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Essays in monetary economics

Yotsuzuka, Toshiki
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 96 leaves; 5128286 bytes; 5128041 bytes; application/pdf; application/pdf
ENG
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by Toshiki Yotsuzuka.; Thesis (Ph. D.)--Massachusetts Institute of Technology, Dept. of Economics, 1989.; Includes bibliographical references.

Essays in empirical development economics

Duflo, Esther, 1972-
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 183, [14] p.; 16334956 bytes; 16334713 bytes; application/pdf; application/pdf
ENG
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by Esther Duflo.; Thesis (Ph.D.)--Massachusetts Institute of Technology, Dept. of Economics, c1999.; Includes bibliographical references.

Essays on the economics of crime and econometric methodology

May, Sean, 1974-
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 123 p.; 10475513 bytes; 10475273 bytes; application/pdf; application/pdf
ENG
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by Sean Michael May.; Thesis (Ph.D.)--Massachusetts Institute of Technology, Dept. of Economics, 2000.; Includes bibliographical references (p. 119-123).

Three essays on development economics in China; 3 essays on development economics in China

Qian, Nancy
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 133 p.; 7467022 bytes; 7472387 bytes; application/pdf; application/pdf
ENG
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This dissertation is a collection of three independent essays in empirical development economics using data from China. In the first two chapters, I examine the determinants of choices within the household. In the first chapter, I estimate the causal effects of total income, relative female and relative male income on sex imbalance. The second chapter studies the effects of relaxations in the One Child Policy on sex ratios and family size and then exploits the exogenous variation in family size caused by the relaxations to estimate the causal effect of family size on school enrollment. The third chapter is a descriptive study of income inequality for top income earners in China during 1986-2002 and the potential redistributive effectiveness of progressive income taxation.; by Nancy Qian.; Thesis (Ph. D.)--Massachusetts Institute of Technology, Dept. of Economics, 2005.; Includes bibliographical references.

Three essays in the economics of local public goods; 3 essays in the economics of local public goods

Lutz, Byron F
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 154, [8] p.; 9296267 bytes; 9305537 bytes; application/pdf; application/pdf
ENG
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This thesis is a collection of three empirical essays on the economics of local public goods. Chapter One examines the marginal propensity of local governments to spend out of lump- sum grant income. Economic theory predicts that this marginal propensity will equal the marginal propensity to spend on public goods out of private income. A large empirical literature contradicts the prediction. A school finance reform in the state of New Hampshire is used to test the prediction. The use of direct democracy to determine the provision level of local public goods in New Hampshire provides a uniquely appropriate environment in which to conduct the test. The results provide support for the theoretical prediction. Chapter Two examines the most significant locally provided public good, education. Specifically, the chapter examines the end of court-ordered desegregation. The widespread termination of desegregation plans in the post 1990 period has returned a large number of school districts to local control and ended efforts to promote racial integration. The results suggest that the termination of a desegregation plan results in a gradual, moderate increase in racial segregation and an increase in black dropout rates and rates of black private school attendance in localities located outside the South census region. There is no effect on black dropout rates or rates of black private school attendance in the South. Chapter Three examines the impact of the most significant local tax...

Essays on the economics of health insurance

McKnight, Robin
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 116 p., [4] p. of plates; 7521418 bytes; 7528864 bytes; application/pdf; application/pdf
ENG
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This thesis brings together three essays on issues in the economics of health insurance. The first study considers the effects of average per-patient caps on Medicare reimbursement for home health care, which took effect in October 1997. I use regional variation in the restrictiveness of per-patient caps to identify the short-run effects of this reimbursement change on home health agency behavior, beneficiary health care utilization, and health status. The empirical evidence suggests that agencies responded to the caps by shifting the composition of their caseload towards healthier beneficiaries. In addition, I find that decreases in home care utilization were associated with an increase in outpatient care, and had little adverse impact on the health status of beneficiaries. In the second paper, I examine the impact of Medicare balance billing restrictions on physician behavior and on beneficiary spending. My findings include a significant decline in out-of-pocket expenditures for medical care by elderly households, but no impact on the quantity of care received or in the duration of office visits. The third paper (written with Jonathan Gruber) explores the causes of the dramatic rise in employee contributions to employer-provided health insurance over the past 20 years. We find that there was a large impact of falling tax rates...

