Economics

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A Dynamic Pricing Model of Bicycle Sharing Systems
(2015) Nguyen, Giang; Ball, Richard J.
A bicycle sharing system is a service in which people can rent a bike to travel, usually from one bike station to another and over a short period of time. Bicycle sharing systems are now available in over 700 cities in the world after seeing a tremendous growth in the last decade. They are an integral part of many cities’ public transportation system. Most bicycle sharing systems currently employ a fixed pricing scheme. However, with all the recent advancements in mobile technology, it has become increasingly easier for consumers to be informed, which opens up the possibility of having a dynamic pricing scheme in which the price changes according to the station and the time of the day. In this paper, I will create a simple dynamic pricing model. As the cost of operating a bicycle sharing system is largely fixed, I will assume that the entire purpose of the operator of the bicycle sharing system is to maximize revenues from trips. I will then solve for the conditions that will maximize the revenues given a certain set of parameters.
A Political Economy Approach to Optimal Fiscal Policy Under the Imposition of a Debt Ceiling
(2024) Stein, Nathan; Parameswaran, Giri
This paper presents an infinite-horizon model describing the amount of debt accrued under different forms of government. The government can raise revenue via taxation or debt, and this revenue is used to finance public goods and accumulated debt. With a dictator (social planner), debt is rolled over each period ad infinitum. With two parties, the debt level continually increases each period. When a debt ceiling is imposed, it is non-binding for the social planner. The debt ceiling is binding for certain levels of debt in the two-party problem, and the government reaches the ceiling in finite time.
A Study of Inefficiency and Arbitrage Opportunity: An empirical analysis of the fixed and demand-based betting market
(2008) Turton, Felix; Ghosh, Indradeep
This paper examines the fixed and demand-based betting market for The English Premier League top scorer. This investigation involves a predictive model that aims to pin down the random element of odds movements across time. With this model the Efficient Market Hypothesis (EMH) is tested and rejected. Given the information in the predictive model, paper concludes with an explication of what on optimal betting strategy would consist in.
A Study of Occupational Exit and Its Outcome for U.S. Ph.D. Recipients in Science and Engineering Professions
(2014) Yang, Shuoying; Preston, Anne Elizabeth
Despite the recent increase of women's employment rate, women continue to be underrepresented in science and engineering. This could be largely attributed to the fact that many women are leaving science after receiving a science education and starting a science job. In this thesis research, the 1993 to 2010 Scientists and Engineers Statistics Data System (SESTAT) has been used to analyze the level of occupational exit of Ph.D. graduates in science and engineering, and have started to work in related jobs. The survival analysis is firstly carried out to measure the length of time until Ph.D. graduates to exit science. The occupational exit is then decomposed to five possible reasons, and the competing-hazard analysis is used study what reasons make males and females to leave science. After that, the difference-in-differences analysis is applied to study how salary and job satisfaction change before and after their exit. Our results reveal that women are 1.7 times more likely than their male counterparts to leave science related occupations mainly because of family reasons. Males are more likely to work out of science because of reasons other than family. The results also show that females leave science because of salary; however, they are earning even less after exit. Males are not leaving science because of salary. The job satisfaction of male and female leavers is lower than those who are staying in science, either before or after they exit.
A Ticket to the Olympics: An Assessment of the "Olympic Effect" on Tourism
(2010) Costanzo, Laura; Ball, Richard J.
Previous studies on the topic of the “Olympic Effect” and its impact on tourism reveal both positive and negative returns for host countries as well as unsuccessful bid host countries. The returns experienced, as explained by subject scholars, are greatly dependent on a variety of factors, many of which are uncontrollable. Therefore, it is an undeniable risk for a country to host a sporting mega-event; however, the potential successful outcome generally overshadows any concern. Building off of previous research conducted, this paper explores the effects host countries and unsuccessful bid host countries of sporting mega-events experience in regards to tourism after an event takes place. It not only examines the Olympics, but also observes the FIFA Men’s World Cup, since it is considered the second largest sporting mega-event after the Olympics. In this analysis, hosts and unsuccessful bid hosts were observed under a variety of controls to fully understand factors that affect outcomes on tourism. The majority of results show a positive increase in tourism for hosts and unsuccessful bid hosts. However, it is apparent that many of these results are byproducts of a naturally occurring time trend that causes sectors such as tourism to increase over time.
