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Articles 1 - 30 of 234

Full-Text Articles in Other Economics

Optimal Investment To Control “Red Air Day” Episodes: Lessons From Northern Utah, Usa, Arthur Caplan, Ramjee Acharya Jan 2020

Optimal Investment To Control “Red Air Day” Episodes: Lessons From Northern Utah, Usa, Arthur Caplan, Ramjee Acharya

Arthur J. Caplan

We address the issue of optimal investment in “preventative capital” to mitigate episodic, mobile-source air pollution events by calibrating an endogenous-risk model with parameter estimates obtained from a unique dataset related to "red air day" episodes occurring during the winter months in Northern Utah. Our analysis demonstrates that, under a wide range of circumstances, the optimal steady-state level of preventative capital stock – raised through the issuance of a municipal “clean air bond” that provides foundational funding for more aggressive mitigation efforts – can meet the standard for PM2.5 concentrations with positive social net benefits. We estimate benefit-cost ratios ranging between ...


Control Of Episodic Air Pollution In Utah’S Wasatch Front Region Through Investment In Preventative Capital, Arthur Caplan, Ramjee Acharya Dec 2019

Control Of Episodic Air Pollution In Utah’S Wasatch Front Region Through Investment In Preventative Capital, Arthur Caplan, Ramjee Acharya

Arthur J. Caplan

We address the issue of optimal investment in “preventative capital” to mitigate episodic, mobile-source air pollution events in Utah’s Wasatch Front region. We calibrate Berry et al.'s (2015) endogenous-risk model using a unique dataset related to the region’s "red air day" episodes occurring over the past decade. Our analysis demonstrates that, under a wide range of circumstances, the optimal steady-state level of preventative capital stock – raised through the issuance of a municipal “clean air bond” that can be used to fund more aggressive mitigation efforts – meets the standard for PM2.5 concentrations with positive social net benefits ...


An Analysis Of The Effects Of Financial Education On Financial Literacy And Financial Behaviors, Jamie Wagner Sep 2019

An Analysis Of The Effects Of Financial Education On Financial Literacy And Financial Behaviors, Jamie Wagner

Jamie Wagner

This study estimates how financial education affects a person’s financial literacy score, short-term financial behaviors, and long-term financial behaviors using data from the 2012 National Financial Capability Study (NFCS). There are seven categories of financial education—high school, college, employer, high school and college, high school and employer, college and employer, and combinations of all three courses—to estimate the effectiveness of financial education. This course detail has not been studied in previous literature about financial education.

Financial education has a positive relationship with a person’s financial literacy score. Splitting the sample into groups based on education and ...


Optimal Vehicle Use In The Presence Of Episodic Mobile-Source Air Pollution, Arthur Caplan, Ramjee Acharya May 2019

Optimal Vehicle Use In The Presence Of Episodic Mobile-Source Air Pollution, Arthur Caplan, Ramjee Acharya

Arthur J. Caplan

This paper develops a conceptual model of vehicle trips in a region plagued by weather-dependent, mobilesource
air pollution, and numerically estimates optimal trips for one of the nation’s perennially worst air quality
regions in terms of short-term particulate matter. Based upon data-driven parameters and damage estimates,
our numerical model generates optimal values for region-wide vehicle trips and associated PM2:5 concentrations
along with their corresponding time paths. Our dataset includes a host of pertinent weather variables that determine PM2:5 concentrations both independently as well as interacted with vehicle trips. As a result, our empirical model enables us to ...


