I collect data on how subjects acquire information about risky choices in both real and hypothetical settings using process‐tracing software called Mouselab. On average, there are no significant differences across settings in the amount of time subjects take to make a choice or the completeness of the information they acquire. Subjects also acquire information in sequences consistent with an integration model of decision‐making, such as expected utility theory or prospect theory. I do not find significant differences in risk preferences across settings, on average, but I do find that subjects' risk preferences are related to the completeness of the information that they acquire and where they start their information acquisition.
{"title":"Information Acquisition Under Risky Conditions Across Real and Hypothetical Settings","authors":"Matthew P. Taylor","doi":"10.1111/ecin.12386","DOIUrl":"https://doi.org/10.1111/ecin.12386","url":null,"abstract":"I collect data on how subjects acquire information about risky choices in both real and hypothetical settings using process‐tracing software called Mouselab. On average, there are no significant differences across settings in the amount of time subjects take to make a choice or the completeness of the information they acquire. Subjects also acquire information in sequences consistent with an integration model of decision‐making, such as expected utility theory or prospect theory. I do not find significant differences in risk preferences across settings, on average, but I do find that subjects' risk preferences are related to the completeness of the information that they acquire and where they start their information acquisition.","PeriodicalId":340522,"journal":{"name":"Wiley-Blackwell: Economic Inquiry","volume":"66 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"119274377","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Hayley H. Chouinard, Gregmar I. Galinato, P. Wandschneider
We examine factors affecting entry and contribution to an association that provides different goods using social capital formed by heterogeneous firms in a political economy environment. We model and solve a game that explains investments to form social capital within associations and determine the effect on the intensive and extensive marginal contributions to the association related to the government’s susceptibility to influence. Association products such as capital goods for members or lobbying the government to influence regulation affect membership and contribution decisions. Government influenceability also affects the decision to contribute to social capital, but it varies with agent productivity and association output. Often, an increase in government influenceability increases social capital in associations composed of high productivity agents because they prefer to influence policy while low productivity agents focus on production.
{"title":"Making Friends to Influence Others: Entry and Contribution Decisions that Affect Social Capital in an Association","authors":"Hayley H. Chouinard, Gregmar I. Galinato, P. Wandschneider","doi":"10.1111/ecin.12297","DOIUrl":"https://doi.org/10.1111/ecin.12297","url":null,"abstract":"We examine factors affecting entry and contribution to an association that provides different goods using social capital formed by heterogeneous firms in a political economy environment. We model and solve a game that explains investments to form social capital within associations and determine the effect on the intensive and extensive marginal contributions to the association related to the government’s susceptibility to influence. Association products such as capital goods for members or lobbying the government to influence regulation affect membership and contribution decisions. Government influenceability also affects the decision to contribute to social capital, but it varies with agent productivity and association output. Often, an increase in government influenceability increases social capital in associations composed of high productivity agents because they prefer to influence policy while low productivity agents focus on production.","PeriodicalId":340522,"journal":{"name":"Wiley-Blackwell: Economic Inquiry","volume":"147 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123425348","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We calculate liquidity creation for a large sample of commercial banks in 14 Asia‐Pacific economies from 2005 to 2012. We find that banks in this region created $7.83 trillion in liquidity in 2012, or approximately 3.24 times the total liquidity created in 2005. Large banks and those based in Developing Asia created the highest liquidity. We also investigate the bicausal relationship between liquidity creation and regulatory capital and find that the trade‐off between the benefits of financial stability induced by enhanced capital requirements and those of higher liquidity creation is applicable to all of the sample banks, regardless of bank size and economic region.
