Economic Theory Commons^™

Health Costs Of Reproduction Are Minimal Despite High Fertility, Mortality And Subsistence Lifestyle, Michael Gurven, Megan Costa, Ben Trumble, Jonathan Stieglitz, Bret Beheim, Daniel Eid Rodriguez, Paul L. Hooper, Hillard Kaplan

ESI Publications

Women exhibit greater morbidity than men despite higher life expectancy. An evolutionary life history framework predicts that energy invested in reproduction trades-off against investments in maintenance and survival. Direct costs of reproduction may therefore contribute to higher morbidity, especially for women given their greater direct energetic contributions to reproduction. We explore multiple indicators of somatic condition among Tsimane forager-horticulturalist women (Total Fertility Rate = 9.1; n = 592 aged 15–44 years, n = 277 aged 45+). We test whether cumulative live births and the pace of reproduction are associated with nutritional status and immune function using longitudinal data spanning 10 …

John Nash: A Personal Remembrance (Introduction To The John Forbes Nash Jr. Memorial Special Issue), Vernon Smith

Economics Faculty Articles and Research

In January of 2011, three years after his 80th birthday, Games and Economic Behavior published a special issue to honor John Nash. In their introductory note, the editors, Avinash Dixit, Ehud Kalai and Stephen Morris wrote: “We are delighted to have the privilege of coordinating this expression of the whole profession's admiration and appreciation of John Nash and his work, and look forward to a repeat in ten or even twenty years' time.”

This wish was sadly interrupted by tragedy. On their way back from the ceremony awarding John the Abel Prize in mathematics, John and his wife Alicia were …

High Resting Metabolic Rate Among Amazonian Forager-Horticulturalists Experiencing High Pathogen Burden, Michael Gurven, Benjamin C. Trumble, Jonathan Stieglitz, Gandhi Yetish, Daniel Cummings, Aaron D. Blackwell, Bret Beheim, Hillard Kaplan, Herman Pontzer

ESI Publications

Objectives—Resting metabolic rate (RMR) reflects energetic costs of homeostasis and accounts for 60-75% of total energy expenditure (TEE). Lean mass and physical activity account for much RMR variability, but the impact of prolonged immune activation from infection on human RMR is unclear in naturalistic settings. We evaluate the effects of infection on mass-corrected RMR among Bolivian forager-horticulturalists, and assess whether RMR declines more slowly with age than in hygienic sedentary populations, as might be expected if older adults experience high pathogen burden.

Materials and Methods—RMR was measured by indirect calorimetry (Fitmate MED, Cosmed) in 1,300 adults aged 20-90 …

The Integrity Of Financial Analysts: Evidence From Asymmetric Responses To Earnings Surprises, Rui Lu, Wenxuan Hou, Henry Oppenheimer, Ting Zhang

Economics and Finance Faculty Publications

This paper investigates the integrity of financial analysts by examining their recommendation responses to large quarterly earnings surprises. Although there is no significant difference in recommendation changes between affiliated and unaffiliated analysts in response to positive earnings surprises, affiliated analysts are more reluctant than unaffiliated analysts to downgrade stock recommendations in response to negative earnings surprises. The evidence implies that conflicts of interest undermine the integrity of financial analysts. We further examine the effects of reputation concern and the Global Research Analyst Settlement as informal and formal mechanisms, on restoring analysts’ integrity. The results show that the positive bias in …

Transatlantic Influences On American Corporate Jurisprudence: Theorizing The Corporation In The United States, Tara Helfman

Indiana Journal of Global Legal Studies

In interpreting and evaluating the history of the Supreme Court's corporate jurisprudence, legal scholars have deployed three broad theories of corporate legal personality: the aggregate entity theory, the artificial entity theory, and the real entity theory. While these theories are powerful ways of conceptualizing the corporation, this article shows that they have not been as central to the Supreme Court's corporate jurisprudence as recent scholarship suggests. It instead argues that historic transformations in the high court's corporate jurisprudence are best understood in light of contemporary intellectual currents rather than through an expost facto application of the aggregate, artificial, and real …

Making Banks On A Global Scale: Management-Based Regulation As Agencement, Mika Viljanen

Indiana Journal of Global Legal Studies

This article seeks to provide a theoretical account of how management-based regulation (MBR), a new regulatory style used by many global regulators, affects its targets. The article centers on a case study. It introduces agencement theory as the theoretical heuristic to inform the analysis of a global, large-scale MBR scheme, the Basel Committee on Banking Supervision's Internal Capital Adequacy Assessment Program (ICAAP). In agencement theory, agency is understood in a neomaterialist frame. The core idea is that an actor's actions are determined by the material assemblage that constitutes her. The agencement heuristic allows ICAAP to be conceptualized as a regulatory …

