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Three Essays On Emerging Issues In Economics
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Book Synopsis Three Essays on Emerging Issues in Economics by : Rik Chakraborti
Download or read book Three Essays on Emerging Issues in Economics written by Rik Chakraborti and published by . This book was released on 2017 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation contributes three essays to emerging topics in Economics. The first essay examines the role of institutional weaknesses--specifically, weakly defined or enforced property rights--in keeping poor countries heavily dependent on their natural resource base through trade. The essay shows, theoretically and empirically, that a country with weaker property rights will inefficiently under-price its resource base, and export more resource-based goods even to countries that have equally weak property rights. The second essay explores how a firm’s overconfidence about catastrophic environmental risks influences the optimal contract that a regulator writes to reduce the risk at minimal cost. The results show that overconfidence can matter in two important ways: If the firm overestimates the impact of precautionary effort in reducing risk, the optimal contract attains more environmental protection at lower social costs. If the firm, however, underestimates the impact of precautionary effort, the contract is less efficient. Environmental protection is costlier. Moreover, in this case, ignoring the firm’s overconfidence can lead to excessive risk-taking. The third essay explores the interactive economic dynamics of attention and habit formation in the presence of time-inconsistent preferences in mitigating self-control issues. Recent studies in the psychological literature find that self-control is less about resisting unhealthy temptations, and more about breaking unhealthy habits and replacing them with healthy ones. The essay develops a model of habit formation consistent with this observation. A healthy habit in any given domain, in the model, takes a period of sustained attention to form. But, once established, these healthy habits allow an individual to free up scarce \attentional resources," which can then be used to establish healthy habits in other domains. The model has interesting policy implications. It suggests, among other things, that information campaigns or other policies aimed at preventing unhealthy behaviors are best targeted at individuals whose habits are in flux: freshman college students, for example, or people who have recently moved or changed jobs. It also suggests that such policies might have counter-intentional consequences: taxing cigarettes might lead to wide-spread obesity through the channel of cross-domain self-control failures.
Book Synopsis Three Essays on Current Issues of Resource Economics and Global Pollution by : Sang Ryeol Shim
Download or read book Three Essays on Current Issues of Resource Economics and Global Pollution written by Sang Ryeol Shim and published by . This book was released on 1995 with total page 434 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Economic Policies in Developing and Emerging Market Economies by : Shengzu Wang
Download or read book Economic Policies in Developing and Emerging Market Economies written by Shengzu Wang and published by . This book was released on 2008 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on the State of Economic Science by : Tjalling C. Koopmans
Download or read book Three Essays on the State of Economic Science written by Tjalling C. Koopmans and published by Martino Fine Books. This book was released on 2013-01 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: 2012 Reprint of 1957 Edition. Exact facsimile of the original edition, not reproduced with Optical Recognition Software. Tjalling Charles Koopmans (1910 - 1985) was the joint winner, with Leonid Kantorovich, of the 1975 Nobel Memorial Prize in Economic Sciences. In 1944 Koopmans joined the Cowles Commission for Research in Economics at the University of Chicago, where he extended his technique to a wide variety of economic problems. When the commission was relocated to Yale University in 1955, Koopmans moved with it, becoming professor of economics at Yale. He wrote a widely read book on the methodology of economic analysis, "Three Essays on the State of Economic Science" in 1957. Essays are: Allocation of Resources and the Price System The Construction of Economic Knowledge The Interaction of Tools and Problems in Economics
Book Synopsis Three Essays on the Implications of Limited Attention in Economics by : Jérémy Boccanfuso
Download or read book Three Essays on the Implications of Limited Attention in Economics written by Jérémy Boccanfuso and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation is a collection of three essays on the economic implications of limited attention. It is supplemented with a general introduction (Chapter 1).The first chapter introduces an ongoing paradigm shift in the macroeconomic literature from full-information rational expectations to rationally inattentive economic agents. It then presents some characteristics of this new class of models and current challenges in the literature that motivates the work in this dissertation.The second chapter is a contribution to consumption theory. It studies the consumption-saving problem of a consumer who faces a fixed cost for paying attention to noisy information and whose attention strategy, i.e., whether or not she pays attention, can be a function of the underlying information. At the optimum, consumers chose to be at- tentive when evidence accumulates far from their prior beliefs. The model provides an explanation for four puzzling empirical findings on consumption and expectations. First, consumers' attention depends on the information content. Second, aggregate information rigidities vary over the business cycle. Third, consumers only react to large anticipated shocks and neglect the impact of small ones. Fourth, aggregate consumption dynamics vary over the business cycle. The third chapter is a theoretical contribution to the literature in behavioral public economics. It studies how information frictions in agents' tax perceptions affect the design of actual tax policy. Developing a positive theory of tax policy, it shows that agents' inattention interacts with policymaking and induces the government to implementinefficiently high tax rates. It then quantifies the magnitude of this policy distortion for the US economy. Overall, the findings suggest that existing information frictions - and thereby tax complexity - lead to undesirable, large and regressive tax increases.The fourth chapter is an empirical contribution to the macroeconomic literature on information frictions. Using the ECB survey of professional forecasters, it estimates a two margin forecast formation process that allows for forecast rounding on individual and consensus forecast data. Forecasters decide when to revise their forecast (extensive margin). When they do, they slowly incorporate new information (intensive margin) and may report a rounded value for their new forecast (rounding). It finds that these three rigidities simultaneously exist and estimate their respective contribution. The overall forecast stickiness is almost exclusively the consequence of the rigidities at the intensive margin. It then derives quarterly time series for the evolution of information frictions and proposes a simple mapping to account for these variations in economic models.
