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

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

The Rhode Island Current Conditions Index

No abstract provided.


The Impact Of Immigration On Financial Markets, Jesse Baker 2019 Utah State University

The Impact Of Immigration On Financial Markets, Jesse Baker

All Graduate Plan B and other Reports

This paper studies the impact of immigration policy on financial markets. I estimate the cumulative abnormal returns surrounding two events the effective start date of the Immigration Act of 1990 and the implementation of the Temporary Protected Status (TPS) of Nicaragua and Honduras in 1999. Focusing on agriculture, construction, and manufacturing firms, I find that the CARs surrounding the events are indeed positive and significant, suggesting that the market anticipated growth among industries that are likely to hire Central American immigrants.


Estimating Selection Models Without Instrument With Stata, Xavier D’Haultfœuille, Arnaud MAUREL, Xiaoyun QIU, Yichong ZHANG 2019 Singapore Management University

Estimating Selection Models Without Instrument With Stata, Xavier D’Haultfœuille, Arnaud Maurel, Xiaoyun Qiu, Yichong Zhang

Research Collection School Of Economics

This article presents the eqregsel command for implementing the estimationand bootstrap inference of sample selection models via extremal quantile regression. The command estimates a semiparametric sample selection model withoutinstrument or large support regressor, and outputs the point estimates of the ho-mogenous linear coefficients, their bootstrap standard errors, as well as the p-valuefor a specification test.


Strong Consistency Of Spectral Clustering For Stochastic Block Models, Liangjun SU, Wuyi WANG, Yichong ZHANG 2019 Singapore Management University

Strong Consistency Of Spectral Clustering For Stochastic Block Models, Liangjun Su, Wuyi Wang, Yichong Zhang

Research Collection School Of Economics

In this paper we prove the strong consistency of several methods based on the spectral clustering techniques that are widely used to study the community detection problem in stochastic block models (SBMs). We show that under some weak conditions on the minimal degree, the number of communities, and the eigenvalues of the probability block matrix, the K-means algorithm applied to the eigenvectors of the graph Laplacian associated with its first few largest eigenvalues can classify all individuals into the true community uniformly correctly almost surely. Extensions to both regularized spectral clustering and degree-corrected SBMs are also considered. We illustrate the ...


The Role Of Income Inequality As A Predictor Of Per Capita Gross Domestic Product, Daniel Friedberg 2019 University of Lynchburg

The Role Of Income Inequality As A Predictor Of Per Capita Gross Domestic Product, Daniel Friedberg

Student Scholar Showcase

The role of income inequality in relation to gross domestic product is of great importance in modern time. Income inequality is a pressing phenomenon in the fields of economics, politics, and sociology, while Gross Domestic Product is the benchmark statistic in measuring the health of any economy. But how well does income inequality serve as a predictor for the level of Purchasing Power Parity (PPP) GDP per capita within a nation? This cross-sectional study determines that the GINI Index has no significant statistical relationship with PPP GDP per capita level. While income inequality is a major economic variable that contributes ...


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

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.


The Effect Of Parental Involvement On Education Aspirations And Outcomes Of Children, Sraavya Poonuganti 2019 William & Mary

The Effect Of Parental Involvement On Education Aspirations And Outcomes Of Children, Sraavya Poonuganti

Undergraduate Honors Theses

This paper investigates the effect of parental involvement on their prescribed aspirations and beliefs for their children’s education, and subsequent learning outcomes. Using data from a field experiment conducted in India, the paper finds that when an intervention is performed where parents are given information about their children’s educational standing, parents are significantly more likely to prescribe higher levels of aspirations and beliefs than their children. But over time, as parents receive information on actual test performance, these results persist for aspirations, but not for beliefs about how their children will do on future outcomes. Furthermore, there is ...


Common Threshold In Quantile Regressions With An Application To Pricing For Reputation, Liangjun SU, Pai XU 2019 Singapore Management University

Common Threshold In Quantile Regressions With An Application To Pricing For Reputation, Liangjun Su, Pai Xu

Research Collection School Of Economics

The paper develops a systematic estimation and inference procedure for quantile regression models where there may exist a common threshold effect across different quantile indices. We first propose a sup-Wald test for the existence of a threshold effect, and then study the asymptotic properties of the estimators in a threshold quantile regression model under the shrinking-threshold-effect framework. We consider several tests for the presence of a common threshold value across different quantile indices and obtain their limiting distributions. We apply our methodology to study the pricing strategy for reputation via the use of a dataset from Taobao.com. In our ...


The Effect Of Birth Order On Behavior On Behavior And Academic Performance, Maria Long 2019 Western Kentucky University

The Effect Of Birth Order On Behavior On Behavior And Academic Performance, Maria Long

Honors College Capstone Experience/Thesis Projects

This paper studies the effect of birth order on a child’s math and reading comprehension aptitudes and likelihood of behavior problems. Numerous studies have been performed on this topic and the conclusions have varied. In this paper, I control for gender, race, number of siblings, mother’s age at birth, mother’s marital status at birth of child, and how often children argue with their parents about homework. I find evidence to suggest that first-born children will have significantly higher academic performance outcomes, last-born children will have significantly lower behavior issues, and the environment in which a child is ...


