Open Access. Powered by Scholars. Published by Universities.®

Other Economics Commons

Open Access. Powered by Scholars. Published by Universities.®

Articles 1 - 11 of 11

Full-Text Articles in Other Economics

How We Think About Economics, Bart J. Wilson May 2017

How We Think About Economics, Bart J. Wilson

ESI Publications

"From my casual observation, many economists were surprised at the content of Vernon's Nobel lecture on ecological and constructivist rationality in economics. Having been awarded the prize 'for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms,' I think many expected him to catalogue the major findings of experimental economics in his prize lecture. David Porter has described Vernon as a live, interactive version of the Journal of Economic Literature. But Vernon Smith is no cataloguer. He is a synthesizer, and he synthesizes acutely aware that scientific inquiry is ...


Does A Better Running Back Mean More Rushing? Game Theory And The Nfl, Eric Lofquist May 2017

Does A Better Running Back Mean More Rushing? Game Theory And The Nfl, Eric Lofquist

Honors Scholar Theses

In this paper I attempt to answer the question of whether or not teams in the National Football League (NFL) rush less with a better running back. This seems counterintuitive, but game theory supposes that this is true. Defenses facing a better running back will generally expect the offense to rush more and therefore defend the run more often. The offense, foreseeing the defense’s actions, will choose to pass more to counteract the run defense. This is the basis of the difference between the strategic effect and the direct effect in mixed strategies. The direct effect is when a ...


Multiple Openings And Competitiveness Of Forward Markets: Experimental Evidence, José Luis Ferreira, Praveen Kujal, Stephen Rassenti Jul 2016

Multiple Openings And Competitiveness Of Forward Markets: Experimental Evidence, José Luis Ferreira, Praveen Kujal, Stephen Rassenti

Economics Faculty Articles and Research

We test the competition enhancing effect of selling forward in experimental Cournot duopoly and quadropoly with multiple forward markets. We find that two forward periods yields competitive outcomes and that the results are very close to the predicted theoretical results for quantity setting duopolies and quadropolies. Our experiments lend strong support to the hypothesis that forward markets are competition enhancing. We then test a new market that allows for endogenously determined indefinitely many forward periods that only close when sellers coordinate on selling a zero amount in a forward market. We find that the outcomes under an endogenous close rule ...


Can Nba Teams Benefit From Losing?, Ryan P. Hallisey Apr 2016

Can Nba Teams Benefit From Losing?, Ryan P. Hallisey

Honors Scholar Theses

It has been speculated that franchises in the NBA (national basketball association) lose on purpose because of the benefits that coincide with a team having a poor overall record. Teams that perform the worst are given the highest draft selections in the following season's rookie player draft, thus theoretically improving their chances of becoming a more winning team. Previous economists have used various methodology to prove that NBA teams do in fact lose on purpose; or tank. This paper builds upon this previous methodology to examine the direct impact, negative or positive, that losing on purpose has had on ...


Religious Identity And The Provision Of Public Goods: Evidence From The Indian Princely States, Latika Chaudhary, Jared Rubin Jan 2013

Religious Identity And The Provision Of Public Goods: Evidence From The Indian Princely States, Latika Chaudhary, Jared Rubin

ESI Working Papers

Religious identity affects preferences and can consequently affect policy. We propose two mechanisms through which a ruler's religious identity can affect public good provision: i) greater provision of goods in regions where more subjects are the ruler's co-religionists, and ii) lower provision of goods where private markets provide a substitute to the ruler's co-religionists. Empirically, identifying the causal effect of religious identity on policy is often impossible, since the religious identity of rulers rarely changes over time and place. We address this problem by exploiting the variation in the religion of rulers in the Indian Princely States ...


(Review) A Short History Of Ethics And Economics: The Greeks, Spencer J. Pack Apr 2012

(Review) A Short History Of Ethics And Economics: The Greeks, Spencer J. Pack

Economics Faculty Publications

No abstract provided.


Radio Spectrum And The Disruptive Clarity Of Ronald Coase, Thomas W. Hazlett, David Porter, Vernon Smith Jan 2009

Radio Spectrum And The Disruptive Clarity Of Ronald Coase, Thomas W. Hazlett, David Porter, Vernon Smith

ESI Working Papers

In the Federal Communications Commission, Ronald Coase exposed deep foundations via normative argument buttressed by astute historical observation. The government controlled scarce frequencies, issuing sharply limited use rights. Spillovers were said to be otherwise endemic. Coase saw that Government limited conflicts by restricting uses; property owners perform an analogous function via the “price system.” The government solution was inefficient unless the net benefits of the alternative property regime were lower. Coase augured that the price system would outperform. His spectrum auction proposal was mocked by communications policy experts, opposed by industry interests, and ridiculed by policy makers. Hence, it took ...


Rationality In Economics: Constructivist And Ecological Forms, Vernon L. Smith Jan 2007

Rationality In Economics: Constructivist And Ecological Forms, Vernon L. Smith

ESI Publications

Chapter 1: Rediscovering the Scottish Philosophers


(Review) Self-Interest Before Adam Smith: A Genealogy Of Economic Science, Spencer J. Pack Dec 2005

(Review) Self-Interest Before Adam Smith: A Genealogy Of Economic Science, Spencer J. Pack

Economics Faculty Publications

Pierre Force, Self-Interest Before Adam Smith: A Genealogy of Economic Science (Cambridge: Cambridge University Press, 2003), pp. ix, 279, $65.00. ISBN 0-521 83060-5.


Adam Smith On The Virtues: A Partial Resolution Of The Adam Smith Problem, Spencer J. Pack Mar 1997

Adam Smith On The Virtues: A Partial Resolution Of The Adam Smith Problem, Spencer J. Pack

Economics Faculty Publications

Adam Smith's definition of justice as a moral virtue based on the "passion" of resentment in 'The Theory of Moral Sentiments' (1759), despite seeming contradictions, supports his analysis of an acquisitive, commercial society in 'The Wealth of Nations' (1774) partly by precluding the concept of a just price.


Slavery, Adam Smith’S Economic Vision And The Invisible Hand, Spencer J. Pack Jan 1996

Slavery, Adam Smith’S Economic Vision And The Invisible Hand, Spencer J. Pack

Economics Faculty Publications

Smith was against slavery on moral and economic grounds. The "invisible hand" in societies which allow slavery, operates in such a way that increases in the wealth of the rich, leads to increased misery for the poor free citizens as well as for the slaves themselves. It seems that the beneficial workings of the "invisible hand" are dependent upon commercial societies which arc not based upon the institution of slavery.