Economics Commons^™

Delenda Est Norfolk: The Tidewater Revolts!, Kiera Dillman, Alise Dunham, Kristen Gary, Olivia M. Haris, Nelliel A. Herrera, Logan Holzgrefe, R. J. Lynch, Adam M. Manis, David Mogan, Luke Pickard, Shayla M. Shaw, Landon Swain, Kenny Wilcox, Bailey M. Wimberly, Tracy L. Barnett

Student Projects

Introduction to the Exhibit:

Today—exactly 250 years after the signing of the Declaration of Independence—many Americans trace the origins of the nation’s revolutionary sentiment to Boston, Massachusetts or Philadelphia, Pennsylvania. We remember the violence of March 1770, when red-coated British soldiers fired into a crowded Boston street, massacring innocent colonists and igniting outrage. We recall the patriotic defiance of the Sons of Liberty, who boarded three East India Company ships and dumped chests of imported British tea into the Boston Harbor in December 1773. We can still hear, too, the reverberations of the “shot heard ’round the world,” when British …

From Ruins To Rival: How The Japanese Economic Miracle Forged A Global Power, Elizabeth Rips

The Dialogue

The Japanese Economic Miracle (1950-1975) represents one of the most sustained periods of rapid economic growth in modern history. This paper examines the extent to which political policies contributed to Japan’s transformation into a leading global industrial power during the postwar era. While some historians emphasize the decisive role of U.S. occupation reforms and American economic support, this paper argues that Japan’s rise resulted from the interaction of multiple factors. Focusing on political institutions such as the Yoshida Doctrine, the dissolution of zaibatsu’s, and the Ministry of International Trade and Industry (MITI), the paper analyzes how state-led industrial policy fostered …

Can Argentina Overcome The Lithium Natural Resource Curse? A Case Study Into Argentina's Institutional Framework For Lithium Supply Chain Development And Innovation, Colby Greene

Senior Theses

Through the analysis of the natural resource curse, the development of institutional frameworks in societal contexts, the nature of natural resource-based industry value chains, and value creation through institutions and value chains, all in the context of Argentina’s lithium industry, this paper finds that Argentina has failed to implement the necessary institutions and promote proper policy to promote value addition and real economic growth through the conduit of the development of the lithium industry, yet it is not actively a victim of the natural resource curse. In the hierarchical nature of mining value chains, Argentina has permitted their vast lithium …

A National Security Strategy For The Middle East, Vanessa Rice, Rudy Torres, Addy Horgan, Joy Omosa, Mark Westfall

School of Public Policy Capstones

This National Security Strategy addresses the persistent national security challenges the United States faces in the Middle East, a region vital for global energy supply, economic connectivity, and a source of anti-American extremism. Recognizing the failures of past "haphazard experimentation," the strategy proposes a thoughtful, pragmatic plan prioritizing five distinct and congruent interest areas: Maintaining Regional Access, Supporting Regional Stability, Ensuring Energy Security, Defending American Citizens and Personnel, and Preserving and Protecting Western Ideals. The strategy outlines actions such as: countering Chinese and Russian influence through intelligence sharing and defense incentives; containing Iran via a new, permanent nuclear deal and …

From Index To Impact: How Vietnam’S Provincial Competitiveness Index Shapes Governance, Investment And Reform, Edmund J. Malesky

Asian Management Insights

Why business leaders should watch Vietnam’s subnational reform experiment closely.

What Does It Take To Make Housing Affordable?, Sock Yong Phang

Asian Management Insights

Professor Phang Sock Yong’s body of work has shaped conversations around housing affordability both in Singapore and abroad—helping policymakers manage land, supply, finance and market rules as one integrated system.

Social Media Microtrends And The Economic Realities Of Young Consumers, Camila Berumen

Posters - 2026

This study expects to reveal how social media microtrends act as indicators of the economic realities' young consumers experience, including financial pressure, shifting spending habits, and changing values around consumption. By analyzing how these realities are expressed through digital trends, the research will provide a deeper understanding of how economic conditions are communicated in everyday online behavior. This research addresses the issue that traditional economic measures often overlook lived experience, especially among younger generations. By focusing on microtrends, the study offers a more nuanced and accessible way to understand how economic realities are felt and expressed, rather than just measured. …

From Ideas To Impact: Evaluating How Financial Technology Expands Financial Inclusion Across Countries, Shravani Atakari

Posters - 2026

Financial inclusion refers to access and use of financial services (World Bank, 2022). Traditional finance excludes users due to:

• High costs • Geographic distance • Limited credit History . Fintech expands access through digital tools Purpose: Analyze how fintech improves inclusion and what drives adoption

Research Questions How does financial technology reduce barriers to financial inclusion, and what factors influence its adoption among underserved populations? Objectives Identify key barriers to financial inclusion Analyze how fintech reduces these barriers Examine adoption factors (TAM + UTAUT) Propose solutions to improve adoption

Mexico Consensus Economic Forecast Volume 29, Number 1, Thomas M. Fullerton Jr., Steven L. Fullerton

Border Region Modeling Project

No abstract provided.

Mica Productions: The Sad Truth Behind Cosmetic Corporations' Impact On Children's Well-Being In India, Nyleen Benavides

Posters - 2026

Mica is a shiny silicate mineral found in granite, crystals, or rocks. This mineral has attracted the eyes of many cosmetic corporations. Due to high rates of unemployment and poverty in Asian countries, particularly in India’s Jharkhand region, corporations have taken over to profit the exportations of mica. India relies on illegal child labor in mica mining sites that are not only hazardous to children, but the economy and ecosystem. Previous research has shown how cosmetic corporations use mica as one of their main ingredients for shiny pigmentations within their products. However, there is limited research that has indicated the …

Pay-Per-Crawl Pricing For Ai: The Lm-Tree Agent, Richard Archer, Soheil Ghili, Nima Haghpanah

Cowles Foundation Discussion Papers

No abstract provided.