How Corporate Governance Is Made: The Case Of The Golden Leash, Matthew D. Cain, Jill E. Fisch, Sean J. Griffith, Steven Davidoff Solomon Oct 2017

How Corporate Governance Is Made: The Case Of The Golden Leash, Matthew D. Cain, Jill E. Fisch, Sean J. Griffith, Steven Davidoff Solomon

Steven Davidoff Solomon

This Article presents a case study of a corporate governance innovation—the incentive compensation arrangement for activist-nominated director candidates colloquially known as the “golden leash.” Golden leash compensation arrangements are a potentially valuable tool for activist shareholders in election contests. In response to their use, several issuers adopted bylaw provisions banning incentive compensation arrangements. Investors, in turn, viewed director adoption of golden leash bylaws as problematic and successfully pressured issuers to repeal them. The study demonstrates how corporate governance provisions are developed and deployed, the sequential response of issuers and investors, and the central role played by governance intermediaries—activist ...


I Share, Therefore It's Mine, Donald J. Kochan Apr 2017

I Share, Therefore It's Mine, Donald J. Kochan

Donald J. Kochan

Uniquely interconnecting lessons from law, psychology, and economics, this article aims to provide a more enriched understanding of what it means to “share” property in the sharing economy. It explains that there is an “ownership prerequisite” to the sharing of property, drawing in part from the findings of research in the psychology of child development to show when and why children start to share. They do so only after developing what psychologists call “ownership understanding.” What the psychological research reveals, then, is that the property system is well suited to create recognizable and enforceable ownership norms that include the rights ...


Determinants Of Homeownership Among Immigrants: Changesduring The Great Recession And Beyond, Kusum Mundra, Ruth Uwaifo Oyelere Dec 2016

Determinants Of Homeownership Among Immigrants: Changesduring The Great Recession And Beyond, Kusum Mundra, Ruth Uwaifo Oyelere

Ruth Uwaifo Oyelere

No abstract provided.


Liu And Shi (2017) - Impact Of Bike Facilities On Residential Property Prices (Trr).Pdf, Jenny H. Liu, Wei Shi Dec 2016

Liu And Shi (2017) - Impact Of Bike Facilities On Residential Property Prices (Trr).Pdf, Jenny H. Liu, Wei Shi

Jenny Liu

As many cities are investing in street improvements or transportation infrastructure upgrades to provide better bike access or more complete bike networks, the economic value of bike infrastructure and bike facilities remains an area where many practitioners, planners and policy makers are seeking more conclusive evidence. Using residential property values as indicators of consumer preferences for bicycle infrastructure, many scholars have shown the importance of greenspaces and off-street bike trails as valuable amenities to property owners. However, empirical evidence regarding the relationship of on-street bike facilities and property values remains relatively inconsistent.
                                                                                                  
This study uniquely focuses on advanced bike facilities ...


An 8-Zone Test System Based On Iso New England Data: Development And Application, Dheepak Krishnamurthy, Wanning Li, Leigh Tesfatsion Dec 2016

An 8-Zone Test System Based On Iso New England Data: Development And Application, Dheepak Krishnamurthy, Wanning Li, Leigh Tesfatsion

Leigh Tesfatsion

This study develops an open-source 8-zone test system for teaching, training, and research purposes that is based on ISO New England structural attributes and data. The test system models an ISO-managed wholesale power market populated by a mix of generating companies and load-serving entities that operates through time over an 8-zone AC transmission grid. The modular extensible architecture of the test system permits a wide range of sensitivity studies to be conducted. To illustrate the capabilities of the test system, we report energy cost-savings outcomes for a comparative study of stochastic versus deterministic DAM security constrained unit commitment (SCUC) formulations ...


Active Intermediation In Overlapping Generations Economies With Production And Unsecured Debt, Mark Pingle, Leigh Tesfatsion Dec 2016

Active Intermediation In Overlapping Generations Economies With Production And Unsecured Debt, Mark Pingle, Leigh Tesfatsion

Leigh Tesfatsion

It is well known that the first welfare theorem can fail for overlapping generations economies with private production and unsecured debt. This paper demonstrates that the reason for this failure is that intermediation is modeled as a purely passive coordination activity implemented by a Walrasian Auctioneer. When intermediation is modeled instead as a contestable activity carried out by a corporate intermediary owned by consumer-shareholders and operated in their interest, every equilibrium is Pareto efficient. In broader terms, these findings caution that the inefficiency observed in standard modelings of overlapping generations economies may not be the reflection of an intrinsic market ...


