When Do Security Markets Aggregate Dispersed Information?,
2022
Chapman University
When Do Security Markets Aggregate Dispersed Information?, Brice Corgnet, Cary Deck, Mark Desantis, Kyle Hampton, Erik O. Kimbrough
ESI Publications
We attempt to replicate a seminal paper that offered support for the rational expectations hypothesis and reported evidence that markets with certain features aggregate dispersed information. The original results are based on only a few observations, and our attempt to replicate the key findings with an appropriately powered experiment largely fails. The resulting poststudy probability that market performance is better described by rational expectations than the prior information (Walrasian) model under the conditions specified in the original paper is very low. As a result of our failure to replicate, we investigate an alternate set of market features that combines aspects …
Social Norms And Dishonesty Across Societies,
2022
Universidad del Rosario
Social Norms And Dishonesty Across Societies, Diego Aycinena, Lucas Rentschler, Benjamin Beranek, Jonathan F. Schulz
ESI Publications
Social norms have long been recognized as an important factor in curtailing antisocial behavior, and stricter prosocial norms are commonly associated with increased prosocial behavior. In this study, we provide evidence that very strict prosocial norms can have a perverse negative relationship with prosocial behavior. In laboratory experiments conducted in 10 countries across 5 continents, we measured the level of honest behavior and elicited injunctive norms of honesty. We find that individuals who hold very strict norms (i.e., those who perceive a small lie to be as socially unacceptable as a large lie) are more likely to lie to the …
Hybrid U-Net: Semantic Segmentation Of High-Resolution Satellite Images To Detect War Destruction,
2022
University of California, Irvine
Hybrid U-Net: Semantic Segmentation Of High-Resolution Satellite Images To Detect War Destruction, Shima Nabiee, Matthew Harding, Jonathan Hersh, Nader Bagherzadeh
Economics Faculty Articles and Research
Destruction caused by violent conflicts play a big role in understanding the dynamics and consequences of conflicts, which is now the focus of a large body of ongoing literature in economics and political science. However, existing data on conflict largely come from news or eyewitness reports, which makes it incomplete, potentially unreliable, and biased for ongoing conflicts. Using satellite images and deep learning techniques, we can automatically extract objective information on violent events. To automate this process, we created a dataset of high-resolution satellite images of Syria and manually annotated the destroyed areas pixel-wise. Then, we used this dataset to …
Food Price Volatility And Household Welfare: A Case Study Of Major Cities Of Pakistan,
2022
AERC, University of Karachi
Food Price Volatility And Household Welfare: A Case Study Of Major Cities Of Pakistan, Nigar Zehra, Ambreen Fatima
Business Review
The purpose of this paper is to find the impact of food price volatility on the welfare of urban households of Pakistan. Food price volatility in monthly prices of major food commodities for main cities of Pakistan is calculated through standard deviation method. Moreover, the study adopts the methodology provided by Alkire and Foster 2007, and Alkire and Santos 2010 to develop Household Deprived Welfare Index (DWI) for major cities of Pakistan. Following Deaton 1985, the study uses pseudo panel approach. Fixed Effect technique is applied to estimate the impact of volatility on household welfare. The results generated from pseudo …
A Universally Translatable Explication Of Adam Smith's Famous Proposition On "The Extent Of The Market",
2022
Chapman University
A Universally Translatable Explication Of Adam Smith's Famous Proposition On "The Extent Of The Market", Bart J. Wilson, Gian Marco Farese
ESI Publications
Following Adam Smith’s line of argument, we examine the semantics of four economic principles in Chapter III of the Wealth of Nations that compose his famous proposition “that the division of labour is limited by the extent of the market.” We apply the Natural Semantic Metalanguage framework in linguistics to produce a series of explications that are clear and plain, cross-translatable into any language, intelligible to twenty-first-century readers, and faithfully close to the original text. Our paper explicates Smith’s logical argument in Chapter III and demonstrates how his ideas can be shared among speakers with different linguacultural backgrounds in line …
Preventing (Panic) Bank Runs,
2022
KRTK KTI
Preventing (Panic) Bank Runs, Hubert János Kiss, Ismael Rodriguez-Lara, Alfonso Rosa-Garcia
ESI Publications
We study experimentally an instrument to prevent bank runs in healthy banks. In particular, we extend the basic bank-run game, where depositors choose between withdrawing or keeping their money deposited, with a third option, the possibility to relocate funds to a priority account that is less profitable, but which guarantees a payoff even in a bank run. Theoretically, the use of this instrument dominates withdrawals for depositors without liquidity needs, and given this fact, depositors should optimally keep their deposits in the bank, so no bank run shall happen. In our experiment, we find evidence that the mechanism reduces not …
