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Articles 1 - 30 of 112

Full-Text Articles in Economic History

A Correction For Regression Discontinuity Designs With Group-Specific Mismeasurement Of The Running Variable, Otávio Bartalotti, Quentin Brummet, Steven Dieterle May 2019

A Correction For Regression Discontinuity Designs With Group-Specific Mismeasurement Of The Running Variable, Otávio Bartalotti, Quentin Brummet, Steven Dieterle

Economics Working Papers

When the running variable in a regression discontinuity (RD) design is measured with error, identification of the local average treatment effect of interest will typically fail. While the form of this measurement error varies across applications, in many cases the measurement error structure is heterogeneous across different groups of observations. We develop a novel measurement error correction procedure capable of addressing heterogeneous mismeasurement structures by leveraging auxiliary information. We also provide adjusted asymptotic variance and standard errors that take into consideration the variability introduced by the estimation of nuisance parameters, and honest confidence intervals that account for potential misspecification. Simulations ...


The Economic Origins Of The Postwar Southern Elite, Brandon Dupont, Joshua L. Rosenbloom Apr 2018

The Economic Origins Of The Postwar Southern Elite, Brandon Dupont, Joshua L. Rosenbloom

Economics Publications

The U.S. Civil War destroyed a substantial fraction of southern wealth and emancipation transferred human capital to the formerly enslaved. The prevailing view of most economic historians is that the southern planter elite was able to retain its relative status despite these shocks. Previous studies have been hampered, however, by limits on the ability to link individuals between census years, and scholars have been forced to focus on persistence within one or a few counties. Recent advances in electronic access to the Federal Census manuscripts now make it possible to link individuals without these constraints. In this paper, we ...


Building An Ecosystem For Agtech Startups, Kevin L. Kimle Mar 2018

Building An Ecosystem For Agtech Startups, Kevin L. Kimle

Economics Technical Reports and White Papers

Technology is nothing new, of course, whether in agriculture of any other industry. What may be new is the speed and scale at which technology can shape new opportunities and disrupt existing businesses and industries. Agtech is by all indications important. There are many accelerator programs related to starting agtech businesses, funding of agtech startups has grown, etc. Funding for agtech startups has increased significantly. As tracked by AgFunder News, investment in agtech increased from about $150 million in 2010 to more than $800 million in 2016 and more than $500 million in 2017. Transactions like Monsanto buying Climate Corp ...


The Colonial American Economy, Joshua L. Rosenbloom Feb 2018

The Colonial American Economy, Joshua L. Rosenbloom

Economics Working Papers

The first permanent British settlement in what became the United States was established in 1607, nearly 170 years prior to the American declaration of independence. This chapter examines the economic development of the British North American colonies that became the United States. As it describes, abundant natural resources and scarce labor and capital contributed to the remarkable growth in the size of the colonial economy, and allowed the free white colonial population to enjoy a relatively high standard of living. There was not, however, much improvement over time in living standards. Patterns of factor abundance also played an important role ...


Antebellum Labor Markets, Joshua L. Rosenbloom Feb 2018

Antebellum Labor Markets, Joshua L. Rosenbloom

Economics Working Papers

The United States economy was transformed in the period between American independence and the beginning of the Civil War by rapid population growth, the development of manufacturing, the onset of modern economic growth, increasing urbanization, the rapid spread of settlement into the trans-Appalachian west, and the rise of European immigration. These years were also characterized by an increasing sectional conflict between free and slave states that culminated in 1861 in Southern secession from the Union and a bloody and destructive Civil War. Labor markets were central to each of these developments, directing the reallocation of labor between sectors and regions ...


Regression Discontinuity And Heteroskedasticity Robust Standard Errors: Evidence From A Fixed-Bandwidth Approximation, Otávio Bartalotti Feb 2018

Regression Discontinuity And Heteroskedasticity Robust Standard Errors: Evidence From A Fixed-Bandwidth Approximation, Otávio Bartalotti

Economics Publications

In regression discontinuity designs (RD), for a given bandwidth, researchers can estimate standard errors based on different variance formulas obtained under different asymptotic frameworks. In the traditional approach the bandwidth shrinks to zero as sample size increases; alternatively, the bandwidth could be treated as fixed. The main theoretical results for RD rely on the former, while most applications in the literature treat the estimates as parametric, implementing the usual heteroskedasticity-robust standard errors. This paper develops the “fixed-bandwidth” alternative asymptotic theory for RD designs, which sheds light on the connection between both approaches. I provide alternative formulas (approximations) for the bias ...