{"title":"Bank Capital and Liquidity Creation in Asia Pacific","authors":"Maggie X. Fu, Yongjia Lin, P. Molyneux","doi":"10.1111/ecin.12308","DOIUrl":"https://doi.org/10.1111/ecin.12308","url":null,"abstract":"We calculate liquidity creation for a large sample of commercial banks in 14 Asia‐Pacific economies from 2005 to 2012. We find that banks in this region created $7.83 trillion in liquidity in 2012, or approximately 3.24 times the total liquidity created in 2005. Large banks and those based in Developing Asia created the highest liquidity. We also investigate the bicausal relationship between liquidity creation and regulatory capital and find that the trade‐off between the benefits of financial stability induced by enhanced capital requirements and those of higher liquidity creation is applicable to all of the sample banks, regardless of bank size and economic region.","PeriodicalId":340522,"journal":{"name":"Wiley-Blackwell: Economic Inquiry","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121575006","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Mary F. Evans, Eric A. Helland, Jonathan Klick, Ashwin Patel
We examine the quasi‐randomization of alcohol consumption created by state‐level alcohol prohibition laws passed in the United States in the early part of the twentieth century. Using a large dataset of World War II enlistees, we exploit the differential timing of these laws to examine their effects on adult educational attainment, obesity, and height. We find statistically significant effects for education and obesity that do not appear to be the result of pre‐existing trends. Our findings add to the growing body of economic studies that examine the long‐run impacts of in utero and childhood environmental conditions.
{"title":"The Developmental Effect of State Alcohol Prohibitions at the Turn of the Twentieth Century","authors":"Mary F. Evans, Eric A. Helland, Jonathan Klick, Ashwin Patel","doi":"10.1111/ecin.12303","DOIUrl":"https://doi.org/10.1111/ecin.12303","url":null,"abstract":"We examine the quasi‐randomization of alcohol consumption created by state‐level alcohol prohibition laws passed in the United States in the early part of the twentieth century. Using a large dataset of World War II enlistees, we exploit the differential timing of these laws to examine their effects on adult educational attainment, obesity, and height. We find statistically significant effects for education and obesity that do not appear to be the result of pre‐existing trends. Our findings add to the growing body of economic studies that examine the long‐run impacts of in utero and childhood environmental conditions.","PeriodicalId":340522,"journal":{"name":"Wiley-Blackwell: Economic Inquiry","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128750001","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Controlling for a more comprehensive set of economic structure variables and using system generalized method of moment (GMM) dynamic panel estimation, we consider the determinants of seigniorage. While we confirm some results found in previous literature, including an inverse relationship of financial development and exchange rate management to seigniorage, we find little evidence that political instability and polarization lead to greater reliance on seigniorage. We also find robust evidence that the size of the shadow economy and natural resource rents are directly related to seigniorage, the latter result likely a result of exchange rate management. Thus, an effective strategy to reduce reliance on seigniorage is to lower the incentives to operate in the shadow economy, while exchange rate management may be counter‐productive in countries with considerable natural resource rents.
{"title":"Economic Structure and Seigniorage: A Dynamic Panel Data Analysis","authors":"Nasr G. Elbahnasawy, Michael A. Ellis","doi":"10.1111/ecin.12298","DOIUrl":"https://doi.org/10.1111/ecin.12298","url":null,"abstract":"Controlling for a more comprehensive set of economic structure variables and using system generalized method of moment (GMM) dynamic panel estimation, we consider the determinants of seigniorage. While we confirm some results found in previous literature, including an inverse relationship of financial development and exchange rate management to seigniorage, we find little evidence that political instability and polarization lead to greater reliance on seigniorage. We also find robust evidence that the size of the shadow economy and natural resource rents are directly related to seigniorage, the latter result likely a result of exchange rate management. Thus, an effective strategy to reduce reliance on seigniorage is to lower the incentives to operate in the shadow economy, while exchange rate management may be counter‐productive in countries with considerable natural resource rents.","PeriodicalId":340522,"journal":{"name":"Wiley-Blackwell: Economic Inquiry","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129109120","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2009-10-16DOI: 10.1111/j.1465-7295.2009.00236.x
Peter S. Arcidiacono, Jacob L. Vigdor
"This article evaluates the frequently argued but heretofore little tested hypothesis that increasing minority representation in elite colleges generates tangible benefits for majority-race students. Using data on graduates of 30 selective universities, we find only weak evidence of any relationship between collegiate racial composition and the postgraduation outcomes of white or Asian students. Moreover, the strongest evidence we uncover suggests that increasing minority representation by lowering admission standards is unlikely to produce benefits and may in fact cause harm by reducing the representation of minority students on less selective campuses. While affirmative action may still be desirable for the benefits it conveys to minority students, these results provide little support for "spillover" effects on majority-race students. "("JEL" I2, J15, J24) Copyright (c) 2009 Western Economic Association International.
