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Property Rights And The Efficient Extraction Of Common Pool Resources: Evidence From West Coast Groundfish, Keith S. Evans, Carl Lian, Quinn Weninger 2019 University of Maine

Property Rights And The Efficient Extraction Of Common Pool Resources: Evidence From West Coast Groundfish, Keith S. Evans, Carl Lian, Quinn Weninger

Economics Working Papers

Evaluating efficiency gains from adopting property rights-based fisheries management is data intensive, complicated by delays in adjusting to economic incentives implicit in output control regulations, and potentially confounded by the effects of changing stock abundance and other fundamentals. This paper evaluates harvesting efficiency for the universe of vessel participants in the West Coast groundfish trawl fishery two years prior to and six years following introduction of individual fishing quota (IFQ) regulations. Our methods control for delayed fleet restructuring and confounding effects of changing groundfish stock abundance. We find that under IFQs, redundant vessel capital exited the groundfish fishery at a ...


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

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 ...


A Transactive Energy Approach To Distribution System Design: Household Formulation, Swathi Battula, Leigh Tesfatsion, Zhaoyu Wang 2019 Iowa State University

A Transactive Energy Approach To Distribution System Design: Household Formulation, Swathi Battula, Leigh Tesfatsion, Zhaoyu Wang

Leigh Tesfatsion

A household model is formulated to facilitate careful performance testing of bid-based transactive energy system (TES) designs in advance of deployment. Household welfare is expressed by comfort minus cost. Household thermal dynamics are represented by an Equivalent Thermal Parameter (ETP) model based on appliance and house attributes. An optimal bid function is characterized for the household, conditional on its operating state. A method is developed for explicit derivation of this optimal bid function, given discretized forms for the household’s welfare and thermal dynamic functions. A method is also developed for constructing representative household types as correlated collections of welfare ...


Panel Threshold Regressions With Latent Group Structures, Ke MIAO, Liangjun SU, Wendun WANG 2019 Singapore Management University

Panel Threshold Regressions With Latent Group Structures, Ke Miao, Liangjun Su, Wendun Wang

Research Collection School Of Economics

In this paper, we consider the least squares estimation of a panel structure threshold re-gression (PSTR) model where both the slope coefficients and threshold parameters may exhibit latent group structures. We study the asymptotic properties of the estimators of the latent group structure and the slope and threshold coefficients. We show that we can estimate the latent group structure correctly with probability approaching 1 and the estimators of the slope and threshold coefficients are asymptotically equivalent to the infeasible estimators that are obtained as if the true group structures were known. We study likelihood-ratio-based inferences on the group-specific threshold parameters ...


Improved Marginal Likelihood Estimation Via Power Posteriors And Importance Sampling, Yong LI, Nianling WANG, Jun YU 2019 Singapore Management University

Improved Marginal Likelihood Estimation Via Power Posteriors And Importance Sampling, Yong Li, Nianling Wang, Jun Yu

Research Collection School Of Economics

The power-posterior method of Friel and Pettitt (2008) has been used to estimate the marginal likelihoods of competing Bayesian models. In this paper it is shown that the Bernstein-von Mises (BvM) theorem holds for the power posteriors under regularity conditions. Due to the BvM theorem, the power posteriors, when adjusted by the square root of the corresponding grid points, converge to the same normal distribution as the original posterior distribution, facilitating the implementation of importance sampling for the purpose of estimating the marginal likelihood. Unlike the power-posterior method that requires repeated posterior sampling from the power posteriors, the new method ...


A Quantile-Based Asset Pricing Model, Tomohiro ANDO, Jushan BAI, Mitohide NISHIMURA, Jun YU 2019 Singapore Management University

A Quantile-Based Asset Pricing Model, Tomohiro Ando, Jushan Bai, Mitohide Nishimura, Jun Yu

Research Collection School Of Economics

It is well-known that the standard estimators of the risk premium in asset pricing models are biased when some price factors are omitted. To address this problem, we propose a novel quantile-based asset pricing model and a new estimation method. Our new asset pricing model allows for the risk premium to be quantile-dependent and our estimation method is applicable to models with unobserved factors. It avoids biased estimation results and always ensures a positive risk premium. The method is applied to the U.S., Japan, and U.K. stock markets. The empirical analysis demonstrates the clear benefits of our approach.


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

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 ...


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

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 ...


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

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.