An Evaluation Of The State Of Iowa Revenue Forecasts, 1995 – 2017, Peter F. Orazem Dec 2017

An Evaluation Of The State Of Iowa Revenue Forecasts, 1995 – 2017, Peter F. Orazem

Economics Working Papers

A critical task in establishing the State of Iowa budget is to project available tax revenue. The 2017 fiscal year was characterized by tax revenues that did not live up to predictions, leading to midyear cuts in planned government expenditures and tapping into reserves. That experience raises the question of whether the Iowa state government revenue forecasts are faulty. Are revenue shortfalls avoidable through improved forecasts or are occasional shortfalls inevitable with even the best statistical predictions? I will show that the Iowa government revenue forecasts pass the standard tests of unbiasedness and rationality, meaning that they are not obviously ...


Usda Forecasts Of Crop Ending Stocks: How Well Have They Performed?, Jinzhi Xiao, Chad E. Hart, Sergio H. Lence Apr 2017

Usda Forecasts Of Crop Ending Stocks: How Well Have They Performed?, Jinzhi Xiao, Chad E. Hart, Sergio H. Lence

Economics Publications

This study analyzes forecasts of U.S. ending stocks for corn, soybeans, and wheat issued by the USDA. The proposed efficiency tests focus on forecast revisions. Forecast errors are decomposed into monthly unforecastable shocks and idiosyncratic residuals. The error covariance matrix allows for heteroscedasticity and auto-correlations. Results suggest that the USDA forecasts are inefficient, providing strong evidence that the USDA is conservative in forecasting the ending stocks. Unforecastable shocks are heteroscedastic, and idiosyncratic residuals are small. Results are consistent across the three decades analyzed, but soybean forecasts are found to be considerably worse from 2005 to 2015.


The Current Farm Downturn Vs The 1920s And 1980s Farm Crises: An Economic And Regulatory Comparison, Wendong Zhang, Kristine A. Tidgren Jan 2017

The Current Farm Downturn Vs The 1920s And 1980s Farm Crises: An Economic And Regulatory Comparison, Wendong Zhang, Kristine A. Tidgren

Economics Publications

Purpose The purpose of this paper is to examine the current farm economic downturn and credit restructuring by comparing it with the 1920s and 1980s farm crises from both economic and regulatory perspectives.

Design/methodology/approach This paper closely compares critical economic and regulatory aspects of the current farm downturn with two previous farm crises in the 1920s and 1980s, and equally importantly, the golden eras that occurred before them. This study compares key aggregate statistics in land value, agricultural credit, lending regulations, and also evaluates the situations and impacts on individual farmer households by using three representative case studies ...


“Where The West Began: Environment, Transportation, And Capitalism In Marion County, Indiana, 1820-1860”, Kelly Stephen Wenig Jan 2017

“Where The West Began: Environment, Transportation, And Capitalism In Marion County, Indiana, 1820-1860”, Kelly Stephen Wenig

Graduate Theses and Dissertations

This dissertation examines Midwestern development and focuses on the early development of Marion County, Indiana, through the end of the Civil War and examines the ways that the region’s overwhelmingly rural residents adapted to the challenges and successes of the urban growth and market interconnectivity that they sought from the moment of settlement. Starting with initial meetings of the Marion County Commissioners and examining major municipal turning points including the passage of the Mammoth Internal Improvements Bill, the Panic of 1837, the arrival of the first railroad a decade later, and the onset of the Civil War, this work ...