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

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

The Rhode Island Current Conditions Index

No abstract provided.


An Economic Growth Analysis Of Native American Reservations In California, Mahsa Ashabi 2019 University of San Francisco

An Economic Growth Analysis Of Native American Reservations In California, Mahsa Ashabi

Economics

A history of institutional oppression and genocide has shaped Native American communities across the United States today, reflected in large disparities of socioeconomic outcomes and productivity. Due to a lack of comprehensive data and macroeconomic research, alternative forms of spatial data and theories regarding human settlement develop a lens of understanding of this stagnation.In our efforts to better understand growth on Native American reservations, we utilize nighttime lights data to proxy for economic output in these geographic areas, measuring the settlement characteristics of reservations themselves and against surrounding U.S. regions. Through a series of log-log regressions that focus ...


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

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 ...


Inference In Partially Identified Panel Data Models With Interactive Fixed Effects, Shengjie HONG, Liangjun SU, Yaqi WANG 2019 Singapore Management University

Inference In Partially Identified Panel Data Models With Interactive Fixed Effects, Shengjie Hong, Liangjun Su, Yaqi Wang

Research Collection School Of Economics

This paper develops methods for statistical inferences in a partially identified nonparametric panel data model with endogeneity and interactive fixed effects. We consider the case where the number of cross-sectional units (N) is large and the number of time series periods (T).as well as the number of unobserved common factors (R) are fixed. Under some normalization rules, wecan concentrateout thelarge dimen-sional parameter vector of factor loadings and specify a set of conditional moment restriction that are involved with only the finite dimensional factor parameters along with the infinite dimensional nonpara-metric component. For a conjectured restriction on the parameter, we ...


Weak Σ-Convergence: Theory And Applications, Jianning KONG, Peter C. B. PHILLIPS, Donggyu SUL 2019 Singapore Management University

Weak Σ-Convergence: Theory And Applications, Jianning Kong, Peter C. B. Phillips, Donggyu Sul

Research Collection School Of Economics

The concept of relative convergence, which requires the ratio of two time series to converge to unity in the long run, explains convergent behavior when series share commonly divergent stochastic or deterministic trend components. Relative convergence of this type does not necessarily hold when series share common time decay patterns measured by evaporating rather than divergent trend behavior. To capture convergent behavior in panel data that do not involve stochastic or divergent deterministic trends, we introduce the notion of weak σ-convergence, whereby cross section variation in the panel decreases over time. The paper formalizes this concept and proposes a simple-to-implement ...


M-Estimators Of U-Processes With A Change-Point Due To A Covariate Threshold, Lili TAN, Yichong ZHANG 2019 Yunnan University

M-Estimators Of U-Processes With A Change-Point Due To A Covariate Threshold, Lili Tan, Yichong Zhang

Research Collection School Of Economics

Economic theory often predicts a “tipping point” effect due to multiple equilibria. Linear threshold regressions estimate the “tipping point” by assuming at the same time that the response variable is linear in an index of covariates. However, economic theory rarely imposes a specific functional form, but rather predicts a monotonic relationship between the response variable and the index. We propose new, rank-based, estimators for both the “tipping point” and other regression coefficients, exploiting only the monotonicity condition. We derive the asymptotic properties of these estimators by establishing a more general result for M-estimators of U-processes with a change-point due to ...


The Will Of The People: Measuring Social Divides In Multi-Dimensional Choice Settings, Sunanda Roy, Kuan Chuen Wu, Abhijit Chandra 2019 Iowa State University

The Will Of The People: Measuring Social Divides In Multi-Dimensional Choice Settings, Sunanda Roy, Kuan Chuen Wu, Abhijit Chandra

Economics Working Papers

The paper studies profile components that cause plurality scores to differ from scores under other positional methods. We focus especially on the differences between plurality tallies and the Borda Count. We show that these profile components consist of an equal number of voters supporting a specific candidate in the first and last places. In particular they have an equal number of voters supporting a specific preference order and its reverse. In light of recent attention on partisanship and political polarization, it is important to have measures of such profiles and an assessment of how much they contribute to positional tallies ...


Intermediated Securities Holding Systems Revisited: A View Through The Prism Of Transparency, Thomas Keijser, Charles W. Mooney Jr. 2019 Radboud University Nijmegen

Intermediated Securities Holding Systems Revisited: A View Through The Prism Of Transparency, Thomas Keijser, Charles W. Mooney Jr.

Faculty Scholarship at Penn Law

This chapter explains several benefits of adopting transparent information technology systems for intermediated securities holding infrastructures. Such transparent systems could ameliorate various prevailing problems that confront existing tiered, intermediated holding systems, including those related to corporate actions (dividends, voting), claims against issuers and upper-tier intermediaries, loss sharing and set-off in insolvency proceedings, money laundering and terrorist financing, and privacy, data protection, and confidentiality. Moreover, transparent systems could improve the functions of intermediated holding systems even without changes in laws or regulations. They also could provide a catalyst for law reform and a roadmap for substantive content of reforms. Among potential ...


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

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 2019 Chapman University

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 2019 Chapman University

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 ...


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