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

Economic Theory Commons

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

2,333 Full-Text Articles 1,932 Authors 628,547 Downloads 147 Institutions

All Articles in Economic Theory

Faceted Search

2,333 full-text articles. Page 5 of 69.

Wild Bootstrap For Fuzzy Regression Discontinuity Designs: Obtaining Robust Bias-Corrected Confidence Intervals, Yang He, Otávio Bartalotti 2019 Freddie Mac

Wild Bootstrap For Fuzzy Regression Discontinuity Designs: Obtaining Robust Bias-Corrected Confidence Intervals, Yang He, Otávio Bartalotti

Economics Working Papers

This paper develops a novel wild bootstrap procedure to construct robust bias- corrected valid confidence intervals (CIs) for fuzzy regression discontinuity designs, providing an intuitive alternative to existing analytical methods. The CIs generated by this procedure are valid under conditions similar to the standard analytical procedures used in the empirical literature. Simulations provide evidence that this new method is at least as accurate as the analytical corrections when applied to a variety of data generating processes featuring heteroskedasticity, endogeneity and clustering. Finally, we demonstrate its empirical relevance by revisiting Angrist and Lavy (1999) analysis of class size on student outcomes.


A Time To Print, A Time To Reform, Lars Boerner, Jared Rubin, Battista Severgnini 2019 Martin-Luther University of Halle-Wittenberg

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 ...


Accounting For The International Quantity-Quality Trade-Off, Juan Carlos Cordoba, Xiying Liu, Marla Ripoll 2019 Iowa State University

Accounting For The International Quantity-Quality Trade-Off, Juan Carlos Cordoba, Xiying Liu, Marla Ripoll

Economics Working Papers

We investigate what accounts for the observed international differences in schooling and fertil- ity, and draw lessons for the underlying sources of cross-country income differences. For this purpose, we extend a life-cycle dynastic model to include features relevant for schooling and fertility choices. Our approach allows for country-specific human capital technologies in addi- tion to differences in TFP, public education policies, and demographic factors. We find that differences in human capital production functions, specifically in the degree of complementarity of educational investments, are key to match schooling data, and result in novel estimates of human capital stocks and TFP levels ...


The Attack And Defense Games, Roman Sheremeta 2019 Chapman University

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.


Endogenous Market Formation And Monetary Trade: An Experiment, Gabriele Camera, Dror Goldberg, Avi Weiss 2019 Chapman University

Endogenous Market Formation And Monetary Trade: An Experiment, Gabriele Camera, Dror Goldberg, Avi Weiss

ESI Working Papers

The theory of money assumes decentralized bilateral exchange and excludes centralized multilateral exchange. However, endogenizing the exchange process is critical for understanding the conditions that support the use of money. We develop a “travelling game” to study the emergence of decentralized and centralized exchange, theoretically and experimentally. Players located on separate islands can either trade locally, or pay a cost to trade elsewhere, so decentralized and centralized markets can both emerge in equilibrium. The former minimize trade costs through monetary exchange; the latter maximizes overall surplus through non-monetary exchange. Monetary trade emerges when coordination is problematic, while centralized trade emerges ...


Slogans Appropriate To The Legacy Of Martin Luther King Jr., Theodore Walker 2019 Southern Methodist University

Slogans Appropriate To The Legacy Of Martin Luther King Jr., Theodore Walker

Perkins Faculty Research and Special Events

For printing signs, banners, posters, tee shirts, and bumper stickers (and for preaching sermons) that are appropriate to the legacy of Rev. Dr. Martin Luther King Jr., please consider the following slogans: ABOLISH WAR, ABOLISH POVERTY, AMEND THE CONSTITUTION, SUPPORT AN ECONOMIC BILL OF RIGHTS, JOBS FOR ALL, GUARANTEED INCOME FOR ALL, SUPPORT UNIVERSAL BASIC INCOME, and GOOD NEWS TO THE POOR - Luke 4:14-19.


A Bias Aggregation Theorem, Mark Schneider 2019 Chapman University

A Bias Aggregation Theorem, Mark Schneider

ESI Working Papers

In a market where some traders are rational (maximize expected utility) and others are systematically biased (deviate from expected utility due to some bias parameter, q), do equilibrium prices necessarily depend on q? In this note, focusing on the case where there is an aggregate and systematic bias in the population, we show that market prices can still be unbiased. Hence, we establish that systematically biased agents do not necessarily imply biased market prices. We show that the parametric model we use also predicts observed deviations from expected utility in laboratory and market environments.