Book Synopsis Three Essays in Applied Microeconomics on Contemporary Chinese Economic Issues by : Sen Ma
Download or read book Three Essays in Applied Microeconomics on Contemporary Chinese Economic Issues written by Sen Ma and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Economic Development in Africa by : Mark Musumba
Download or read book Three Essays on Economic Development in Africa written by Mark Musumba and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: To achieve economic development, regional authorities have to address issues that relate to climate change, efficient information flow in the market place, and health care. This dissertation presents three essays on current issues of concern to economic development in Africa. Climate change is examined in terms of its effects on the Egyptian agricultural sector; transmission of world price to small scale growers is examined in Uganda; and the benefits of insecticide-treated bed nets use is examined in Africa. In essay I, to address the impact of climate change on the Egyptian agricultural sector under alternative population growth rates, water use and crop yield assumption; the Egyptian Agricultural Sector Model (EASM) is updated and expanded to improve hydrological modeling and used to portray agricultural activity and hydrological flow. The results indicate that climate change will cause damages (costs) to the Egyptian agricultural sector and these will increase over time. Egypt may reduce these future damages by controlling its population growth rate and using water conservation strategies. In essay II, I use vector autoregressive analysis to examine the transmissions of price information to Uganda coffee growers; using monthly coffee price data on retail, futures, farmgate and world prices from 1994 to 2010. Improved transmission of world prices to farmers may increase their decision making to obtain a better market price. Directed acyclic graphs reveal that there is a causal flow of information from the indicator price to the London futures price to the Uganda grower?s price in contemporaneous time. Forecast error variance decomposition indicates that at moving ahead 12 months, the uncertainty in Uganda grower price is attributable to the indicator price (world spot price), own price (farmgate), London future and Spain retail price in rank order. In essay III, the cost of malaria in children under five years and the use of insecticide treated bed nets is examined in the context of 18 countries in Africa. I examine the direct and indirect cost of malaria in children under five years and the benefit of investing in insecticide treated mosquito nets as a preventative strategy in 18 African countries. The results indicate that the use of mosquito treated nets reduces the number of malaria cases in children; and this can induce 0.5% reduction in outpatient treatment costs, 11% reduction in inpatient treatment costs, 11% reduction in productivity loss, and 15% reduction in disability adjusted life years (DALY) annually.
Book Synopsis Towards a New Economics by : Kenneth Ewart Boulding
Download or read book Towards a New Economics written by Kenneth Ewart Boulding and published by Edward Elgar Publishing. This book was released on 1992 with total page 378 pages. Available in PDF, EPUB and Kindle. Book excerpt: Part of a series comprising specially invited collections of articles and papers by economists whose work is judged to have made an important contribution to economics in the late 20th century, this is a collection of critical essays on ecology, distribution and other themes.
