Economics Commons^™

State Of Ohio: Insurance Industry And Occupational Highlights, Ohio Board Of Regents, Wright State University, Center For Urban And Public Affairs

Economic Development

Over 7,000 business establishments in Ohio employ 120,626 people in the Insurance Industry. Employment is expected to grow 1% a year to 2015, adding 6,323 workers, outpacing the national growth rate. In an analysis of the top ten states by employment size and industry concentration, Ohio is expected to grow at the second fastest pace.

Every year, the Insurance Industry has roughly 2,000 job openings for new and replacement jobs. The core of the industry is found in five occupations: insurance sales agents; claims adjusters, examiners, and investigators; insurance underwriters; insurance appraisers, auto damage; and actuaries. For those five occupations, …

Economic Outlook, Emmanuel Opoku, Scott W. Fausti

Economics Commentator (1972- 2016)

No abstract provided.

New Mexico Labor Market Review 01-14-2011, New Mexico Department Of Workforce Solutions

Historic Publications

The New Mexico Labor Market Review is a monthly publication presenting statistical data and analysis on labor market conditions throughout New Mexico. Issues examine statewide and regional trends in employment, unemployment, labor force estimates, industry activity, wages, occupational demand, and related economic conditions, often accompanied by feature articles on topics affecting the state’s economy. This issue covers November 2011.

Nevada 2.0 Program And Speakers, University Of Nevada, Las Vegas

Nevada 2.0: New Economies for a Sustainable Future

Nevada 2.0: New Economies for a Sustainable Future was held on January 7, 2011, to explore opportunities to diversify Nevada’s economy by examining similar efforts in nearby states. It included presentations by guest speakers from Salt Lake City, Denver, Phoenix, and Dallas, as well as interactive panel discussions with Nevada business and political leaders to hone in on the next steps Nevada should take to move forward on new business expansion. For years, Nevadans have understood the need to diversify the state’s economy beyond tourism, construction, and mining. Yet, Nevada enjoyed an extended boom from simply enlarging its base economy. …

The Economic Impact Of The Sheep Industry In South Dakota; Abs 482 Class Experiences In South America (Brazil And Argentina), Gary Taylor, Martin Beutler

Economics Commentator (1972- 2016)

No abstract provided.

Financial Constraints On Corporate Goodness, Jeffrey D. Kubik, Jose A. Scheinkman, Harrison Hong

Economics - All Scholarship

We model the firm's optimal choice of capital and goodness subject to financial constraints. Managers and shareholders derive benefits over profits and social responsibility. Goodness is costly and its marginal benefit is finite; as a result, less-constrained firms spend more on goodness. We verify that less-constrained firms do indeed have higher social responsibility scores. Our empirical analysis addresses identification issues that have long plagued the corporate social responsibility literature, establishing the causality of this relationship using a natural experiment. During the technology bubble, previously constrained firms experienced a temporary relaxation of their constraints and their goodness scores also temporarily increased …

Efficiency Of The Welfare State: A Comparative Approach Using Data Envelopment Analysis, Jekabs Bikis

Faculty Publications - College of Business

As governments continue to evolve over the past century or so in their perceived role of providing economic security for their populations, a ubiquitous yet ill-defined concept of the welfare state is increasingly taking center stage in political and economic debates. With fiscal crises looming over the horizon in many parts of the world, the fingers of blame point with greater frequency to the welfare state as the entity which is contributing more to fiscal problems than to economic solutions. Reformation of the welfare state is rapidly becoming more likely and more urgent and this study proposes one mechanism for …

A Financial Impact Assessment Of Ld 1725: Stream Crossings, New England Environmental Finance Center, Muskie School Of Public Service

Water

This report looks at the potential financial impact of LD 1725 on the estimated 30,000 stream crossings in the State of Maine that would be affected by the law. Our research for this report included the analysis of nearly 2000 stream crossings and the data collection necessary for the development of extensive stream crossing replacement cost models. We found that the 1.2 bankfull requirements in LD 1725 would result in a 75% ‐ 250% increase in structure widths for stream crossing projects across the state. An upsize of this magnitude would increase the cost of replacing stream crossings statewide by …

The Gettysburg Economic Review, Volume 5, 2011

Gettysburg Economic Review

No abstract provided.

Local Technological And Demographic Effects On Electricity Transmission: A Spatially Lagged Local Estimation Of New England Marginal Losses, Jacob P. Hochard

Gettysburg Economic Review

Electricity transmission is subject to distribution losses and congestion costs. Economists have prior theorized that these transmission imperfections could create divided markets with electricity generating spatial oligopolists. This concern has been largely dismissed because of recent technological advances in electricity transmission. The effects of local technological and demographic indicators on electricity transmission costs remains both commonly accepted as negligible and spatially untested. This analysis employs a spatially lagged local estimation of New England’s marginal electricity losses with respect to both technological and demographic indicators. The results of this analysis are consistent with the widely accepted notion that technological advances have …

Friedrich Von Hayek: The Socialist-Calculation Debate, Knowledge Arguments, And Modern Economic Development, Cara A. Elliott

