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Full-Text Articles in Other Economics

Make It Too Difficult And I’Ll Give-Up; Let Me Succeed And I’Ll Excel: The Interaction Between Assigned And Personal Goals, James Fan, Joaquin Gomez-Minambres, Samuel Smithers Oct 2019

Make It Too Difficult And I’Ll Give-Up; Let Me Succeed And I’Ll Excel: The Interaction Between Assigned And Personal Goals, James Fan, Joaquin Gomez-Minambres, Samuel Smithers

ESI Working Papers

We examine the motivational effects of setting both assigned and personal non-binding goals on a real effort laboratory experiment. In order to derive conjectures for our experiment, we develop a model with goal-dependent preferences. In line with previous studies, we find that goal setting leads to a higher performance. We also find that goal-setting is most effective if subjects were able to achieve previous goals. Therefore, in goal setting, “success breeds success”. In particular, we observe that when subjects are initially allowed to attain assigned goals, they are better at self-motivating in the future when performing under personal goals.


Investment Choice Architecture In Trust Games: When “All-In” Is Not Enough, Joaquin Gómez-Miñambres, Eric Schniter, Timothy W. Shields Oct 2019

Investment Choice Architecture In Trust Games: When “All-In” Is Not Enough, Joaquin Gómez-Miñambres, Eric Schniter, Timothy W. Shields

ESI Working Papers

While many economic interactions feature “All-or-Nothing” options nudging investors towards going “all-in”, such designs may unintentionally affect reciprocity. We manipulate the investor’s action space in two versions of the “trust game”. In one version investors can invest either “all” their endowment or “nothing”. In the other version, they can invest any amount of the endowment. Consistent with our intentions-based model, we show that "all-or-nothing” designs coax more investment but limit investors’ demonstrability of intended trust. As a result, “all-in” investors are less generously reciprocated than when they can invest any amount, where full investments are a clearer signal of ...


Give Me A Challenge Or Give Me A Raise, Aleksandr Alekseev Sep 2019

Give Me A Challenge Or Give Me A Raise, Aleksandr Alekseev

ESI Working Papers

I study the effect of task difficulty on workers' effort and compare it to the effect of monetary rewards in an incentivized lab experiment. I find that task difficulty has an inverse-U effect on effort, and that this effect is quantitatively large when compared to the effect of conditional monetary rewards. Difficulty acts as a mediator of monetary rewards: conditional rewards are most effective at the intermediate or high levels of difficulty. I show that the inverse-U pattern of effort response to difficulty is not consistent with the Expected Utility model but is consistent with the Rank-Dependent Utility model that ...


Deciding To Delegate: On Distributional Consequences Of Endogenous Delegation, Lara Ezquerra, Praveen Kujal Sep 2019

Deciding To Delegate: On Distributional Consequences Of Endogenous Delegation, Lara Ezquerra, Praveen Kujal

ESI Working Papers

We allow for principals to self-select into delegating (or not) the allocation decision to an agent in a modified dictator game. The standard dictator game is obtained when they choose not to delegate. Nearly half the subjects choose to be a dictator and make the allocation themselves. Dictators thus obtained transfer lower amounts to receivers, relative to when the decision making is passed to an agent (or the standard dictator game). Subjects self-selecting into the role of a dictator give less relative to those that pass the allocation decision to an agent. Finally, the distributional consequences of delegating, or not ...


An Experimental Investigation Of Income, Insurance, And Investments In Health Over The Life Course, J. Dustin Tracy, Hillard Kaplan, Kevin A. James, Stephen Rassenti Aug 2019

An Experimental Investigation Of Income, Insurance, And Investments In Health Over The Life Course, J. Dustin Tracy, Hillard Kaplan, Kevin A. James, Stephen Rassenti

ESI Working Papers

We examine the impacts of age, income and insurance plan on behavior in a virtual environment with cash-motivated subjects, who live multi-period lives in which they earn income and spend on enjoyment, insurance, and investments in health. Health shocks increase simulating aging. The 2x2 experimental has high and low income subjects, and offers employer-based or actuarial insurance. We find: 1) subject behavior approximated optimal responses; 2) in all treatments, subjects under-invested in health early in life and over-invested in health late in life; 3) subjects in the employer-based plan purchased insurance at higher rates; 4) the employer-based plan reduced differences ...


