A Bias Aggregation Theorem,
2019
Chapman University
A Bias Aggregation Theorem, Mark Schneider
ESI Working Papers
In a market where some traders are rational (maximize expected utility) and others are systematically biased (deviate from expected utility due to some bias parameter, q), do equilibrium prices necessarily depend on q? In this note, focusing on the case where there is an aggregate and systematic bias in the population, we show that market prices can still be unbiased. Hence, we establish that systematically biased agents do not necessarily imply biased market prices. We show that the parametric model we use also predicts observed deviations from expected utility in laboratory and market environments.
Cooperation Among Strangers With And Without A Monetary System,
2019
University of Bologna
Cooperation Among Strangers With And Without A Monetary System, Maria Bigoni, Gabriele Camera, Marco Casari
ESI Working Papers
Human societies prosper when their members move beyond local exchange and cooperate with outsiders in the creation of wealth. Collaboration of this type presents formidable challenges because interaction is impersonal, reciprocity is unfeasible and trust cannot be easily established. Here we study this cooperation problem by modeling strategic interaction among strangers through an Intertemporal Exchange Game. The setup can be easily implemented in the laboratory to study a variety of cooperation-enhancing institutions. In particular, we study the role of a fiat monetary system by introducing intrinsically worthless tokens that can be offered in exchange for cooperation. The experiments show that …
Are The Food Insecure More Likely To Be Obese?,
2019
Bryant University
Are The Food Insecure More Likely To Be Obese?, Lisa Russo
Empirical Economic Bulletin, An Undergraduate Journal
This paper investigates the connections between food insecurity and obesity levels throughout the United States over three years (2011-2013). The causes of obesity are often not entirely a result of poor diet and exercise, but of the presence of food deserts in impoverished areas. Changes in income trends in recent years also the poor remain poor rather than experiencing upward mobility. This study builds on previous studies conducted both within the U.S. and internationally that found that food insecurity is a determinant of obesity rates. This study uses poverty as a proxy measurement for food insecurity at the state level, …
The Burden Of Public Debt On The United Kingdom: Analyzed With Var Approach,
2019
Bryant University
The Burden Of Public Debt On The United Kingdom: Analyzed With Var Approach, Yuvraj Duggal
Empirical Economic Bulletin, An Undergraduate Journal
The study aims to find the relationship in between economic growth and public debt in the United Kingdom using a Vectoral Autoregression approach in between 1999 till 2017. The study aims to examine the impact of public debt on interest rates, inflation rates, Real GDP growth rate, and interest debt payments in the UK. The results show a positive and statistically significant impact of public debt on inflation rates and interest rates. It is also found that the variables affect each other as a consequence in the model and therefore public debt also influence the real GDP growth rates and …
Humanomics: Moral Sentiments And The Wealth Of Nations For The Twenty-First Century,
2019
Chapman University
Humanomics: Moral Sentiments And The Wealth Of Nations For The Twenty-First Century, Vernon Smith, Bart J. Wilson
Economics Faculty Books and Book Chapters
Sometime in the last 250 years, economists lost sight of the full range of human feeling, thinking, and knowing in everyday life. Smith and Wilson show how Adam Smith's model of sociality can re-humanize twenty-first century economics by undergirding it with sentiments, fellow feeling, and a sense of propriety - the stuff of which human relationships are built. Integrating insights from The Theory of Moral Sentiments and the Wealth of Nations into contemporary empirical analysis, this book shapes economic betterment as a science of human beings.
Corruption And South American Public Health Governance: A Panel Data Analysis,
2019
Bryant University
Corruption And South American Public Health Governance: A Panel Data Analysis, Richard Mydland
Empirical Economic Bulletin, An Undergraduate Journal
This paper investigates high income South American countries and their Corruption Perception Index ranking compared to their public health economic variables alongside other macroeconomic variables. The study takes into account that each country is different by means of economic nature due to geographic location. Countries with a natural resource curse are different from traditionalist economic countries. The model examines the implications of a corruption ranking along with health and macroeconomic data that is strongly correlated with decreasing or increasing returns to scale.
The Glass-Cliff And Usa Politics: Are Women Set Up For Failure?,
2019
Bryant University
The Glass-Cliff And Usa Politics: Are Women Set Up For Failure?, Amber Marin
Empirical Economic Bulletin, An Undergraduate Journal
This study investigates the hypothesis that the glass cliff exists in Senate races for the United States in 1998, 2004, 2010, and 2016. It compares the effects to anecdotal situations focusing on Brexit. The results of the study find validity in glass cliff hypothesis.
