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Full-Text Articles in Economic History

Health, Binge Drinking, And Labor Market Success: A Longitudinal Study On Young People, Shao Hsun Keng, Wallace E. Huffman Nov 1999

Health, Binge Drinking, And Labor Market Success: A Longitudinal Study On Young People, Shao Hsun Keng, Wallace E. Huffman

Economic Staff Paper Series

Health, like schooling, is a form of human capital and can be expected to be positively related to labor productivity and labor supply. The production of good health and labor productivity, however, sometimes competes with an individual's lifestyle, e.g., binge drinking. In this study, an individual's health has three dimensions: current health status, binge drinking which is an unhealthy lifestyle, and stature or mature height which is a young adult's health endowment. This study presents and fits a dynamic model of an individual's demand for health, demand for binge drinking, labor supply, and wage or ...


Estimation Of The Trend Model With Autoregressive Errors, Anindya Roy, Barry Falk, Wayne A. Fuller Jul 1999

Estimation Of The Trend Model With Autoregressive Errors, Anindya Roy, Barry Falk, Wayne A. Fuller

Economic Staff Paper Series

This paper is concerned with estimation and inference in a univariate p-th order autoregressive model with a time trend and, possibly, a unit root. Econometric interest in uni variate autoregressions is partly due to the direct benefits that are attainable from a better understanding of the time series structures of individual economic variables. In addition, developments in the study of univariate time series typically lead the way to developments in the study of multivariate time series models. There are two fundamental problems that complicate estimation and inference in autoregressive models with a possible unit root (i.e., AR/UR models ...


A General Approach For Estimating The Translog Function In The Presence Of Zero-Value Agruments, Quinn Weninger Dec 1998

A General Approach For Estimating The Translog Function In The Presence Of Zero-Value Agruments, Quinn Weninger

Economic Staff Paper Series

The transcendental logarithmic (translog) function is a familiar choice in applied econometric work. It has been shown to exhibit superior approximations to unknown direct and indirect economic objective functions (Driscoll; Guilkey, Knox Lovell and Sickles; Stem). Fitting the translog function to consumer or firm level micro-data can encounter zero values for some function arguments. For example, a subset of consumers may not purchase strictly positive quantities of all goods in a choice set, or firms may be observed to employ a subset of available inputs in production. Because the natural logarithm is undefined at zero, the translog function cannot be ...


Testing The Consistency Of Nested Logit Models With Utility Maximization, Joseph A. Herriges, Catherine L. Kling Sep 1994

Testing The Consistency Of Nested Logit Models With Utility Maximization, Joseph A. Herriges, Catherine L. Kling

Economic Staff Paper Series

The Nested Multinomial Logit (NMNL) model is used extensively in modeling consumer choices among discrete alternatives when the number of alternatives is large. Unfortunately, applied researchers often find that estimated NMNL models fail to meet the Daly-ZacharyMcFadden (DZM) sufficient conditions for consistency with stochastic utility maximization. Borsch-Supan (1990) provides a relaxed set of conditions to test for consistency. While these conditions are increasingly cited, they are seldom tested. This paper corrects and extends BorschSupan's Theorem 2, providing simple necessary conditions on first, second, and third derivatives of choice probabilities and a graph oft he bounds they place on dissimilarity ...


A Preliminary Study Of The Economic Implications From Court Service Delivery Consolidation In Rural Iowa: Phase I Report, Terry L. Raun, J.D. Edelman, Mark A. Edelman Feb 1994

A Preliminary Study Of The Economic Implications From Court Service Delivery Consolidation In Rural Iowa: Phase I Report, Terry L. Raun, J.D. Edelman, Mark A. Edelman

Economic Staff Paper Series

This report .is designed-to foster discussion among citizens, leaders and policymakers regarding an important public Issue of concern to lowans. Iowa State University" seeks to providie accurate research-based information on relevant issues and neither endorses nor opposes proposals regarding the issues analyzed. The research contained-herein was. conducted with partial, support from^ the Iowa Agriculture and:Home Economics Experiment Station :(TAHEES), the Iowa Cooperative 'Extension Service ,(CES). and funding frbm local officials in 40 Iowa counties.collected by. Rural. Counties Against Regionalization (RCAR). RCAR funding was solely-used for funding research assistance with the understanding that the goal of the project was ...