Lying And Shirking Under Oath, Nicolas Jacquemet, Alexander James, Stéphane Luchini, James J. Murphy, Jason F. Shogren Aug 2019

Lying And Shirking Under Oath, Nicolas Jacquemet, Alexander James, Stéphane Luchini, James J. Murphy, Jason F. Shogren

ESI Working Papers

This study explores whether an oath to honesty can reduce both shirking and lying among crowd-sourced internet workers. Using a classic coin-flip experiment, we first show that a substantial majority of Mechanical Turk workers both shirk and lie when reporting the number of heads flipped. We then demonstrate lying can be reduced by first asking each worker to swear voluntarily on his or her honor to tell the truth in subsequent economic decisions. The oath, however, did not reduce shirking as measured by time- at-coin-flip-task, although it did increase the time they spent answering a demographic survey. Conditional on response ...


Adding Tournament To Tournament: Combining Between-Team And Within-Team Incentives, Michael Majerczyk, Roman Sheremeta, Yu Tian Aug 2019

Adding Tournament To Tournament: Combining Between-Team And Within-Team Incentives, Michael Majerczyk, Roman Sheremeta, Yu Tian

ESI Working Papers

We examine theoretically and experimentally how combining between-team and within-team incentives affects behavior in team tournaments. Theory predicts that free-riding will occur when there are only between-team incentives, and offering within-team incentives may solve this problem. However, if individuals collude, then within-team incentives may not be as effective at reducing free-riding. Consistent with the theoretical predictions, the results of our experiment indicate that although between-team incentives are effective at increasing individual effort, there is substantial free-riding and declining effort over time. Importantly, a combination of between-team and within-team incentives is effective not only at generating effort but also at sustaining ...


Co-Enforcement Of Common Pool Resources: Experimental Evidence From Turfs In Chile, Carlos A. Chávez, James J. Murphy, John K. Stranlund Aug 2019

Co-Enforcement Of Common Pool Resources: Experimental Evidence From Turfs In Chile, Carlos A. Chávez, James J. Murphy, John K. Stranlund

ESI Working Papers

This work presents the results of framed field experiments designed to study the co-enforcement of access to common pool resources. The experiments were conducted in the field with participants in the territorial use rights in fisheries (TURFs) management scheme that regulates access to nearshore fisheries along the coast of Chile. In the experiments, TURF members not only decided on harvest but also invested in monitoring to deter poaching by outsiders. Treatments varied whether the monitoring investment was an individual decision or determined by a group vote. Per-unit sanctions for poaching were exogenous as if provided by a government authority, and ...


Better Understanding Human Capital In West Virginia, Christiadi, John Deskins Jul 2019

Better Understanding Human Capital In West Virginia, Christiadi, John Deskins

Bureau of Business & Economic Research

No abstract provided.


Natural Gas Investment In West Virginia, 2010-2016, Eric Bowen Jul 2019

Natural Gas Investment In West Virginia, 2010-2016, Eric Bowen

Bureau of Business & Economic Research

West Virginia’s natural gas boom began in 2010 as hydraulic fracturing and horizontal drilling techniques began to be applied to the state’s shale formations. Since then, West Virginia has become the nation’s ninth-largest natural gas producer in 2017, with gross withdrawals of more than 1.6 trillion cubic feet. Since the gas boom started, the natural gas industry has made considerable investments in the state to pay for well drilling, mineral royalties, and pipeline infrastructure, among other investment costs. In this report, we estimate these investments in two key areas: upstream costs and midstream infrastructure.


The Effect Of Social Information In The Dictator Game With A Taking Option, Tanya O'Garra, Valerio Capraro, Praveen Kujal Jul 2019

The Effect Of Social Information In The Dictator Game With A Taking Option, Tanya O'Garra, Valerio Capraro, Praveen Kujal

ESI Working Papers

We experimentally study how redistribution choices are affected by positive and negative information regarding the behaviour of a previous participant in a dictator game with a taking option. We use the strategy method to identify behavioural ‘types’, and thus distinguish ‘conformists’ from ‘counter-conformists’, and unconditional choosers. Unconditional choosers make up the greatest proportion of types (about 80%) while only about 20% of subjects condition their responses to social information. We find that both conformity and counter-conformity are driven by a desire to be seen as moral (the ‘symbolization’ dimension of moral identity). The main difference is that, conformity is also ...