Essays in experimental and development economics

Healy, Andrew J
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 140 p.
ENG
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This thesis is a collection of three essays on economic development and experimental economics. In Chapter 1, I present experimental evidence about how Thais treat information from domestic and foreign sources. Thai students answer a series of objective general-knowledge questions, both before and after observing answers given by American students and other Thai students. By looking at how subjects update their original answers after observing information, it is possible to estimate the weights that subjects assign to themselves, the American answers they see, and the Thai answers they see. Consistent with previous studies, I find that Thais exhibit a significant level of overconfidence in that they overweigh their initial answers. Despite their overconfidence, the relative weight that they give to answers given by Americans compared to answers given by other Thais is, in most instances, statistically indistinguishable from the optimal solution. Moreover, the experimental design allows me to distinguish between two possible explanations for this fact. Under one hypothesis, subjects overestimate the relative precision of American answers, but fail to recognize the value of independence, and the two errors cancel each other out. Under a second hypothesis...

Essays in the economics of education

Hinrichs, Peter (Peter Laroy)
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 109 p.
ENG
Relevância na Pesquisa
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This thesis consists of three essays on the economics of education.The first chapter estimates the effects of participating in the National School Lunch Program in the middle of the 20th century on educational attainment and adult health. My instrumental variables strategy exploits a change of the formula used by the federal government to allocate funding to the states that was phased in beginning in 1963. Identification is achieved by the fact that different birth cohorts were exposed to different degrees to the original formula and the new formula, along with the fact that the change of the formula affected states differentially by per capita income. Participation in the program as a child appears to have few long-run effects on health, but the effects on educational attainment are sizable. The second chapter studies the issue of racial diversity in higher education. I estimate the effects of college racial diversity on post-college earnings, civic behavior, and satisfaction with the college attended. I use the Beginning Postsecondary Students survey, which allows me to control for exposure to racial diversity prior to college. Moreover, I use two techniques from Altonji, Elder, and Taber (2005) to address the issue of selection on unobservables. Single-equation estimates suggest a positive effect of diversity on voting behavior and on satisfaction with the college attended...

Essays on development economics

Ruthbah, Ummul Hasanath
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 140 p.
ENG
Relevância na Pesquisa
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This dissertation is a collection of three independent papers in empirical development economics. The first chapter studies the effect of a family planning program in Bangladesh, which successfully reduced fertility, on households' asset accumulation. In developing countries parents expect their children to take care of them when they are old. Children also help parents to smooth consumption over their life cycle. They send remittances when parents are old and have relatively low income. The chapter presents a model where asset accumulation and children are substitutes, and finds that households exposed to a family planning program have lower fertility and more assets than those who were not exposed to the program. Chapter 2 examines effect of the same program on female autonomy. Policy makers and planners often view family planning programs (FPP) as being conducive to female autonomy. They argue that when women have fewer children they can earn more income and enjoy more property rights, higher mobility and greater decision making power inside and outside the household. But this may not be true in all situations.; (cont.) Using household data from 142 villages in Bangladesh this paper shows that although a family planning program reduces women's fertility and thereby allows them to enjoy higher levels of private consumption through expanding their outside opportunities...

Three essays in financial economics; 3 essays in financial economics

Westerfield, Mark W., 1977-
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 163 p.; 8618504 bytes; 8638613 bytes; application/pdf; application/pdf
EN_US
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(cont.) left on the table" due to underpricing in the IPO allocation is not capital the firm could have raised; instead, it is the empirical regularity associated with obtaining a high quality aftermarket, high equity valuation, and higher proceeds to the issuer. We examine the principal-agent problem in a simple continuous time framework when potential agents have heterogeneous priors. We find that the principal prefers agents with priors very different from his own. The principal will create a contract that includes side-bets to exploit gains from trade created by heterogeneous priors despite the distortionary effect on effort choice. In a semi-dynamic labor market, the principal can optimally choose to churn his employees to prevent them from learning about project profitability, even when agents' skills are increasing with job tenure. We develop several empirical predictions, and relate our model to the labor market in the financial industry.; Milton Friedman argued that irrational traders will consistently lose money, won't survive and, therefore, cannot influence long run equilibrium asset prices. Since his work, survival and price impact have been assumed to be the same. In this paper, we demonstrate that survival and price impact are two independent concepts. The price impact of irrational traders does not rely on their long-run survival and they can have a significant impact on asset prices even when their wealth becomes negligible. We also show that irrational traders' portfolio policies can deviate from their limits long after the price process approaches its long-run limit. We show...

