Economic Theory Commons^™

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. …

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 …

The Influence Rural Leaders Have On Local Population Change: A Two-Part Study, Nichole T. Reiner

Dissertations and Doctoral Documents, University of Nebraska-Lincoln, 2023–

This two-part research study aims to understand factors that influence a rural community population and how local leaders believe they can influence those factors to impact population changes. The first study focuses identifying factors that predict population change using a linear regression model. The second study is a multiple case study focused on three communities, where a mix of secondary data and community leader interviews provided an in-depth understanding of how local leaders perceive their capacity to influence factors influencing population change in their communities.

Advisor: LJ McElravy

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 Impact On Life-Cycle Consumption, Saving, Labor Supply, And On Bequests When Individuals Possess Time-Inconsistent Preferences, Barna Bose

All Graduate Reports and Creative Projects, Fall 2023 to Present

This study examines how the presence of time-inconsistent preferences affects a representative individual's decisions about how much to consume, to save, and how intensively to work, in addition to the size of a bequest to leave behind at death. The model is used to analyze the behavior of both time-inconsistent individuals (characterized by a hyperbolic discount function) and the behavior of time-consistent individuals (characterized by an exponential discount function). The model demonstrates how these two representative types of individuals make intertemporal choices over time. While the model distinguishes between time-inconsistent and time-consistent individuals with respect to using alternative discount functions, …

Analisis Kepemilikan Sertifikat Tanah Terhadap Akses Pinjaman Rumah Tangga, Abdul Azzis Azzis, Chaikal Nuryakin

Jurnal Kebijakan Ekonomi

This study aims to examine the impact of land certificate ownership on access to loans from formal financial institutions. Utilizing data from Indonesia in 2018, we employ logistic regression analysis to investigate the relationship between land certificate ownership and loan access in the country. The examination of land certification in relation to loan access, by distinguishing types of land ownership evidence and loan types, is deemed essential. The findings indicate that the impact of land certification is less effective for low-income households. Beyond ensuring accessible and affordable land certification processes, the government should formulate policies for innovative loan schemes, such …

Microfinance In Latin America: Sustainability, Growth, And Efficiency, Katelyn M. Hoidal

Global Tides

The subsequent research addresses the question: Within populous Latin American countries (Ecuador, Mexico, Panama, Argentina, Chile, and Peru), are microfinance institutions associated with differences in GDP and household consumption equally between 2010 and 2018? Which do they have a stronger correlation with? The essence of this question seeks to answer whether the correlation between MFIs and wealth indicators carries over to a national level or merely persists at an individual level. This research has been informed and influenced by literature and studies conducted across South Asia, Africa, and Latin America focusing on the research of Abdelkader, Naveeda, Annim, Campbell, Armendáriz, …

What About The Buyers? Deriving Factors Of Demand In The U.S. Black Market, Eric S. Schneider

Undergraduate Theses

The vast majority of econometric research regarding black markets focuses on the supply. Relatively little information is definitively shown in academic literature regarding the drivers of demand for black markets. This project seeks to identify factors of demand for black market goods and services. First, this paper gives a brief definition of the broad definition of black markets, before specifically defining the scope of individual markets which will be included in this project. Next, there is a brief review of recent literature on the U.S. black market in order to determine prime candidates for factors of demand. Then, a robust …

2nd Place Contest Entry: Aquí Y Ahora: The Role Of Us Spanish-Language Tv News In Financial Vulnerability, Cintya Felix

Kevin and Tam Ross Undergraduate Research Prize

This is Cintya Felix's submission for the 2025 Kevin and Tam Ross Undergraduate Research Prize, which won second place. It contains their essay on using library resources, their bibliography, and a summary of their research project on Spanish-language media’s impact on financial attitudes.

Cintya is a third-year student at Chapman University, majoring in Political Science and Spanish. Their faculty mentor is Dr. Ann Gordon.