Contesting Austerity: The Potential And Pitfalls Of Socioeconomic Rights Discourse, Joe Wills, Ben Warwick

Indiana Journal of Global Legal Studies

This article argues that, while socioeconomic rights have the potential to contribute to the contestation of austerity measures and the reimagining of a "postneoliberal" order, there are a number of features of socioeconomic rights as currently constructed under international law that limit these possibilities. We identify these limitations as falling into two categories: "contingent" and "structural". Contingent limitations are shortcomings in the current constitution of socioeconomic rights law that undermine its effectiveness for challenging austerity measures. By contrast, the structural limitations of socioeconomic rights law are those that pertain to the more basic presuppositions and axioms that provide the foundations …

The International Investment Regime After The Global Crisis Of Neoliberalism: Rupture Or Continuity?, Nicolas Perrone

Indiana Journal of Global Legal Studies

This article aims to show that the tools being used to recalibrate the international investment regime, in particular proportionality and corporate social responsibility, constitute continuity rather than rupture with neoliberalism and neoliberal legality. Neoliberalism has been discredited, and few actors suggest a return to self-regulation after the 2008 global economic crisis. This call for regulation, however, finds international economic law scholarship divided between those who claim that standards of review and corporate social responsibility can solve the crisis of neoliberalism, and those who believe that the problem is more profound. In the case of the international investment regime, this article …

Inference Theory On Volatility Functional Dependencies, Jia Li, Viktor Todorov, George. Tauchen

Research Collection School Of Economics

We develop inference theory for models involving possibly nonlinear transforms of the elements of the spot covariance matrix of a multivariate continuous-time process observed at high frequency. The framework can be used to study the relationship among the elements of the latent spot covariance matrix and processes defined on the basis of it such as systematic and idiosyncratic variances, factor betas and correlations on a fixed interval of time. The estimation is based on matching model-implied moment conditions under the occupation measure induced by the spot covariance process. We prove consistency and asymptotic mixed normality of our estimator of the …

Gray's Anatomy: Understanding Uncertainty, Juliana Yu Sun, Roberto M. Samaniego

Research Collection School Of Economics

We explore the key mechanisms whereby uncertainty impacts the business cycle by exploring the interaction of uncertainty with growth in industries with di⁄erent technologies of production. We nd that uncertainty shocks are particularly detrimental to growth in industries with rapid capital depreciation or high investment adjustment costs. The ndings are consistent with real options theory: uncertainty leads rms to delay investment in new projects, but high depreciation and xed costs of investment make delay more costly. On the other hand, we do not nd evidence of a signicant role of nancial markets in the generation nor propagation of uncertainty shocks.

Book Review: Aleman, Richard (Ed). The Hound Of Distributism: A Solution For Our Social And Economic Crisis, Anthony Philip Stine

Hatfield Graduate Journal of Public Affairs

Aleman and the collected authors provide a starting point for investigating modern Distributist writings. Distributism is a 'third way' private property-based economic system focused on decentralization of power, a focus on family life and reconceptualizing our relationships between individuals, families, the state and large economic actors. Essays range from the topics of totalitarianism and big government to pastoralism and permaculture. Contributing authors include classic Distributists like GK Chesterton and modern writers such as Joseph Pearce, Dale Ahlquist, Philip Maxence and Ryan Grant. The selected authors present a snapshot of a theory that presents a means towards achieving sustainability through decentralization …

Patterns Of Growth And The Economic Development Of China, Adam C. Watson

Dissertations, Theses, and Capstone Projects

By looking at the historical rise of modern China, starting with the end of the First Opium War (1842) through to the start of the war with Japan (1937), and then from the beginning of Deng Xiaoping’s economic reforms (1979) to the present, this work reveals the striking similarities between the earlier and the later periods of capitalist development. If the country had not been able to draw on the deep-rooted knowledge and skills which originated in Shanghai and the port cities in the mid-nineteenth century, and instead pursued only uninformed free market principles without the training to make these …

Development Of Utility Theory And Utility Paradoxes, Timothy E. Dahlstrom

Lawrence University Honors Projects

Since the pioneering work of von Neumann and Morgenstern in 1944 there have been many developments in Expected Utility theory. In order to explain decision making behavior economists have created increasingly broad and complex models of utility theory. This paper seeks to describe various utility models, how they model choices among ambiguous and lottery type situations, and how they respond to the Ellsberg and Allais paradoxes. This paper also attempts to communicate the historical development of utility models and provide a fresh perspective on the development of utility models.