{"title":"Does the River Spill Over? Estimating the Economic Returns to Attending a Racially Diverse College","authors":"Peter S. Arcidiacono, Jacob L. Vigdor","doi":"10.1111/j.1465-7295.2009.00236.x","DOIUrl":"https://doi.org/10.1111/j.1465-7295.2009.00236.x","url":null,"abstract":"\"This article evaluates the frequently argued but heretofore little tested hypothesis that increasing minority representation in elite colleges generates tangible benefits for majority-race students. Using data on graduates of 30 selective universities, we find only weak evidence of any relationship between collegiate racial composition and the postgraduation outcomes of white or Asian students. Moreover, the strongest evidence we uncover suggests that increasing minority representation by lowering admission standards is unlikely to produce benefits and may in fact cause harm by reducing the representation of minority students on less selective campuses. While affirmative action may still be desirable for the benefits it conveys to minority students, these results provide little support for \"spillover\" effects on majority-race students. \"(\"JEL\" I2, J15, J24) Copyright (c) 2009 Western Economic Association International.","PeriodicalId":340522,"journal":{"name":"Wiley-Blackwell: Economic Inquiry","volume":"58 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126307989","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2008-04-17DOI: 10.1111/j.1465-7295.2008.00130.x
L. Taylor
"Competition-based school reform could have a significant impact on teacher earnings. If school districts behave as typical oligopsonists, then increased competition could lead to higher salaries. However, if teachers receive a share of the economic rents generated by the monopoly power of school districts, then increased competition could lower teacher salaries. This study uses panel data from 670 Texas school districts and more than 335,000 teachers to examine the relationship between school competition and teacher pay. The analysis suggests that an increase in competition results in higher wages for most teachers but lower wages for teachers in relatively concentrated markets". ("JEL" I2, J3) Copyright (c) 2008 Western Economic Association International.
{"title":"Competition and Teacher Pay","authors":"L. Taylor","doi":"10.1111/j.1465-7295.2008.00130.x","DOIUrl":"https://doi.org/10.1111/j.1465-7295.2008.00130.x","url":null,"abstract":"\"Competition-based school reform could have a significant impact on teacher earnings. If school districts behave as typical oligopsonists, then increased competition could lead to higher salaries. However, if teachers receive a share of the economic rents generated by the monopoly power of school districts, then increased competition could lower teacher salaries. This study uses panel data from 670 Texas school districts and more than 335,000 teachers to examine the relationship between school competition and teacher pay. The analysis suggests that an increase in competition results in higher wages for most teachers but lower wages for teachers in relatively concentrated markets\". (\"JEL\" I2, J3) Copyright (c) 2008 Western Economic Association International.","PeriodicalId":340522,"journal":{"name":"Wiley-Blackwell: Economic Inquiry","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-04-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116127084","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2008-04-08DOI: 10.1111/j.1465-7295.2008.00129.x
William S. Neilson, Jill C. Stowe
When workers are paid with piece rates, inequality arises naturally. We consider workers who care about income comparisons and are either status seeking or inequality averse. We identify circumstances under which inequality attitudes lead workers to exert more effort than they would otherwise, and also circumstances under which workers’ inequality attitudes lead firms to set lower piece rates than they would otherwise. The key behavioral assumption for both of these results to hold when workers are identical is behindness aversion, the property that changes in inequality matter more to the worker when he is behind than when he is ahead. (JEL D01, J33, M52)
{"title":"Piece-Rate Contracts for Other-Regarding Workers","authors":"William S. Neilson, Jill C. Stowe","doi":"10.1111/j.1465-7295.2008.00129.x","DOIUrl":"https://doi.org/10.1111/j.1465-7295.2008.00129.x","url":null,"abstract":"When workers are paid with piece rates, inequality arises naturally. We consider workers who care about income comparisons and are either status seeking or inequality averse. We identify circumstances under which inequality attitudes lead workers to exert more effort than they would otherwise, and also circumstances under which workers’ inequality attitudes lead firms to set lower piece rates than they would otherwise. The key behavioral assumption for both of these results to hold when workers are identical is behindness aversion, the property that changes in inequality matter more to the worker when he is behind than when he is ahead. (JEL D01, J33, M52)","PeriodicalId":340522,"journal":{"name":"Wiley-Blackwell: Economic Inquiry","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132900286","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2007-10-01DOI: 10.1111/j.1465-7295.2008.00161.x
D. Simester, Yu Jeffrey Hu, E. Brynjolfsson, Eric T. Anderson
"We use a controlled field experiment to investigate the dynamic effects of retail advertising. The experimental design overcomes limitations hindering previous investigations of this issue. Our study uncovers dynamic advertising effects that have not been considered in previous literature. We find that current advertising does affect future sales, but surprisingly, the effect is not always positive; for the firm's best customers, the long-run outcome may be negative. This finding reflects two competing effects: brand switching and intertemporal substitution. We also find evidence of cross-channel substitution, with the firm's best customers switching demand to the ordering channel that corresponds to the advertising. "("JEL "L2, L81, M3) Copyright (c) 2008 Western Economic Association International.
