Showing 51 - 84 of 84 Items

Date: 2014-05-20

Creator: Joshua J. Lawler, David J. Lewis, Erik Nelson, Andrew J. Plantinga, Stephen, Polasky, John C. Withey, David P. Helmers, Sebastián Martinuzzi, Derric Penningtonh

Access: Open access

Providing food, timber, energy, housing, and other goods and services, while maintaining ecosystem functions and biodiversity that underpin their sustainable supply, is one of the great challenges of our time. Understanding the drivers of land-use change and how policies can alter land-use change will be critical to meeting this challenge. Here we project land-use change in the contiguous United States to 2051 under two plausible baseline trajectories of economic conditions to illustrate how differences in underlying market forces can have large impacts on land-use with cascading effects on ecosystem services and wildlife habitat. We project a large increase in croplands (28.2 million ha) under a scenario with high crop demand mirroring conditions starting in 2007, compared with a loss of cropland (11.2 million ha) mirroring conditions in the 1990s. Projected land-use changes result in increases in carbon storage, timber production, food production from increased yields, and >10% decreases in habitat for 25% of modeled species. We also analyze policy alternatives designed to encourage forest cover and natural landscapes and reduce urban expansion. Although these policy scenarios modify baseline land-use patterns, they do not reverse powerful underlying trends. Policy interventions need to be aggressive to significantly alter underlying land-use change trends and shift the trajectory of ecosystem service provision.

Date: 2020-07-01

Creator: Erik Nelson, Maggie Rogers, Spencer Wood, Jesse Chung, Bonnie, Keeler

Access: Open access

We use large dataset on US lakes from 17 states to estimate the relationship between summertime visits to lakes as proxied by social media use and the lakes' water quality, amenities, and surrounding landscape features and socioeconomic conditions. Prior to estimating these relationships we worked on 1) selecting a parsimonious set of explanatory variables from a roster of more than 100 lake attributes and 2) accounting for the non-random pattern of missing water quality data. These steps 1) improved the interpretability of the estimated visit models and 2) widened our estimated models' scope of statistical inference. We used Machine Learning techniques to select parsimonious sets of explanatory variables and multiple imputation to estimate water quality at lakes missing this data. We found the following relationships between summertime visits to lake and their attributes across the 17-state region. First, we estimated that every additional meter of average summer-time Secchi depth between 1995 and 2014 was associated with at least 7.0% more summer-time visits to a lake between 2005 to 2014, all else equal. Second, we consistently found that lake amenities, such as beaches, boat launches, and public toilets, were more powerful predictors of visits than water quality. Third, we also found that visits to a lake were strongly influenced by the lake's accessibility and its distance to nearby lakes and the amenities the nearby lakes offered. Finally, our results highlight the biased results that "big data"-based research on recreation can generate if non-random missing observation patterns in the data are not corrected.

Date: 2016-02-25

Creator: B. Zorina Khan

Access: Open access

The French economy has been criticized for a lack of integration of women in business and for the prevalence of inefficient family firms. A sample drawn from patent and exhibition records is used to examine the role of women in enterprise and invention in France. Middle-class women were extensively engaged in entrepreneurship and innovation, and the empirical analysis indicates that their commercial efforts were significantly enhanced by association with family firms. Such formerly invisible achievements suggest a more productive role for family-based enterprises, as a means of incorporating relatively disadvantaged groups into the market economy as managers and entrepreneurs. This business model .... melds entrepreneurial passion with a long family tradition. - Wendel Company (1704-2014) 1

Date: 2013-10-28

Creator: Yao Tang, Yoshinori Kurokawa, Jiaren Pang

Access: Open access

We construct a dynamic Ricardian model of trade with money and nominal exchange rate. The model implies that the nominal wages of the trading countries are more likely to exhibit stronger positive comovements when the countries fix their bilateral exchange rates. Panel regression results based on data from OECD countries from 1973 to 2012 suggest that countries in the European Monetary Union (EMU) experienced stronger positive wage comovements with their main trade partners. When we restrict the regression to the subsample of the EMU countries, we find a significant increase in wage comovements after these countries joined the EMU in 1999 compared to the pre-euro era. In comparison, when the sample is restricted to the non-EMU countries, we find no evidence that non-currency union pegs affected the wage comovements.

