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Essays at the Intersection of Development and Education Economics

Bau, Natalie
Fonte: Harvard University Publicador: Harvard University
Tipo: Thesis or Dissertation; text Formato: application/pdf
EN
Relevância na Pesquisa
45.81%
This dissertation uses tools from economics to study three different aspects of educational markets in the developing world. In chapter 1, I analyze how competition among private schools in Pakistan affects student outcomes when (1) the match between a school and a student matters for learning, and (2) poorer students may be less informed about their match when they make enrollment decisions. I find that greater competition may lead schools to compete more intensively for wealthier, better-informed students, lowering learning for poorer students in the average private school and increasing learning for wealthier students. In chapter 2, I examine how cultural norms that encourage children to care for their parents when they reach adulthood affect human capital investment in children in Ghana, Indonesia, Rwanda, and Mexico. I find that children targeted by these norms receive more educational investments. Finally, in chapter 3, I study the labor market for public school teachers in Pakistan by analyzing the effect of a policy shock that changed both teacher salaries and accountability on student learning. I find that simultaneously lowering teacher salaries and increasing accountability lowered the cost of providing education and improved students’ learning.; Public Policy

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
Relevância na Pesquisa
45.89%
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...

Bombs and ballots : estimating the effect of the Madrid bombings on the March 2004 general elections in Spain; Estimating the effect of the Madrid bombings on the March 2004 general elections in Spain

Díez-Amigo, Sandro
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 34 p.
ENG
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Whether or not the Madrid March 11th 2004 terrorist attacks affected the outcome of the Spanish general elections three days later has been the source of great controversy in the last years. This paper analyzes Spanish electoral data for the 2000 and 2004 Congressional elections, comparing the marginal effects of the proportion of voters who voted before the elections (and therefore, before the bombings in 2004) on the voting pattern in both years. A linear approach finds mild evidence that bombs undermined support for the incumbent conservative party and increased the share of the vote for the opposition socialists, similar to previous findings by Montalvo (2006) using a natural experiment design. A non-linear approach using binomial and multinomial logit models is not successful and yields no conclusive indications on how the attacks affected the outcome of the elections.; by Sandro Díez-Amigo.; Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Economics, 2008.; Includes bibliographical references (p. 22).

Essays on exchange rate economics

Shu, Yan
Fonte: FIU Digital Commons Publicador: FIU Digital Commons
Tipo: Artigo de Revista Científica
EN
Relevância na Pesquisa
45.89%
Exchange rate economics has achieved substantial development in the past few decades. Despite extensive research, a large number of unresolved problems remain in the exchange rate debate. This dissertation studied three puzzling issues aiming to improve our understanding of exchange rate behavior. Chapter Two used advanced econometric techniques to model and forecast exchange rate dynamics. Chapter Three and Chapter Four studied issues related to exchange rates using the theory of New Open Economy Macroeconomics. ^ Chapter Two empirically examined the short-run forecastability of nominal exchange rates. It analyzed important empirical regularities in daily exchange rates. Through a series of hypothesis tests, a best-fitting fractionally integrated GARCH model with skewed student-t error distribution was identified. The forecasting performance of the model was compared with that of a random walk model. Results supported the contention that nominal exchange rates seem to be unpredictable over the short run in the sense that the best-fitting model cannot beat the random walk model in forecasting exchange rate movements. ^ Chapter Three assessed the ability of dynamic general-equilibrium sticky-price monetary models to generate volatile foreign exchange risk premia. It developed a tractable two-country model where agents face a cash-in-advance constraint and set prices to the local market; the exogenous money supply process exhibits time-varying volatility. The model yielded approximate closed form solutions for risk premia and real exchange rates. Numerical results provided quantitative evidence that volatile risk premia can endogenously arise in a new open economy macroeconomic model. Thus...