Essays in population and family economics

León, Alexis, 1977-
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 117 p.; 7152410 bytes; 7166887 bytes; application/pdf; application/pdf
EN_US
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(cont.) observed in several Western countries. Finally, the third chapter evaluates the labor market effects of public subsidies to families with children. Using variation in the level of benefits provided by a policy reform in the UK that affected differentially what would otherwise be comparable groups of families, I estimate the effect of family allowances (also known as child benefits) on female labor force participation. The results show evidence of negative, yet insignificant and quantitatively negligible, effects of family allowances on female labor force participation.; This dissertation consists of three empirical essays in population and family economics. The first chapter studies ethnic peer effects in the intergenerational transmission of skills. In order to determine whether the correlation between individual measures of human capital and ethnic group averages in the previous generation is not driven by omitted variables and measurement error, I develop an instrumental variables strategy that uses within-group changes in the occupational mix of new immigrants to the US as a quasi-natural experiment, and exploits variation in parental age at arrival to account for the transmission of skills within the family. I find evidence of a significant 'ethnic capital' effect...

Three essays in public economics; 3 essays in public economics

Siegel, Sarah Y
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 107 p.
ENG
Relevância na Pesquisa
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This thesis consists of three separate papers. In the first paper, using the Panel Study of Income Dynamics (PSID), which has measures of both risk preferences and religiosity along with measures of many risky behaviors, I investigate the implications of the correlations among risk preferences, religiosity and gender for the observed relationship of each of these variables with risky behaviors. I conclude that the correlations of risk preferences, religiosity, and gender with behaviors are all strongly robust to including the others in the regression; although they are correlated, they have independent relationships with risky behaviors. The second paper reports the results of a randomized field experiment to study the impact of choice in charitable giving; in this experiment half of the recipients of a newsletter from a Dutch NGO were able to choose what program area their donation would be spent on. There is no difference in either mean response rates or mean donation amounts between the treatment and control groups; I thus conclude that while most of the treatment group in this experiment did not value the choice that they were given, the choice also did not make them any less likely to donate.; (cont.) In the third paper, a coauthor and I develop a computer model in which individual agents choose a neighborhood based on preferences over the area's racial composition; this model of residential segregation is loosely based on the 1971 Schelling model. We find that both the strength of preferences for diversity...

Three essays in law and economics; 3 essays in law and economics

Fischman, Joshua B
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 80 leaves
ENG
Relevância na Pesquisa
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The first chapter presents a model of legal interpretation in a hierarchical court. Using a two-level court in which judges have spatial preferences over doctrine, the model examines how appeals, panels, and other structural features of the court affect the incentives of judges and promote uniform interpretation of the laws. The threat of appeal has a moderating influence on judges in the lower court. When the cost of appeal is low, this effect will be stronger, but the lower court will also have less influence on the final decision. Hence, under many conditions, overall uniformity will be maximized at an intermediate cost of review. Factors that may increase the predictability of rulings on the higher court, such as panel size, may weaken the incentives toward moderation on the lower court. The second chapter analyzes judicial decision making in three-judge appellate panels. When judges are ideological but have a preference for consensus, there will be negotiation among the three judges in an effort to reach agreement. This paper constructs a model of judicial negotiation, where judges have preferences on an ideological spectrum and disutility from disagreement.; (cont.) The parameters of the negotiation model and the judges' ideological inclinations are then estimated on a data set of sex discrimination cases using maximum likelihood estimation. The results find strong evidence that judges' votes are influenced by their panel colleagues...