Daniel Defoe’S Literary Economies: The Shifting Role Of Narrative Uncertainty, Speculation, And Providence In Robinson Crusoe And Roxana., Terese J. Swords

Lawrence University Honors Projects

In my honors project, I analyze how Daniel Defoe’s first novel, Robinson Crusoe (1719), and his last, Roxana (1724), offer shifting economic commentary regarding England’s emerging 18^th century credit economy. This shift does not come as too much of a surprise, as his first and last novel straddle the historic moment of the South Sea Bubble’s burst. Therefore, Defoe’s works, when analyzed sequentially, capture the evolving attitude towards value and credit that was occurring throughout all of England.

In my first chapter, “Crusoe’s Post Facto Journal Editing: ‘How wonderfully we are delivered when we are aware of it,’” I …

A Game Theoretic Analysis Of International Justice Disputes, Mishal Ayaz

Lawrence University Honors Projects

This paper works toward analyzing international justice disputes, through a game theoretic lens. The result of such an analysis is an accurate working model for the international justice dispute resolution process, limiting its scope to those disputes that fall under the International Court of Justice’s jurisdiction post 1986. This time limitation on the explanatory power of the model was deduced from all of the court’s findings since its inception. The game can be formed in four ways: perfect information, incomplete information, no information, and partial information, all of which have their own unique equilibria, which are formed and discussed individually.

Precautionary Saving With Changing Income Ambiguity, Atsushi Kajii, Jingyi Xue

Research Collection School Of Economics

We study a two-period saving model where theagent’s future income might be ambiguous. Our agent has a version of the smoothambiguity decision criterion (Klibano, Marinacci and Mukerji (2005)), where theagent’s perception about ambiguity is described by a second-order belief overfirst-order risks. We model increasing ambiguity as a spreading-out of thesecond-order belief. We show that under a “Risk Comonotonicity” condition, ouragent saves more when ambiguity in future income increases. We argue that thecondition is indispensable for our result.

Effect Of Non-Monetary Incentives On Women's Competitive Inclination: Experimental Evidence From Ancona, Italy, Kalkidan Shebi

Master's Theses

This study investigates how monetary incentives versus non-monetary incentives affect women’s decision to enter a competitive environment. This study was conducted in Ancona Italy, in a controlled laboratory experiment with a total of 60 participants; of which 29 were male and 31 were female. Participants were given mathematical addition problems to solve under alternative incentives. How they received these incentives differed based on their preference to enter or withdraw from the competition. The study also included components that assessed risk preferences and willingness to pay for the non-monetary incentive in the experiment. Results show no significant difference in performance scores …

Geospatial Modeling Of Vietnamese Fdi, Cuong Nguyen Tien

Theses and Dissertations

This thesis sets a goal to analyze and project geographically disaggregated measures of FDI using aggregate data. We regress the country level FDI with aggregate, fine geospatial data on GDP, urban extent, and risk. By disaggregating the model, we will predict the FDI flow in every 1000 square kilometer area.

Dynamic Behavior And Player Types In Majoritarian Multi-Battle Contests, Alan Gelder, Dan Kovenock

ESI Working Papers

In a dynamic contest where it is costly to compete, a player who is behind must decide whether to surrender or to keep fighting in the face of bleak odds. We experimentally examine the game theoretic prediction of last stand behavior in a multi-battle contest with a winning prize and losing penalty, as well as the contrasting prediction of surrendering in the corresponding contest with no penalty. We find varied evidence in support of these hypotheses in the aggregated data, but more conclusive evidence when scrutinizing individual player behavior. Players’ realized strategies tend to conform to one of several “types”. …

Immune Function In Amazonian Horticulturalists, Aaron D. Blackwell, Benjamin C. Trumble, Ivan Maldonado Suarez, Jonathan Stieglitz, Bret Beheim, J. Josh Snodgrass, Hillard Kaplan, Michael Gurven

ESI Publications

Background—Amazonian populations are exposed to diverse parasites and pathogens, including protozoal, bacterial, fungal, and helminthic infections. Yet much of our understanding of the immune system is based on industrialised populations where these infections are relatively rare.

Aim—We examine distributions and age-related differences in 22 measures of immune function for Bolivian forager-horticulturalists and US and European populations.

Subjects and Methods—Subjects were 6,338 Tsimane aged 0–90 years. Blood samples collected between 2004–2014 were analysed for 5-part blood differentials, C-reactive protein, erythrocyte sedimentation rate (ESR), and total immunoglobulins E, G, A, and M. Flow cytometry was used to quantify naive …