Iowa's Ethanol And Corn Milling Industries: Economic And Employment Impacts, Daniel M. Otto, Mark Imerman, Lee Kolmer Dec 1991

Iowa's Ethanol And Corn Milling Industries: Economic And Employment Impacts, Daniel M. Otto, Mark Imerman, Lee Kolmer

Economic Staff Paper Series

This paper studies the ethanol production industry in Iowa and its linkages to the overall corn milling industry in the state. The work was instigated by questions concerning the effects of tax abatements on ethanol blended fuels. While the direct incidence of tax abatement changes is not analyzed, the employment, production, and income effects of incremental changes in corn milling activity that result from changes in ethanol demand are investigated.


Executive Summary Of The Assessment Of The Iowa Franchise Investment Act, Senate File 522, Mark A. Edelman Dr. Sep 1991

Executive Summary Of The Assessment Of The Iowa Franchise Investment Act, Senate File 522, Mark A. Edelman Dr.

Economic Staff Paper Series

WHAT IS THE ECONOMIC IMPORTANCE: OF FRANCHISING? j :o- Overall sales exceeds $600 billion,-per. year^ accounting for more than a third of all retail sales in the United States. WHY DOES FRANCHISING DEVELOP? . ^ The business format franchise makes economic isense as a business formation strategy when a marketable business concept is developed but the developer . doesn't .have, access jto. all of the _necessary capital-to fully develop aiprofitable. manufacturing, wholesale, and retail system.


Economic Impact Of The Poultry Industry, Daniel M. Otto, Roger G. Ginder May 1991

Economic Impact Of The Poultry Industry, Daniel M. Otto, Roger G. Ginder

Economic Staff Paper Series

The Iowa economy (especially the rural economy) depends heavily on livestock production and income. Not only is farm level income and employment enhanced by livestock production but other rural businesses and their employees benefit as well. Although the poultry sector is not as large as some other livestock sectors it is growing in importance. This paper reports the results of effort to measure the economic effects of the poultry industry in terms of sales, profits'or wages and the number of jobs resulting from poultry production and poultry processing.


A Nonparametric Test For Independence Of A Multivariate Time Series, Khung G. Baek, William A. Brock Dec 1989

A Nonparametric Test For Independence Of A Multivariate Time Series, Khung G. Baek, William A. Brock

Economic Staff Paper Series

This paper develops a general nonparametric test for the null hypothesis that the vector of time series under scrutiny is temporally and cross sectionally independent. The null class of the models can be extended to include weak dependence. This test can be used to test the adequacy of a fitted model. As an application of the test we show how we test diagnostically a vector auto regressive model fitted to the given data. This procedure is legitimate because the first order asymptotic distribution of the test statistic is robust to the estimated residual vector.


Project Evaluation With Crowding Out Effects, H. Ike Van De Wetering Mar 1989

Project Evaluation With Crowding Out Effects, H. Ike Van De Wetering

Economic Staff Paper Series

Consider the technically feasible project (AX; AX^^; AX^) * Project output AX is achieved using a technology requiring the use of AX^ of input 1 and the quantity AX2 of input 2, If the project is scale neutral then we may write the technology of the project as (1; AX^^/^; ^2/^) where th latter ratios are input-output coefficients.-^ Both the scale and the input-output ratios are chosen autonomously but not arbitrarily. Typically the project output-input vector will reflect specific technological innovations such that it is not a subset of the currently known industry production function or technology set. The choice of ...


An Analysis Of Average And Marginal Costs Of Iowa School Districts, Mark A. Edelman Dr., James J. Knudsen Oct 1988

An Analysis Of Average And Marginal Costs Of Iowa School Districts, Mark A. Edelman Dr., James J. Knudsen

Economic Staff Paper Series

Companion reports the effects of declining enrollments and economies of size on per pupil expenditures; (S) various state aid formulas; (3) adjustment options for declining enrollment and economies of size and (4) expenditure patterns and other characteristics by school district size. This report analyzes average and marginal costs for Iowa school districts.