{"title":"Dynamics of Retail Advertising: Evidence from a Field Experiment","authors":"D. Simester, Yu Jeffrey Hu, E. Brynjolfsson, Eric T. Anderson","doi":"10.1111/j.1465-7295.2008.00161.x","DOIUrl":"https://doi.org/10.1111/j.1465-7295.2008.00161.x","url":null,"abstract":"\"We use a controlled field experiment to investigate the dynamic effects of retail advertising. The experimental design overcomes limitations hindering previous investigations of this issue. Our study uncovers dynamic advertising effects that have not been considered in previous literature. We find that current advertising does affect future sales, but surprisingly, the effect is not always positive; for the firm's best customers, the long-run outcome may be negative. This finding reflects two competing effects: brand switching and intertemporal substitution. We also find evidence of cross-channel substitution, with the firm's best customers switching demand to the ordering channel that corresponds to the advertising. \"(\"JEL \"L2, L81, M3) Copyright (c) 2008 Western Economic Association International.","PeriodicalId":340522,"journal":{"name":"Wiley-Blackwell: Economic Inquiry","volume":"11 23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120277228","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The authors examine the relative importance of the growth of physical and human capital and the growth of total factor productivity (TFP) using newly organized data on 145 countries that span more than one hundred years for twenty-four of these countries. For all countries, only 3 percent of average output growth per worker is associated with TFP growth. This world average masks interesting variations across countries and regions. Of the nine regions, TFP growth accounts for about twenty percent of average output growth in three regions and between ten and zero percent in the other three regions. In three regions, TFP growth is negative on average. The authors use priors from theories to construct estimates of the relative importance of the variances of aggregate input growth and TFP growth for the variance of output growth across countries. Across all countries, variation in aggregate input growth per worker could account for as much as 35 percent of the variance of the growth of output per worker across countries, and variation in TFP growth could account for as much as 87 percent of that variance. Much of the importance of the variance of TFP growth appears to be associated with negative TFP growth.
{"title":"How Important are Capital and Total Factor Productivity for Economic Growth?","authors":"S. Baier, G. Dwyer, Robert Tamura","doi":"10.2139/SSRN.301213","DOIUrl":"https://doi.org/10.2139/SSRN.301213","url":null,"abstract":"The authors examine the relative importance of the growth of physical and human capital and the growth of total factor productivity (TFP) using newly organized data on 145 countries that span more than one hundred years for twenty-four of these countries. For all countries, only 3 percent of average output growth per worker is associated with TFP growth. This world average masks interesting variations across countries and regions. Of the nine regions, TFP growth accounts for about twenty percent of average output growth in three regions and between ten and zero percent in the other three regions. In three regions, TFP growth is negative on average. The authors use priors from theories to construct estimates of the relative importance of the variances of aggregate input growth and TFP growth for the variance of output growth across countries. Across all countries, variation in aggregate input growth per worker could account for as much as 35 percent of the variance of the growth of output per worker across countries, and variation in TFP growth could account for as much as 87 percent of that variance. Much of the importance of the variance of TFP growth appears to be associated with negative TFP growth.","PeriodicalId":340522,"journal":{"name":"Wiley-Blackwell: Economic Inquiry","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127124505","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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