Essays in labor and health economics

Watts, Timothy M
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 126 p.
ENG
Relevância na Pesquisa
46.36%
This dissertation consists of three essays in empirical labor and health economics. The first chapter examines how the amount of time devoted to a leisure activity varies in response to temporary changes in the price of that activity. Specifically, I estimate the effect of changes in expected winnings in an online poker game on the probability that players quit playing. I find that expected winnings have a large negative effect on the probability that a player quits playing poker. A one dollar increase in expected winnings decreases the probability that a player quits playing altogether by 0.5 percentage points, compared to the mean of 1.1 percentage points. This corresponds to a price elasticity of demand for poker of -0.14. The second chapter develops and tests a model of how college students choose their field of study. The model combines features from learning and human capital models and captures several stylized facts from the empirical literature on choice of college major. I test the model's predictions using High School and Beyond data. I find three results that generally agree with the model's predictions. First, students with higher levels of ability choose majors with higher average earnings. Second, students who receive low grades in college are more likely to change their field of study. Third...

Essays in organizational economics

Zitzewitz, Eric
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 120 p.; 7246084 bytes; 7245895 bytes; application/pdf; application/pdf
ENG
Relevância na Pesquisa
46.36%
This thesis is a collection of essays on organizational economics and finance-related topics. Firms and individuals who sell opinions may bias their reports for either behavioral or strategic reasons. Chapter 1 proposes a new methodology for measuring these biases, particularly whether opinion producers under or over emphasize their private information, i.e. whether they herd or exaggerate their differences with the consensus. Applying the methodology to I/B/E/S analysts reveals that they do not herd as is often assumed, but rather they exaggerate their differences with the consensus by an average factor of about 2.4. Analysts also overweight their prior-period private information and thus under-update based on last period's forecast error; this under-updating helps explain the apparently conflicting over and under-reaction results of DeBondt and Thaler (1990) and Abarbanell and Bernhard (1992). A useful by-product of the methodology is a measure of the incremental information content of an analyst's forecasts. Using this measure reveals that analysts differ greatly in performance: the information content of the future forecasts of the top 10 percent of analysts is roughly six times that of the bottom 40 percent.; (cont.) Chapter 2 examines whether career concerns can create an incentive for opinion-producing agents to exaggerate. We find that they can...

Essays in development and environmental economics

Hanna, Rema
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 120, [9] p.
ENG
Relevância na Pesquisa
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This thesis is a collection of three empirical essays on economic development and environmental economics. Chapter 1 measures the response of U.S. based multinational firms to the Clean Air Act Amendments (CAAA), which dramatically strengthened U.S. environmental regulation. Using a panel of firm-level data over the period 1966-1999, I estimate the effect of regulation on a multinational's foreign production decisions. The CAAA induced substantial variation in the degree of regulation faced by firms, allowing for the estimation of econometric models that control for firm-specific characteristics and industrial trends. I find that the CAAA caused regulated multinational firms to increase their foreign assets by 5.3% and their foreign output by 9%. In aggregate, this increase represents approximately 0.6% of the stock of multinationals' domestic assets in polluting industries. Contrary to common beliefs, I find that heavily regulated firms did not disproportionately increase foreign investment in developing countries. Finally, this paper presents limited evidence that U.S. based multinationals increased imports of highly polluting goods when faced with tougher U.S. environmental regulation. Overall, these results are consistent with the view that U.S. environmental regulations cause U.S. firms to move capital and jobs abroad.; (cont.) Chapter 2 looks at the teacher absence. In the rural areas of developing countries...

Essays in public finance and labor economics

Ananat, Elizabeth Oltmans
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 122 p.
ENG
Relevância na Pesquisa
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This thesis examines three questions of causality relevant to public finance and labor economics: the effect of racial segregation on city characteristics, the effect of divorce on women's economic outcomes, and the effect of abortion legalization on completed fertility. Chapter one examines the effect of segregation on cities. There is a strikingly negative city-level correlation between residential racial segregation and population outcomes -- particularly for black residents -- but it is widely recognized that this correlation may not be causal. This chapter provides a novel test of the causal relationship between segregation and population outcomes by exploiting the arrangements of railroad tracks in the 19th century to isolate plausibly exogenous variation in a city's susceptibility to segregation. I show that, conditional on miles of railroad track laid, the extent to which track configurations physically subdivided cities strongly predicts the level of segregation that ensued after the Great Migration of African-Americans to northern and western cities in the 20th century. Prior to the Great Migration, however, track configurations were uncorrelated with racial concentration, income, education and population, indicating that reverse causality is unlikely.; (cont.) Instrumental variables estimates find that segregation leads to negative characteristics for blacks and high-skilled whites...