The Unemployment-Crime Relationship In California: A Reexamination At The County-Level,
2022
Indiana University of Pennsylvania
The Unemployment-Crime Relationship In California: A Reexamination At The County-Level, Taylor M. Friedman
Pennsylvania Economic Review
This study investigates the unemployment-crime relationship using a panel of the 58 counties in California from 2015-2019. A regression is estimated using a one-way random effects model to control for unobserved heterogeneity. The dependent variables are categorized into two groups: violent and property crimes. Independent variables are also placed into categories: state expenditures, socioeconomic, demographic, law enforcement, and county. The results indicate that for violent crimes, poverty, Black racial composition, young males aged 14-17, and college educational attainment for people aged 18-24 are positively significant contributors to the crime rate. Population density and college educational attainment for people aged 25+ …
The Impact Of Rising Incomes On Green House Gas Emissions Versus Green House Gas Abatement,
2022
Lamar University
The Impact Of Rising Incomes On Green House Gas Emissions Versus Green House Gas Abatement, John Mccollough
Pennsylvania Economic Review
One of the most significant environmental threats today is climate change. This paper examines the role that increasing gdp has on both greenhouse gas emissions as well as greenhouse gas abatement to determine which of the two will be impacted more by rising incomes. If higher gdp per capita has a more significant impact on greenhouse gas emissions than on greenhouse gas abatement, then as time goes on and as gdp per capita continues to rise in countries around the world, it will become more and more difficult to control greenhouse gas emissions.
Spatial Effects Of Broadband Infrastructure On China’S Regional Innovation,
2022
Jiangxi University of Finance and Economics
Spatial Effects Of Broadband Infrastructure On China’S Regional Innovation, Guomin Li, Liang Ding, Sheng Chen, Tufan Tiglioglu
Pennsylvania Economic Review
This paper empirically studies the impact of broadband infrastructure on regional innovation and the related spatial effects, using China's provincial data from 2006 to 2016. The findings show that China’s broadband infrastructure positively impacts regional innovation, indicating a significant spatial spillover effect among adjacent regions. The results of the panel SARAR model indicate that broadband infrastructure has a national wide space aggregation effect and further suggests that regionally, broadband infrastructure will significantly absorb innovation from the adjacent region and promote the spatial aggregation of innovation in economically developed areas.
Evaluating The Convergence Of Incomes In Pennsylvania, 1980-2018: Did The Incomes In Pennsylvania Converge?,
2022
Indiana University of Pennsylvania - Main Campus
Evaluating The Convergence Of Incomes In Pennsylvania, 1980-2018: Did The Incomes In Pennsylvania Converge?, Yaya Sissoko, Brian Sloboda, Rubens Da Silva
Pennsylvania Economic Review
This paper analyzed the recent change in both per capita earnings from employment and per capita income (including that from transfers and non-earnings sources) by Pennsylvania’s counties between 1980 and 2018, inclusive. Then, we also divided the period into the following five time periods for additional analysis: 1980-1990, 1990-2000, 2000-2010, and 2010-2018. Absolute convergence seems to have occurred among the counties in Pennsylvania that may be attributed to the gradual heterogenization of the regional economies. This result may modify some of the conclusions drawn in the recent literature regarding the mechanisms that have generated convergence in their regions. We also …
Political Legitimacy In Historical Political Economy,
2022
Stanford University
Political Legitimacy In Historical Political Economy, Avner Greif, Jared Rubin
ESI Working Papers
Political legitimacy has long been recognized in the social sciences as an integral component of governance. It encourages obedience without the threat of force, thus lowering governing costs and improving the efficacy of policies. This chapter begins by overviewing the extensive literature on political legitimacy, classifying studies by whether they are based on the beliefs (regarding the legitimacy of the authority) or effectiveness (good governance is legitimate governance). Among the studies focusing on beliefs, most take legitimacy as an exogenous element of political authority. We develop a conceptual framework to study how beliefs regarding political legitimacy form endogenously and impact …
300 Anniversary Of Smith’ Birth,
2022
Chapman University
300 Anniversary Of Smith’ Birth, Vernon L. Smith
ESI Working Papers
Thousand-word brief on key quotes from Adam Smith’s two books (TMS, WN) modelling Society and Economy.