Environmental Economics at the World Bank; Review of Environmental Economics and Policy

Dasgupta, Susmita; Hamilton, Kirk; Pagiola, Stefano; Wheeler, David
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Journal Article; Journal Article
EN
Relevância na Pesquisa
45.91%
In this paper, we examine several channels through which environmental economics has affected the World Bank's development agenda. We also describe the evolution of environmental economics at the Bank. At the macro level, we examine the growing influence of resource and environmental accounting in the Bank's policy work. From the micro perspective, we consider the role of environmental valuation in project analysis, the assessment of environmental damage, and the development of innovative environmental policies based on insights from environmental economics. We also describe the influence of economic analysis on environmental resource allocation decisions in the World Bank and its affiliate, the Global Environment Facility. Throughout the paper, we document the growth, scope, and impact of the Bank's contribution to economic policy research on environmental issues.

Essays in macro finance and monetary economics

Somé, Modeste Yirbèhogré
Fonte: Université de Montréal Publicador: Université de Montréal
Tipo: Thèse ou Mémoire numérique / Electronic Thesis or Dissertation
EN
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46.02%
Les questions abordées dans les deux premiers articles de ma thèse cherchent à comprendre les facteurs économiques qui affectent la structure à terme des taux d'intérêt et la prime de risque. Je construis des modèles non linéaires d'équilibre général en y intégrant des obligations de différentes échéances. Spécifiquement, le premier article a pour objectif de comprendre la relation entre les facteurs macroéconomiques et le niveau de prime de risque dans un cadre Néo-keynésien d'équilibre général avec incertitude. L'incertitude dans le modèle provient de trois sources : les chocs de productivité, les chocs monétaires et les chocs de préférences. Le modèle comporte deux types de rigidités réelles à savoir la formation des habitudes dans les préférences et les coûts d'ajustement du stock de capital. Le modèle est résolu par la méthode des perturbations à l'ordre deux et calibré à l'économie américaine. Puisque la prime de risque est par nature une compensation pour le risque, l'approximation d'ordre deux implique que la prime de risque est une combinaison linéaire des volatilités des trois chocs. Les résultats montrent qu'avec les paramètres calibrés, les chocs réels (productivité et préférences) jouent un rôle plus important dans la détermination du niveau de la prime de risque relativement aux chocs monétaires. Je montre que contrairement aux travaux précédents (dans lesquels le capital de production est fixe)...

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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45.89%
(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 applied financial economics

Ruben, Erik Charles
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 110 p.
ENG
Relevância na Pesquisa
45.86%
This dissertation is composed of three chapters. The first demonstrates that natural gas violates many of the simplifying assumptions frequently used in modeling its behavior. Careful analysis of futures contracts written on gas suggests that gas prices are seasonal while returns are non-Gaussian and evidence stochastic volatility. In addition, examination of options prices indicates the intermittent presence of jumps. We find that models which disregard these properties struggle to recover options prices with any precision. Thus, we propose an alternative nonparametric approach to gas options pricing that captures these salient features while also shedding light on the nature of risk aversion embedded in gas markets. The second chapter offers a parametric approach to pricing derivatives written on natural gas futures designed to overcome the shortcomings of existing parametric schemes. First, it proposes a model of the underlying futures prices that admits stochastic volatility. Second, it makes use of a state-of-the-art Bayesian particle filtering technique to estimate the underlying process parameters along with a simulation-based technique for option pricing. While it trades off some performance relative to nonparametric approaches...

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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45.89%
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...

General method of moments bias and specification tests for quantile regression

Nejmeldeen, Ziad H. (Ziad Hassan), 1976-
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 78 leaves; 2134899 bytes; 2134706 bytes; application/pdf; application/pdf
ENG
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Chapter 1: This chapter looks at a dynamic panel data model with fixed effects. Estimating the model with GMM is consistent but suffers from small sample bias. We apply Helmert's transformation to the model, assume that error terms and nuisance parameters are homoskedastic and independent across observations and of one another, and utilize the GMM bias calculation of Newey & Smith (2001). This leads to a closed form expression for the GMM bias applied to AR(1) model. Chapter 2: This chapter develops specification tests for quantile regression under various data types. We consider what happens to the quantile regression estimator under local and global misspecification and design specification tests that handle a wide range of data types. We consider how to carry out such tests in practice and present Monte Carlo results to show the effectiveness of such tests. Chapter 3: Through a Taylor expansion, We compute the bias of a general GMM model where the weighting matrix A of the moment conditions g(z, β) is left unspecified, except for some general conditions. Our bias results are compared to those of Newey and West (2003). An important case of GMM estimation with a general weighting matrix A is when A is a function of a vector of parameters with fixed dimension. Arellano's IVE estimator is an example of this type of estimator--we consider the bias properties of Arellano's IVE estimator in the AR(1) setting and compare them to our results from Chapter 1.; by Ziad H. Nejmeldeen.; Thesis (Ph. D.)--Massachusetts Institute of Technology...

