus Re-Tradable Assets: A Theoretical Reappraisal Of A Fundamental Dichotomy, Sabiou M. Inoua, Vernon L. Smith

ESI Working Papers

Although various typologies of goods are commonly adopted in economics, one stood out in market experiment results contrasting market stability and efficiency with market instability: non-durable, or perishable, goods (Smith, 1962) versus durable re-tradable assets (Smith et al., 1988; Dickhaut et al., 2012; S. D. Gjerstad et al., 2015). This dichotomy of goods also proved central for understanding macroeconomic instability more broadly: about 75% of consumer spending is bought for final consumption, and is a rock of stability; instability arises from the other 25% re-tradable goods, most prominently, houses (S. D. Gjerstad & Smith, 2014). In this chapter, we revisit …

Economics Of Markets: Neoclassical Theory, Experiments, And Theory Of Classical Price Discovery, Sabiou M. Inoua, Vernon L. Smith

ESI Publications

This book establishes that neoclassical economics based on the marginal utility calculus failed to derive a theory of consumer market price discovery consistent with the experimental market evidence. Such markets involve inherently discrete final-demand items bought for consumption and not subject to resale. Classical economists following Adam Smith articulated a rich narrative of price discovery theory consistent with experimental evidence based on operational concepts of discrete demand values (maximum willingness-to-pay), and symmetrically, supply costs (minimum willingness-to-accept). We develop and extend a mathematical model of classical market price formation. Chapter 1 & 2 describes this theme and chapter 3 connects it …

Are Simple Mechanisms Optimal When Agents Are Unsophisticated?, Jiangtao Li, Piotr Dworczak

Research Collection School Of Economics

We study the design of mechanisms involving agents that have limited strategic sophistication. We define a mechanism to be simple if—given the assumed level of strategic sophistication—agents can determine their optimal strategy. We examine whether it is optimal for the mechanism designer who faces strategically unsophisticated agents to offer a simple mechanism. We show that when the designer uses a mechanism that is not simple, while she loses the ability to predict play, she may nevertheless be better off no matter how agents resolve their strategic confusion

Working Paper No. 57, The Plight Of The Indigenous In British North America, Maria Nicolas-Reyes

Working Papers in Economics

This inquiry seeks to establish that the Indigenous population of North America experienced a tragic fate as a result of British colonization and American dominance. Upon the arrival of the English colonists, infectious diseases spread rapidly, disrupting Native American’s way of life and also decimating their populations. This inquiry examines two geographic areas—Virginia’s Eastern Shore and the Midcontinent—in order to demonstrate how these diseases affected Native Americans differently. Aside from the negative effects of the introduction of new infectious diseases, Indigenous peoples endured genocide perpetrated by English settlers as a means to gain greater control of their lands. Lastly, Indigenous …

Working Paper No. 53, Mexico Under Neoliberalism, Daniela M. Ávila Arévalo

Working Papers in Economics

This inquiry seeks to establish that a set of policies that can be identified as ‘neoliberalism’ has generated observable effects on the economy and society of Mexico. Initiated during the last decades of the twentieth century, a combination of external and internal interests led to the implementation of neoliberal policies. The marketization of Mexico’s economy during the 1980s and 90s consolidated ‘structural adjustments.’ Through extensive privatization of what were statist assets, combined with the deregulation of trade as well as numerous aspects of private sector activity, the Mexican economy came to rely upon a low-wage labor export-model that also undermined …

Working Paper No. 60, The Importance Of Industrial Hemp In The Early United States, Olivia Carrillo

Working Papers in Economics

This inquiry seeks to establish that in the early United States industrial hemp emerged as an important crop. In Colonial America, hemp was a desirable commodity that attracted capital investments into its cultivation and processing. Because of its durability and strength, hemp fibers had substantial worth in the production of thread, rope, and heavy canvas. Not only was the cultivation of hemp important for the development of a variety of household products, but hemp also played a military role, as the hemp fibers were spun, woven, and fashioned into sails that provided wind power for commercial and military navies. However, …

The Economic Rationality Of Consumption In The Mycenaean Political Economy And Its Role In The Reproduction Of Social Personae: Modeling Prestige Networks., Devin Alexander Stephens

Electronic Theses and Dissertations

This thesis is a theoretical examination of the economic rationality of consumption as it existed within the Mycenaean political economy. Using a modified paradigm of social network analysis, a semiotic approach is used in the study of identity expression and economic stratification present at three Late Helladic cemeteries. In doing so, the claim that exchange strategies which existed outside of palatial redistribution were present in the Late Helladic was substantiated as a similar logic of mortuary stratification which existed during the palatial era was also found to have existed after the shift to the post-palatial era and the collapse of …

The Implications Of Covid-19 On Fear Of Financial Collapse, Alexis Reekie

Student Scholar Symposium Abstracts and Posters

By disrupting the general value paradigm, the typical hierarchy of values, individuals directly affected by the COVID-19 virus have realized an overall shift in perspective, indicating a need to understand the effects of the COVID-19 virus on one’s outlook regarding economic anxiety and fear of financial collapse. The possibility of a global health crisis reaching levels of devastation are certainly great and worth investigating. Throughout this research paper I worked to determine the correlation between fear of financial crises and individuals who have been affected by the COVID-19 virus. Utilizing the Chapman Survey of American Fears (FEAR survey) questions pertaining …

Japan’S Act On Strengthening Financial Functions (Asff), Vaasavi Unnava, Junko Oguri

Journal of Financial Crises

After the Japanese Financial Crisis in 1990s, the non-performing loan problem was mitigated in the large Japanese banks but persisted in the regional banking system. By 2004, regional banks accounted for half of all non-performing loans. In 2004, the government passed the Act on Strengthening Financial Functions (ASFF), legislation for capital injections to address the non-performing loan problem. Aimed at regional banks, the ASFF secured ¥2 trillion in capital, with various eligibility restrictions and requirements, such as a rigorous debt restructuring plan. As the Japanese economy and the financial system encountered multiple external shocks, the government amended the Act several …

Germany Soffin Capital Injections, Priya Sankar

Journal of Financial Crises

The insolvency of Lehman Brothers in September 2008 and the subsequent global liquidity crisis spurred the German state to pass the Financial Market Stabilization Fund Act (Finanzmarktstabilisierungsfondsgesetz, “FMStFG”) establishing the Federal Agency for Financial Market Supervision (Bundesanstalt für Finanzmarktstabilisierung), or FMSA. Created in October 2008, it provided government support to ailing financial institutions. The FMSA supported German banks and maintained the stability of the German banking system, in part by establishing the Financial Market Stabilization Fund (Sonderfunds Finanzmarktstabilisierung), or SoFFin. SoFFin could provide capital injections and risk shield measures of €80 billion and also possessed a guarantee provision of up …