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Identifying Cartels That Use The Illinois Brick Ruling As A Shield, Serguei Netessine 2019 University of Pennsylvania

Identifying Cartels That Use The Illinois Brick Ruling As A Shield, Serguei Netessine

Wharton Public Policy Initiative Issue Briefs

“Identifying Cartels that Use the Illinois Brick Ruling as a Shield” looks at a landmark Supreme Court ruling, known as the Illinois Brick (IB) decision, which bars “indirect purchasers” from bringing antitrust suits against upstream product manufacturers. The research suggests the IB ruling not only reduced the costs associated with antitrust enforcement but has the potential to enable firms upstream in the supply chain to engage in collusion through the use of the wholesale price plus fixed fee structure (WPFF). WPFF allows manufacturers to pay a fixed fee to retailers, compensating them for stocking fewer, higher cost items than they ...


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 ...


Producer Services: A Hub For Stem And An Engine For Job Growth, Eric Thompson, Uyen Tran 2019 University of Nebraska-Lincoln

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 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 ...


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 ...


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 ...


Short-Run Health Consequences Of Retirement And Pension Benefits: Evidence From China, Plamen Nikolov, Alan Adelman 2019 State University of New York (Binghamton)

Short-Run Health Consequences Of Retirement And Pension Benefits: Evidence From China, Plamen Nikolov, Alan Adelman

Justice & Well-Being Studies Faculty Scholarship

This paper examines the impact of the New Rural Pension Scheme (NRPS) in China. Exploiting the staggered implementation of an NRPS policy expansion that began in 2009, we used a difference-in-difference approach to study the effects of the introduction of pension benefits on the health status, health behaviors, and healthcare utilization of rural Chinese adults age 60 and above. The results point to three main conclusions. First, in addition to improvements in self-reported health, older adults with access to the pension program experienced significant improvements in several important measures of health, including mobility, self-care, usual activities, and vision. Second, regarding ...


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 ...


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.


Relationship Between Financial Markets And Natural Disasters In The Us, Esteban Giraldo 2019 Rhode Island College

Relationship Between Financial Markets And Natural Disasters In The Us, Esteban Giraldo

Honors Projects Overview

The objective of this study is to find out how different sectors of the market, as defined by the Bloomberg Industry Classification Standard (BICS), react before and after different natural disasters, such as hurricanes, earthquakes and tornados. Public cross sectional and time series data from NOAA, Unisys Weather, and the USGS were collected, in order to build a data set that could be used for this study. OLS regressions, as well as fixed effects regressions were used to achieve the results. Among the major findings is a highly significant upward reaction in the returns of the energy sector when property ...


One Step At A Time: Does Gradualism Build Coordination?, Maoliang Ye, Jie Zheng, Plamen Nikolov, Sam Asher 2019 Xiamen University

One Step At A Time: Does Gradualism Build Coordination?, Maoliang Ye, Jie Zheng, Plamen Nikolov, Sam Asher

Economics Faculty Scholarship

This study investigates a potential mechanism to promote coordination. With theoretical guidance using a belief-based learning model, we conduct a multi-period, binary-choice, and weakest-link laboratory coordination experiment to study the effect of gradualism – increasing the required levels (stakes) of contributions slowly over time rather than requiring a high level of contribution immediately – on group coordination performance. We randomly assign subjects to three treatments: starting and continuing at a high stake, starting at a low stake but jumping to a high stake after a few periods, and starting at a low stake while gradually increasing the stakes over time (the Gradualism ...


Three Essays On The Economics Of Public Libraries, Amir Borges Ferreira Neto 2019 West Virginia University

Three Essays On The Economics Of Public Libraries, Amir Borges Ferreira Neto

Graduate Theses, Dissertations, and Problem Reports

This dissertation explores empirical issues concerning public libraries in the United States. In particular, it analyzes the direct and indirect effects to and from public libraries, on different issues such as charitable donations, labor market outcomes, institutions and technical efficiency. Chapter 1 discusses the economics of public libraries and its relevance. In addition, it provides an outline of the dissertation and its main contribution to the literature. Chapter 2, analyzes the determinants of donations to public libraries testing the crowding effect from government funding of public libraries. I find suggestive results of a crowd in effect with an inverted U ...