Book Synopsis Three Essays on Marx’s Value Theory by : Samir Amin
Download or read book Three Essays on Marx’s Value Theory written by Samir Amin and published by NYU Press. This book was released on 2013-10 with total page 97 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this slim, insightful volume, noted economist Samir Amin returns to the core of Marxian economic thought: Marx’s theory of value. He begins with the same question that Marx, along with the classical economists, once pondered: how can every commodity, including labor power, sell at its value on the market and still produce a profit for owners of capital? While bourgeois economists attempted to answer this question according to the categories of capitalist society itself, Marx sought to peer through the surface phenomena of market transactions and develop his theory by examining the actual social relations they obscured. The debate over Marx’s conclusions continues to this day. Amin defends Marx’s theory of value against its critics and also tackles some of its trickier aspects. He examines the relationship between Marx’s abstract concepts—such as “socially necessary labor time”—and how they are manifested in the capitalist marketplace as prices, wages, rents, and so on. He also explains how variations in price are affected by the development of “monopoly- capitalism,” the abandonment of the gold standard, and the deepening of capitalism as a global system. Amin extends Marx’s theory and applies it to capitalism’s current trajectory in a way that is unencumbered by the weight of orthodoxy and unafraid of its own radical conclusions.
Book Synopsis The Theory of Money and Financial Institutions by : Martin Shubik
Download or read book The Theory of Money and Financial Institutions written by Martin Shubik and published by MIT Press. This book was released on 1999 with total page 472 pages. Available in PDF, EPUB and Kindle. Book excerpt: This first volume in a three-volume exposition of Shubik's vision of "mathematical institutional economics" explores a one-period approach to economic exchange with money, debt, and bankruptcy. This is the first volume in a three-volume exposition of Martin Shubik's vision of "mathematical institutional economics"--a term he coined in 1959 to describe the theoretical underpinnings needed for the construction of an economic dynamics. The goal is to develop a process-oriented theory of money and financial institutions that reconciles micro- and macroeconomics, using as a prime tool the theory of games in strategic and extensive form. The approach involves a search for minimal financial institutions that appear as a logical, technological, and institutional necessity, as part of the "rules of the game." Money and financial institutions are assumed to be the basic elements of the network that transmits the sociopolitical imperatives to the economy. Volume 1 deals with a one-period approach to economic exchange with money, debt, and bankruptcy. Volume 2 explores the new economic features that arise when we consider multi-period finite and infinite horizon economies. Volume 3 will consider the specific role of financial institutions and government, and formulate the economic financial control problem linking micro- and macroeconomics.
Book Synopsis The Quality of Society, Volume III by : Adolfo Figueroa
Download or read book The Quality of Society, Volume III written by Adolfo Figueroa and published by Springer Nature. This book was released on 2023-10-29 with total page 301 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book contains another set of essays dealing with the fundamental economic problems of our time: inequality, environment degradation, and social disorder, which are analyzed in light of the unified theory of capitalism. This theory is a scientific endeavor that seeks to explain the capitalist system taken by parts and then taken as a whole, as a unified theory. By parts, the theory analyzes the First World and the Third World and also the short run, long run, and very long run economic processes, showing why and how economic growth has led to a new epoch, with ecological equilibrium disruption, known as the Anthropocene Age. The empirical predictions of the theory are proven to be consistent with the available facts. Therefore, the theory can be accepted as a good representation of the real-world capitalism; moreover, its derived causality relations become inputs for the debate on the needed science-based policies for the new age. Indeed, this book proposes structural policies to change the way capitalism operates, through changes in its basic institutions, mainly the electoral democracy, which would certainly imply a re-foundation of the capitalist system.
Book Synopsis There's No Such Thing as "The Economy" by : Samuel A. Chambers
Download or read book There's No Such Thing as "The Economy" written by Samuel A. Chambers and published by punctum books. This book was released on 2018 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: Every Economics textbook today teaches that questions of values and morality lie outside of, are in fact excluded from, the field of Economics and its proper domain of study, "the economy." Yet the dominant cultural and media narrative in response to major economic crisis is almost always one of moral outrage. How do we reconcile this tension or explain this paradox by which Economics seems to have both everything and nothing to do with values? The discipline of modern economics hypostatizes and continually reifies a domain it calls "the economy"; only this epistemic practice makes it possible to falsely separate the question of value from the broader inquiry into the economic. And only if we have first eliminated value from the domain of economics can we then transform stories of financial crisis or massive corporate corruption into simple tales of ethics. But if economic forces establish, transform, and maintain relations of value then it proves impossible to separate economics from questions of value, because value relations only come to be in the world by way of economic logics. This means that the "positive economics" spoken of so fondly in the textbooks is nothing more than a contradiction in terms, and as this book demonstrates, there's no such thing as "the economy." To grasp the basic logic of capital is to bring into view the unbreakable link between economics and value.