Date: 2021-01-01

Creator: José Edwards, Stephen Meardon

Access: Open access

In 2018, Clarivate Analytics, publisher of the Web of Science Journal Citation Reports (JCR), suppressed publication of the 2017 Journal Impact Factor (JIF) for three of the four journals that it then indexed in the academic field of history of economics. Clarivate judged one of the journals, History of Economic Ideas (HEI), to be the “donor” of citations that distorted the impact factors of the European Journal of the History of Economic Thought (EJHET) and the Journal of the History of Economic Thought (JHET). The other journal, History of Political Economy (HOPE), was not included in that judgment. Our purpose is to define the JIF, summarize the controversy that gave rise to this symposium, and discuss methodologically and historically some of the problems with the use of citation indexes in general and the JIF in particular. We show how these problems pertain differently to the scholarly field of the history of economics than to economics in general. In so doing we also introduce the following five articles of this symposium.

Date: 2006-07-25

Creator: Jason Hill, Erik Nelson, David Tilman, Stephen Polasky, Douglas, Tiffany

Access: Open access

Negative environmental consequences of fossil fuels and concerns about petroleum supplies have spurred the search for renewable transportation biofuels. To be a viable alternative, a biofuel should provide a net energy gain, have environmental benefits, be economically competitive, and be producible in large quantities without reducing food supplies. We use these criteria to evaluate, through life-cycle accounting, ethanol from corn grain and biodiesel from soybeans. Ethanol yields 25% more energy than the energy invested in its production, whereas biodiesel yields 93% more. Compared with ethanol, biodiesel releases just 1.0%, 8.3%, and 13% of the agricultural nitrogen, phosphorus, and pesticide pollutants, respectively, per net energy gain. Relative to the fossil fuels they displace, greenhouse gas emissions are reduced 12% by the production and combustion of ethanol and 41% by biodiesel. Biodiesel also releases less air pollutants per net energy gain than ethanol. These advantages of biodiesel over ethanol come from lower agricultural inputs and more efficient conversion of feedstocks to fuel. Neither biofuel can replace much petroleum without impacting food supplies. Even dedicating all U.S. corn and soybean production to biofuels would meet only 12% of gasoline demand and 6% of diesel demand. Until recent increases in petroleum prices, high production costs made biofuels unprofitable without subsidies. Biodiesel provides sufficient environmental advantages to merit subsidy. Transportation biofuels such as synfuel hydrocarbons or cellulosic ethanol, if produced from low-input biomass grown on agriculturally marginal land or from waste biomass, could provide much greater supplies and environmental benefits than food-based biofuels. © 2006 by The National Academy of Sciences of the USA.

Date: 2010-12-01

Creator: Erik Nelson, Heather Sander, Peter Hawthorne, Marc Conte, Driss, Ennaanay, Stacie Wolny, Steven Manson, Stephen Polasky

Access: Open access

Background: As the global human population grows and its consumption patterns change, additional land will be needed for living space and agricultural production. A critical question facing global society is how to meet growing human demands for living space, food, fuel, and other materials while sustaining ecosystem services and biodiversity [1]. Methodology/Principal Findings: We spatially allocate two scenarios of 2000 to 2015 global areal change in urban land and cropland at the grid cell-level and measure the impact of this change on the provision of ecosystem services and biodiversity. The models and techniques used to spatially allocate land-use/land-cover (LULC) change and evaluate its impact on ecosystems are relatively simple and transparent [2]. The difference in the magnitude and pattern of cropland expansion across the two scenarios engenders different tradeoffs among crop production, provision of species habitat, and other important ecosystem services such as biomass carbon storage. For example, in one scenario, 5.2 grams of carbon stored in biomass is released for every additional calorie of crop produced across the globe; under the other scenario this tradeoff rate is 13.7. By comparing scenarios and their impacts we can begin to identify the global pattern of cropland and irrigation development that is significant enough to meet future food needs but has less of an impact on ecosystem service and habitat provision. Conclusions/Significance: Urban area and croplands will expand in the future to meet human needs for living space, livelihoods, and food. In order to jointly provide desired levels of urban land, food production, and ecosystem service and species habitat provision the global society will have to become much more strategic in its allocation of intensively managed land uses. Here we illustrate a method for quickly and transparently evaluating the performance of potential global futures.