Incentives And Economic Decisions: Evidence From Sports Data, Iuliia Chikish 2019 West Virginia University

Incentives And Economic Decisions: Evidence From Sports Data, Iuliia Chikish

Graduate Theses, Dissertations, and Problem Reports

This dissertation presents three essays which demonstrate how sports data can be applied to answer economic questions. Essay 1 explores whether multiple reference points can affect individuals behavior using data from professional figure skating competitions. The second essay examines the role of professional sports facilities and teams in generating local amenities. Using data from eSports tournaments, the third essay aims at understanding whether tournament theory predictions hold in competitions involving mostly mental effort.

The first chapter, ``Incentives and Economic Decisions: Evidence from Sports Data'' studies the effect of multiple reference points on decisions made by professional athletes. Unique design features ...


If The Shoe Fits: A Historical Exploration Of Gender Bias In The U.S. Sneaker Industry, Rodney M. Miller Jr 2019 Bard College

If The Shoe Fits: A Historical Exploration Of Gender Bias In The U.S. Sneaker Industry, Rodney M. Miller Jr

Senior Projects Spring 2019

In its short history, which barely spans 100 years, sneakers have quickly become a polarizing and captivating commodity, gaining the attention of consumers, fashion houses and major retailers everywhere. Unfortunately, the sneaker industry also has a history of implicit, unconscious bias towards women. A thorough examination of the history of sneakers has discovered three major social movements that can be identified as the key contributors to the growth of the sneaker industry: (1) physical activity, (2) professional sports, and (3) Hip-Hop—the culture not the music genre. Upon further examination, it became evident that each of these social factors have ...


Developmental Differences: The Role Of Institutions In Oil And Gas Operations Within The State Of Colorado, John Stafford 2019 University of Colorado, Boulder

Developmental Differences: The Role Of Institutions In Oil And Gas Operations Within The State Of Colorado, John Stafford

Undergraduate Honors Theses

I argue differences in institutional design choices governing western lands have demonstrable effects in the extraction of shale resources. Using GIS data on geographic characteristics and shale development data, I create a dataset which allows a spatial link between institutions, natural resource development, and other parcel metrics. This allows for a test of how institutions governing property affect shale development. Employing a border discontinuity, I indicate that Native American land experiences extensively more shale development, compared to the neighboring private, state, and federal lands containing similar potential for shale development. In sum, this study contributes to the property rights scholarship ...


Measuring Preferences For Congestion Managment At Rocky Mountain National Park, Nicholas Keim 2019 University of Colorado, Boulder

Measuring Preferences For Congestion Managment At Rocky Mountain National Park, Nicholas Keim

Undergraduate Honors Theses

National parks are faced with contradicting missions that make management of congestion issues difficult. The public believes national parks are a commons, meant for all to enjoy, and therefore stand firmly against any management strategies that have the ability to keep others from visiting. In order for national parks to effectively manage congestion they must have public approval. One solution would be to raise the entrance fee price, though this has already received negative public feedback. Another potential solution is the implementation of reservation systems to replace entrance fees during peak season. A choice experiment with three attributes and two ...


A Hedonic Analysis Of The Impact Of The 2017 Firestone Explosion On The Effect Of Wells On Home Values In Boulder County, Jason Habib 2019 University of Colorado, Boulder

A Hedonic Analysis Of The Impact Of The 2017 Firestone Explosion On The Effect Of Wells On Home Values In Boulder County, Jason Habib

Undergraduate Honors Theses

The use of hydraulic fracturing technology for oil and gas production has rapidly spread across the United States. As fracking production has moved closer to populated regions, concerns have been raised by homeowners and politicians about water contamination, air and noise pollution, and the potential impact of fracking on property values. In this paper, I examine how a deadly 2017 fracking explosion in Firestone, Colorado, impacted the effect of fracking wells on housing values in Boulder County. Using a hedonic pricing model, I control for other factors that influence a home’s price to isolate the effect of fracking wells ...


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