What Motivates Farmers To Apply Phosphorus At The “Right” Time? Survey Evidence From The Western Lake Erie Basin, Wendong Zhang, Robyn S. Wilson, Elizabeth Burnett, Elena G. Irwin, Jay F. Martin Aug 2016

What Motivates Farmers To Apply Phosphorus At The “Right” Time? Survey Evidence From The Western Lake Erie Basin, Wendong Zhang, Robyn S. Wilson, Elizabeth Burnett, Elena G. Irwin, Jay F. Martin

Economics Publications

Phosphorus loadings from the Maumee River watershed have significantly compromised the Lake Erie ecosystem, as evidenced by the most severe harmful algal bloom in Lake Erie in 2015 and the shut-down of Toledo drinking water supply in 2014. Despite government payments for adoption of voluntary conservation practices, excess nutrient runoff from agricultural production remains a substantial challenge. The right timing of nutrient application is a critical best management practice (BMP). Using a unique survey of 2540 farmer respondents in the Maumee River watershed, this paper analyzes how socio-psychological, socio-demographic, and field-based spatial characteristics impact farmers' adoption of timing-related best practices ...


Usa, Sebastian Braun Jan 2016

Usa, Sebastian Braun

World Languages and Cultures Publications

Approximately 5.1 million people in the U.S., or 1.7% of the total population, identify as Native American or Alaska Native alone or in combination with another ethnic identity. Around 2.5 million, or 0.8% of the population, identify as American Indian or Alaska Native only.1 Five hundred and sixty-six tribal entities were federally-recognized at the beginning of 2015,2 and most of these have recognized national homelands. Twenty-three per cent of the Native population live in American Indian areas or Alaska Native villages. The state with the largest Native population is California; the place with ...


Easing The Encumbered Subject: Security, Speculation, And Capitalist Subjectivity, Kevin S. Amidon, Daniel A. Krier Jan 2016

Easing The Encumbered Subject: Security, Speculation, And Capitalist Subjectivity, Kevin S. Amidon, Daniel A. Krier

World Languages and Cultures Publications

Go to Online Edition

Edited by Daniel Krier, Iowa State University and Mark P. Worrell, SUNY Cortland

Capitalisms’ Future: Alienation, Emancipation and Critique frames 21st century economic and social possibilities in a dialogue between two forms of critical social theory: Marx’s critique of political economy that analyzes capitalism and the critique of political psychology that analyzes authoritarianism. Contributions from social theorists in sociology, philosophy, and cultural studies are brought together to dissect and critique capitalist crises, left-liberalism, left-Thatcherism, resistance to risk-pooling, idealist philosophy, undemocratic social character, status wages and authoritarian spectacles. Throughout, Marx’s centrality to critical social theory ...


Charleston Merchants 1790-1819: The Structure Of A Profession, Aaron Michael Benson Jan 2016

Charleston Merchants 1790-1819: The Structure Of A Profession, Aaron Michael Benson

Graduate Theses and Dissertations

This research investigates the professional trajectory of merchants in Early Republic South Carolina. The goal is to show that southern commerce in this era is more complex than what has been claimed in the current scholarship, which is dominated by discussions of northern merchants. This has been done by examining Charleston Directories from 1790 to 1819 and tracking individual merchants, their professions prior to and after being merchants, and their addresses through the entire period. Quantitatively examining the data compiled shows a complexity and level of risk in middling commerce that is absent in scholarship on Early Republic commerce in ...


Trends And Determinants Of Us Farmland Values Since 1910: Evidence From The Iowa Land Value Survey, Wendong Zhang, Zachariah Beek Jan 2016

Trends And Determinants Of Us Farmland Values Since 1910: Evidence From The Iowa Land Value Survey, Wendong Zhang, Zachariah Beek

Economics Publications

Valued at 2.31 trillion US dollars in 2016, farm real estate (land and structures) accounted for 85% of total US farm assets; in addition, farm real estate also represents the largest single item in a typical farmer’s investment portfolio. As a result, changes in its values have been a perennial interest to policy-makers, farmers, researchers and investors alike. Focusing on Iowa, a Midwestern state at the heart of the Corn Belt, and using annual data since 1950 from the Iowa Land Value Survey, this article analyses what drives the changes in land values in Iowa and across the ...