Gettysburg Economic Review

At the close of the nineteenth and the commencement of the twentieth century, socialism began to gain momentum as a large-scale movement in Europe and the United States. This popularity was supported by an increased influence of the working class in society, which put pressure for representation upon European parliaments and began to secure concrete improvements in labor protection laws. Moreover, socialist proponents looked hopefully towards the living example of the Soviet Union, which began its socialist experiment in 1917 following the success of the Bolshevik Revolution. Socialism, which found its economic grounding in the legacies of such men as …

The Economic Value Of A Sustainable Supply Chain, Robert Mefford

Finance

The economic rationale to operate a global supply chain in a sustainable manner is developed. Arguments are made based on marketing, finance, and production theories that by engaging in socially responsible behavior the firm will increase sales, decrease costs, reduce financial risk, and increase profits which ultimately will increase returns to the firm’s shareholders. A model is developed of the mechanism by which modern production methods such as lean production and quality management result in sustainable corporate behavior which, in the long run, translates into higher stock valuations. The production effects cause marketing and financial risk effects that are complementary, …

Regional Science Reconsidered, Peter V. Schaeffer, Randall Jackson, James O. Bukenya

Faculty & Staff Scholarship

Because disciplines and their cores and boundaries are subject to change, a periodic introspective assessment can be useful in evaluating the relevance of a changing discipline to the equally dynamic and pressing needs of society. Similar examinations of other disciplines, notably economics, have been conducted in part as a means of minimizing the risks of declining credibility, policy relevance, and societal benefit. With the Southern Regional Science Association celebrating recently its 50th meeting, and as regional science itself approaches its 60th year, this paper provides a reexamination of the core of regional science. We consider the theoretical and methodological underpinnings …

Knowns, Unknowns, And Impacts, Randall Jackson

Faculty & Staff Scholarship

On the occasion of the 50th anniversary of the SRSA, Jackson sums up what we regional scientists do and do not know at this stage in the field’s development.

Mergers And Beliefs, Todd A. Brown, Thomas Zorn, Geoff Freissen

Faculty Publications

We study the combined effects of managerial optimism and market overvaluation on merger premiums and the chosen form of payment. Our empirical results are consistent with market overvaluation and the target manager‘s optimism as having the most influence on mergers. The observed form of payment corresponds to the acquiring manager‘s preferences, suggesting that the acquiring manager dictates the method of payment. Lastly, our model demonstrates why cash mergers are more likely to be hostile, and provides an explanation for why a combination of cash plus stock may be optimal.

Do Major League Baseball Hitters Come Up Big In Their Contract Year?, Heather M. O'Neill, Matthew J. Hummel

Business and Economics Faculty Publications

In sports, especially baseball, there is a lot of talk about contract year performance. Beginning in spring training and continuing throughout the season, sports journalists and fans converse about how players in the last year of their contract will perform. Experts in the media, often ex-baseball players themselves, speculate contract year players will have break-out seasons in order to secure a better contract in upcoming contract negotiations. This leads to the question: do baseball players increase their effort and performance during their contract year to increase the value of their next contract?

Winning The Future: Strategic Plan For The Development Of Tourism, Robertico R. Croes, Manuel A. Rivera, Abraham Pizam, Eric D. Olson, Seung Hyan Lee, Yun Ying Zhong

Dick Pope Sr. Institute Publications

Aruba has developed and positioned its tourism sector as one of the premier destinations in the Caribbean over the past twenty-five years. The push towards tourism development was primarily aimed to create jobs and to enhance the quality of life of its population. The results have been astounding: not only has the island successfully transformed from an industrial-based economy to a tourist- and service-based economy, but the island now boasts one of the highest living standards in the Caribbean. The prosperity on the island is broadly shared among Arubans. Tourism has become an engine of economic growth, totaling U.S.$2.3 billion …

The Value Of A Statistical Life: Evidence From Panel Data, Thomas J. Kniesner, W. Kip Viscusi, Christopher Woock, James P. Ziliak

Economics - All Scholarship

This article addresses fundamental long-standing concerns in the compensating wage differentials literature and its public policy implications: the econometric properties of estimates of the value of statistical life (VSL) and the wide range of such estimates. Here we address most of the prominent econometric issues using panel data, a new and more accurate fatality risk measure, and systematic application of panel data estimators. Controlling for measurement error, endogeneity, latent individual heterogeneity that may be correlated with the regressors, state dependence, and sample composition yields estimates of the value of a statistical life in the range of about $6 million to …

Instrumental Variable Estimation Of A Spatial Autoregressive Panel Model With Random Effects, Badi Baltagi, Long Liu

Economics - All Scholarship

This paper extends the instrumental variable estimators of Kelejian and Prucha (1998) and Lee (2003) proposed for the cross-sectional spatial autoregressive model to the random effects spatial autoregressive panel data model. It also suggests an extension of the Baltagi (1981) error component 2SLS estimator to this spatial panel model.

Adam Smith's Essentials: On Trust, Faith, And Free Markets, Jerry M. Evensky

Economics - All Scholarship

When trust is shaken, individuals pull back and the market system contracts. Where trust grows, individual energy and creativity are unleashed and the system grows. In Adam Smith’s vision of humankind’s progress, trust is the central theme. The Great Recession represents a classic case of a crisis of trust. Looking back to the work of Smith offers insight into the role of citizens and the State in creating an fruitful market environment based on trust, and the challenge of this process, given the human frailty of individuals (unfortunately, we are not angels) and the potential for State power to be …