Solving, Estimating And Testing Nonlinear Stochastic Equilibrium Models, Bong-Soo Lee Aug 1987

Solving, Estimating And Testing Nonlinear Stochastic Equilibrium Models, Bong-Soo Lee

Economic Staff Paper Series

This paper describes a method for solving, estimating and testing a fully specified nonlinear stochastic equilibrium model by simulation in the context of an asset pricing model. A nonlinear stochastic asset pricing model with production and money is formulated, which aims to explain observed empirical relations between inflation and asset returns. Complete solution paths to the equilibrium model are generated through a back-jards mapping simulation method that does not call for any approximation procedures. The parameters of the model are estimated by simulation talking account of a broad range of dynamics of the model, and over-identifying restrictions of the model ...


A Comparison Of Iowa Swine Production With Its Competition, Chris Hillburn, James Kliebenstein, Emmett Stevermer, Larry Trede Jan 1987

A Comparison Of Iowa Swine Production With Its Competition, Chris Hillburn, James Kliebenstein, Emmett Stevermer, Larry Trede

Economic Staff Paper Series

There has been much discussion recently about changes occurring in the swine industry. The purpose of this study is to assess the competitive position of Iowa pork producers. A comparison of swine production efficiencies between Iowa producers and the competition is presented. In this report the competition is the highly intensified swine production systems.


The Supply Of New Agricultural Scientists By U.S. Land Grant Universities: 1920-1979, Wallace E. Huffman May 1986

The Supply Of New Agricultural Scientists By U.S. Land Grant Universities: 1920-1979, Wallace E. Huffman

Economic Staff Paper Series

The production of scientists by U.S. universities has become a major Industry during the second half of the 20th Century (Harmon; NSF 1983; Syverson). Furthermore, It has become clear that well-trained and motivated scientists are the source of most new Ideas leading to advances in science and technology that are the driving force behind modern economic growth (Kuznets 1972, 1977). The land-grant universities are the primary, although not exclu sive, source of trained scientists for U.S. agriculture. Most of the new agricultural scientists receive doctorates from departments that are closely affiliated with the agricultural experiment stations.


Economic Issues In Damage Estimation, Ted C. Schroeder, Marvin L. Hayenga May 1986

Economic Issues In Damage Estimation, Ted C. Schroeder, Marvin L. Hayenga

Economic Staff Paper Series

The size of damage awards in court cases has become a major concern of ,1 i , ^ the insurance industry, of many persons, corporations, and local governments unable to insure themselves economically, and state and federal legislative bodies. The accuracy and equity of estimated damages and corresponding awards have the greatest impact on the plaintiffs and defendants involved in business liability or personal injury cases, but can also play a role in prolonging litigation when estimates of damages differ greatly, even though liability is clearly established. After liability is established in the courts for losses sustained due to the actions of ...


Unanticipated Money Supply Growth And Single-Family Housing Starts In The U.S.: 1964-1977, Barry Falk Aug 1984

Unanticipated Money Supply Growth And Single-Family Housing Starts In The U.S.: 1964-1977, Barry Falk

Economic Staff Paper Series

The role of the Federal Reserve's monetary policy in the propagation of cycles in residential construction has long been a subject of interest to economists. This paper considers the hypothesis that it is only the uniahticipated component of money supply growth that affects built-for-sale, single-family housing starts in the United States'. Using quarterly data for the 1964-1977 period, tests similar to those performed by Barro [1977] and others on broader macroeconomic variables are shown to support this hypothesis.


The Role Of The Public Sector In Corn Inbred Line Development, Wallace E. Huffman Aug 1984

The Role Of The Public Sector In Corn Inbred Line Development, Wallace E. Huffman

Economic Staff Paper Series

Starting largely in the .1930s, open-pollinated corn varieties were replaced by hybrid corn varieties. The pollen source is not controlled in open-pollinated varieties, so no two plants of a variety are likely to be identical in genotype or performance characteristics. Hybrids rapidly replaced open-pollinated varieties when hybrids were developed that had consistently superior performance (largely yield) characteristics (Griliches 1957, Dixon 1980).


Efficient Market Responses To Error- Ridden Money Supply Announcements, Peter Orazem, Barry Falk Jul 1984

Efficient Market Responses To Error- Ridden Money Supply Announcements, Peter Orazem, Barry Falk

Economic Staff Paper Series

This study introduces a model of optimal market response to announced estimates of changes in economic aggregates when the estimates are known to be subject to error. We show that under fairly general conditions, rational economic agents will not take the announcements at face value, but will attempt to extract their own perception of the true change conditional on the announcement. Ignoring this signal extraction process can lead to incorrect conclusions regarding the behavioral response of asset prices to money supply shocks. The model is shown to be consistent with the data on the response of interest rates to money ...