Book Synopsis Three Essays on Public Economics in Developing Countries by : Chigozie Andy Ngwaba
Download or read book Three Essays on Public Economics in Developing Countries written by Chigozie Andy Ngwaba and published by . This book was released on 2018 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation contains three essays that examine aspects of public economics and taxation in developing economies. Although each essay examines different questions, they are linked by findings and implications related to policy implementation that is crucial in developing countries. The first paper examines tax reform and entrepreneurship in South Africa. The second paper evaluates corporate tax policy and foreign direct investments in developing countries. The third paper asseses microfinance policy and financial inclusion in Nigeria. Chapter 1 focuses the effects of tax reform on entrepreneurship in South Africa using repeated cross-sectional data from the World Bank. The paper adopts a difference-in-difference estimation technique as well as contrasting periods before and after the tax reform. This contrast is achieved by examining individuals in the formal and informal sector and measuring the effectiveness of the reform on self-employment. The results from the analysis indicate that the tax reform had a positive and significant effect on the probability of becoming self-employed in South Africa and is robust across different econometric specifications. Chapter 2 estimates the impact of corporate taxes on direct foreign investments in developing countries. The paper adds to existing literature using new corporate tax data from 1990-2015 created for the study that includes 65 developing countries. Results from the study indicates that direct foreign investment is not sensitive to corporate taxes in developing economies. This indicates that the flow of foreign investments to developing host nations may be largely driven by other factors. Chapter 3 examines the impact of the microfinance policy supervisory and regulatory framework of 2012 on financial inclusion in Nigeria. The paper contributes to existing literature by employing a national representative data and correcting the self-selection problem evidenced in previous studies. Using the microfinance policy as a natural experiment to test its impact on financial inclusion in Nigeria, the paper finds an increase in account and credit card ownership and no impact on debit card ownership and health insurance enrollment. These results have important implications for monetary and financial policy implementation by the Central Bank of Nigeria.
Book Synopsis Three Essays about Causes of Crises in Emerging Markets by : Carlos Gabriel Di Bella
Download or read book Three Essays about Causes of Crises in Emerging Markets written by Carlos Gabriel Di Bella and published by . This book was released on 2004 with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Economic Development by : Paula Luciana Méndez Errico
Download or read book Three Essays on Economic Development written by Paula Luciana Méndez Errico and published by . This book was released on 2014 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt: The main objective of this dissertation is to study some of the mechanisms suggested by the economic literature as factors that could prevent individuals from attaining certain domains of well-being. This thesis is divided in three independent essays providing new evidence on three issues within the field of economic development: the effect of social networks on immigrants' labor market outcomes (first essay), the long-lasting impact of income inequality on entrepreneurial success and job creation (second essay), and the importance of multiple abilities, parental educational background and race in explaining educational gaps (third essay). I explain the goal and findings of these three essays next. The first essay "The impact of social networks on immigrants' employment prospects: the Spanish case 1997-2007" analyzes the factors that could affect immigrants' integration in the host country. Specifically, I study the extent to which social networks affect job match and wages for immigrants in Spain. By focusing on social networks impact on labor market outcomes, I contribute to the empirical literature by addressing a less explored channel through which immigrants' social and economic integration could be affected. The findings suggest that social networks are likely to help immigrants to find a job in the short-run, but may limit opportunities to fully integrate in the longer term. These results shed light on the importance of social networks preventing immigrants' integration, as well as help to orientate the design of integration policies for immigrants living in Spain. The second essay "The Long-Term Effect of Inequality on Entrepreneurship and Job Creation" studies the extent to which initial conditions understood as income inequality in 1700s and 1800s, and credit market institutions, can condition entrepreneurship and job creation to flourish over time. This essay adds to the literature on the long-lasting effects of income inequality on economic development by empirically testing the predictions of the model by Banerjee and Newman (1993). This model predicts that countries with initially low income inequality would grow over time aided by a strong entrepreneurial sector. A contrasting equilibrium could be reached if a country starts with a high ratio of poor to wealthy people. In this case development runs out of steam. The findings of this essay give empirical support to the predictions of the model, showing that historical income inequality and current credit market imperfections prevent firms to be created and surviving over time, at the time that affect job creation over time. To the best of our knowledge, this article is the first one that tests the long-term effects of inequality on occupational choice. The third essay, entitled "Schooling progression in Uruguay: why some children are left behind?" studies the impact of parental traits on children's educational attainment in Uruguay. Specifically, I analyze whether long-term parental background, crystallized by parental educational background, race, cognitive and non-cognitive abilities, and short-term family income measured by the opportunity cost of education, affect child' schooling progression, and at what stage of the educational path they take on their importance. The results show that parental educational background, cognitive and non-cognitive abilities have effects of diverse magnitude across stages of the educational path. Long-term parental background has increasing effect over the children's schooling progression in comparison to short-term parental income as it decreases its significance when students progress to higher schooling stages. Specifically, cognitive ability has increasing effects on the students' likelihood of dropping out across the educational path. Motivation and risky behavior measuring non-cognitive ability also influence children's schooling completion at early stages of education.