Cooperation Among Strangers With And Without A Monetary System, Maria Bigoni, Gabriele Camera, Marco Casari 2019 University of Bologna

Cooperation Among Strangers With And Without A Monetary System, Maria Bigoni, Gabriele Camera, Marco Casari

ESI Working Papers

Human societies prosper when their members move beyond local exchange and cooperate with outsiders in the creation of wealth. Collaboration of this type presents formidable challenges because interaction is impersonal, reciprocity is unfeasible and trust cannot be easily established. Here we study this cooperation problem by modeling strategic interaction among strangers through an Intertemporal Exchange Game. The setup can be easily implemented in the laboratory to study a variety of cooperation-enhancing institutions. In particular, we study the role of a fiat monetary system by introducing intrinsically worthless tokens that can be offered in exchange for cooperation. The experiments show that ...


Spanish California Missions: An Economic Success, Lynne Doti 2019 Chapman University

Spanish California Missions: An Economic Success, Lynne Doti

Economics Faculty Articles and Research

Starting in 1769, the Spanish established missions in Alta California. A small band of soldiers, Franciscan priests and volunteers walked from Baja California to San Francisco Bay through semi-arid, scarcely populated land stopping occasionally to establish a location for a religious community. Usually two priests, a few soldiers and a few Indians from Baja California settled at the spot. Their only resources for starting an economy were themselves, a few animals and a nearby source of water. They attracted the local Indians to join the community and perform the work necessary to create a strong economy. After only a few ...


Lifestyle And Obesity In Canada-A Quantile Regression Approach, Khandoker Monjure Kabir 2019 University of Windsor

Lifestyle And Obesity In Canada-A Quantile Regression Approach, Khandoker Monjure Kabir

Major Papers

Objective: This study examines the relationship between BMI and some life-style variables, socio-economic status (SES) variables, and some socio-demographic variables related to behavior of individuals along different points of the BMI distribution by using quantile regression. Methods: A representative sample of 34,225 individuals of Canada form the Canadian Community Health survey 2014 is selected to conduct this study. Ordinary least squares (OLS) method is used at first to differentiate the results between conditional mean framework and conditional quantile framework. Quantile regression is estimated to analyze the heterogeneous relationship among fruits and vegetables, physical activity and BMI. Results: Analyses expose ...


Humanomics: Moral Sentiments And The Wealth Of Nations For The Twenty-First Century, Vernon Smith, Bart J. Wilson 2019 Chapman University

Humanomics: Moral Sentiments And The Wealth Of Nations For The Twenty-First Century, Vernon Smith, Bart J. Wilson

Economics Faculty Books and Book Chapters

Sometime in the last 250 years, economists lost sight of the full range of human feeling, thinking, and knowing in everyday life. Smith and Wilson show how Adam Smith's model of sociality can re-humanize twenty-first century economics by undergirding it with sentiments, fellow feeling, and a sense of propriety - the stuff of which human relationships are built. Integrating insights from The Theory of Moral Sentiments and the Wealth of Nations into contemporary empirical analysis, this book shapes economic betterment as a science of human beings.


Through The Eyes Of Locals: A Changing Climate In Bolivia, Jacob D. Rex 2019 The University Of Montana

Through The Eyes Of Locals: A Changing Climate In Bolivia, Jacob D. Rex

Undergraduate Theses and Professional Papers

Deforestation and Agricultural Land-Use Change in Bolivia as a Function of Socio-Economic Realities.

This research combines semi-structured interviews of key informants and local participants, as well as field observations, which were conducted between January and April of 2019 in the Departments of Santa Cruz & Chuquisaca.


Counterfactual Conditional Analysis Using The Centipede Game, Ahmed Bilal 2019 Claremont McKenna College

Counterfactual Conditional Analysis Using The Centipede Game, Ahmed Bilal

CMC Senior Theses

The Backward Induction strategy for the Centipede Game leads us to a counterfactual reasoning paradox, The Centipede Game paradox. The counterfactual reasoning proving the backward induction strategy for the game appears to rely on the players in the game not choosing that very same backward induction strategy. The paradox is a general paradox that applies to backward induction reasoning in sequential, perfect information games. Therefore, the paradox is not only problematic for the Centipede Game, but it also affects counterfactual reasoning solutions in games similar to the Centipede Game. The Centipede Game is a prime illustration of this paradox in ...


An Examination Of The Stock Market's Effect On Economic Inequality, Nicholas Golina 2019 The University of Akron

An Examination Of The Stock Market's Effect On Economic Inequality, Nicholas Golina

Williams Honors College, Honors Research Projects

The economic literature on economic inequality has shown that it can negatively impact aggregate demand because it indicates a higher concentration of wealth in the hands of the top 10% as opposed to the poor and middle class, who are more likely to consume. The literature has identified many factors that can lead to increasing inequality. The stock market could be one of those factors since it can either create an upward redistributive effect towards the top 10% or redistributive effect towards the middle class. This paper tested the effect of the stock market on inequality. This study contributes to ...