Essays in Behavioral Economics and Innovation

Gilchrist, Duncan Sheppard
Fonte: Harvard University Publicador: Harvard University
Tipo: Thesis or Dissertation; text Formato: application/pdf
EN
Relevância na Pesquisa
45.86%
This dissertation consists of three essays, two in behavioral economics and one on the economics of innovation. The first essay, which is joint work with Emily Glassberg Sands, exploits the randomness of weather and the relationship between weather and movie-going to quantify network externalities (i.e., a preference for shared experience) in movie consumption. Instrumenting for early viewership with unanticipated and plausibly exogenous weather shocks captured in LASSO-chosen instrument sets, we find that a shock to opening weekend viewership is doubled over the following five weekends. Our estimated momentum arises almost exclusively at the local level, and varies neither with ex-post movie quality nor with the precision of ex-ante information about movie quality, suggesting the observed momentum is unrelated to learning. The second essay, which is joint work with Michael Luca and Deepak Malhotra, asks whether higher wages elicit reciprocity and hence higher productivity. In a field experiment with 266 employees, we find that paying above-market wages, per se, does not have an effect on productivity relative to paying market wages (in a one-time job with no future employment opportunities). However, structuring a portion of the wage as a clear and unexpected gift--by offering a raise (with no additional conditions) after the employee has accepted the contract--does lead to higher productivity for the duration of the job. Targeted gifts are more efficient than hiring more workers. However...

Essays in Development and Behavioral Economics

Schilbach, Frank N.
Fonte: Harvard University Publicador: Harvard University
Tipo: Thesis or Dissertation; text Formato: application/pdf
EN
Relevância na Pesquisa
45.86%
This dissertation consists of three empirical essays in development and behavioral economics. Chapter 1 considers the impact of heavy alcohol consumption on savings behavior among low-income males in India. High levels of alcohol consumption are more common among the poor. This fact could have economic consequences beyond mere income effects because alcohol impairs mental processes and decision-making. Since alcohol is thought to induce myopia, this paper tests for impacts on self-control and on savings behavior. In a three-week field experiment with low-income workers in India, I provided 229 individuals with a high-return savings opportunity and randomized incentives for sobriety. The incentives significantly reduced daytime drinking as measured by decreased breathalyzer scores. This in turn increased savings by approximately 60 percent. No more than half of this effect is explained by changes in income net of alcohol expenditures. In addition, consistent with enhanced self-control due to lower inebriation levels, incentivizing sobriety reduced the impact of a savings commitment device. Finally, alcohol consumption itself is prone to self-control problems: over half of the study participants were willing to sacrifice money to receive incentives to be sober...

Essays in Financial Economics

Smalling, David
Fonte: Harvard University Publicador: Harvard University
Tipo: Thesis or Dissertation; text Formato: application/pdf
EN
Relevância na Pesquisa
45.89%
This dissertation addresses the central issue of understanding how frictions to information flow distort the ability for prices to incorporate new information. In chapter 1, “Forgotten Portfolios”, I illustrate how the ability of a stock’s price to impound information can rely on the portfolios of its owners. I show that, in the presence of limited attention, investors rationally allocate their attention towards processing information that has a greater impact on their wealth. Chapter 2, “The Social Elite” (based on joint work with Alexander Chernyakov), examines how casual social interactions impact asset prices. Social networks play a vital role in the diffusion of information. I focus on fund managers and corporate officers of publicly traded firms and present evidence of information transfer at exclusive social gatherings. I find that when executives attend social gatherings their stock prices' subsequent behavior directionally predicts upcoming earnings surprises. I show that fund managers who attend events that corporate officers from a particular firm also attend are more likely to purchase stock in that firm. I explore potential reasons for this tendency and find that fund managers demonstrably outperform when they decide to trade these socially-connected stocks. Further...