A Transactive Energy Approach To Distribution System Design: Household Formulation, Swathi Battula, Leigh Tesfatsion, Zhaoyu Wang 2019 Iowa State University

A Transactive Energy Approach To Distribution System Design: Household Formulation, Swathi Battula, Leigh Tesfatsion, Zhaoyu Wang

Economics Working Papers

A household model is formulated to facilitate careful performance testing of bid-based transactive energy system (TES) designs in advance of deployment. Household welfare is expressed by comfort minus cost. Household thermal dynamics are represented by an Equivalent Thermal Parameter (ETP) model based on appliance and house attributes. An optimal bid function is characterized for the household, conditional on its operating state. A method is developed for explicit derivation of this optimal bid function, given discretized forms for the household’s welfare and thermal dynamic functions. A method is also developed for constructing representative household types as correlated collections of welfare ...


Identification Of Treatment Effects With Mismeasured Imperfect Instruments, Desire Kedagni 2019 Iowa State University

Identification Of Treatment Effects With Mismeasured Imperfect Instruments, Desire Kedagni

Desire Kedagni

In this article, I develop a novel identification result for estimating the effect of an endogenous treatment using a proxy of an unobserved imperfect instrument. I show that the potential outcomes distributions are partially identified for the compliers. Therefore, I derive sharp bounds on the local average treatment effect. I write the identified set in the form of conditional moments inequalities, which can be implemented using existing inferential methods. I illustrate my methodology on the National Longitudinal Survey of Youth 1979 to evaluate the returns to college attendance using tuition as a proxy of the true cost of going to ...


The Impact Of The 2018 Trade Disruptions On The Iowa Economy, Edward J. Balistreri, Chad E. Hart, Dermot J. Hayes, Minghao Li, Lee Schulz, David A. Swenson, Wendong Zhang, John M. Crespi 2019 Iowa State University

The Impact Of The 2018 Trade Disruptions On The Iowa Economy, Edward J. Balistreri, Chad E. Hart, Dermot J. Hayes, Minghao Li, Lee Schulz, David A. Swenson, Wendong Zhang, John M. Crespi

Lee Schulz

In this analysis, we use historical trade patterns, revenue linkages, and recent futures market price changes to discern the 2018 tariffs’ near-term impacts on the state of Iowa. We use two distinct modeling techniques, and in each technique we make two distinct assumptions. First, we use partial-equilibrium modeling approaches that do not directly consider linkages among the markets and industries across the state of Iowa. In these approaches, two assumptions about price changes are invoked—either the price changes are based upon supply and demand elasticities or the price changes are based upon observations in the futures market. The partial ...


Identification Of Treatment Effects With Mismeasured Imperfect Instruments, Desire Kedagni 2019 Iowa State University

Identification Of Treatment Effects With Mismeasured Imperfect Instruments, Desire Kedagni

Economics Working Papers

In this article, I develop a novel identification result for estimating the effect of an endogenous treatment using a proxy of an unobserved imperfect instrument. I show that the potential outcomes distributions are partially identified for the compliers. Therefore, I derive sharp bounds on the local average treatment effect. I write the identified set in the form of conditional moments inequalities, which can be implemented using existing inferential methods. I illustrate my methodology on the National Longitudinal Survey of Youth 1979 to evaluate the returns to college attendance using tuition as a proxy of the true cost of going to ...


Spending Where It Matters: Exploring The Relationship Between Institutional Expenditures And Student Retention Rates At The California State University, MATIAS FARRE 2019 California State University, San Bernardino

Spending Where It Matters: Exploring The Relationship Between Institutional Expenditures And Student Retention Rates At The California State University, Matias Farre

Electronic Theses, Projects, and Dissertations

It is anticipated that there will be a shortage of 1.1 million college-educated workers in California by 2030 (Johnson, Bohn, & Cuellar Mejia, 2016). Within this context, the California State University (CSU) is the principal source of skilled workers in the state, producing more career-ready candidates than any other single institution (“California State University 2018 Fact Book“, n.d.).

This study examined the relationship between student retention rates and institutional expenditures across the different functional categories of instruction, student services, academic support, and instructional support at the CSU. With the exception of student grants and scholarships, these selected expenditures represent the system’s four largest individual expense categories. This study also sought to reveal the existence of similarities between institutions across the CSU based on institutional characteristics that emerged from the literature as predictors of student success including faculty composition, socioeconomic status of student population, and institutional selectivity (Bailey, Calcagno, Jenkins, Kienzl, & Leinbach, 2005; Ehrenberg & Zhang, 2005a, 2005b; Gansemer-Topf & Schuh (2006); Terenzini, Cabrera, & Bernal, 2001; Titus, 2006b). The sample utilized in this study is the entire population of the CSU, which is comprised of 23 campuses. Data for this study were drawn from the IPEDS database, managed by the National Center for Education Statistics (NCES).