Democratization Of Finance In China: The Role Of Internet Finance In China’S Economic Transformation, Shuying Han 2019 Bard College

Democratization Of Finance In China: The Role Of Internet Finance In China’S Economic Transformation, Shuying Han

Senior Projects Spring 2019

Democratization of finance in China is both effective and risky. This is a comprehensive study of the benefits and risks associated with China’s Inclusive Finance Policy and the rapid development of Chinese internet financial industry. Through a retrospective of the emergence of finance, this study will introduce the concept of democratization of finance and evaluate its development in China. The author further examines the approach of Inclusive Finance and Internet-based financial industry and their contributions to the overall financial industry. In addition, this study will also explore the role of Internet-based financial industry to Chinese economy in the context ...


Mass Atrocities And Their Prevention, Charles H. Anderton, Jurgen Brauer 2019 College of the Holy Cross

Mass Atrocities And Their Prevention, Charles H. Anderton, Jurgen Brauer

Economics Department Working Papers

Counting conservatively, and ignoring physical injuries and mental trauma, data show about 100 million mass atrocity-related deaths since 1900. Occurring in war and in peacetime, and of enormous scale, severity, and brutality, they are geographically widespread, occur with surprising frequency, and can be long-lasting in their adverse effects on economic and human development, wellbeing, and wealth. As such, they are a major economic concern. This article synthesizes very diverse and widely dispersed theoretical and empirical literatures, addressing two gaps: a “mass atrocities gap” in the economics literature and an “economics gap” in mass atrocities scholarship. Our goals are, first, for ...


The Legalization Of Street Vending In Los Angeles: Exploring The Impact On Vendors And Their Livelihoods, Karen Alpuche Caceres 2019 Claremont Colleges

The Legalization Of Street Vending In Los Angeles: Exploring The Impact On Vendors And Their Livelihoods, Karen Alpuche Caceres

Pomona Senior Theses

This thesis aims to unpack the impact the legalization of street vending and the subsequent regulation had on sidewalk vendors. Although legalization occurred state-wide through Senate Bill 946 in September of 2017, the rules and regulations for vending were passed at a city-level, and I am focusing on the City of Los Angeles specifically. Through interviews with government officials, non-profit partners and advocates, and vendors from different parts of the City, I analyze information around the policy itself, its history, and the impact it has and is expected to have on vendors and their businesses. While vendors have been central ...


What Do We Know About The Recent Performance Of Indian Banks?, Laira Aggarwal 2019 Claremont McKenna College

What Do We Know About The Recent Performance Of Indian Banks?, Laira Aggarwal

CMC Senior Theses

This paper examines the performance of Indian banks by studying the effects of recent reforms and macroeconomic events. Indian banks went through a period of reforms in the past twenty years. The impact of these reforms and major macroeconomic events has been examined using time-series analysis. Event studies offer additional perspective on the short-run effect of the events on different types of Indian banks. Although, the event dates are not all statistically significant in the time-series regressions, the demonetization of 2016 is significant in the event study analysis. Thus, while reforms and events have immediate impact on the performance of ...


Decision Making Under Uncertainty With Applications To Geosciences And Finance, Laxman Bokati 2019 University of Texas at El Paso

Decision Making Under Uncertainty With Applications To Geosciences And Finance, Laxman Bokati

Open Access Theses & Dissertations

In many practical situations, we need to make a decision. In engineering, we need to decide on the best design of a system, and, for existing systems â?? on the best control strategy. In financial applications, we need to decide what is the best way to invest money. In geosciences, we need to decide whether we should explore a possible mineral deposit â?? or whether we should perform more experiments and measurements (and what exactly). In some cases, we can compute the exact consequences of each decision - e.g., if we are controlling a satellite. However, in many other cases ...


Game Theory In Cricket, Shabab Ahmed 2019 Colby College

Game Theory In Cricket, Shabab Ahmed

Honors Theses

The paper uses the natural setting of cricket to test theoretical predictions in game theory. In this setting, the agents play a one-shot-two-person constant sum game. The paper assesses whether trained professionals in cricket follow the `mix' of strategies predicted by Nash equilibria. The test uses a unique dataset derived from commentary data comprising of bowler and batsman strategies and outcomes. The paper creates a model for bowler-bastman interactions in cricket and uses this in conjunction with the data to generate predicted Nash equilibrium frequencies. These predicted frequencies are then compared with the actual frequencies from the data. My study ...


Digital Commons powered by bepress