Essays in Law and Economics

Iyavarakul, Tongyai
Fonte: Universidade Duke Publicador: Universidade Duke
Tipo: Dissertação Formato: 546735 bytes; application/pdf
Publicado em //2009 EN_US
Relevância na Pesquisa
45.86%

This dissertation comprises of three essays in law and economics. The first chapter, a joint work with my advisor - Marjorie McElroy, examines the longly debated effect of the liberalized divorce laws in the United States on the divorce rates during 1956-1989. The first and the second chapter are a theoretical and an empirical paper on a cooperative game of bribery.

; Dissertation

Measurement-theoretic foundations of time discounting in economics

Heilmann, Conrad
Fonte: The Centre for Philosophy of Natural and Social Science (CPNSS), London School of Economics Publicador: The Centre for Philosophy of Natural and Social Science (CPNSS), London School of Economics
Tipo: Monograph; NonPeerReviewed Formato: application/pdf
Publicado em //2008 EN; EN
Relevância na Pesquisa
45.89%
In economics, the concept of time discounting introduces weights on future goods to make these less valuable. Yet, both the conceptual motivation for time discounting and its specic functional form remain contested. To address these problems, this paper provides a measurement-theoretic framework of representation for time discounting. The representation theorem characterises time discounting factors by representations of time dierences. This general result can be interpreted with existing theories of time discounting to clarify their formal and conceptual assumptions. It also provides a conceptually neutral framework for comparing the descriptive and normative merits of those theories.

The environment, left-wing political orientation and ecological economics

Neumayer, Eric
Fonte: London School of Economics and Political Science Research Publicador: London School of Economics and Political Science Research
Tipo: Article; PeerReviewed Formato: application/pdf
Publicado em 01/12/2004 EN; EN
Relevância na Pesquisa
45.86%
The objectives of this commentary are twofold. The first is to examine the relationship between a party's position within the left–right political spectrum and its stance on environmental issues, as stated in party manifestos. The second is to examine the relationship between individuals' ideological orientation and pro-environmental beliefs, attitudes and self-reported behavior. Equality, distributional concerns and market skepticism are typically regarded as defining factors of left-wing political orientation. Our results suggest that left-wing parties and individuals are also more pro-environmental than their right-wing counterparts. Ecological economics similarly embraces sustainability, efficient resource allocation and equitable distribution and is skeptical towards the ability of unregulated markets to achieve these objectives. The hypothesis is put forward that ecological economics is more likely to be supported by left-wing parties and individuals.

Epistemological difficulties with neoclassical economics

Bronk, Richard
Fonte: London School of Economics and Political Science Research Publicador: London School of Economics and Political Science Research
Tipo: Conference or Workshop Item; NonPeerReviewed Formato: application/pdf
Publicado em /11/2011 EN; EN
Relevância na Pesquisa
45.86%
This paper addresses several related epistemological difficulties with the neoclassical micro‐foundations of standard economics, and explores what these difficulties imply about the recent dominance of these micro‐foundations in both economic research and applied policy and finance settings. Building on the crucial distinction made by Knight and Keynes between calculable risk and uncertainty, the paper makes a further distinction between two types of uncertainty – epistemological and ontological. It argues that standard economics underestimates how problematic the interface between theory and reality is for both economic agents and social scientists, and overlooks the impossibility of knowing the future yet to be created by innovation and the freedom to choose. The paper outlines alternative micro‐foundations that capture how agents use imagination and narratives alongside market coordination to cope with uncertainty and construct the future. It also explains several research and policy implications of taking uncertainty seriously – the limits of prediction, the incoherence of many bolt‐on amendments to neo‐classical theory, the dangers of analytical monocultures, and the importance of discourse analysis and pluralism in modelling. Recognition that neo‐classical models are inappropriate for dealing with problems characterised by widespread innovation and uncertainty should augment rather than reduce the undoubted value of these same models in many other areas of analysis.

Book review: lessons from the economics of crime: what reduces offending? edited by Philip J. Cook et al.