The Production Of Scientists For U.S. Agriculture By Land-Grant Universities: 1920-1980, Wallace E. Huffman Mar 1984

The Production Of Scientists For U.S. Agriculture By Land-Grant Universities: 1920-1980, Wallace E. Huffman

Economic Staff Paper Series

The production of scientists by'U.S.' universities has become a major industry during the second half of Che 20th century.- Furthermore- it'has become clear that well trained and motivated' scientists are the source of most new ideas leading to advances in science.and technology that are the driving force 'behind modern economic -growth (Kuznets). The land—grant . universities are'the primary but not exclusive source of trained scientists for U.S. agriculture.' The production of-agricultural scientists in. these universities is centered in departments -affiliated with the agricultural • experiment stations; Furthermore, the training of scientists is one among several ...


Tests Of Efficiency And Unbiasedness Of The Livingston Price Expectations, John R. Schroeter, Scott L. Smith Jan 1984

Tests Of Efficiency And Unbiasedness Of The Livingston Price Expectations, John R. Schroeter, Scott L. Smith

Economic Staff Paper Series

The Livingston survey data have been subjected to numerous tests of the rationality of expectations. The empirical strategies of each of these pre vious efforts is, however, flawed in one way or another. Here we remedy these shortcomings by recognizing and correcting for the problems of overlap ping forecast intervals and heteroscedasticity in the forecast errors. The principal empirical findings are that the hypotheses of unbiasedness and efficiency can be rejected for the CPI forecasts but not for the PPI fore casts. There seems also to be some tendency for survey panel members to underestimate the inflationary effects of recent ...


A Theory Of Future's Market Responses To Government Crop Forecasts, Barry Falk, Peter F. Orazem Jan 1984

A Theory Of Future's Market Responses To Government Crop Forecasts, Barry Falk, Peter F. Orazem

Economic Staff Paper Series

Recently, there has been considerable debate in the government, business and academic communities regarding the value, accuracy, frequency and necessity of government crop forecasts. This debate has intensified due to several developments. The first is the recent trend toward slowing the growth in non-defense public sector expenditures. As the federal budget has been stretched tighter, some information activities have been curtailed. These cutbacks have coincided with a second, not necessarily uncorrelated, development; the increased sophistication of private information collection activities. Private firms now partially duplicate government efforts to disseminate information on, and predictions of, crop forecasts.


Intergenerational Consumer Welfare In Dynamic Commodity Markets, Greg Hertzler May 1983

Intergenerational Consumer Welfare In Dynamic Commodity Markets, Greg Hertzler

Economic Staff Paper Series

In conunodity markets, both prices and the cohorts of con sumers change over time. Previous stabilization literature applied to changing generations incorporates a preference for inequity, does not require those generations who gain from lower prices to compensate those who lose, and assumes instability which preserves arithmetic mean prices. This paper examines preferences for both equity and specific forms of inequity, en forces actual Income compensation to make the Pareto criterion applicable, and Includes both arithmetic and geometric mean preserving price instability. Previous stabilization conclusions are recast into a dynamic context and new ordinal criteria based upon demand and expenditure ...


Game-Theoretic Remarks On Gibbard's Libertarian Social Choice Functions, Roy Gardner Jan 1980

Game-Theoretic Remarks On Gibbard's Libertarian Social Choice Functions, Roy Gardner

Economic Staff Paper Series

Gibbard [4) has recently introduced a Pareto-consistent libertarian claim, designed to explicate Sen's Liberal Paradox [9]. The question this paper asks is whether all—or any—social choice functions satisfying Gibbard's claim are worthily of libertarian approval. This paper argues that there is a unique such social choice function.


Stability, Random Disturbances, And The Exchange Rate Regime, Walter Enders, Harvey E. Lapan Jul 1979

Stability, Random Disturbances, And The Exchange Rate Regime, Walter Enders, Harvey E. Lapan

Economic Staff Paper Series

Economists have long debated the relative merits of fixed versus flexible exchange rate systems. One of the major issues in this debate concerns the ability of the exchange rate system to isolate a nation from external disturbances: see for example, papers by Mundell (1960), Stern (1963), Tower and Courtney (1974), and Enders (1977), Fischer , (1977) added another dimension to the controversy by examining the relative stability of real consumption and prices, assuming that the economy is subject to stochastic disturbances. His principle conclusion for the small open economy is that if disturbances are . external, then a flexible exchange rate regime ...