Does Growth Have A Price Tag? Foreign Aid’S Effect On Economic Growth In Africa,
2019
Bryant University
Does Growth Have A Price Tag? Foreign Aid’S Effect On Economic Growth In Africa, Andrew Berghahn
Empirical Economic Bulletin, An Undergraduate Journal
This paper investigates the linkage between Official Development Assistance (ODA) received by African countries and the growth of GDP per capita within those nations. This study uses fixed and random effects to explore to ascertain the effects of increasing the amount of ODA received in relation to the country’s GDP. The results from this analysis show that there is a clear negative impact on country’s GDP per capita as ODA increases in relation to total GDP.
One Step At A Time: Does Gradualism Build Coordination?,
2019
Xiamen University
One Step At A Time: Does Gradualism Build Coordination?, Maoliang Ye, Jie Zheng, Plamen Nikolov, Sam Asher
Economics Faculty Scholarship
This study investigates a potential mechanism to promote coordination. With theoretical guidance using a belief-based learning model, we conduct a multi-period, binary-choice, and weakest-link laboratory coordination experiment to study the effect of gradualism – increasing the required levels (stakes) of contributions slowly over time rather than requiring a high level of contribution immediately – on group coordination performance. We randomly assign subjects to three treatments: starting and continuing at a high stake, starting at a low stake but jumping to a high stake after a few periods, and starting at a low stake while gradually increasing the stakes over time …
Short-Run Health Consequences Of Retirement And Pension Benefits: Evidence From China,
2019
State University of New York (Binghamton)
Short-Run Health Consequences Of Retirement And Pension Benefits: Evidence From China, Plamen Nikolov, Alan Adelman
Justice & Well-Being Studies Faculty Scholarship
This paper examines the impact of the New Rural Pension Scheme (NRPS) in China. Exploiting the staggered implementation of an NRPS policy expansion that began in 2009, we used a difference-in-difference approach to study the effects of the introduction of pension benefits on the health status, health behaviors, and healthcare utilization of rural Chinese adults age 60 and above. The results point to three main conclusions. First, in addition to improvements in self-reported health, older adults with access to the pension program experienced significant improvements in several important measures of health, including mobility, self-care, usual activities, and vision. Second, regarding …
Missouri: Generation Transformation,
2019
University of Missouri-St. Louis
Missouri: Generation Transformation, Mark Tranel
Center for Applied Economics
While Missouri’s population has grown slowly over the past 50 years its characteristics have evolved in important ways. This paper first describes the contemporary demographic profile of who Missourian are, where and how they live. It then examines the trends over the period 1960 to 2010. The data for Missouri are compared to national characteristics and trends to provide points of similarity and contrast. The factors that have changed, and some that have not, have implications for actions that need to be taken in response to challenges Missouri faces because of these demographic dynamics.
Economic Liberation From The Margins: The Power Of Racial Politics In Social Change,
2019
University of Denver
Economic Liberation From The Margins: The Power Of Racial Politics In Social Change, Joshua Sherman Bartholomew
Electronic Theses and Dissertations
Joshua Bartholomew's doctoral project is a meta-ethical research study of the relationship between economic justice and racial equality within the United States and its transnational range of influence. Bartholomew critiques the Eurocentric foundations of capitalist economic paradigms, and supplants them with community-oriented strategies of anti-racist self-determination from within the Black Panther Party's socialist praxis. By highlighting the praxis and significant intellectual contributions from arguably the most revolutionary example of racial politics for black liberation throughout the Black Power Movement, Bartholomew emphasizes the need for alternative economic models to capitalism that can support and build upon moral visions of collective racial …
Economic Growth As It Relates To Women’S Labor Force Participation In The Lac,
2019
Bryant University
Economic Growth As It Relates To Women’S Labor Force Participation In The Lac, John Esher
Empirical Economic Bulletin, An Undergraduate Journal
This paper investigates the dependence of economic growth in the LAC and the relationship between Women’s Labor Force Participation and growth in production and total GDP. This study is the incorporation of information and data from the LAC into a Solow Growth Model to examine the influence of participation on the GDP per capita of the region. Increases in GDP per capita are modeled by using the differences in current GDP per capita against the GDP after women’s participation is increase to the same level to men’s. The results show that if women were to actively participate in the labor …
Esg Scores Impact On The Market Value Of The Stock,
2019
Bryant University
Esg Scores Impact On The Market Value Of The Stock, Michelle Quinn
Empirical Economic Bulletin, An Undergraduate Journal
