Other Economics Commons^™

Arbitrage Among Stablecoins, Peiyun Jin

All Dissertations

We examine the trades data and order book from 13 exchanges to study the arbitrage opportunities in stablecoins. Using snapshots of the order book data, we find that occasional prices far from the arbitrage-free prices (flash crashes) are real. Flash crashes invariably are associated with unusually large aggregate trading volume. We also examine arbitrage profitability and fee structure for stablecoin-USD and stablecoin- stablecoin. Our results show that after subtracting fees, there are still positive arbitrage profits. We also compare the efficiency of Decentralized Exchanges (DEXs) and Centralized Exchanges (CEXs). Our results are consistent with DEXs and CEXs being equally efficient.

The Implications Of Covid-19 On Fear Of Financial Collapse, Alexis Reekie

Student Scholar Symposium Abstracts and Posters

By disrupting the general value paradigm, the typical hierarchy of values, individuals directly affected by the COVID-19 virus have realized an overall shift in perspective, indicating a need to understand the effects of the COVID-19 virus on one’s outlook regarding economic anxiety and fear of financial collapse. The possibility of a global health crisis reaching levels of devastation are certainly great and worth investigating. Throughout this research paper I worked to determine the correlation between fear of financial crises and individuals who have been affected by the COVID-19 virus. Utilizing the Chapman Survey of American Fears (FEAR survey) questions pertaining …

Life Satisfaction And Tax Morale In Azerbaijan: Mediating Role Of Institutional Trust And Financial Satisfaction, Orkhan Nadirov, Khatai Aliyev, Bruce Dehning, Ilaha Sharifzada, Rafiga Aliyeva

Accounting Faculty Articles and Research

This paper examines the relationship between life satisfaction (measured as the self-reported satisfaction of each individual with their past life and goal achievements) and tax morale (measured as the likelihood of an individual’s intrinsic motivation to pay taxes). Using a large-scale survey dataset from Azerbaijan, it is documented that life satisfaction is positively associated with tax morale. Life satisfaction plays a significant role in increasing tax compliance practices. It is also important to note that there is a positive mediating effect of life satisfaction on tax morale through financial satisfaction and institutional trust. In line with our hypotheses, the results …

Prosocial Option Increases Women’S Entry Into Competition, Alessandra Cassar, Mary L. Rigdon

ESI Publications

We provide evidence that women enter competitions at the same rate as men when the incentive for winning includes the option to share part of the rewards with the losers (i.e., when the incentive system is socially oriented). Using an experiment (with N = 238 subjects from three laboratories), we find that about 16% more men than women choose to compete in the standard tournament; this gender gap is eliminated in the socially oriented incentive treatment. While men’s choice to compete remains unchanged, at around 52% in both conditions, women increase their entry rate from 35% in the standard tournament …

Examining And Evaluating The Multidimensional Energy Poverty Index (Mepi) In The Philippine Household Context, Anna Katrina R. Ignacio, Maria Sofia Lei P. Puncia, Arlene B. Inocencio, Marites M. Tiongco, Mitzie Irene P. Conchada, Alellie B. Sobrevinas, Rens Adrian T. Calub

Angelo King Institute for Economic and Business Studies (AKI)

Energy poverty refers to insufficient energy consumption to meet one’s basic needs. Measuring energy poverty is a vital calculation for a household assessment concerning accessibility of energy, affordability of energy prices, usage of energy resources, and sufficiency of energy consumption. Previous literature has extensively used the multidimensional energy poverty index (MEPI) to analyze the lack of access to modern energy services, including energy poverty intensity and incidence, and provide a framework for government policymaking. However, there is a variation between countries on how MEPI energy deprivation factors affect household welfare. This study aims to determine more accurate measures of household …

Futurological Fodder: On Communicating The Relationship Between Artificial Intelligence, Robotics, And Employment, Michael E. Samers Dr

Geography Faculty Publications

This article examines the debate concerning the employment implications of the so-called ‘Fourth Industrial Revolution’ (FIR) or the increasing presence of artificial intelligence and robotics in workplaces. I analyze three ‘genres’ associated with this debate (academic studies including neo-classical and heterodox/post-human approaches, the ‘gray literature’, and popular media) and I argue that together they represent ‘futurological fodder’ or discourses and knowledges that ‘perform’ the FIR and its purported consequences. I contend further that these genres involve a complex mix of ethics and politics, and I conclude with a reflection on the political implications of the FIR debate.