Growth With New And Old Technologies, Bernardo Ribeiro

Cowles Foundation Discussion Papers

This paper proposes a semi-endogenous growth theory that incorporates technology vintages and the endogenous evolution of multiple technological paradigms through innovation. It provides a characterization of both balanced growth equilibrium and transitional dynamics in an environment where new technologies continuously emerge. From a positive perspective, the model rationalizes two distinct empirical patterns. Using two centuries of US patent data, I first document that the age profile of patents has a pronounced hump shape: most contemporary patents build upon technologies that are between 50 and 100 years old. Second, this age profile has remained stable throughout the past century. From a …

Soft-Floor Auctions: Harnessing Regret To Improve Efficiency And Revenue, Dirk Bergemann, Kevin Breuer, Peter Crampton, Jack Hirsch, Yero S. Ndiaye, Axel Ockenfels

Cowles Foundation Discussion Papers

A soft-floor auction asks bidders to accept an opening price to participate in a second-price auction. If no bidder accepts, lower bids are considered using first-price rules. Soft floors are common despite being irrelevant with standard assumptions. When bidders regret losing, soft-floor auctions are more efficient and profitable than standard optimal auctions. Revenue increases as bidders are inclined to accept the opening price to compete in a regret-free second-price auction. Efficiency improves because a soft floor allows for a lower hard reserve, reducing the frequency of no sale. Theory and experiment confirm these motivations from practice.

Early Childcare Attendance And Cognitive Skills In Adolescence, Ingvild Almas, Nina Drange, Costas Meghir, Henrik Daae Zachrisson

Cowles Foundation Discussion Papers

This paper examines the impact of early childcare on academic achievement for children in grade 5 and grade 9, based on a 2003 policy expansion that created quasi-random variation in slot availability for children aged 1–2. Starting childcare one year earlier increases math scores by 9.7% of a standard deviation (SD) in grade 9. Children whose mothers do not hold a high school diploma benefit by a significant 0.28% of a SD at grade 9, reducing the math achievement gap from children of higher-educated mothers by about one third. We also present evidence of strong improvements for children of immigrants.

Capital Flows And The Global Collateral Cycle, Ana Fostel, John Geanakoplos, Gregory Phelan

Cowles Foundation Discussion Papers

Cross-country disparities in collateral technologies alone can account for large capital flows among mature economies, and allow the most advanced country to run a permanent trade deficit. When the collateral technology advantage is in creating negative beta (super safe) financial assets backed by positive beta assets, a Global Collateral Cycle emerges, with pro-cyclical gross and net flows and increased global asset price volatility. The supply of super safe assets is necessarily curtailed in downturns, providing a complementary (supply) channel to the flight to safety (demand) channel for explaining why US safe asset prices rise during crises.

Organizational Targets In General Equilibrium, Joel P. Flynn, George Nikolakoudis, Karthik Sastry

Cowles Foundation Discussion Papers

We build a general equilibrium model in which firms endogenously choose whether to target prices or quantities. We characterize how these choices of organizational targets depend on firms' uncertainty about microeconomic and macroeconomic factors. In equilibrium, the transmission of both nominal and real shocks hinges on firms' organizational targets. For example, under otherwise identical microfoundations, money is neutral under quantity targets and non-neutral under price targets. We further characterize how targets shape firms' strategic interactions and prove that the macroeconomic uncertainty that arises from each choice of targets reinforces incentives to choose that target. That is, choices of organizational targets …

Training Language Models For Bilateral Trade With Private Information, Dirk Bergemann, Soheil Ghili, Xinyang Hu, Chuanhao Li, Zhuoran Yang

Cowles Foundation Discussion Papers

Bilateral bargaining under incomplete information provides a controlled testbed for evaluating large language model (LLM) agent capabilities. Bilateral trade demands individual rationality, strategic surplus maximization, and cooperation to realize gains from trade. We develop a structured bargaining environment in which LLMs negotiate via tool calls within an event-driven simulator, separating binding offers from natural-language messages to enable automated evaluation. The environment serves two purposes: as a benchmark for frontier models and as a training environment for open-weight models via reinforcement learning. In benchmark experiments, a round-robin tournament among five frontier models (15,000 negotiations) reveals that effective strategies implement price discrimination …

Borderplex Business Barometer, Volume 10, Number 4, Thomas M. Fullerton Jr., Steven L. Fullerton

Border Region Modeling Project

No abstract provided.

Macroprudential Easing Measures In The Context Of Contractionary Monetary Policy: The Case Of Brazil In 2014, Marcos Antonio Paliari, Marcos Roberto Vasconcelos

Journal of Banking and Financial Economics

This paper evaluates the effects of a macroprudential policy of regulatory easing implemented amidst a contractionary monetary policy in Brazil. The intervention, carried out by the Central Bank in the third quarter of 2014, relaxed reserve requirements on time deposits to stimulate bank credit for vehicle financing. Using a Difference-in-Differences approach with fixed effects by credit modality and month, the analysis is based on monthly disbursement data for consumer loans from 2011 to 2018. Twelve rolling monthly windows are used to capture the dynamic evolution of the policy’s effects. Results based on a synthetic control group indicate statistically significant and …

Budgeting Apps, Financial Literacy, And Financial Control, Max Masabo, Abdullah Mohammad Mahi

Presentations - 2026

Our paper shows the real hidden connections between budgeting app usage and financial wellbeing of U.S Households