Economic Theory Commons^™

Inet Proposal Stage 2, Anwar Shaikh Phd

Archives of Anwar Shaikh

his collection includes:

• Institute for New Economic Thinking. (2011). Standard pre-grant inquiry (PGI) form for grant #3232 (Manuscript). New School University Archives.
• Puller, N. (2011, July 11). Email correspondence regarding INET pre-grant inquiry for #3232 (Email). New School University Archives.
• Shaikh, A. (2011). Project budget for sponsor INET (Period: June 1, 2011 to August 31, 2012) (Manuscript). New School University Archives.
• Shaikh, A. (2011, April 24). Institute for New Economic Thinking proposal stage II cover letter (Manuscript). New School University Archives.
• Shaikh, A. (2011, April 14). New School institutional giving grant proposal form (Manuscript with handwritten note "Scanned & emailed"). …

Measurement Of Profit, Capital & Rop, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Ch 7: Measurement of profit, capital & ROP by Anwar Shaikh
• Appendix 7.1: Measurement of profit by Anwar Shaikh
• Appendix 7.2: Measurement of capital and the rate of profit by Anwar Shaikh
• Appendix 7.2A: Alternate treatments of the rate of profit by Anwar Shaikh

A Sufficient Condition For The Tops-Only Property Of Strategy-Proof Social Choice Functions In The Case Of Two Voters, Huaxia Zeng

Dissertations and Theses Collection (Open Access)

In this thesis, we consider the standard voting model with a finite set of alternatives A and 2 voters, and address the following question: besides Domains D satisfying the

Property T (Chatterji & Sen (2011) ), what are other characteristics of domains that induce every strategy-proof and unanimous social choice function f : Dn → A to satisfy the tops-only property? We impose a minimal richness condition which ensures that for every alternative a ∈ A, there exists a preference ordering where a is maximal. We identify a more general condition on domains that is sufficient for strategy-proofness …

Strategic Behavior In Schelling Dynamics: A New Result And Experimental Evidence, Juan Miguel Benito, Pablo Brañas-Garza, Penélope Hern´Andez, Juan A. Sanchis

ESI Working Papers

In this paper we experimentally test Schelling’s (1971) segregation model and confirm the striking result of segregation. In addition, we extend Schelling’s model theoretically by adding strategic behavior and moving costs. We obtain a unique subgame perfect equilibrium in which rational agents facing moving costs may find it optimal not to move (anticipating other participants’ movements). This equilibrium is far for full segregation. We run experiments for this extended Schelling model. We find that the percentage of strategic players dramatically increases with the cost of moving and that the degree of segregation depends on the distribution of rational subjects.

Double Bubbles In Assets Markets With Multiple Generations, Cary Deck, David Porter, Vernon Smith

ESI Working Papers

We construct an asset market in a finite horizon overlapping-generations environment. Subjects are tested for comprehension of their fundamental value exchange environment, and then reminded during each of 25 periods of its declining new value. We observe price bubbles forming when new generations enter the market with additional liquidity and bursting as old generations exit the market and withdrawing cash. The entry and exit of traders in the market creates an M shaped double bubble price path over the life of the traded asset. This finding is significant in documenting that bubbles can reoccur within one extended trading horizon and, …

Transparency, Efficiency And The Distribution Of Economic Welfare In Pass-Through Investment Trust Games, Thomas A. Rietz, Roman M. Sheremeta, Timothy W. Shields, Vernon Smith

ESI Working Papers

We design an experiment to examine welfare and behavior in a multi-level trust game representing a pass through investment in an intermediated market. In a repeated game, an Investor invests via an Intermediary who lends to a Borrower. A pre-experiment one-shot version of the game serves as a baseline and to type each subject. We alter the transparency of exchanges between non-adjacent parties. We find transparency of the exchanges between the investor and intermediary does not significantly affect welfare. However, transparency regarding exchanges between the intermediary and borrower promotes trust on the part of the investor, increasing welfare. Further, this …

Cognitive Effort In The Beauty Contest Game, Pablo Brañas-Garza, Teresa García-Muñoz

ESI Working Papers

This paper analyzes cognitive effort in 6 different one-shot p-beauty games. We use both Raven and Cognitive Reáection tests to identify subjects' abilities. We find that the Raven test does not provide any insight on beauty contest game playing but CRT does: subjects with higher scores on this test are more prone to play dominant strategies.