Three essays on labor and urban economics

Lewis, Mark Johnson, 1975-
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 119 p.; 4622444 bytes; 4622248 bytes; application/pdf; application/pdf
ENG
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This thesis consists of three unrelated essays in the fields of labor and urban economics. The first essay exploits the creation of a formal college system in Quebec in the late 1960's as a quasi-experiment to estimate the value of community college. Focusing on the effect of the policy on English-speaking Quebecois, the creation of the CEGEPs (Colleges of General and Vocational Education) is shown to increase schooling by about a third of a year for both men and women, without diverting students from university. Despite increasing educational attainment, estimates of the impact of CEGEP on wages are negative. Analysis suggests the negative estimates can be understood as a combination of lost labor market experience, a decrease in the return to university, and an insignificant return to CEGEP. The results are robust to the inclusion of controls and across years of data. Possible interpretations of the results are discussed. The second essay, co-authored with William Wheaton, examinesthe relationship between labor market agglomeration and wages. Using the 5% public use micro sample of the 1990 U.S. census, we find that observationally equivalent workers in the manufacturing sector earn higher wages when they are in urban labor markets that have a larger share of national or metropolitan employment in their same occupation and industry groups. Quantitatively...

Essays in development economics and finance

Ramalho, Rita Maria, 1975-
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 109 p.; 4774909 bytes; 4774716 bytes; application/pdf; application/pdf
ENG
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This thesis is a collection of three essays on development economics and finance. The first chapter studies the 1992 presidential impeachment in Brazil to evaluate the impact of an anti-corruption drive on politically connected companies. I identify two types of firms: companies owned by friends and relatives of the impeached president ('family-connected') and firms proven to be connected to him in a parliamentary investigation ('other-connected'). Using an event study procedure, I establish that family-connected firms have on average negative daily abnormal returns of 2 to 9 percentage points when damaging information about the president is released. However, the 'other-connected' companies do not experience a decline in their stock market valuation during the impeachment. Furthermore, the stock market decline experienced by 'family connected' companies was reversed entirely within a year. The impeachment had limited success in reducing corruption. The second chapter evaluates the effects on multinational firms of the OECD "Convention on Combating Bribery of Foreign Public Officials in International Business Transactions". I compare the balance sheet performance of foreign companies in 24 developing host countries whose source countries have implemented the convention with the performance of firms whose source countries have not yet implemented it. I find that the OECD convention had a negative impact on profit and sales growth of multinational companies. This effect is amplified in countries with less efficient bureaucracies. In economies where bribery is more valuable to firms...

The Role of Behavioural Economics in Energy and Climate Policy

Pollitt, Michael G.; Shaorshadze, Irina
Fonte: Faculty of Economics Publicador: Faculty of Economics
Tipo: Working Paper; not applicable
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This article explores how behavioural economics can be applied to energy and climate policy. We present an overview of main concepts of behavioural economics and discuss how they differ from the assumptions of neoclassical economics. Next, we discuss how behavioural economics applies to three areas of energy policy: (1) consumption and habits, (2) investment in energy efficiency, and (3) provision of public goods and support for pro-environmental behaviour. We conclude that behavioural economics seems unlikely to provide the magic bullet to reduce energy consumption by the magnitude required by the International Energy Agency's ?450? climate policy scenario. However it offers new suggestions as to where to start looking for potentially sustainable changes in energy consumption. We believe that the most useful role within climate policy is in addressing issues of public perception of the affordability of climate policy and in facilitating the creation of a more responsive energy demand, better capable of responding to weather-induced changes in renewable electricity supply.