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Estimating the Impact of State Policies and Institutions with Mixed-Level Data
(Department of Economics, 2006)
clustered standard errors as a more straightforward, feasible approach, especially when working with large datasets or many cross-level interactions, our purpose in this Practical Researcher piece is to draw attention to the issue of clustering in state...
Asymmetric Information and Bank Runs
(Department of Economics, 2007)
. In this paper, I extend the analysis of panic-based runs to include an asymmetric-information, extrinsic randomizing device. Depositors observe different, but correlated, signals on the stability of the bank. I find that if the signals that depositors obtain...
When Do Input Prices Matter For Make-Or-Buy Decisions?
(Department of Economics, 2007)
informationally-demanding way to ensure efficient make-or-buy decisions is to price inputs at marginal cost. The extent to which input prices can depart from marginal cost while still inducing efficient make-or-buy decisions depends on the relative efficiency...
Winner's Curse Corrections Magnify Adverse Selection
(Department of Economics, 2009)
The adverse-selection literature has only considered the case in which competing sellers' costs of supply are independent and privately known by the individual sellers. In contrast, the auction literature has ignored adverse ...
Optimality of the Friedman rule in overlapping generations model with spatial separation
(Department of Economics, 2003)
Recent papers suggest that when intermediation is analyzed seriously, the Friedman rule does not maximize social welfare in overlapping generations model in which money is valued because of spatial separation and limited communication. These papers...
Money, output and the payment system: Optimal monetary policy in a model with hidden effort
(Department of Economics, 2007)
We propose a new explanation for the observed difference in the cost of intraday and overnight liquidity. We argue that the low cost of intraday liquidity is an application of the Friedman rule in an environment where a ...
An Experimental Study of the Effects of Inequality and Relative Deprivation on Trusting Behavior
(Department of Economics, 2005)
Several non-experimental studies report that income inequality and other forms of population-based heterogeneity reduce levels of trust in society. However, recent work by Glaeser et al. (2000) calls into question the reliability of widely used...
The Effect of Monetary Policy on Economic Output
(Department of Economics, 2003)
There is substantial research effort devoted to identifying a sufficient statistic for monetary policy. The purpose of this paper is to broaden the scope of the on-going investigation along three dimensions. First, we follow up the Rudebusch...
Did the Devil Make Them Do It? The Effects of Religion in Public Goods and Trust Games*
(Department of Economics, 2008)
We test whether religious affiliation and participation in religious services are associated with behavior in public goods and trust games. Overall, religious affiliation is unrelated to individual behavior. However, we ...
Do Liberals Play Nice? The Effects of Party and Political Ideology in Public Goods and Trust Games
(Department of Economics, 2004)
We test the conventional wisdom that political ideology is associated with generosity or compassion by comparing the behavior of experimental subjects in public goods or trust games. We find that self-described liberals ...
How Do States Formulate Medicaid and SCHIP Policy? Economic and Political Determinants of State Eligibility Levels
(Department of Economics, 2009)
We exploit the existence of substantial variation in state policies toward public health insurance for children between 1990 and 2002 to estimate the economic and political determinants of state eligibility levels. Controlling for state and year...
Estate and Capital Gains Taxation: Efficiency and Political Economy Considerations
(Department of Economics, 2004)
In this paper a simple dynastic overlapping-generations model with homogeneous agents is used to analyze the optimal use of capital income tax, labor income tax and estate tax. The results of this analysis add to the conventional wisdom about...
Customization in an Endogenous-Timing Game with Vertical Differentiation
(Department of Economics, 2008)
We study customization in a duopoly game in which the firms' products have different qualities. Whether customization choices are made simultaneously or sequentially is endogenously determined. Specifically, the customization ...
Race, Bureaucratic Discretion, and the Implementation of Welfare Reform
(Department of Economics, 2003)
This paper explores the impact of the race of individual clients and of the local racial context on the implementation of sanctions for recipients of Temporary Assistance for Needy Families (TANF) in a Midwestern state. We find that although...
Optimal Commodity Taxation When Land and Structures Must Be Taxed at the Same Rate
(Department of Economics, 2005)
We show that the optimal property tax rate rises with the ratio of land rents to structure and land development costs. California's high ratio of income to property tax revenue and the distribution of Federal housing ...
Customization with Vertically Differentiated Products
(Department of Economics, 2009)
We study an asymmetric duopoly market in which the firms' products are initially differentiated in both variety and quality. Each consumer has a most preferred variety and a quality valuation. Customization provides ideal ...
Mass Customization with Vertically Differentiated Products
(Department of Economics, 2008)
We analyze a duopoly game in which products are initially differentiated in variety and quality. Each consumer has a most preferred variety and a quality valuation. Customization provides ideal varieties but has no effect ...
Environmental Policy Attitudes: Issues, Geographical Scale, and Political Trust
(Department of Economics, 2008)
Objectives. This article examines environmental policy attitudes, focusing on the differences in preferences across issue type (i.e., pollution, resource preservation) and geographical scale (i.e., local, national, global). ...
Incentive Schemes in Peer-to-Peer Networks
(Department of Economics, 2008)
In this paper we use mechanism design approach to find the optimal file-sharing mechanism in a peer-to-peer network. This mechanism improves upon existing incentive schemes. In particular, we show that peer-approved scheme is never optimal...
State Social Capital and Individual Health Status
(Department of Economics, 2004)
Recent studies have found that two state-level measures of social capital, average levels of civic participation and trust, are associated with improvements in individual health status. In this study we employ these measures, ...