Economic Theory Commons^™

Working Paper No. 98, Selma Mushkin And The Emergence Of The Field Of Health Economics, Sadie Kautz

Working Papers in Economics

This inquiry seeks to establish that through her effective efforts, Selma Mushkin promoted and shaped the field of Health Economics. Perhaps most importantly, she redefined health as a form of human capital that needed to be considered as both essential and integral to economic growth. In her 1958 paper: “Toward a Definition of Health Economics,” she defined the scope of this emerging field through emphasizing how improved resource allocation could lead to efficiency gains. Appearing as her 1962 article in the Journal of Political Economy, with “Health as an Investment” Mushkin advanced the idea that--much like education--public spending on health …

Working Paper No. 103, Russia And The Myriad Of Challenges Associatedwith ‘Relative Backwardness’, Jacob Wood

Working Papers in Economics

This inquiry seeks to establish that over recent of centuries Russia exhibits signs of what is termed as ‘relative backwardness.’ Drawing from Alexander Gershenkron’s (1962, 62-70) understanding of ‘backwardness in historical perspective,’ as well as Karl Marx’s ([1845] 1977, 39-43) concept of ‘historical materialism,’ this inquiry examines how successive Russian regimes sought to close the developmental gap with western countries through state-led modernization efforts. What stands out is that when confronted with attempting deep structural challenges, each leader turned to centralized authority and coercive reforms—not by choice, but out of necessity. Our inquiry considers Nicolas II’s failure to modernize Russia’s …

Working Paper No. 99, Adam Smith And The American Experiment, Cole Soliz

Working Papers in Economics

As the noted author of a tome titled An Inquiry into the Nature and Causes of the Wealth of Nations, Adam Smith [1776] is often cited as a proponent of Laissez-faire capitalism. However, the reality is that his writings offer a more nuanced vision that includes suggesting constraints on economics activity, while encouraging the importance of what he views as state or public institutions. In Smith's writings we find that he speculates that for a perfectly functioning market system to operate effectively depends upon the enforcement of contracts, the protection of property rights, and the maintenance of justice. These, along …

Benefits Of Extended Unemployment Insurance On Post-Unemployment Outcomes, Alyssa Roche

Electronic Theses and Dissertations

This thesis investigates how unemployment insurance (UI) affects individuals during and after unemployment. Drawing on historical evidence from recent recessions in the United States, publicly available data, behavioral insights, and mathematical modeling, it argues that the benefits of extending UI outweigh the potential costs. The analysis incorporates a wide range of sources, including empirical economic studies using regression models and psychology and business research that highlight behavioral responses to financial stress and job insecurity. By combining quantitative data with behavioral context, the thesis offers a more comprehensive understanding of how extended UI influences job search decisions, wage outcomes, and overall …

Working Paper No. 101, “Universal Welfare” In Marxist Thought, And Its Implementation During The Era Of The Soviet Union, Eunji Jang

Working Papers in Economics

This inquiry seeks to establish that although in his writings Karl Marx emphasized “Universal Welfare” as a central ideal, its appearance and realization in the Soviet Union was affected by tensions between ideology and the realities of centralized economic control. The first section explores Marx’s vision of universal welfare as a structural component of a post-capitalist society rooted in collective ownership and human emancipation. The second section examines how the Soviet Union institutionalized welfare across sectors such as education, healthcare, housing, and employment, while access to these services was often influenced by labor contribution and political loyalty. The final section …

Adam Smith’S Modeling Of Agents: Roots Versus Consequences Of Action, Vernon L. Smith, Sabiou M. Inoua

ESI Publications

Adam Smith founded his investigations of economic and social exchanges on the roots of human action (sympathy, need, self-interest), unlike the utilitarians (Hume and the neoclassical economists), who centered theirs on the consequences of human action (pleasure, utility of outcome). This distinction is key to understanding the contrast between the two schools of thought, as we emphasize in this chapter.

The Benefits To New York State Of The Local Roads Program, Theresa Lagasse

Applied Economics Theses

ABSTRACT:

This paper explores the history of the Cornell Local Roads Program and how it helps to satisfy Cornell’s land grant mission as an extension program. Then the paper will look at the programs impact both directly and indirectly on the economy of New York State, via its role in improving local road infrastructure and providing highway departments with trainings and technical support.