Improving Spatio-Temporal Benefit Transfers For Pest Control By Generalist Predators In Cotton In The Southwestern Us, Ruscena Wiederholt, Kenneth J. Bagstad, Gary F. Mccracken, Jay E. Diffendorfer, John B. Loomis, Darius J. Semmens, Amy L. Russell, Chris Sansone, Kelsie Lasharr, Paul Cryan, Claudia Reynoso, Rodrigo A. Medellin, Laura Lopez-Hoffman Oct 2016

Improving Spatio-Temporal Benefit Transfers For Pest Control By Generalist Predators In Cotton In The Southwestern Us, Ruscena Wiederholt, Kenneth J. Bagstad, Gary F. Mccracken, Jay E. Diffendorfer, John B. Loomis, Darius J. Semmens, Amy L. Russell, Chris Sansone, Kelsie Lasharr, Paul Cryan, Claudia Reynoso, Rodrigo A. Medellin, Laura Lopez-Hoffman

Amy L. Russell

Given rapid changes in agricultural practice, it is critical to understand how alterations in ecological, technological, and economic conditions over time and space impact ecosystem services in agroecosystems. Here, we present a benefit transfer approach to quantify cotton pest-control services provided by a generalist predator, the Mexican free-tailed bat (Tadarida brasiliensis mexicana), in the southwestern United States. We show that pest-control estimates derived using (1) a compound spatial-temporal model - which incorporates spatial and temporal variability in crop pest-control service values - are likely to exhibit less error than those derived using (2) a simple-spatial model (i.e., a model that extrapolates ...


The Role Of Fringe Benefits In Operator Off-Farm Labor Supply, Helen H. Jensen, Priscilla Salant Oct 2016

The Role Of Fringe Benefits In Operator Off-Farm Labor Supply, Helen H. Jensen, Priscilla Salant

Helen Jensen

The last thirty years have seen a major shift in the share of total compensation paid to workers in the form of nonwage fringe benefits, that is, payments in a form other than currently spendable cash (Chen). Fringe benefits have become increasingly important because they are a source of income that receives preferential tax treatment, and can often be offered at group savings, as in the case of purchase oflife and health insurance.


Consumer Choices And Welfare Gains From New, Healthy Products: A Virtual Prices Approach, Sonya K. Huffman, Ariun Ishdorj, Helen H. Jensen Oct 2016

Consumer Choices And Welfare Gains From New, Healthy Products: A Virtual Prices Approach, Sonya K. Huffman, Ariun Ishdorj, Helen H. Jensen

Sonya Huffman

This paper models consumer food choices with respect to different margarine and spread brands that include a new healthy brand. The results show that the older and smaller size households with higher income and higher education are more likely to purchase the healthy brand. An Almost Ideal Demand System for six brands was estimated and the coefficients were used to calculate price and brand expenditure elasticities in order to examine the responsiveness of the consumers to economic variables.


Combine Harvester Econometric Model With Forward Speed Optimization, Nathan E. Isaac, Graeme R. Quick, Stuart J. Birrell, William M. Edwards, Bruce A. Coers Jul 2016

Combine Harvester Econometric Model With Forward Speed Optimization, Nathan E. Isaac, Graeme R. Quick, Stuart J. Birrell, William M. Edwards, Bruce A. Coers

William Edwards

A combine harvester econometric simulation model was developed with the goal of matching the combine forward speed to the maximum harvested net income per acre. The model considers the machinery management costs of owning a combine and platform header for harvesting wheat. A statistical Design of Experiment (DOE) was used to evaluate the model using tri-level variables; the medium values constituted the model base case. Of the 27 input variables, the optimum speed was significantly influenced by the crop area, G/MOG ratio, grain unit price, field yield, field efficiency, grain moisture content, probability of a working day in the ...