Intellectual Property In Plant Breeding: Comparing Different Levels And Forms Of Protection, Sergio H. Lence, Dermot J. Hayes, Julian M. Alston, John Stephen C. Smith Jan 2016

Intellectual Property In Plant Breeding: Comparing Different Levels And Forms Of Protection, Sergio H. Lence, Dermot J. Hayes, Julian M. Alston, John Stephen C. Smith

Economics Publications

Welfare trade-offs between intellectual property (IP) protections provided by patents and by plant variety protection (PVP) are explored. PVP breeders’ exemption weakens IP protection, but may speed the transfer of research gains across firms. A model is developed assuming firms optimise research given existing IP protection. A baseline scenario supporting each system is used to perform welfare analysis, and study how the balance is altered between systems. Survey data suggest patents are more appropriate for longer-term, higher-risk research, whereas PVP is better suited for traditional breeding. A scenario where patents and licensing co-exist dominates PVP in all commercially relevant areas.


Housing Market Bust And Farmland Values: Identifying The Changing Influence Of Proximity To Urban Centers, Wendong Zhang, Cynthia J. Nickerson Nov 2015

Housing Market Bust And Farmland Values: Identifying The Changing Influence Of Proximity To Urban Centers, Wendong Zhang, Cynthia J. Nickerson

Economics Publications

This article estimates the impact of the 2007–2008 residential housing market bust on farmland values, using parcel-level farmland sales data from 2001–2010 for a 50-county region under urbanization pressure in western Ohio. Hedonic model estimates reveal that farmland was not immune to the residential housing bust; the portion of farmland value attributable to proximity to urban areas was almost cut in half shortly after the bust in 2009–2010. Nonetheless, total farmland prices remained relatively stable in the 2000s, likely due to increased demand for agricultural commodities. Our results are robust to different assumptions about the structure of ...


Children Of The Crisis: Farm Youth In Troubled Times, Pamela Riney-Kehrberg Oct 2015

Children Of The Crisis: Farm Youth In Troubled Times, Pamela Riney-Kehrberg

History Publications

The farm crisis of the 1980s was one of the defining American moments of the late twentieth century. The Midwest’s farmers, long revered as the protectors of America’s agrarian heritage, saw economic reversals of a magnitude unseen since the Great Depression. Many had expanded their operations in the 1970s on the basis of rising land prices, only to see the value of their farms plummet in the early days of the 1980s. Farm income fell significantly, while the number of farm foreclosures skyrocketed. Families began to show signs of stress, as rates of spousal abuse, clinical depression and ...


The Effects Of Research & Development Funding On Scientific Productivity: Academic Chemistry, 1990-2009, Joshua L. Rosenbloom, Donna K. Ginther, Ted Juhl, Joseph A. Heppert Sep 2015

The Effects Of Research & Development Funding On Scientific Productivity: Academic Chemistry, 1990-2009, Joshua L. Rosenbloom, Donna K. Ginther, Ted Juhl, Joseph A. Heppert

Economics Publications

This article examines the relationship between Research & Development (R&D) funding and the production of knowledge by academic chemists. Using articles published, either raw counts or adjusted for quality, we find a strong, positive causal effect of funding on knowledge production. This effect is similar across subsets of universities, suggesting a relatively efficient allocation of R&D funds. Finally, we document a rapid acceleration in the rate at which chemical knowledge was produced in the late 1990s and early 2000s relative to the financial and human resources devoted to its production.


The Future Of Currency, Jack Carney, Nailah Fitzgerald Jun 2015

The Future Of Currency, Jack Carney, Nailah Fitzgerald

Ethos

Today, we live and die by the almighty dollar. It determines where we work, where we sleep and where we spend our free time. For the past 100 years, the dollar has been the norm here in America, but things are beginning to change.