Date: 2014-01-01

Creator: Jarrod Olson, Daniel F. Stone

Access: Open access

U.S. college football’s traditional bowl system, and lack of a postseason play-off tournament, has been controversial for years. The conventional wisdom is that a play-off would be a more fair way to determine the national champion, and more fun for fans to watch. The colleges finally agreed to begin a play-off in the 2014-2015 season, but with just four teams, and speculation continues that more teams will be added soon. A subtle downside to adding play-off teams is that it reduces the significance of regular season games.We use the framework of Ely, Frankel, and Kamenica (in press) to directly estimate the utility fans would get from this significance, that is, utility from suspense, under a range of play-off scenarios. Our results consistently indicate that play-off expansion causes a loss in regular season suspense utility greater than the gain in the postseason, implying the traditional bowl system (two team play-off) is suspense-optimal. We analyze and discuss implications for TV viewership and other contexts.

Date: 2020-01-01

Creator: Madeleine Rose Dupré

Access: Access restricted to the Bowdoin Community

Date: 2021-01-01

Creator: Gavin T Shilling

Access: Open access

The Great Recession of 2007 and 2008 exposed the risks of excessive borrowing. We learned the essential economic principle that greater leverage harbors greater risk. Although this global economic contraction was driven primarily by booming private credit expansion, economically inefficient incentives in the public sector, such as short-term reelection concerns, may lead politicians to engage in rash deficit- financed, fiscal spending. The primary purpose of this research is to assess the economic costs of heightened, preexisting government leverage on real economic outcomes during recessionary periods, focusing on both banking and non-banking crisis recessions. In both advanced economies and emerging economies, this study confirms that banking recessions are associated with more severe economic contractions and more persistent output declines than normal recessions. In advanced economies, GDP recovers quickly and strongly with expansionary and supportive fiscal policy during low debt recessions, even with depressed private investment. While GDP recovers slowly and weakly with less expansionary fiscal policy during high debt recessions, even with strong private investment. Thus, the social marginal benefit of public sector investment exceeds the social marginal benefit of private sector investment in advanced economies. In emerging economies, GDP recovers quickly and strongly with strong private investment during high debt recessions, even with weak fiscal spending. While GDP recovers slowly and weakly with depressed private investment during low debt recessions, even with expansionary and supportive fiscal policy. Thus, the social marginal benefit of private sector investment exceeds the social marginal benefit of public sector investment in emerging economies.

Date: 2025-01-01

Creator: Sujan Garapati

Access: Open access

Since 2001, Japan has experienced two extended quantitative easing (QE) periods that aimed to address its low growth and deflationary environment. This paper investigates the transmission channels of the country’s QE policies during both periods: QE1 and Abenomics. Investigating three primary QE channels, signaling, inflation, and safety, the analysis identifies a signaling channel with different characteristics during both periods, no inflation channel, and a safety channel with different strengths during both periods. During QE1, event dates signaled low yields on short- and medium-term bonds but not on long-term bonds, suggesting a weak signaling channel. In contrast, under Abenomics, the signaling channel was strong for long-term bonds, reflecting a credible commitment to sustained low interest rates. Event dates in both periods were associated with deflation, so the evidence does not support the presence of an inflation channel. Across both periods, a significant safety channel was present. Investors paid a premium for safe assets that decreased yields as the BOJ purchased bonds, especially during Abenomics. The findings suggest that Abenomics was more successful at decreasing interest rates than QE1. Overall, this paper reveals that QE can effectively lower yields through signaling and safety effects but fails to raise inflation expectations in Japan.

Date: 2014-10-01

Creator: Erik Nelson, John C. Withey, Derric Pennington, Joshua J. Lawler

Access: Open access

We determine the effect of the US Endangered Species Act’s Critical Habitat designation on land use change from 1992 to 2011. We find that the rate of change in developed land (constructed material) and agricultural land is not significantly affected by Critical Habitat designation. Therefore, Sections 7 and 9 of the Endangered Species Act do not appear to be more heavily applied in lands designated as Critical Habitat areas versus lands within listed species’ ranges, but without critical habitat designation. Further, there does not appear to be any extraordinary conservation activity in critical habitat areas; for example, environmental non-profits and land trusts do not appear to be concentrating activity in these areas. Before we conclude that the opportunity cost of Critical Habitat designation is negligible we need to examine the land management impacts of designation.