Combine Harvester Econometric Model With Forward Speed Optimization, Nathan E. Isaac, Graeme R. Quick, Stuart J. Birrell, William M. Edwards, Bruce A. Coers Jul 2016

Combine Harvester Econometric Model With Forward Speed Optimization, Nathan E. Isaac, Graeme R. Quick, Stuart J. Birrell, William M. Edwards, Bruce A. Coers

William Edwards

A combine harvester econometric simulation model was developed with the goal of matching the combine forward speed to the maximum harvested net income per acre. The model considers the machinery management costs of owning a combine and platform header for harvesting wheat. A statistical Design of Experiment (DOE) was used to evaluate the model using tri-level variables; the medium values constituted the model base case. Of the 27 input variables, the optimum speed was significantly influenced by the crop area, G/MOG ratio, grain unit price, field yield, field efficiency, grain moisture content, probability of a working day in the ...


Combine Harvester Econometric Model With Forward Speed Optimization, Nathan E. Isaac, Graeme R. Quick, Stuart J. Birrell, William M. Edwards, Bruce A. Coers Jul 2016

Combine Harvester Econometric Model With Forward Speed Optimization, Nathan E. Isaac, Graeme R. Quick, Stuart J. Birrell, William M. Edwards, Bruce A. Coers

William Edwards

A combine harvester econometric simulation model was developed with the goal of matching the combine forward speed to the maximum harvested net income per acre. The model considers the machinery management costs of owning a combine and platform header for harvesting wheat. A statistical Design of Experiment (DOE) was used to evaluate the model using tri-level variables; the medium values constituted the model base case. Of the 27 input variables, the optimum speed was significantly influenced by the crop area, G/MOG ratio, grain unit price, field yield, field efficiency, grain moisture content, probability of a working day in the ...


Exploring The Relationship Between Agricultural Electricity Consumption And Output: New Evidence From Turkish Regional Data, Eyup Dogan, Maamar Sebri, Berna Turkekul May 2016

Exploring The Relationship Between Agricultural Electricity Consumption And Output: New Evidence From Turkish Regional Data, Eyup Dogan, Maamar Sebri, Berna Turkekul

Maamar Sebri

This study investigates the relationship between agricultural electricity consumption and agricultural output for a panel of 12 regions of Turkey for the period 1995–2013. In order to reveal the possible heterogeneity between regions, empirical analyses are conducted for the whole panel data and two sub-groups within the panel data; namely, coastal regions and non-coastal regions. The results from several panel unit root tests indicate that electricity consumption and output are stationary process at their levels for overall panel and the two specific groups. By using the OLS with regional fixed effects, this study finds that coefficient estimate of electricity ...


Sources Of Gender Difference In Rural To Urban Migration In Kenya: Does Human Capital Matter?, Richard U. Agesa, Jacqueline Agesa Apr 2016

Sources Of Gender Difference In Rural To Urban Migration In Kenya: Does Human Capital Matter?, Richard U. Agesa, Jacqueline Agesa

Jacqueline Agesa

Using data from Kenya this article estimates the urban to rural gender gap in the rate of migration and then decomposes the gap into the explained portion and the portion due to gender differences in coefficients. The former is further decomposed to unveil the relative influence of each explanatory variable on the explained portion of the gender gap in the rate of migration. A non-trivial finding suggests that human capital variables may exert the strongest influence on gender differences in migration, partially explaining the higher incidence of male migration.