Development Of Smartphone-Based Spectroscopy Instruments For Diagnostic Test Analysis, Benjamin Jin Seong Ch'ng Jan 2015

Development Of Smartphone-Based Spectroscopy Instruments For Diagnostic Test Analysis, Benjamin Jin Seong Ch'ng

Graduate Theses and Dissertations

The latest generation of smartphones are more powerful than the first computer that sent the man to the moon. These smartphones are increasingly seen as handheld computers due to the capabilities that can be done with smartphones. Therefore, in this thesis, we will demonstrate the utilization of a smartphone-based spectrometer using the CMOS CCD chip of the camera. The characterization and integration between the smartphone and spectrometer is done to ensure robust and reliable results. The smartphone-based spectrometer is able to measure accurately and made to be comparable to industrial spectrometers. This research was done in order to attempt to ...


Forging A University Research Mission, Joshua L. Rosenbloom Jan 2015

Forging A University Research Mission, Joshua L. Rosenbloom

Economics Publications

The university exists to accommodate and implement the whole human learning process, and this must include creative scholarship and research. Thus research is not an optional activity of the university, not merely a legitimate pursuit of those who may be interested and willing to dedicate their spare time, nor an assignment justified to either the university or the professor by the resultant income in dollars and publicity. Rather, research is an inescapable responsibility of the university and an inseparable part of its total educational function. "The Place of Research in the University"


Are Consumers As Constrained As Hens Are Confined? Brain Activations And Behavioral Choices After Informational Influence, Alex J. Francisco, Amanda S. Bruce, John Crespi, Jayson L. Lusk, Brandon Mcfadden, Jared M. Bruce, Robin L. Aupperle, Seung-Lark Lim Jan 2015

Are Consumers As Constrained As Hens Are Confined? Brain Activations And Behavioral Choices After Informational Influence, Alex J. Francisco, Amanda S. Bruce, John Crespi, Jayson L. Lusk, Brandon Mcfadden, Jared M. Bruce, Robin L. Aupperle, Seung-Lark Lim

Economics Publications

In 2008, California passed Proposition 2, specifying confinement space for certain farm animals. Proposition 2 went into full effect January 2015 and has significant implications for egg production in California and possibly even interstate commerce. We examined the influence of promotional videos aired during the campaign on consumers’ willingness-to-pay for eggs produced in a more open production system (i.e., cage-free, free range) and corresponding neurofunctional activations during decisions. Forty-six participants (24 females), aged 18–55 years (M=29.65), were enrolled and performed a food decision-making task during fMRI scanning. In each decision, two options of identical one dozen ...


Critical Theory And The Limits Of Academic Economics: Resolving The Political In Piketty's Capital In The Twenty-First Century, Daniel A. Krier, Kevin S. Amidon Jan 2014

Critical Theory And The Limits Of Academic Economics: Resolving The Political In Piketty's Capital In The Twenty-First Century, Daniel A. Krier, Kevin S. Amidon

World Languages and Cultures Publications

This essay assesses the central arguments of Piketty’s Capital in the Twenty-First Century. We note Piketty’s limited engagement with and active distancing from the writings of Marx. Piketty’s location within the disciplinary boundaries of academic economics seems to have profoundly shaped his surprisingly apolitical analysis. Engagement with the political dimensions of capital is further constrained to increase the book’s influence upon policy. We analyze important limitations to Piketty’s work that result from these disciplinary constraints. Important politically implicated concepts, problems, and approaches that relate to Piketty’s substantial empirical work are: labor process studies, research ...


Odd Couple: International Trade And Labor Standards In History. By Michael Huberman. New Haven, Ct: Yale University Press, 2012. Pp. Xii, 237. $65.00, Cloth., Joshua L. Rosenbloom Dec 2012

Odd Couple: International Trade And Labor Standards In History. By Michael Huberman. New Haven, Ct: Yale University Press, 2012. Pp. Xii, 237. $65.00, Cloth., Joshua L. Rosenbloom

Joshua L. Rosenbloom

The years between 1870 and 1914 constituted a first episode of globalization, characterized by rising levels of international trade and robust economic growth. They were also, at least in Europe, the time when important elements of the welfare state—insurance against the risks of unemployment, sickness, industrial accidents, and old age—as well as labor protections—such as factory inspection and limits on the hours of work of women and children—were first introduced.