The focus of the paper examines the four primary components of the Local Roads Program at Cornell, including workshops, research initiatives, technical assistance, and the Local Roads library, each of which contributes to better road management and …

Efficient Bilateral Trade With Interdependent Values: The Use Of Two-Stage Mechanisms, Takashi Kunimoto, Cuiling Zhang

Research Collection School Of Economics

Efficient, voluntary bilateral trades are generally not implementable in an interdependent values environment with two-sided asymmetric information. To obtain more positive results, we consider two-stage mechanisms in which (i) the outcome (e.g., allocation of the goods) is determined first; (ii) the agents partially learn the state via their own outcome-decision payoffs; and (iii) transfers are finally made. We propose the approximate shoot-the-liar (AS) mechanism and identify Assumption 1, under which “approximately” efficient, voluntary trades are implementable. We further illustrate the permissiveness of the assumption, and characterize it in terms of the nature of interdependence in valuation functions—delineating the boundary between …

Welfare Implication Of Alternative Tax Rates Adjustment Policy In Nigeria: A Dsge Analysis, Umar B. Ibrahim, Isah F. Abubakar

CBN Journal of Applied Statistics (JAS)

This study sets out to determine the desirable policy adjustment in the tax rate for Nigeria that ensures the least welfare cost. A calibrated small open-economy New Keynesian Dynamic Stochastic General Equilibrium (NKDSGE) model of the Nigerian economy is applied to achieve this objective. Within this framework, we examined the impact of an increase in value-added tax (VAT) rate from 7.5 to 15 percent on key macroeconomic variables relative to the impact of an increase in company income tax (CIT) rate from 30 to 35 percent on macroeconomic variables. Furthermore, we examined the welfare costs of the increases in the …

Price Coordination Under List Pricing And Discounting: Experimental Evidence, Roberto Hernán González, Praveen Kujal, Miguel Angel Ropero-García, Román Fossati

ESI Working Papers

List-pricing and discounting is common in both retail and wholesale markets. Its interpretation amongst competition authorities varies from being procompetitive to collusion facilitating. We experimentally test how list pricing and discounting impact prices in a capacity constrained Bertrand-Edgeworth duopoly with symmetric and asymmetric firms facing constant marginal costs. We find that, relative to the symmetric baseline experiments, list pricing and discounting generate higher equilibrium prices for (symmetric) firms. Prices in the asymmetric-list price duopoly are also higher, however, the effect is much smaller than under symmetry. The introduction of asymmetry results in higher prices. The smaller firms gain more from …

Preferences Or Confounders? Persistent Gender Gap In Competition Across Four Continents, Natalia I. Valdez-Gonzalez, Adriana Gaviria, Antonio M. Espin

ESI Working Papers

The gender gap in willingness to compete is thought to underlie enduring inequalities in education, career choice, and labor market outcomes. Yet it remains unclear whether the gap reflects true preference differences or results from confounding factors such as task stereotypes, overconfidence, or risk aversion. We test gender differences in competition entry across eight pre-registered studies in seven countries spanning four continents (Dominican Republic, Ivory Coast, El Salvador, Madagascar, Spain, The Philippines, and Uruguay; total n = 1,833), using an experimental design that systematically minimizes these confounds: (i) based on a non-male-stereotyped task (the Reading the Mind in the Eyes …

Cost-Effective Solutions For High-Throughput Enzymatic Dna Methylation Sequencing, Amy Longtin, Marina M. Watowich, Baptiste Sadoughi, Rachel M. Petersen, Sarah F. Brosnan, Kenneth Buetow, Qiuyin Cai, Cayo Biobank Research Unit, Vanderbilt University, Michael D. Gurven, James P. Higham, Heather M. Highland, Yi-Ting Huang, Hillard Kaplan, Thomas S. Kraft, Yvonne A. L. Lim, Jirong Long, Amanda D. Melin, Michael J. Montagne, Jamie Roberson, Kee Seong Ng, Michael L. Platt, India A. Schneider-Crease, Jonathan Stieglitz, Benjamin C. Trumble, Vivek Venkataraman, Ian J. Wallace, Jie Wu, Noah Snyder-Mackler, Angela Jones, Alexander G. Bick, Amanda J. Lea

ESI Publications

Characterizing DNA methylation patterns is important for addressing key questions in evolutionary biology, development, geroscience, and medical genomics. While costs are decreasing, whole-genome DNA methylation profiling remains prohibitively expensive for most population-scale studies, creating a need for cost-effective, reduced representation approaches (i.e., assays that rely on microarrays, enzyme digests, or sequence capture to target a subset of the genome). Most common whole genome and reduced representation techniques rely on bisulfite conversion, which can damage DNA resulting in DNA loss and sequencing biases. Enzymatic methyl sequencing (EM-seq) was recently proposed to overcome these issues, but thorough benchmarking of EM-seq combined with …