Helminth Infection Is Associated With Dampened Cytokine Responses To Viral And Bacterial Stimulations In Tsimane Forager-Horticulturalists, India A. Schneider-Crease, Aaron D. Blackwell, Thomas S. Kraft, Melissa Emery Thompson, Ivan Maldonado Suarez, Daniel K. Cummings, Jonathan Stieglitz, Noah Snyder-Mackler, Michael Gurven, Hillard Kaplan, Benjamin C. Trumble

ESI Publications

Background

Soil-transmitted helminths (STHs) and humans share long co-evolutionary histories over which STHs have evolved strategies to permit their persistence by downregulating host immunity. Understanding the interactions between STHs and other pathogens can inform our understanding of human evolution and contemporary disease patterns. Methodology

We worked with Tsimane forager-horticulturalists in the Bolivian Amazon, where STHs are prevalent. We tested whether STHs and eosinophil levels—likely indicative of infection in this population—are associated with dampened immune responses to in vitro stimulation with H1N1 and lipopolysaccharide (LPS) antigens. Whole blood samples (n = 179) were treated with H1N1 vaccine and LPS and …

A Reassessment Of The Potential For Loss-Framed Incentive Contracts To Increase Productivity: A Meta-Analysis And A Real-Effort Experiment, Paul J. Ferraro, J. Dustin Tracy

ESI Working Papers

Substantial productivity increases have been reported when incentives are framed as losses rather than gains. Loss-framed contracts have also been reported to be preferred by workers. The results from our meta-analysis and real-effort experiment challenge these claims. The meta-analysis' summary effect size of loss framing is a 0.16 SD increase in productivity. Whereas the summary effect size in laboratory experiments is a 0.33 SD, the summary effect size from field experiments is 0.02 SD. We detect evidence of publication biases among laboratory experiments. In a new laboratory experiment that addresses prior design weaknesses, we estimate an effect size of 0.12 …

Beware The Gini Index! A New Inequality Measure, Sabiou M. Inoua

ESI Working Papers

The Gini index underestimates inequality for heavy-tailed distributions: for example, a Pareto distribution with exponent 1.5 (which has infinite variance) has the same Gini index as any exponential distribution (a mere 0.5). This is because the Gini index is relatively robust to extreme observations; while a statistic’s robustness to extremes is desirable for data potentially distorted by outliers, it is misleading for heavy-tailed distributions, which inherently exhibit extremes. We propose an alternative inequality index: the variance normalized by the second moment. This ratio is more stable (hence more reliable) for large samples from an infinite-variance distribution than the Gini index …

The Efficiency Of U.S. Public Space Utilization During The Covid-19 Pandemic, Seth G. Benzell, Avinash Collis, Christos Nicolaides

Economics Faculty Articles and Research

The COVID-19 pandemic has called for and generated massive novel government regulations to increase social distancing for the purpose of reducing disease transmission. A number of studies have attempted to guide and measure the effectiveness of these policies, but there has been less focus on the overall efficiency of these policies. Efficient social distancing requires implementing stricter restrictions during periods of high viral prevalence and rationing social contact to disproportionately preserve gatherings that produce a good ratio of benefits to transmission risk. To evaluate whether U.S. social distancing policy actually produced an efficient social distancing regime, we tracked consumer preferences …

Dynamic Resource Allocation With Cost Externality, Hao Zhao, David Porter

ESI Working Papers

The inter-temporal resource allocation efficiency of a property rights-based common-pool resource system is challenged by a cost externality when one user’s extraction raises the extraction cost for others. This paper builds a dynamic resource allocation model to illustrate the efficiency loss from a standard property rights market. We then create a novel inter-temporal allocation mechanism that preserves dynamic efficiency. Our dynamic resource allocation mechanism includes an optimal planning stage where the agents collectively determine a binding extraction target for each period and a market stage where agents can exchange their extraction rights assigned within each period. The theoretical model demonstrates …

Conflict In The Pool: A Field Experiment, Loukas Balafoutas, Marco Faravelli, Roman Sheremeta

ESI Working Papers

We conduct a field experiment on conflict in swimming pools. When all lanes are occupied, an actor joins the least crowded lane and asks one of the swimmers to move to another lane. The lane represents a contested scarce resource. We vary the actor’s valuation (high and low) for the good through the message they deliver. Also, we take advantage of the natural variation in the number of swimmers to proxy for their valuation. Consistent with theoretical predictions, a swimmer’s propensity to engage in conflict increases in scarcity (incentive effect) and decreases in the actor’s valuation (discouragement effect). We complement …

Economic Analysis Of Measures For Shipowners Under Sulfur Emission Control, Luyao Yu

Maritime Safety & Environment Management Dissertations (Dalian)

No abstract provided.