Absolute Income, Relative Income and Happiness: Comparison by Ethnic Groups
(2017) Greenberg, Richard; Ball, Richard J.
Countries worldwide strive for economic growth that leads to higher wealth. This increase in country wealth increases individual income which increases their disposable income which allows them to purchase new goods, services and experiences which in turn leads to higher life satisfaction. There have been several studies that analyze the relationship between income and life satisfaction for all citizens within a country. These empirical studies are consistent in the fact that they find that increases in both absolute and relative income lead to increases in subjective well being. This paper differs in the fact that it focuses on one specific country (Peru), and measures how these relationships differ between the Mulatos and Peruans, Peru’s two dominant ethnic groups. This study also analyzes the effects on non monetary factors of life such as health, education and familial factors.
Access to Healthcare and its Effect on Educational Outcomes: A Case Study of Kenya
(2013) Koffer, Alec; Jilani, Saleha
This paper investigates whether access to healthcare is a major factor affecting educational outcomes in Kenya. Using ordinary least squares and probit analysis, I estimate the impact of mosquito bed nets, health insurance, vaccinations, and distance to the nearest health facility (hospital, health centre and dispensary) on total years of schooling and school enrollment of children ages 6-18. The key finding of this paper is that access to healthcare plays a significant role, greater than that of even building a new school, on the child’s level of education. The main conclusion of this paper is that building more lower level health facilities, specifically dispensaries, may be one of the most effective policies to improve educational outcomes in Kenya.
Accuracy of the Capital Asset Pricing Model (CAPM) in the Bombay Stock Exchange
(2020) Kalani, Keshav Nand; Binder, Carola Conces
A plethora of economic literature describes different models that investors use to predict their returns so that they can decide which assets to invest in. I focus specifically on the Capital Asset Pricing Model (CAPM) in this paper. There exist conflicting opinions on the accuracy and applicability of the CAPM in predicting returns on investments in the real world. This paper adds to existing economic literature by testing the accuracy of the CAPM in predicting returns on investments in the 51 stocks traded on the BSE Sensex 50 Index across the time period of 30th November, 2009 to 30th November, 2018. This study finds that the CAPM does not accurately predict returns on investments in the 51 stocks traded on the BSE Sensex 50 Index, and explains certain factors that may have led to this inaccuracy.
Against the Odds: An Examination of Gender Wage Differentials in the Las Vegas casino industry
(2008) Cheung, Elizabeth; Ball, Richard J.
This study examines wage differentials between men and women in the Las Vegas, Nevada casino resort industry. The majority of existent literature addressing wage differentials usually reaches the same conclusion: women earn less than their equally qualified, equally productive male counterpart does. However, wages in Las Vegas may not necessarily reflect the same wage patterns found in other industries, particularly because of the heavy concentration of workers in service-related occupations. The results show that the odds are actually against women and women still usually make less than men in various occupations.
Age vs. Wear and Tear: The Deterioration of an NFL Running Back
(2010) Kennedy, Chase; Owens, David M.
This study examines the deterioration of an NFL running back. The two factors examined in this study are the age and wear and tear of a running back. Age is examined by comparing the affect of one additional year of age on running back production, during their ages of decline. Wear and tear is examined by comparing the affect that an additional season’s workload has on production. Results show a non-linear relationship between both age and career workload with production. Running back production is shown to gradually decline at higher ages as well as higher career workload levels. There is also evidence to dismiss the possibility of an age threshold for running back production. Interestingly, however, there appears to be a possible threshold in career workload and its affect on production.