Imports And Import Functions For Brazil, 1953-1970, Richard Weisskoff Feb 1979

Imports And Import Functions For Brazil, 1953-1970, Richard Weisskoff

Economic Staff Paper Series

Throughout the postwar period, the Brazilian economy has swung violently through phases which have been described first as the rise and the decline of import substitution, and then, after even more severe economic contraction and political counter-revolution, an explosion of growth known as the "Brazilian miracle." All during this period, Brazil has relied on its exchange markets and protective structure to ration its constricted import capacity among competing users. While other import-substituting countries have turned more exclusively to discretionary quotas and licensing...


Saving For Justice, Roy Gardner Jan 1979

Saving For Justice, Roy Gardner

Economic Staff Paper Series

One of the central issues of welfare macroeconomics is, How much ought I a nation to save? The classic answer of Ramsey [11], that savings is optimal if it maximizes the integral of utility over time subject to the national income constraint, has guided research in the area for half a century. Recently this dominion of utilitarianism has come under scrutiny. Mirrlees, for instance, has shown how Ramsey's rule breaks down in the presence of technical change and population growth. Moreover, if the scope of the question is not merely efficiency but also justice, the whole framework of utility ...


Stochastic Disturbances, Nontraded Goods And The Choice Of The Exchange Regime, Harvey E. Lapan, Walter Enders Jan 1979

Stochastic Disturbances, Nontraded Goods And The Choice Of The Exchange Regime, Harvey E. Lapan, Walter Enders

Economic Staff Paper Series

Past research has argued that, in the presence of disturbances, the choice of an exchange regime depend,s upon: i) the source of disturbances and ii) the openness of the economy. In this paper we demonstrate that, when all goods are tradeable, the source of disturbances is unimportant, whereas attitudes towards risk are of fundamental importance in choosing regimes. Further, we show that, when nontraded goods are present, the degree of commodity sustainability is crucial. Somewhat surprisingly, we also demonstrate that the more closed an economy is, the more likely it is that fixed rates are preferable.


Economic Considerations In Measurement Of Economic Value Of Genotypes, George W. Ladd May 1978

Economic Considerations In Measurement Of Economic Value Of Genotypes, George W. Ladd

Economic Staff Paper Series

The questions, "What's a better animal. (or seed) worth?" and "What makes one animal (or seed) worth more than another?" are faced regularly by animal and plant breeders when they select animals or seeds to use in breed improvement programs. Answering the question is complicated by two facts. (a) A strain of animals or seeds that is superior in some of the traits it will pass on to its offspring may be only average or inferior in other traits. (b) Because some pairs of traits have negative genetic cor relations, breeding to improve one trait may degrade another trait ...


Frank Albert Fetter On The Business Cycle, Gerald P. O'Driscoll Jr. Mar 1978

Frank Albert Fetter On The Business Cycle, Gerald P. O'Driscoll Jr.

Economic Staff Paper Series

Frank Albert Fetter (1863-1949) was one of the most distinguished American economists of his generation. Past president of the A.E.A. (1912), frequent contributor to the major journals and frequent participant at A.E.A. sessions. Fetter was a leader of an American School of economists who were responsible for gaining international recognition for U.S. economists. Fetter and the other major figures in this school, which included, inter alia» J. B. Clark, Henry Davenport, and Irving Fisher, not only advanced the new marginal utility theory but also engaged in frequent debates among themselves. These debates frequently centered on ...


Was Carl Menger A Neoclassical Economist?, Gerald P. O'Driscoll Apr 1977

Was Carl Menger A Neoclassical Economist?, Gerald P. O'Driscoll

Economic Staff Paper Series

The title of this paper was chosen both for pedagogic and for rhetorical reasons. On the face of it, the title makes little sense. For "everyone knows" that the three great neoclassical economists were Jevons, Menger and Waliras. Their joint contribution was the development of marginal analysis. Walras specifically emphasized general equilibrium analysis. Marshall synthesized the new econoiid.cs, or neoclassical economics, with the insights of Ricardian orthodoxy, and developed a new orthodox that reigned in the Anglo-Saxon world until the thirties, when Hicks and Alien reintroduced Walraslan and Paretian ideas.