The Impact Of Adaptive Learning In Principles Of Microeconomics, Doris S. Bennett, Cynthia S. Mccarty, Michael S. Carter

Southwestern Business Administration Journal

Abstract

The spread of Covid-19, which forced almost all learning to move to online in March, 2020, abruptly increased the number of undergraduates taking at least one online course by approximately 177% between the fall of 2019 and the spring of 2020 (Koksal, 2020; Carey, 2020; National Center for Education Statistics, 2020). Even without the Covid-19 disruption, online education has become increasing prevalent due to the decreasing allocation of resources to higher education and the pressure on college administrators to make a college education effective, affordable, and accessible for more students. Originally online instruction differed from in-class instruction only be …

Anything For A Cheerio: Brown Capuchins (Sapajus [Cebus] Apella) Consistently Coordinate In An Assurance Game For Unequal Payoffs, Lauren M. Robinson, Mayte Martínez, Kelly L. Leverett, Mattea S. Rossettie, Bart J. Wilson, Sarah F. Brosnan

ESI Publications

Unequal outcomes disrupt cooperation in some situations, but this has not been tested in the context of coordination in economic games. To explore this, we tested brown capuchins (Sapajus [Cebus] apella) on a manual version of the Stag Hunt (or Assurance) Game, in which individuals sequentially chose between two options, Stag or Hare, and were rewarded according to their choices and that of their partner. Typically, coordination on Stag results in an equal highest payout, whereas coordinating on Hare results in a guaranteed equal but lower payoff and uncoordinated play results in the lowest payoff when playing …

Uncertainty And Reputation Effects In Credence Goods Markets, Eric Schniter, J. Dustin Tracy, Vojtěch Zíka

ESI Working Papers

Credence-goods experiments have focused on stylized settings in which experts can perfectly identify the buyer’s best option and that option works without fail. However, in nature, credence goods involve uncertainties that complicate assessing the quality of service and advice. We introduce two sources of uncertainty. The first is diagnostic uncertainty; experts receive a noisy signal of buyer type so might make an ‘honest’ mistake when advising what is in buyers’ best interests. The second is service uncertainty; the services available to the buyers do not always work. Both sources of uncertainty make detection of expert dishonesty more difficult, so are …

Sales Capture Patterns Among Nebraska Counties, Eric Thompson, Spencer Cook

Business in Nebraska

Sales capture, the share of local spending power that is captured by area businesses, is an important measure of economic activity. Greater sales capture, which is typically measured using data on local taxable sales, creates multiple benefits for the economy. 1. EMPLOYMENT: Greater sales capture means more employment in retailers, wholesalers, restaurants, hotels, and other businesses subject to sales tax. 2. TAX REVENUE: Taxable sales are an important part of the tax base of many city governments. 3. QUALITY OF LIFE: Retail and hospitality (restaurants, lodging, amusement, and recreation) businesses account for a significant share of taxable sales. These industries …

Data For "Uncertainty And Reputation Effects In Credence Goods Markets", Eric Schniter, J. Dustin Tracy, Vojtěch Zíka

ESI Data Sets

Credence-goods experiments have focused on stylized settings in which experts can perfectly identify the buyer’s best option and that option works without fail. However, in nature credence goods involve uncertainties that complicate assessing the quality of service and advice. We introduce two sources of uncertainty into a credence goods experiment. The first is diagnostic uncertainty; experts receive a noisy signal of buyer type so might make an ‘honest’ mistake when advising what is in buyers’ best interests. The second is service uncertainty; the services available to the buyer do not always work. Both sources of uncertainty make detection of expert …

Keeping A Clean Reputation: More Evidence On The Perverse Effects Of Disclosure, Cary Deck, J. Dustin Tracy

ESI Working Papers

When a principal relies on an agent, a conflict of interest can encourage the agent to provide biased advice. Conventional wisdom suggests that such behavior can be reduced through disclosure requirements. However, disclosure has been shown to exacerbate self-serving bias and can actually lead to greater harm for the principal in one-shot interactions. But in many naturally occurring settings, agents form reputations, a mechanism that could diminish the incentive to provide biased advice. We test for bias in the advice agents provide when faced with reputation concerns, and examine the impact of disclosure in such an environment. In controlled laboratory …

The Economic Impact Of Lockdowns: A Theoretical Assessment, Gabriele Camera, Alessandro Gioffré

ESI Working Papers

The sudden appearance of the SARS-CoV-2 virus and the onset of the COVID-19 pandemic triggered extreme and open-ended “lockdowns” to manage the disease. Should these drastic interventions be the blueprint for future epidemics? We construct an analytical framework, based on the theory of random matching, which makes explicit how epidemics spread through economic activity. Imposing lockdowns by assumption prevents contagion and reduces healthcare costs, but also disrupts income-generation processes. We characterize how lockdowns impact the contagion process and social welfare. Numerical analysis suggests that protracted, open-ended lockdowns are generally suboptimal, bringing into question the policy responses seen in many countries.