Classical Economics: Lost And Found, Sabiou M. Inoua, Vernon Smith Jul 2019

Classical Economics: Lost And Found, Sabiou M. Inoua, Vernon Smith

ESI Working Papers

"We argue that neoclassical value theory suffers from a more basic and serious logical indeterminacy, which is inherent in the axiom of price-taking behavior, and which renders price dynamics indeterminate before inquiring as to its stability. If everyone in the economy takes price as given, whence come these prices? Who is giving these prices? Jevons avoided the indeterminacy by assuming that people must have complete information on supply and demand, and the consequent equilibrium prices—‘perfect competition.’ Walras in effect imported an external agent who found the prices by trial-and-error-correction (the Walrasian Auctioneer). Paradoxically, both approaches had the potential better ...


Cournot Marked The Turn From Classical To Neoclassical Thinking, Vernon L. Smith, Sabiou M. Inoua Jul 2019

Cournot Marked The Turn From Classical To Neoclassical Thinking, Vernon L. Smith, Sabiou M. Inoua

ESI Working Papers

For classical economists, markets served the highest value buyers without anyone in the market needing to know that it was possible to write aggregate buyer reservation prices in the form, D = F (p). Cournot, thereby launched neoclassical economics as modelling and thinking of economic action in terms of their outcome effects, rather than their roots in human experience.


Monetary Equilibrium And The Cost Of Banking Activity, Paola Boel, Gabriele Camera May 2019

Monetary Equilibrium And The Cost Of Banking Activity, Paola Boel, Gabriele Camera

ESI Working Papers

We investigate the effects of banks’ operating costs on allocations and welfare in a low interest rate environment. We introduce an explicit production function for banks in a microfounded model where banks employ labor resources, hired on a competitive market, to run their operations. In equilibrium, this generates a spread between interest rates on loans and deposits, which naturally reflects the underlying monetary policy and the efficiency of financial intermediation. In a deflation or low inflation environment, equilibrium deposits yield zero returns. Hence, banks end up soaking up labor resources to offer deposits that do not outperform idle balances, thus ...


1st Place Research Paper: Countering The Current: The Function Of Cinematic Waves In Communist Vs. Capitalist Societies, Maddie Gwinn May 2019

1st Place Research Paper: Countering The Current: The Function Of Cinematic Waves In Communist Vs. Capitalist Societies, Maddie Gwinn

Kevin and Tam Ross Undergraduate Research Prize

"A case study of the Czechoslovak New Wave and New Hollywood compares the functioning of cinematic movements under Communist and Capitalist societies. The period of the 1960s-70s in which these movements take place is emblematic of the shift from modernist to postmodernist structuring of society, which will be analyzed through the framework of Frederic Jameson, Alain Badiou, and Jean Baudrillard."


Box Office Showdown: How Does Movie Market Saturation Affect First Weekend Box Office Revenues?, Matthew Steele May 2019

Box Office Showdown: How Does Movie Market Saturation Affect First Weekend Box Office Revenues?, Matthew Steele

Economics Honors Projects

The scheduling of release dates for feature films is among the most important decisions that movie studios make in the life cycle of a movie. While the economic literature on the movie industry has largely focused on modeling the box office success of a movie based on its own characteristics—star power, critical reception, and trailer data—there is a dearth of literature concerning the way that competition from within the industry affects box office revenues. This article primarily uses a propensity score matching model to fill a gap in the literature, establishing causal relationships between different forms of competition ...


Differences In Tsimane Children’S Growth Outcomes And Associated Determinants As Estimated By Who Standards Vs. Within-Population References, Melanie Martin, Aaron Blackwell, Hillard Kaplan, Michael Gurven Apr 2019

Differences In Tsimane Children’S Growth Outcomes And Associated Determinants As Estimated By Who Standards Vs. Within-Population References, Melanie Martin, Aaron Blackwell, Hillard Kaplan, Michael Gurven

Economics Faculty Articles and Research

Anthropometric measures are commonly converted to age stratified z-scores to examine variation in growth outcomes in mixed-age and sex samples. For many study populations, z-scores will differ if calculated from World Health Organization (WHO) growth standards or within-population references. The specific growth reference used may influence statistical estimates of growth outcomes and their determinants, with implications for biological inference. We examined factors associated with growth outcomes in a sample of 152 Tsimane children aged 0–36 months. The Tsimane are a subsistence-scale population in the Bolivian Amazon with high rates of infectious disease and growth faltering. To examine the influence ...