Agreement Between Patient and Doctor Drug Evaluations
(2017) Deininger, Ethan; Binder, Carola Conces
Patient ratings of drugs are regressed on doctor ratings and the severity of the patient's condition (measured with QALY) while controlling for demographic variables and xed e ects. Patient rating and demographic data was collected from WebMD, doctor ratings from RateRx, and QALY data from the Tufts CFAR database. Patient and doctor ratings are positively correlated, though not very strongly. Patients with worse conditions rate drugs higher and with lower variance than patients with mild conditions. Doctors rate drugs higher if they have low variance between patient ratings.
An Analysis of Business Combinations within the Automobile Manufacturing Industry: The Effects of Mergers, Acquisitions, and Alliances on Firm Performance and Value
(2023) Smith, Ashton G.; Arredondo-Chavez, Alberto
This paper analyzes business combinations among automobile manufacturers from 1979 to the present, a subset of the automotive industry that provides consumers with personal transportation. It is designed to assess the effects of mergers, acquisitions, and alliances (termed “events”) between and among automobile manufacturers on company performance and value. To do so, this paper will calculate the effect of these events on (i) the affected companies’ performance, as measured by earnings before interest, taxes, depreciation, and amortization (“EBITDA”), and (ii) the value of the affected companies’ publicly-issued stock outstanding held by the general public (the “public float”). Because events typically cause changes in the number of employees who work for the affected companies, the analysis also considers the effect on performance per worker by dividing company EBITDA by the number of employees. Similarly, events typically cause changes in the public float, so measuring the effect on company value also needs to account for this change. Understanding the relationship between events and company performance and events and company value will help determine whether business combinations in the automobile industry have been effective or ineffective, both in aggregate and concerning a particular company’s merger, acquisition, or alliance. The results of this analysis show a strong statistically significant negative effect of business combinations on valuations for automobile manufacturers. However, the results of such business combinations on performance are inconclusive. Further research will be needed to fully understand the factors that contribute to the conditions for a successful business combination.
An Analysis of Final-Offer Arbitration Outcomes for Batters in Major League Baseball from 2002–2006
(2007) Einbinder, Benjamin; Bell, Linda A., 1959-
In 1974, Major League Baseball adopted final-offer arbitration to settle salary disputes between players and teams. Currently, a player is eligible for arbitration after 3 years of major league service. The paper analyzes arbitration salary outcomes for MLB batters from 2002–2006. The findings of this paper show that players who threaten arbitration earn 16% higher salaries than those players who settle before the exchange date specified in the Collective Bargaining Agreement. The data used in this paper also show that the criteria used in the salary determination process during arbitration are equivalent to those used in the free agent market. This paper concludes by suggesting possible alternatives to the current arbitration system and discusses the implications of the findings from both player and team perspectives.
An Analysis of the Effects of Long-Term Contracts on Performance in Major League Baseball
(2016) Taylor, Zachary; Owens, David M.
This study explores the effects of long-term contracts in Major League Baseball on players’ performance. By predicting performance of individual players using past performance, among other variables, this paper measures whether players perform as expected, or under/over-perform after signing a long-term contract in the free-agent market from the seasons 2006-2015. This paper analyzes pitchers and position players separately. It is expected that players with long-term contracts will underperform do to a disincentive to work hard based on the job security of a long-term contract. The results show that position players and pitchers do not underperform in the year after signing a new long-term contract, but there is a positive relationship between underperformance and total value of a contract. There may be a disincentive to perform after signing a contract for a specific amount of guaranteed money.
An Empirical Analysis of the Impact of Broadband Access on the U.S. Multichannel Video Programming Distribution Market
(2016) Corbin, Matthew K.; Lambie-Hanson, Timothy
Capital investments made by incumbent cable, telecommunications, and satellite firms—together, multichannel video programming distributors (MVPDs)—in broadband technologies over recent years have improved Internet connection availability and speed. Access to broadband download speeds of 25 Mbps or greater allow for online streaming of Ultra HD video programming, which is of comparable quality to traditional Pay TV content. Utilizing geo-spatial variation in broadband download speed access across the United States, I test the effects of broadband access at Ultra HD capable speeds on the penetration rates and subscriber growth rates of MVPD Pay TV providers. The analysis produces inconclusive results, finding there to be insufficient evidence that access to higher broadband speeds has a negative effect on MVPD penetration rates and subscriber growth rates. Noteworthy differentiation in generational preferences for Pay TV subscribership is evidenced, warranting the need for further empirical research on the substitutability of quality online video programming on traditional Pay TV.