2nd Place Research Paper: Aquí Y Ahora: The Role Of Us Spanish-Language Tv News In Financial Vulnerability, Cintya Felix

Kevin and Tam Ross Undergraduate Research Prize

In today’s world, the news we watch often does more than inform us; it shapes our perceptions of security and the future. In this paper, I examine the extent to which an individual’s consumption of particular Spanish-speaking TV news channels contribute to their sense of financial vulnerability. Using an original data set of responses to the questions in the 2020 American National Election Studies (ANES), I find a moderately strong relationship between the television news channel Aquí y Ahora, and the degree to which they are worried about their financial situation. While it is true that various factors such …

A Beautiful Mind Meets Harsh Reality: Practical Tips For Negotiators When Bargaining Strays From Ideal Conditions, Christopher C. Douglas, Ellen Grachek, Allyson Strickland, Marie Waung

Journal of Collective Bargaining in the Academy

Bilateral bargaining theory developed by mathematician and Nobel Laureate John Nash predicts that when both parties have full information, a deal is quickly reached without a strike. Such a situation represents ideal conditions, which the real world does not match. However, Nash Bargaining presents a useful baseline for bargaining teams. We discuss deviations from ideal conditions that bargaining teams are likely to face and tactics for overcoming them with the goal of reaching an agreement while avoiding a strike. This paper’s focus draws from our experience negotiating a contract for non-tenure track faculty across the three University of Michigan campuses, …

Gambaran Manejemen Capaian Target Pendidikan Dan Pelatihan Pegawai Non-Klinis Unit Keuangan Rumah Sakit Abc, Virgiawan Agung, Angestika Wilandari

Jurnal Administrasi Bisnis Terapan

Education and training for non-clinical employees in hospitals is an important element in improving employee competence and performance to support optimal health services. This study aims to provide an overview of the achievement of education and training targets for non-clinical employees in the financial unit of ABC Hospital. The research method used is a qualitative approach with data collection through interviews with non-clinical employees of the finance unit and secondary data analysis of training records in 2023. The results showed that the training achievements of non-clinical employees still did not meet the set target of 150 hours per year. The …

Ruchir Sharma: What Went Wrong With Capitalism, Vernon L. Smith

ESI Publications

A review of Ruchir Sharma's What Went Wrong With Capitalism.

Undominated Monopoly Regulation, Debasis Mishra, Sanket Patil

Working Papers

We study undominated mechanisms with transfers for regulating a monopolist who privately observes the marginal cost of production. A mechanism is undominated if no other mechanism gives the regulator a strictly higher payoff at some marginal cost of the monopolist without lowering the regulator’s payoff at other costs. We show that an undominated mechanism has a quantity floor: whenever the monopolist is allowed to operate, it produces above a threshold quantity. Moreover, the regulator’s operation decision is stochastic only if the monopolist produces at the quantity floor. We provide a near-complete characterization of the set of undominated mechanisms and use …

Religion And Economic Development: Past, Present, And Future, Sascha O. Becker, Amma Panin, Steven J. Pfaff, Jared Rubin

ESI Working Papers

This chapter examines the role of religion in economic development, both historically and today. Religion's influence varies globally, with high religiosity in countries like Pakistan and low rates in China. Despite declines in some Western countries, religion remains influential worldwide, with projected growth in Muslim populations due to higher fertility rates. Religion continues to shape societal norms and institutions, such as education and politics, even after its direct influence fades. The chapter explores how religious institutions and norms have impacted economic outcomes, focusing on both persistence and decline. It also examines cultural transmission, institutional entrenchment, networks, and religious competition as …

Religion, Culture, And Politics, Jared Rubin

ESI Working Papers

This chapter presents a conceptual framework for understanding the interaction of religion, ideology, and politics. The framework’s key insights are: i) culture and ideology provide a shared mental framework for interpreting the world; ii) ideology is malleable, and it can be used to justify a wide set of empirical realities in a manner that is consistent with the prevailing mental framework; iii) religion is particularly adept at shaping this mental framework because it attempts to explain the unknown; iv) because co-religionists share a mental framework that depends on a (religious) interpretation of events, religions are particularly likely to be co-opted …