Book Synopsis Three Essays on Financial Economics by : Haonan Qu
Download or read book Three Essays on Financial Economics written by Haonan Qu and published by . This book was released on 2011 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this dissertation, I explore the interactions between financial markets and real economy activities. In the first chapter, I use the evidence from an emerging market to study how the development of its financial system could affect activities in its real economy. In the second chapter, I look at excess returns in the US treasury bond market and try to understand the economic fundamentals driving the risk premia. In the final chapter, I examine corporate financing decisions using publicly traded firms in the US. The patterns in their financing decision can be partially explained by the information embedded in the financial market. To what extent the development of sophisticated financial markets benefits emerging economies is an open question. In the first chapter, I use a unique data set on all currency derivative transactions by non-financial firms in 2006 and 2007 in Colombia to provide new evidence on one aspect of this question: the effect of participation in derivatives markets on firm capital formation. I use a difference-in-difference propensity score matching approach in order to control for self selection and common trends. I find a large positive effect: firms using currency derivatives invest on average 5.7 percent more, which is about 40 percent of their average investment rate. This investment-enhancing effect is entirely driven by firms taking long positions (i.e. dollar buying) in the derivatives market. For firms taking short positions, typically exporters, the use of derivatives does not have any discernible impact on investment. One possible explanation is the asymmetry in the impact of the exchange rate movement on exporting and importing firms. In the second chapter, I propose a latent variable approach within a present value model to estimate the expected short rate changes and bond risk premia. This approach aggregates information contained in the history of yield spreads and short rate changes to predict future bond excess returns and short rate changes. I find that the factor from Cochrane and Piazzesi (2005) fails to predict bond excess returns when I consider different maturities of the underlying short rate. From the proposed present value model, I find a significant predictable component in short rate changes with R-square ranging from 29 precent to 80 percent, and a moderate R-square about 12 percent for predicting bond excess returns. Both expected short rate changes and bond risk premia have a persistent component, but bond risk premia are more persistent than expected short rate changes. In addition, the bond risk premia become more persistent as I increase the maturity of the underlying short rate. Finally, I explore the source of the time variation in bond risk premia, and find that monetary policy plays an important role. In the third chapter, I document a strongly decreasing time trend in firms' leverage ratio at their IPO years over the period from 1975 to 2006. This trend survives when typical factors are controlled for, including industry fixed effect. Furthermore, I find that firms listed more recently are more adverse to debt financing. A deeper examination shows that the risk associated with firm's operation provides a limited explanation for this finding. However, the underpinnings of the observed pattern of firms' leverage ratios at IPO are still largely unresolved.
Book Synopsis Essays on Economics and Economists by : R. H. Coase
Download or read book Essays on Economics and Economists written by R. H. Coase and published by University of Chicago Press. This book was released on 2012-11-16 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reflections on two centuries of economic history from a Nobel Prize winner in the field: “An accessible collection by a renowned economist.”—Library Journal How do economists decide what questions to address and how to choose their theories? How do they tackle the problems of the economic system and give advice on public policy? With these broad questions, Nobel laureate R. H. Coase, widely recognized for his seminal work on transaction costs, reflects on some of the most fundamental concerns of economists over the past two centuries. In fifteen essays, Coase evaluates the contributions of a number of outstanding figures, including Adam Smith, Alfred Marshall, Arnold Plant, Duncan Black, and George Stigler, as well as economists at the London School of Economics in the 1930s. “Are you looking for a book by an economist who can really write and has insight after insight on free markets vs. government regulation? Would you like it even better if you could get some good laughs from his clever way of putting things? Then Ronald H. Coase’s Essays on Economics and Economists is the book for you.”—Reason