Sources Of Gender Difference In Rural To Urban Migration In Kenya: Does Human Capital Matter?, Richard U. Agesa, Jacqueline Agesa Apr 2016

Sources Of Gender Difference In Rural To Urban Migration In Kenya: Does Human Capital Matter?, Richard U. Agesa, Jacqueline Agesa

Jacqueline Agesa

Using data from Kenya this article estimates the urban to rural gender gap in the rate of migration and then decomposes the gap into the explained portion and the portion due to gender differences in coefficients. The former is further decomposed to unveil the relative influence of each explanatory variable on the explained portion of the gender gap in the rate of migration. A non-trivial finding suggests that human capital variables may exert the strongest influence on gender differences in migration, partially explaining the higher incidence of male migration.


Testimony Of John M. Abowd Before The House Committee On Energy And Commerce, Subcommitte On Commerce, Manufacturing And Trade, United States House Of Representatives, John Abowd, Lars Vilhuber Feb 2016

Testimony Of John M. Abowd Before The House Committee On Energy And Commerce, Subcommitte On Commerce, Manufacturing And Trade, United States House Of Representatives, John Abowd, Lars Vilhuber

Lars Vilhuber

We focus attention on gross flows in the labor market and their role in economic reallocation. Economists distinguish between movements of individuals (gross worker flows) and those associated with businesses (gross job flows). The gross worker flows are accessions (hiring and recalls) and separations (quits, layoffs, retirements, and firings). The gross job flows are creations (increases in the employment of a given business establishment) and destructions (decreases in employment of a given business establishments). In our testimony, we discuss the different flows and the regional variation therein over the last recession.


Gop Denying Women Basic Economic Rights, Alev Dudek Nov 2015

Gop Denying Women Basic Economic Rights, Alev Dudek

Alev Dudek

As the self-identified party of small government and “maximum economic freedom and the prosperity freedom makes possible,” Republicans have been working hard to restrict women’s rights and coerce them to conform to traditional roles, such as abstaining from sex until marriage, getting married, having babies, and ideally, relying on their husbands to support them. Their opposition to paycheck fairness bills is consistent with these efforts. Although, the pay gap is in contradiction with encouraging productivity, economic activity, and the American Dream that the GOP is allegedly trying to promote or restore. 


Private Value Determinations And The Potential Effect On The Future Of Research And Development, Amy L. Landers Jul 2015

Private Value Determinations And The Potential Effect On The Future Of Research And Development, Amy L. Landers

Amy L. Landers

Although the promise of an emerging patent market is thought to provide future benefits to invention, innovation, and the public, this essay examines the possibility that the aggregate influence of this activity could instead destabilize patent values in a manner that mirrors the "bubble" phenomenon that occurred in certain markets in the past. To the extent that this occurs, this would destabilize the patent system and might have negative consequences for the future of investment in research, development and innovation.


Underdogs Are Man’S Best Friend: A Test Of Football Market Efficiency, Ladd Kochman, Randy Goodwin Jul 2015

Underdogs Are Man’S Best Friend: A Test Of Football Market Efficiency, Ladd Kochman, Randy Goodwin

Ladd Kochman

Two mechanical betting rules that had exposed biases in previous studies were applied to National Football League games for the five consecutive seasons ending with the 2003 Super Bowl. Although bets on home teams produced only break-even results, wagers on underdogs posed a serious challenge to the efficient market hypothesis. One possible explanation is that favorites are no less “public” in the minds of bettors than IBM, GE, and the like are public in the minds of investors and may therefore be the victims of inflated expectations and point spreads.


Pricing Inefficiencies In The Football-Betting Market, Ladd Kochman, Ravija Badarinathi Jul 2015

Pricing Inefficiencies In The Football-Betting Market, Ladd Kochman, Ravija Badarinathi

Ladd Kochman

Since Pankoff (Journal of Business, 1968), investment writers have recognized that bets on the outcome of football games provide an unusually direct test of pricing efficiency by market consensus. In a football context, prices are proxied by pointspreads (values ranging from 1 to 50+, which represent the bettors' expectations regarding the stronger team's victory margin). Efficiency refers to the impossibility of using betting rules based on past performance or information not discounted by the spread to win consistently.