Braakmann, Nils
Fonte: Blog post from London School of Economics & Political Science Publicador: Blog post from London School of Economics & Political Science
Tipo: Website; NonPeerReviewed Formato: application/pdf
Publicado em 21/05/2014 EN; EN
Relevância na Pesquisa
45.86%
Which policies should be implemented in order to reduce crime? How can we judge whether these policies are successful? Nils Braakmann finds that Lessons from the Economics of Crime offers a good overview of some of the questions with which economists interested in crime have been concerned. Chapters cover re-offending, youth in the justice system, organized crime in Italy, and immigration and integration. Recommended reading for journalists, policy makers, or social scientists who are interested in what economics can bring to the table when it comes to research into crime.

Philosophical foundations of neuroeconomics: economics and the revolutionary challenge from neuroscience.

Fumagalli, Roberto
Fonte: London School of Economics and Political Science Thesis Publicador: London School of Economics and Political Science Thesis
Tipo: Thesis; NonPeerReviewed Formato: application/pdf
Publicado em /09/2011 EN
Relevância na Pesquisa
45.86%
This PhD thesis focuses on the philosophical foundations of Neuroeconomics, an innovative research program which combines findings and modelling tools from economics, psychology and neuroscience to account for human choice behaviour. The proponents of Neuroeconomics often manifest the ambition to foster radical modifications in the accounts of choice behaviour developed by its parent disciplines. This enquiry provides a philosophically informed appraisal of the potential for success and the relevance of neuroeconomic research for economics. My central claim is that neuroeconomists can help other economists to build more predictive and explanatory models, yet are unlikely to foster revolutionary modifications in the economic theory of choice. The contents are organized as follows. In chapters 1-2, I present neuroeconomists’ investigative tools, distinguish the most influential approaches to neuroeconomic research and reconstruct the case in favour of a neural enrichment of economic theory. In chapters 3-7, I combine insights from neuro-psychology, economic methodology and philosophy of science to develop a systematic critique of Neuroeconomics. In particular, I articulate four lines of argument to demonstrate that economists are provisionally justified in retaining a methodologically distinctive approach to the modelling of decision making. My first argument points to several evidential and epistemological concerns which complicate the interpretation of neural data and cast doubt on the inferences neuroeconomists often make in their studies. My second argument aims to show that the trade-offs between the modelling desiderata that neuroeconomists and other economists respectively value severely constrain the incorporation of neural insights into economic models. My third argument questions neuroeconomists’ attempts to develop a unified theory of choice behaviour by identifying some central issues on which they hold contrasting positions. My fourth argument differentiates various senses of the term ‘revolution’ and illustrates that neuroeconomists are unlikely to provide revolutionary contributions to economic theory in any of these senses.

Economics and the laboratory: some philosophical and methodological problems facing experimental economics

Guala, Francesco
Fonte: London School of Economics and Political Science Thesis Publicador: London School of Economics and Political Science Thesis
Tipo: Thesis; NonPeerReviewed Formato: application/pdf
Publicado em //1999 EN
Relevância na Pesquisa
45.99%
Laboratory experimentation was once considered impossible or irrelevant in economics. Recently, however, economic science has gone through a real ‘laboratory revolution’, and experimental economics is now a most lively subfield of the discipline. The methodological advantages and disadvantages of controlled experimentation constitute the main subject of this thesis. After a survey of the literature on experiments in philosophy and economics (chapter one), the problem of testing normative theories of rationality is tackled (chapter two). This philosophical issue was at the centre of a famous controversy in decision theory (the ‘Allais controversy’), during which a methodology of normative falsification was first articulated and used to assess experimental results. In the third chapter, the methodological advantages of controlled experimentation are illustrated and discussed with examples taken from the experiments on the so-called ‘preference reversal’ phenomenon. Laboratory testing allows to establish with a high degree of certainty that certain phenomena lie behind the experimental data, by means of independent testing, elimination of alternative hypotheses, and the use of different instruments of observation. The fourth chapter is devoted to a conceptual analysis of the problem of ‘parallelism’. This is the problem of inferring from the occurrence of a phenomenon in the laboratory...