An event-study analysis of Brexit events and the British yield curve
(2020) Braun, Connor; Binder, Carola Conces
An Examination of AI-powered Exchange Traded Fund Returns and Their Exposure to ESG
(2024) Millie, Samuel; Arredondo-Chavez, Alberto
This thesis analyzes whether AI-powered exchange-traded funds invest in ESG-responsible companies at a higher rate than traditionally managed ETFs. Subsequently, the paper also examines if these same AI-powered funds generate higher excess returns than traditionally managed ETFs. This paper uses performance and ESG score data from Refinitiv. The results do not provide statistically significant evidence suggesting AI-powered funds outperform or possess higher ESG scores than traditional funds. However, the paper produces significant results analyzing the effect of different ESG scores on indexed performance, alpha, and the Sharpe and Treynor ratios for non-AI-powered funds. The findings reveal differing conclusions on the effect that ESG metrics have on the performance of non-AI-powered funds.
An Examination of Discrimination in the Premier League
(2023) Page, Celia; Preston, Anne Elizabeth
This paper examines potential discrimination against non-white players through a study of yellow and red cards awarded to players in the English Premier League throughout the 2010- 11 to 2020-21 seasons. In addition, this paper investigates the effect of explicit monitoring technology, the VAR (Video Assistant Referee) in Premier League soccer, to see if referee bias exists or diminishes. I ultimately find that non-white players are less likely to receive yellow cards than white players, reducing their predicted probability of receiving a yellow card by 1.02 percentage points which is statistically significant; this translates to about a 10% reduction. The test for red cards revealed that non-white players receive slightly more red cards than white players, however none of these specifications yielded statistically significant results. The VAR analysis showed that explicit monitoring technology can reduce the probability of referees awarding yellow cards by 1.39 percentage points, which is statistically significant. Further, the lower probability of yellow cards for non-white players disappears in the post VAR period. Finally, position level analyses reveal that all the significant results are driven by issuing of yellow cards to both forwards and defenders.
An Examination of the Cross-Price Effects of Alcohol and Cigarettes
(2015) Schnall, Jill; Lambie-Hanson, Timothy
My thesis analyzes the cross-price effects of alcohol and cigarettes on different subpopulations. Specifically, I use a linear probability model to look at the change in the probability that a person drinks, smokes, drinks excessively and drinks moderately in response to a change in the price of beer, wine, and cigarettes. I also use OLS regression to look at the change in the average number of drinks per drinking occasion and the average number of drinks per month in response to a change in the price of beer, wine, and cigarettes. Results suggest that beer is a complement to cigarettes, whereas cigarettes are a substitute for alcohol. Additionally, I find that wine is a substitute for cigarettes.
An Expensive Paradox: Externalities & Implications of the Bottled Water Industry in the United States
(2011) Eiselen, Dana; Banerjee, Biswajit
In a country with access to one of the cleanest municipal water supplies in the world, the proliferation of the bottled water industry in the past twenty years in the United States has had profound impacts on the environment, consumer culture, and communities. This paper provides a survey of the literature regarding the development of the bottled water market, current industry practices, and the industry-related actions and inaction of consumers and government agencies in the United States. First, this paper provides a variety of perspectives on the reasons for exponential consumer demand and industry growth. Then, it sheds economic insight on some of the long term costs of the unsustainable practices for the industry, government agencies, and consumers. Finally, several recommendations are made regarding potential ways to restructure the market in order to slow or stop the continued costs of industry-related externalities.

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