That Used To Be Us: Through The Eyes Of The Aviation Industry, Kelly A. Whealan-George Jan 2015

That Used To Be Us: Through The Eyes Of The Aviation Industry, Kelly A. Whealan-George

Kelly Whealan George

The U.S. economic success was rooted in an industrial policy which had five pillars of a prosperity formula that served as a catalyst for development and growth: 1) public/private cooperation on education, 2) immigration policy, 3) infrastructure, 4) risk/capital management, and 5) government-funded scientific research. In this paper, the development and growth of the aviation industry is viewed in the framework of such a prosperity formula in order to face the four areas that the entire economy will need to face in the current market in order to be competitive in the global market in the 21st ...


Economic Modeling To Improve Estimates Of The Benefits Of Safety Management Systems, Kelly A. Whealan-George Jan 2015

Economic Modeling To Improve Estimates Of The Benefits Of Safety Management Systems, Kelly A. Whealan-George

Kelly Whealan George

Safety Management Systems (SMS) in aviation have the potential to minimize costs, protect profits, and increase shareholder value. However, a gap exists in SMS research between the acknowledged safety benefits of SMS and the identified economic benefits. In the current competitive marketplace, SMS will need to demonstrate economic viability through modeling before industry leaders are likely to adopt a voluntary process. This paper reviews the literature related to a variety of possible economic models applicable to measuring the benefits of the application and implementation of SMS in aviation organizations. While the ultimate goal is to increase safety, the utilization of ...


Disentangling Disadvantage: Can We Distinguish Good Teaching From Classroom Composition?, Gema Zamarro, John Engberg, Juan Saavedra, Jennifer Steele Dec 2014

Disentangling Disadvantage: Can We Distinguish Good Teaching From Classroom Composition?, Gema Zamarro, John Engberg, Juan Saavedra, Jennifer Steele

Gema Zamarro

This article investigates the use of teacher value-added estimates to assess the distribution of effective teaching across students of varying socioeconomic disadvantage in the presence of classroom composition effects. We examine, via simulations, how accurately commonly used teacher value-added estimators recover the rank correlation between true and estimated teacher effects and a parameter representing the distribution of effective teaching. We consider various scenarios of teacher assignment, within-teacher variability in classroom composition, the importance of classroom com- position effects, and the presence of student unobserved heterogeneity. No single model recovers without bias estimates of the distribution parameter in all the scenarios ...


Non-Myopic Negotiators See What's Best, Yair Zick, Yoram Bachrach, Ian Kash, Peter Key Dec 2014

Non-Myopic Negotiators See What's Best, Yair Zick, Yoram Bachrach, Ian Kash, Peter Key

Yair Zick

No abstract provided.


Financial Market Efficiency Should Be Gauged In Relative Rather Than Absolute Terms, Sergio Da Silva Dec 2014

Financial Market Efficiency Should Be Gauged In Relative Rather Than Absolute Terms, Sergio Da Silva

Sergio Da Silva

Economists assess the efficiency of financial markets in absolute, all-or-nothing terms. However, this is at odds with a no-nonsense physics approach. Here, I describe how the relative efficiency of markets can be gauged taking advantage of algorithmic complexity theory. This is not physics-envy because the approach is superior in considering the proper randomness present in complex financial markets.


It's All In The Mail: The Economic Geography Of The German Empire, Florian Ploeckl Dec 2014

It's All In The Mail: The Economic Geography Of The German Empire, Florian Ploeckl

Florian Ploeckl

Information exchange is a necessary prerequisite for economic exchange over space. This relationship implies that information exchange data corresponds to the location of economic activity and therefore also of population. Building on this relationship we use postal data to analyse the spatial structure of the population distribution in the German Empire of 1871. In particular we utilize local volume data of a number of postal information transmission services and a New Economic Geography model to create two index measures, Information Intensity and Amenity. These variables respectively influence the two mechanisms behind the urban population distribution, namely agglomeration forces and location ...