This quantitative, non-experimental, correlational study used panel data analysis to determine if the selected institutional expenditures influence retention rates and also to examine the extent to which institutional expenditures contribute to the prediction of retention ...


A Smoothed Q-Learning Algorithm For Estimating Optimal Dynamic Treatment Regime, Yanqin FAN, Ming HE, Liangjun SU, Xiao-Hua ZHOU 2019 University of Washington

A Smoothed Q-Learning Algorithm For Estimating Optimal Dynamic Treatment Regime, Yanqin Fan, Ming He, Liangjun Su, Xiao-Hua Zhou

Research Collection School Of Economics

In this paper we propose a smoothed Q-learning algorithm for estimating optimal dynamic treatment regimes. In contrast to the Q-learning algorithm in which non-regular inference is involved, we show that under assumptions adopted in this paper, the proposed smoothed Q-learning estimator is asymptotically normally distributed even when the Q-learning estimator is not and its asymptotic variance can be consistently estimated. As a result, inference based on the smoothed Q-learning estimator is standard. We derive the optimal smoothing parameter and propose a data-driven method for estimating it. The finite sample properties of the smoothed Q-learning estimator are studied and compared with ...


A Cross County Examination Of Fiscal Federalism In The 2016 Election, Sarah Kaplan 2019 Union College - Schenectady, NY

A Cross County Examination Of Fiscal Federalism In The 2016 Election, Sarah Kaplan

Honors Theses

The 2016 election has often been referred to as one of the most unorthodox elections in United States history. Both major candidates had their own unusual qualities about them. Hillary Clinton was the first woman to receive a major party’s nomination. Donald Trump ran with no political experience, using a rhetoric that was foreign to the established political world. And yet, Donald Trump did the unthinkable and was elected to the highest office in the nation. He triggered a voice that many felt was silenced in recent years. By laughing in the face of political correctness, and speaking about ...


Rhode Island Current Conditions Index -- June 2019, Leonard Lardaro 2019 University of Rhode Island

Rhode Island Current Conditions Index -- June 2019, Leonard Lardaro

The Rhode Island Current Conditions Index

No abstract provided.


Reinventing The Wheel: Comparing Family Friendly Vegas And Adult Friendly Vegas Revenue Growth, James Vaughn 2019 MGM Resorts International

Reinventing The Wheel: Comparing Family Friendly Vegas And Adult Friendly Vegas Revenue Growth, James Vaughn

International Conference on Gambling & Risk Taking

The one constant for Las Vegas is change, always looking for the Next Big Thing™. In the 1990s, Las Vegas engaged in a grand experiment: roller coasters, amusement parks, family pools and shows. In the 2000s, Las Vegas reinvented itself back to its roots: condo not amusement parks, sensual not swashbuckling shows, topless European ultra-pools not kiddie pools. While the house always wins, did the casinos of the 1990s or 2000s beat the ultimate house, going beyond nominal revenue growth into the jackpot of real revenue growth?


Apple V. Pepper: Rationalizing Antitrust’S Indirect Purchaser Rule, Herbert J. Hovenkamp 2019 University of Pennsylvania Law School

Apple V. Pepper: Rationalizing Antitrust’S Indirect Purchaser Rule, Herbert J. Hovenkamp

Faculty Scholarship at Penn Law

In Apple v. Pepper the Supreme Court held that consumers who allegedly paid too much for apps sold on Apple’s iStore could sue Apple for antitrust damages because they were “direct purchasers.” The decision reflects some bizarre complexities that have resulted from the Supreme Court’s 1977 decision in Illinois Brick, which held that only direct purchasers could sue for overcharge injuries under the federal antitrust laws. The indirect purchaser rule was problematic from the beginning. First, it was plainly inconsistent with the antitrust damages statute, which gives an action to “any person who shall be injured in his ...


Productivity In Baseball: How Babe Ruth Beats The Benchmark, Peter A. Groothuis, Kurt W. Rotthoff, Mark C. Strazicich 2019 Appalachian State University

Productivity In Baseball: How Babe Ruth Beats The Benchmark, Peter A. Groothuis, Kurt W. Rotthoff, Mark C. Strazicich

The Journal of SPORT

Many statistics are used to measure the productivity of hitters in Major League Baseball, such as the number of home runs and the number of runs batted in a season. However, comparing the talent of individual players across time is difficult as rules and technologies change. In this paper, we propose applying a practice commonly utilized in the finance literature to compare the performance of individual stocks and other assets, namely, we “benchmark” the productivity of each player’s performance to players in the same time period. Applying our benchmarking strategy to annual Major League Baseball data from 1871-2010, we ...


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