Don’T Ask Me If You Will Not Listen: The Dilemma Of Participative Decision Making, Brice Corgnet, Roberto Hérnan-Gonzalez

ESI Working Papers

We study the effect of participative decision making in an experimental principalagent game, where the principal can consult the agent’s preferred option regarding the task to be undertaken in the final stage of the game. We show that consulting the agent was beneficial to principals as long as they followed the agent’s choice. Ignoring the agent’s choice was detrimental to the principal as it engendered negative emotions and low levels of transfers. Nevertheless, the majority of principals were reluctant to change their mind and adopt the agent’s proposal. Our results suggest that the ability to change one’s own mind is …

An Empirical Analysis Of Gasoline Demand In Mexico Using Cointegration Techniques, Mario Elizalde

Open Access Theses & Dissertations

Economic expansion in Mexico has caused fuel consumption in Mexico to increase. Because Mexico does not have sufficient refinery capacity, over 40 percent of total gasoline consumed is imported. This has implications for the balance of payments. In this paper, gasoline demand is empirically examined using co-integration and error correction approaches. Results show no evidence of long-run equilibrium in the Mexican gasoline market. This is potentially attributable to the regulatory regime that governs energy markets in Mexico. Regulated price adjustments that are not consistent with prevailing market conditions run the risk of misallocating resources. Permitting greater flexibility in private gasoline …

Residential Electricity Demand In Seattle, David Alan Juarez

Open Access Theses & Dissertations

This study examines residential electricity demand for the Seattle City Light (SCL) public utility market. SCL is interesting because all of its electricity is generated through hydro-electric facilities as well as its purchased power, mostly through contracts with the Bonneville Power Administration, resulting in below-average residential electricity prices. An error-correction model is estimated using annual time series data. Income, price, and climate data are used to identify both economic and seasonal effects. In addition, a customer equation is also estimated using the error-correction approach. The income-elasticity is negative indicating that electricity is an inferior good in this market. Out-of-sample forecasts …

Chapter 3, Two Versions, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Shaikh, Anwar. Handwritten archival overview notes regarding multiple versions of chapter three and macrofoundations of method. Unpublished manuscript.
• Shaikh, Anwar. Microfoundations, emergent properties and nonlinear dynamics. Unpublished work.
• Shaikh, Anwar. Earlier raw draft version of chapter three titled microfoundations, emergent properties and nonlinear dynamics. Unpublished work.

Responses To The Assurance Game In Monkeys, Apes, And Humans Using Equivalent Procedures, Sarah F. Brosnan, Audrey E. Parrish, Michael J. Beran, Timothy Flemming, Lisa Heimbauer, Catherine F. Talbot, Susan P. Lambeth, Steven J. Schapiro, Bart J. Wilson

ESI Publications

There is great interest in the evolution of economic behavior. In typical studies, species are asked to play one of a series of economic games, derived from game theory, and their responses are compared. The advantage of this approach is the relative level of consistency and control that emerges from the games themselves; however, in the typical experiment, procedures and conditions differ widely, particularly between humans and other species. Thus, in the current study, we investigated how three primate species, capuchin monkeys, chimpanzees, and humans, played the Assurance (or Stag Hunt) game using procedures that were, to the best of …

Forex Trading Using Metatrader 4 With The Fractal Market Hypothesis, Jonathan Blackledge, Kieran Murphy

Conference papers

This paper reports on the results of a research and development programme concerned with the analysis of currency pair exchange time series for Forex trading in an intensive applications and services environment. In particular, we present some of the preliminary results obtained for Forex trading using MetaTrader 4 with a new set of trend indicators deigned using a mathematical model that is based on the Fractal Market Hypothesis. This includes examples of various currency pair exchange rates considered over different time intervals and use of the indicators in a live trading environment to place a buy/sell order.

Currency Trading Using The Fractal Market Hypothesis, Jonathan Blackledge, Kieran Murphy

Articles

We report on a research and development programme in financial modelling and economic security undertaken in the Information and Communications Security Research Group (ICSRG, 2011) which has led to the launch of a new company - Currency Traders Ireland Limited - funded by Enterprise Ireland. Currency Traders Ireland Limited (CTI, 2011) has a fifty year exclusive license to develop a new set of indicators for analysing currency exchange rates (Forex trading). We consider the background to the approach taken and present examples of the results obtained to date.