The Hidden Logic Behind Migration And Success, Elsa Russom

Master's Projects and Capstones

This research paper explores the hidden drivers of financial success among Eritrean migrants navigating uncertainty, displacement, and limited institutional access. Drawing on original survey data collected from diaspora communities across East African host countries, I apply a mixed-methods framework combining ordinal and binary logistic regression, random forest classification, bootstrapping, and Bayesian causal mediation; to identify the structural and cultural variables most predictive of financial stability. The findings reveal that participation in Ekub, a traditional rotating savings association, and engagement in communal support systems are the strongest predictors of financial success, outperforming conventional factors such as age, education, or employment status. …

Learning Rules Under Asymmetric Information: A Cournot Market Experiment, Marshall H. Pentes

Honors Theses

I present the use of best response (BR) and imitation (IM) learning rules in experimental Cournot duopoly markets under asymmetric information. In treatment BR, one subject (called BR1) receives, after every round, information about their previous quantity choices, the previous market prices, their previous profits, the previous quantities of the the other firm in the market, and the previous Cournot best response to the quantity of the other firm. In treatment IM, one subject (called IM1) receives, after every round, information about the prior quantities of and profits of both firms in the market. The BR1 and IM1 subjects are …

Moral Preferences In Ultimatum And Impunity Games, Valerie Capraro, Ismael Rodriguez-Lara

ESI Publications

We report on two experiments (total N = 2572) testing the role of moral preferences in one-shot, anonymous ultimatum and impunity games, which vary the veto power of responders. In the impunity game, if an offer is lower than the responder’s minimum acceptable offer, the proposer still receives his share, while the responder gets nothing. Study 1 is correlational and explores how moral preferences, as measured using the Moral Foundations Questionnaire, explain behaviour in the two games. Study 2 is causal and investigates the effect of moral suasion on behaviour. Regarding proposers, both studies provide evidence that moral preferences affect …

The Impact Of Insufficient Sleep On The Serial Reproduction Of Information, David L. Dickinson, Sean P. A. Drummond

ESI Publications

Story retelling is an important form of communication, cultural practice, and message transmission. Insufficient sleep is known to affect relevant cognitive skill areas necessary for story retelling or transmission fidelity. We conducted a preregistered randomized cross-over study on n = 155 young adults with exogenously assigned nightly sleep levels experienced in their at-home environments. A serial story reproduction task was administered online, and chains of up to three retells of a given story involved varied numbers of sleep restricted (SR) versus well-rested (WR) retellers. While story content decayed with each retell, group-level analysis showed that additional SR retellers in a …

The Effects Of Monetary Policies On Exchange Rates: A Multinational Panel Study (2000–2023), Yun Song

Student Research

This study investigates the impact of monetary policy tools—interest rates, reserve requirements, and money supply—on exchange rates across five major economies: the United States, European Union, China, Japan, and Canada from 2000 to 2023. The analysis incorporates control variables such as GDP growth and inflation and utilizes various econometric models, from naïve regressions to advanced fixed effects specifications. The results show that interest rates and reserve requirements significantly influence exchange rate movements, while the role of money supply is more moderate. Special attention is given to the zero lower bound (ZLB) era using shadow rates. These findings align with Inoue …

The Struggles For Equality And Democracy In Modern China: Which Was More Influential?, Angelina K. Lambros

Publications and Research

This paper analyzes the struggles for democracy and equality in modern China, from the fall of the Qing Dynasty to the Tiananmen Square movement. It considers which struggle was more influential, evaluating the recurring theme of a fight for democracy in China since the New Culture Movement, and a quest for social and economic equality that Mao and the Chinese Communist Party committed themselves to. Ultimately, the paper concludes that the struggle for democratic norms and institutions was always present among the Chinese people, but it did not succeed in pushing the government or the Party to adopt political reforms. …

Three Essays On Robust Mechanism Design, Kexin Wang

Dissertations and Theses Collection (Open Access)

This dissertation consists of three chapters that study the mechanism design problems when the designer does not completely know the economic environments. In the first chapter, we study the design of contracts when the principal has limited statistical information about the output distributions induced by the agent’s actions. In the baseline model, we consider a principal who only knows the mean of the output distribution for each action. The mean restrictions allow for a large set of profiles of output distributions, including some extreme output distributions that can be used to establish the robust optimality of increasing affine contracts. Motivated …

The People's Ledger: Reform Or Revolution?, Kostantinos R. Grigoras

Applied Economics Theses

The ramifications of the 2007-08 financial crisis, the later Covid-19 pandemic, and the technological developments surrounding cryptocurrencies and digital ledgers have led to increasingly explicit political views on banking apart from dominant mainstream economic narratives. As such, a widening range of authors from varying perspectives have sought to contribute a “programmatic vision” to the set of changes they assert as necessary in the current financial system. Saule T. Omarova’s (2021) controversial article, “The People’s Ledger: How to Democratize Money and Finance the Economy,” and the resulting political reaction to its goal of advancing such a programmatic vision in order to …