Do Economic Inequalities Affect Long-Run Cooperation & Prosperity?, Gabriele Camera, Cary Deck, David Porter Apr 2019

Do Economic Inequalities Affect Long-Run Cooperation & Prosperity?, Gabriele Camera, Cary Deck, David Porter

ESI Working Papers

We explore if fairness and inequality motivations affect cooperation in indefinitely repeated games. Each round, we randomly divided experimental participants into donor-recipient pairs. Donors could make a gift to recipients, and ex-ante earnings are highest when all donors give. Roles were randomly reassigned every period, which induced inequality in ex-post earnings. Theoretically, income-maximizing players do not have to condition on this inequality because it is payoff-irrelevant. Empirically, payoff-irrelevant inequality affected participants’ ability to coordinate on efficient play: donors conditioned gifts on their own past roles and, with inequalities made visible, discriminated against those who were better off.


Updated Tables And Charts For Ec 845 Nebraska Cash Soybean Prices And Basis Patterns, Jessica J. Groskopf, Cory Walters Apr 2019

Updated Tables And Charts For Ec 845 Nebraska Cash Soybean Prices And Basis Patterns, Jessica J. Groskopf, Cory Walters

Extension Farm and Ranch Management

No abstract provided.


Updated Tables And Figures For Ec 844 Nebraska Wheat Prices And Basis Patterns, Jessica J. Groskopf, Cory Walters Apr 2019

Updated Tables And Figures For Ec 844 Nebraska Wheat Prices And Basis Patterns, Jessica J. Groskopf, Cory Walters

Extension Farm and Ranch Management

No abstract provided.


Updated Tables And Figures For Ec 846 Nebraska Cash Corn Prices And Basis Patterns, Jessica J. Groskopf, Cory Walters Apr 2019

Updated Tables And Figures For Ec 846 Nebraska Cash Corn Prices And Basis Patterns, Jessica J. Groskopf, Cory Walters

Extension Farm and Ranch Management

No abstract provided.


1st Place Contest Entry: Countering The Current: The Function Of Cinematic Waves In Communist Vs. Capitalist Societies, Maddie Gwinn Apr 2019

1st Place Contest Entry: Countering The Current: The Function Of Cinematic Waves In Communist Vs. Capitalist Societies, Maddie Gwinn

Kevin and Tam Ross Undergraduate Research Prize

This is Maddie Gwinn's submission for the 2019 Kevin and Tam Ross Undergraduate Research Prize, which won first place. It contains her essay on using library resources, a three-page sample of her research project on how the Czech New Wave and New Hollywood cinema are defined by their agency in preserving and prescribing cultural meaning across their societies while being bound to their economic systems, and her works cited list.

Maddie is a senior at Chapman University, majoring in Film Production. Her faculty mentor is Dr. Carmichael Peters.


Reconsidering Rational Expectations And The Aggregation Of Diverse Information In Laboratory Security Markets, Brice Corgnet, Cary Deck, Mark Desantis, Kyle Hampton, Erik O. Kimbrough Apr 2019

Reconsidering Rational Expectations And The Aggregation Of Diverse Information In Laboratory Security Markets, Brice Corgnet, Cary Deck, Mark Desantis, Kyle Hampton, Erik O. Kimbrough

ESI Working Papers

The ability of markets to aggregate diverse information is a cornerstone of economics and finance, and empirical evidence for such aggregation has been demonstrated in previous laboratory experiments. Most notably Plott and Sunder (1988) find clear support for the rational expectations hypothesis in their Series B and C markets. However, recent studies have called into question the robustness of these findings. In this paper, we report the result of a direct replication of the key information aggregation results presented in Plott and Sunder. We do not find the same strong evidence in support of rational expectations that Plott and Sunder ...


Ecological Determinants Of Respiratory Health: Examining Associations Between Asthma Emergency Department Visits, Diesel Particulate Matter, And Public Parks And Open Space In Los Angeles, California, Jason A. Douglas, Reginald S. Archer, Serena E. Alexander Mar 2019

Ecological Determinants Of Respiratory Health: Examining Associations Between Asthma Emergency Department Visits, Diesel Particulate Matter, And Public Parks And Open Space In Los Angeles, California, Jason A. Douglas, Reginald S. Archer, Serena E. Alexander

Health Sciences and Kinesiology Faculty Articles

Los Angeles County (LAC) low-income communities of color experience uneven asthma rates, evidenced by asthma emergency department visits (AEDV). This has partly been attributed to inequitable exposure to diesel particulate matter (DPM). Promisingly, public parks and open space (PPOS) contribute to DPM mitigation. However, low-income communities of color with limited access to PPOS may be deprived of associated public health benefits. Therefore, this novel study investigates the AEDV, DPM, PPOS nexus to address this public health dilemma and inform public policy in at-risk communities. Optimized Hotspot Analysis was used to examine geographic clustering of AEDVs, DPM, and PPOS at the ...