Relationships Between Political Competition And Socioeconomic Status In The United States, Trevor K. Smith

Walden Dissertations and Doctoral Studies

Over the past 30 years there has been an increase in socioeconomic inequities between Black and White persons in the United States. Some research suggests that political ideology, which in turn impacts political competition levels, may at least partially explain these disparities, though the body of academic literature in this area is sparse. Little is known about how Black political ideology is formed by perceptions of inequality. The purpose of this study was to examine the phenomenon of Black political ideology, political competition, and socioeconomic status to determine how political competition relates to social inequities between Blacks and Whites. The …

A Business Case For Return On Investment: Understanding Organizational Change, Rya S. Henderson-Carter

Walden Dissertations and Doctoral Studies

Since 2010, 2,000 U. S. leaders spent {dollar}150 billion on return on investment (ROI) training, yet questions still exist on how to measure the benefits of organizational change. The purpose of this embedded single-case study was to explore how business leaders could use ROI to characterize the benefit of intervention strategies for organizational change. Stakeholder theory and Maslow's hierarchy of needs theory formed the conceptual framework for this study. A purposive sample of 20 civilian personnel managers located at a medical facility for veterans in central Texas participated in semistructured interviews. The 5 primary themes that emerged using thematic analysis …

Simulation-Based Estimation Methods For Financial Time Series Models, Jun Yu

Research Collection School Of Economics

This paper overviews some recent advances on simulatio n-based methods of estimating time series models and asset pricing models that are widely used in finance. The simulation based methods have proven to be particularly useful when the likelihood function and moments do not have tractable forms and hence the maximum likelihood method (MLE) and the generalized method of moments (GMM) are difficult to use. They can also be useful for improving the finite sample performance of the traditional methods when financial time series are highly persistent and when the quantity of interest is a highly nonlinear function of system parameters.The …

A New Bayesian Unit Root Test In Stochastic Volatility Models, Yong Li, Jun Yu

Research Collection School Of Economics

A new posterior odds analysis is proposed to test for a unit root in volatility dynamics in the context of stochastic volatility models. This analysis extends the Bayesian unit root test of So and Li (1999, Journal of Business Economic Statistics) in two important ways. First, a numerically more stable algorithm is introduced to compute the Bayes factor, taking into account the special structure of the competing models. Owing to its numerical stability, the algorithm overcomes the problem of diverged “size” in the marginal likelihood approach. Second, to improve the “power” of the unit root test, a mixed prior specification …

Indescribability And Its Irrelevance For Contractual Incompleteness, Takashi Kunimoto

Research Collection School Of Economics

The incomplete contracts literature often cites indescribable contingencies as a major obstacle to the creation of completecontracts. Using agents’ minimum foresight concerning possible future payoffs, Maskin and Tirole (Rev Econ Stud 66:83–114, 1999) show that indescribability does not matter for contractual incompletenessas long as there is symmetric information at both the contracting stage and the trading stage. This is called the irrelevance theorem. The following generalization of the irrelevance theorem is shown here: indescribability does not matter even in the presenceof asymmetric information at the trading stage, as long as there is symmetric information at the contracting stage. This isan …

Blood Lipids, Infection, And Inflammatory Markers In The Tsimane Of Bolivia, Sarinnapha Vasunilashorn, Eileen M. Crimmins, Jung Ki Kim, Jeff Winking, Michael Gurven, Hillard Kaplan, Caleb Finch

ESI Publications

Objectives—Little is known about blood cholesterol (blood-C) levels under conditions of infection and limited diet. This study examines blood-C and markers of infection and inflammation in the Tsimane of the Bolivian Amazon, indigenous forager farmers living in conditions that model preindustrial European populations by their short life expectancy, high load of infections and inflammation, and limited diets.

Methods—We use multivariate models to determine the relationships between lipid levels and markers of infection and inflammation. Adult Tsimane (N = 418, age 20–84) were characterized for blood lipids, cells, and inflammatory markers in relation to individual loads of parasites and …