Review Of Religion And The Rise Of Capitalism,
2022
Chapman University
Review Of Religion And The Rise Of Capitalism, Jared Rubin
ESI Publications
A review of Religion and the Rise of Capitalism by Benjamin M. Friedman
The Modern-Day Effect Of Holc Redlining On Neighborhood Development,
2022
University of San Francisco
The Modern-Day Effect Of Holc Redlining On Neighborhood Development, Liubov Ivashov
Master's Theses
Racial segregation, which happened more than one hundred years ago in the U.S., is a fundamental cause of economic inequality for people living in historically segregated neighborhoods today. Redlining was one form of federal policy that forced to separate communities by race even more after the Great Depression. The Home Owners Loan Corporation (HOLC) maps are widely used in economic research papers as one of the most comprehensive sources of data available to measure the effect of residential segregation. In this paper, using the Historical Redline Score (HRS) method, the author measured the association between modern-day population distribution, rent prices, …
Degrowth And Catholic Social Thought: Rethinking Socio-Economics For A Planet In Crisis,
2022
University of San Francisco
Degrowth And Catholic Social Thought: Rethinking Socio-Economics For A Planet In Crisis, Chad G. Baron
Master's Theses
It is assumed within both degrowth literature and the social teaching of the Roman Catholic Church (CST) that socio-economic transitions and transformations are needed due to the failings of the dominant capitalist paradigm. Both bodies of thought engage with issues of socio-economic transitions by considering what constitutes globally just development, and by outlining key principles they espouse to be foundational to global justice. By highlighting these principles, and locating the affinities between the two, these theories of socio-economic development can benefit from engaging with the other’s promoted framework. What could follow is a more coherent and holistic approach to development, …
Motives For Cooperation In The One-Shot Prisoner’S Dilemma,
2022
University of Alabama
Motives For Cooperation In The One-Shot Prisoner’S Dilemma, Mark Schneider, Timothy W. Shields
ESI Working Papers
We investigate the motives for cooperation in the one-shot Prisoner’s Dilemma (PD). A prior study finds that cooperation rates in one-shot PD games can be ranked empirically by the social surplus from cooperation. That study employs symmetric payoffs from cooperation in simultaneous PD games. Hence, in that setting, it is not possible to discern the motives for cooperation since three prominent social welfare criteria, social surplus (efficiency) preferences, Rawlsian maximin preferences, and inequity aversion make the same predictions. In the present paper, we conduct an experiment to identify which of these social preferences best explains differences in cooperation rates and …
How Do Reward Versus Penalty Framed Incentives Affect Diagnostic Performance In Auditing?,
2022
DePaul University
How Do Reward Versus Penalty Framed Incentives Affect Diagnostic Performance In Auditing?, Bright (Yue) Hong, Timothy W. Shields
ESI Working Papers
Prior research examines how rewards versus economically equivalent penalties affect effort. However, accountants perform various diagnostic analyses that involve more than exerting effort. For example, auditors often need to identify whether a material misstatement is the underlying cause of a phenomenon among the possible causes. Testing helps identify the cause, but testing is costly. When participants are incentivized to test accurately (rather than test more) and objectively (unbiased between testing and not testing), we find that framing the incentives as rewards versus equivalent penalties increases testing by lowering the subjective testing criterion and by increasing the assessed risk of material …
On The Generalizability Of Using Mobile Devices To Conduct Economic Experiments,
2022
Wuhan University
On The Generalizability Of Using Mobile Devices To Conduct Economic Experiments, Yiting Guo, Jason Shachat, Matthew J. Walker, Lijia Wei
ESI Working Papers
Recent technological advances enable the implementation of online, field and hybrid experiments using mobile devices. Mobile devices enable sampling of incentivized decisions in more representative samples, consequently increasing the generalizability of results. Generalizability might be compromised, however, if the device is a relevant behavioural confound. This paper reports on a battery of common economic games and decision-making tasks in which we systematically randomize the decision-making device (computer versus mobile phone) and the laboratory setup (physical versus online). The results offer broad support for conducting decision experiments using mobile devices. For six out of eight tasks, we find robust null results …
The Coronavirus Pandemic And Participation In The Influencer Economy,
2022
University of Mississippi
The Coronavirus Pandemic And Participation In The Influencer Economy, Emma Grace Richbourg
Honors Theses
The 2019 coronavirus pandemic, also referred to as the COVID-19 pandemic, altered day-to-day life and has effected the economy quite notably. The aim of this paper is to determine to what extent the COVID-19 pandemic altered consumer behavior and whether these alterations encouraged participation in the influencer economy, which represents social media influencers who create and monetize online content. In order to do so, I administered a survey to 250 respondents to evaluate the reach of influencers during the pandemic and whether social media users felt the presence of influencers was an effective marketing technique. I also conducted an analysis …
Property,
2022
Chapman University
Property, Bas Van Der Vossen
Philosophy Faculty Books and Book Chapters
"This chapter discusses the nature and value of property rights. It will explain (1) what property rights are, (2) the relationship between private property and economic development, and (3) some objections to structuring societies around such rights. This discussion throughout focuses on the decentralizing nature of private property rights, asking what implications it has from a philosophical, but also social and political, point of view."