The Enduring Power Of Coase, Elizabeth Hoffman, Matthew L. Spitzer Nov 2011

The Enduring Power Of Coase, Elizabeth Hoffman, Matthew L. Spitzer

Economics Publications

By many measures, Ronald Coase has been among the most influential economists of the past 60 years. Why is this so? We suggest that Coase’s work has enduring appeal to and insight for social scientists in part because it addresses the biggest and most important social problems: How do we solve governance and coordination problems when limited information, common resource issues, and public good issues produce conflicts among several people at once? Any scholar who works on issues of corporate or common-pool governance, pollution, allocation of seats on legislative committees, regulation of systemic risk in financial markets, provision of ...


Freedom Bound: Law, Labor, And Civic Identity In Colonizing English America, 1580–1865. By Christopher Tomlins. Cambridge: Cambridge University Press, 2010. Pp. Xvi, 617. $115.00, Cloth; $36.99, Paper., Joshua L. Rosenbloom Jun 2011

Freedom Bound: Law, Labor, And Civic Identity In Colonizing English America, 1580–1865. By Christopher Tomlins. Cambridge: Cambridge University Press, 2010. Pp. Xvi, 617. $115.00, Cloth; $36.99, Paper., Joshua L. Rosenbloom

Joshua L. Rosenbloom

For proponents of institutional economics, laws are one of the humanly devised constraints that structure human interactions. Like other formal and informal constraints, they define the incentive structure of societies and economies. In Freedom Bound, Christopher Tomlins subtly shifts the emphasis, suggesting that we think of laws not simply as constraints but as a “technology” that provides “. . . a means by which designs, structures, institutions might be imagined, created, implemented, andimplanted” (p. 506). Viewed as technology, legal thought is both a tool enabling action and a constraint, channeling that action in specific directions.


Labor-Market Regimes In U.S. Economic History, Joshua L. Rosenbloom, William A. Sundstrom Jun 2009

Labor-Market Regimes In U.S. Economic History, Joshua L. Rosenbloom, William A. Sundstrom

Joshua L. Rosenbloom

In much economic analysis it is a convenient fiction to suppose that changes over time in wages and employment are determined by shifts in supply or demand within a more or less competitive market framework Indeed, this framework has been effectively deployed to understand many episodes in American economic history. We argue here, however, that by minimizing the role of labor-market institutions such an approach is incomplete. Drawing on the history of American labor markets over two centuries, we argue that institutions—by which we mean both formal and informal rules that constrain the choices of economic agents—have played ...


Commodity Exports, Invisible Exports And Terms Of Trade For The Middle Colonies, 1720 To 1775, Peter Mancall, Joshua L. Rosenbloom, Thomas J. Weiss Sep 2008

Commodity Exports, Invisible Exports And Terms Of Trade For The Middle Colonies, 1720 To 1775, Peter Mancall, Joshua L. Rosenbloom, Thomas J. Weiss

Joshua L. Rosenbloom

Economic historians of the eighteenth-century British mainland North American colonies have given considerable weight to the role of exports as a stimulus for economic growth. Yet their analyses have been handicapped by reliance on one or two time series to serve as indicators of broader changes rather than considering the export sector as a whole. Here we present new comprehensive export measures for the middle colonies. We find that aggregate exports in constant prices grew very quickly, but barely faster than population during the period under consideration. Furthermore, improvements in the terms of trade increased the colonists’ ability to buy ...


Using A Farmer's Beta For Improved Estimation Of Expected Yields, Miguel A. Carriquiry, Bruce Babcock, Chad E. Hart Apr 2008

Using A Farmer's Beta For Improved Estimation Of Expected Yields, Miguel A. Carriquiry, Bruce Babcock, Chad E. Hart

Economics Publications

Effects of sampling error in estimation of farmers' mean yields for crop insurance purposes and their implications for actuarial soundness are explored using farm- level corn yield data in Iowa. Results indicate that sampling error, combined with nonlinearities in the indemnity function, leads to empirically estimated insurance rates that exceed actuarially fair values. The difference depends on the coverage level, the number of observations used, and the participation strategy followed by farmers. A new estimator for mean yields based on the decomposition of farm yields into systemic and idiosyncratic components is proposed, which could lead to improved rate-making and reduce ...