The Political Economy Of Foreign Aid And Growth: Theory And Evidence, Sultan Mehmood, Avner Seror Mar 2019

The Political Economy Of Foreign Aid And Growth: Theory And Evidence, Sultan Mehmood, Avner Seror

ESI Working Papers

In this paper, we demonstrate that even when foreign aid is used to fund patronage, it may still have a positive - and significant - effect on economic growth in developing countries. First, we present a theory that formalizes the effect of aid on economic growth and patronage. Next, we provide evidence from Pakistan consistent with the predictions of the model that foreign aid increases economic growth, despite being used for patronage. The identification strategy we propose allows us to provide causal evidence for the predictions of the model.


Designing Call Auction Institutions To Eliminate Price Bubbles: Is English Dutch The Best?, Cary Deck, Maroš Servátka, Steven Tucker Mar 2019

Designing Call Auction Institutions To Eliminate Price Bubbles: Is English Dutch The Best?, Cary Deck, Maroš Servátka, Steven Tucker

ESI Working Papers

The bubble and burst pattern in asset market experiments is among the most replicable results in experimental economics. Numerous studies have searched for means to reduce this mispricing. Using controlled laboratory experiments, we compare mispricing in standard double auction markets to prices in two clock auctions. The double Dutch auction, shown to be more efficient than the double auction in commodity market experiments, does not eliminate bubbles. However, the English Dutch auction does yield prices reflective of underlying fundamentals and succeeds in taming bubbles even with inexperienced traders in the common declining fundamental value environment.


Salience And Social Choice, Mark Schneider, Jonathan W. Leland Mar 2019

Salience And Social Choice, Mark Schneider, Jonathan W. Leland

ESI Working Papers

The axioms of expected utility and discounted utility theory have been tested extensively. In contrast, the axioms of social welfare functions have only been tested in a few questionnaire studies involving choices between hypothetical income distributions. In this note, we conduct a controlled experiment with 100 subjects in the role of social planners that tests five fundamental properties of social welfare functions to provide a basic test of cardinal social choice theory. We find that four properties of the standard social welfare functions tested are systematically violated, producing an Allais paradox, a common ratio effect, a framing effect, and a ...


Producer Services: A Hub For Stem And An Engine For Job Growth, Eric Thompson, Uyen Tran Mar 2019

Producer Services: A Hub For Stem And An Engine For Job Growth, Eric Thompson, Uyen Tran

Business in Nebraska

The producer services sector, which includes professional and technical services such as accounting, engineering, computer programming, advertising and consulting, is the fastest growing, high-wage segment of the U.S. economy. Producer services employment grew by 15 percent nationwide from 2008 through 2017 but only by 5 percent in Nebraska. Nebraska growth lagged the nation in part because the state has smaller metropolitan areas. Producer service businesses tend to congregate in larger cities. To grasp more opportunities in this growing, high wage sector, Nebraska needs to train more workers in STEM occupations, encourage the development of small businesses in the sector ...


A Time To Print, A Time To Reform, Lars Boerner, Jared Rubin, Battista Severgnini Mar 2019

A Time To Print, A Time To Reform, Lars Boerner, Jared Rubin, Battista Severgnini

ESI Working Papers

The public mechanical clock and the movable type printing press were two of the most important and complex general purpose technologies of the late medieval period. We document two of their most important, yet unforeseeable, consequences. First, an instrumental variables analysis indicates that towns that were early adopters of clocks were more likely to also be early adopters of presses. We posit that towns with clocks became upper-tail human capital hubs|both technologies required extensive technical know-how that had many points of overlap. Second, a three-stage instrumental variables analysis indicates that the press influenced the adoption of Lutheranism and Calvinism ...


The Attack And Defense Games, Roman Sheremeta Jan 2019

The Attack And Defense Games, Roman Sheremeta

ESI Working Papers

The attack and defense game is a game in which an attacker (a group of attackers) has an incentive to revise the status quo and a defender (a group of defenders) wants to protect it. The asymmetry in objectives creates incompatible interests and results in a mixed-strategy Nash equilibrium. However, this equilibrium could be heavily impacted by behavioral considerations.