This paper investigates the effects of the ESG scores on a firm’s stock valuation, using the Tobin’s Q ratio. This study will incorporate both the ESG index as a whole and the individual factors: environmental, social and governance to consider the firm’s corporate social responsibility. This model uses the Tobin’s Q measurement to evaluate if the stock is over or undervalued while including the size, risk, and development within the firm. The paper found that there is little significant evidence to prove that there is a relationship between the ESG scores and the valuation of the stock, but there is …
Effects Of Private And Public Health Expenditure On Health Outcome,
2019
Bryant University
Effects Of Private And Public Health Expenditure On Health Outcome, Hyungue Lim
Empirical Economic Bulletin, An Undergraduate Journal
The current level of health spending in the U.S. is the highest in the world. However, the outcomes of the health spending are among the lowest for developed countries. Therefore, for policy development purpose, it is necessary to determine which direction of healthcare spending results in better output, private or public. This paper investigates the effect of private and public health expenditure on life expectancy, infant mortality at birth, and infant mortality under age 5 among 11 OECD countries. Hausman test is performed to confirm the fixed effects models. Fixed effects GLS and GMM are used for data analysis. We …
What Is Driving Up Health Care Costs? Does Pollution Play A Role: Oecd Country Panel Data Analysis,
2019
Bryant University
What Is Driving Up Health Care Costs? Does Pollution Play A Role: Oecd Country Panel Data Analysis, Sean Gillis
Empirical Economic Bulletin, An Undergraduate Journal
This study investigates the rising health care costs among nine OECD nations from 1990 to 2014. A panel data analysis was conducted to analyze specific causes for these rises. Total health care expenditure is the dependent variable with carbon dioxide emissions being the main variable of interest. Analysis finds that the economy has grown faster than health care expenditures, and a negative relationship between CO2 emissions, elderly populations, urban population growth rates and health care expenditure.
Causality Relationship Between Income Inequality And Life Satisfaction In European Countries: Does Income Inequality Affect Life Satisfaction?,
2019
Bryant University
Causality Relationship Between Income Inequality And Life Satisfaction In European Countries: Does Income Inequality Affect Life Satisfaction?, Rodrigue Beleho Balemaken
Empirical Economic Bulletin, An Undergraduate Journal
This paper examines the interaction between life satisfaction and income inequality in European nations from 2006 to 2016. The keys finding of the analysis and the results show that countries that promote collectivism tend to have people with higher life satisfaction than countries which promote individualism. In general, individuals prefer to live in a country where they have stable disposable income, freedom in the way they are thinking, trust in their government and policies, a healthy life expectancy, and social support and generosity from peers. With this in mind, it raises the question, “where does income inequality fit into this?” …
Fdi & Crime In South America: A Panel Data Analysis,
2019
Bryant University
Fdi & Crime In South America: A Panel Data Analysis, Casey Doyle
Empirical Economic Bulletin, An Undergraduate Journal
This paper investigates the relationship between flows of FDI into South America and how it affects crime and how crime affects FDI. The paper incorporates a fixed effects model within an FDI model to examine how flows of FDI from foreign countries into South America impact crime in these countries. This study will use ten countries from South America in a panel data set from 2010 to 2016 that have different FDI intakes and crime rates. This is so that a well-rounded picture can be seen.
Salary Dispersion And Team Performance In Major League Baseball: A Quantile Regression Analysis,
2019
Bryant University
Salary Dispersion And Team Performance In Major League Baseball: A Quantile Regression Analysis, Shane Vyskocil
Empirical Economic Bulletin, An Undergraduate Journal
This paper investigates the relationship between salary dispersion and team performance in Major League Baseball. Player salary data is collected to calculate each team’s annual Gini coefficient from 1998-2016, which is used to represent a team’s level of wage inequality in a given year. The study incorporates a fixed and random effects model, and distinguishes itself from previous research by employing multiple quantile regressions to analyze how the impact of salary dispersion differs depending on a team’s performance level. The results find that the fixed effects model is preferred, and that there is consistently a negative relationship between wage differentials …
Figuring Out Aid: The Determinants Of Foreign Aid To Subsaharan Africa In The Post-Cold War Era,
2019
Bryant University
Figuring Out Aid: The Determinants Of Foreign Aid To Subsaharan Africa In The Post-Cold War Era, Soala Ekine
Empirical Economic Bulletin, An Undergraduate Journal
I investigate the determinants of foreign aid to Sub – Sahara African countries. I look at the post – Cold War era following Bandyopadhyay and Wall (2007). The independent variables of interest are GDP per capita, infant mortality, population, civil and political rights and also government effectiveness. I control for fixed effects to allow for political, strategic and other reasons donors have and use data from the World Bank from 1995. My results show that in the post-Cold War era, government effectiveness and population are statistically significant in explaining net official and development aid and assistance. A population bias is …