Date: 2019-01-01

Creator: Erik Nelson, Nicole Sadowsky

Access: Open access

Since 2011, the private ride-hailing (RH) app companies Uber and Lyft have expanded into more and more US urban areas. We use a dynamic entry event study to examine the impact of Uber and Lyft's entry on public transportation (PT) use in the United States' largest urban areas. In most cases, entry into urban areas was staggered: Uber entered first, followed several months later by Lyft. We generally find that PT use increased in the representative urban area, all else equal, immediately following first RH app company entry. However, this spike in PT use largely disappeared following the entry of the second RH app company. Slightly different RH app company-PT use relationships emerge when we estimate the PT use model over various subsets of urban areas and PT modes.

Date: 2020-01-01

Creator: B. Zorina Khan

Access: Open access

Social progress depends on the realization of inventive ideas, and economic history provides valuable lessons about creativity in technology and culture. The empirical study of over one hundred thousand innovative individuals who obtained patents, copyrights, and prizes, sheds light on the relationship between institutions, incentives, and transformative ideas and expression, over the past two centuries. The European growth model assumed useful knowledge was scarce, and top-down administered innovation systems offered rights and rewards to “exclusive” groups. By contrast, American policies regarded creativity as widely distributed in the general population, and further promoted “inclusive” market-oriented mechanisms that fostered diversity in ideas and outcomes. The evidence suggests that property rights in patents facilitated markets in ideas, and ensured that returns were aligned with productivity and market demand. Whereas, such administered systems as innovation prizes and publisher’s copyrights in the “creative industries” benefited the few rather than overall social welfare.

Date: 2017-08-31

Creator: Erik Nelson, John M Fitzgerald, Nathan Tefft, John L. Anderson

Access: Open access

We estimate US household monthly elasticities of demand for some of the more popular organic fruits. To our knowledge, this is the first US-wide, multi-year analysis of price and income elasticities for various organic fruits. We calculate elasticities of demand for low-income, middle class, and rich income bracket households using three estimation techniques: two econometric methods and one machine learning method (least absolute shrinkage and selection operator (LASSO)). Demand estimates are based on Nielsen scanner data from approximately 60,000 households collected from 2011 to 2013. Generally, we find that own-price conditional and unconditional elasticities of demand for organic fruits are negative. Unconditional elasticity magnitudes tend to be largest in the representative middle-class household. Income elasticities of demand measurements are inconsistent and often statistically insignificant. This finding is consistent with the survey literature finding that many consumers buy organic food for mostly moral or ethical reasons. We run two policy experiments: a 10% subsidy of organic fruits, and a 10% tax on conventional fruits. Our hypothetical policies engender a stronger reaction among the general public than habitual buyers of organic fruit; unconditional purchase and expenditure elasticities are generally larger than conditional purchase and expenditure elasticities. Finally, we find that elasticities measured with the LASSO technique are not radically different than those measured with econometric methods. The most noticeable difference between the two analytical techniques is that LASSO is more likely to find price and income elasticities of demand that indistinguishable from zero, both substantively and statistically.

Date: 2013-09-29

Creator: Stephen Meardon

Access: Open access

The most notable idea of Charles P. Kindleberger’s later career is the value of a single country acting as stabilizer of an international economy prone to instability. It runs through his widely read books, The World in Depression, 1929-1939 (1973), Manias, Crises, and Panics (1978), A Financial History of Western Europe (1984), and kindred works. “Hegemonic stability,” the idea is called in the literature it inspired. This essay traces Kindleberger’s attachment to the idea back to his tenure as chief of the State Department’s Division of German and Austrian Economic Affairs from 1945 to 1947 and adviser to the European Recovery Program from 1947 to 1948. In both capacities Kindleberger observed and participated indirectly in the 1948 monetary reform in Western Germany. In the 1990s, during his octogenary decade, he revisited the German monetary reform with a fellow participant, economist, and longtime friend, F. Taylor Ostrander. Their collaborative essay marked Kindleberger’s effort to reclaim hegemonic stability theory from the scholars who developed it following his works of the 1970s and 1980s.

Date: 2013-06-05

Creator: Yao Tang, Haifang Huang, Ke Pang

Access: Open access

Under the flexible exchange rate regime, the Canadian economy is constantly affected by fluctuations in exchange rates. This paper focuses on employment in Canada. We find that appreciations of the Canadian dollar have significant effects on employment in manufacturing industries; such effects are mostly associated with the export-weighted exchange rate and not the import-weighted exchange rate. The export-weighted exchange rate elasticity of employment is -0.52. However, we also find that exchange rate fluctuations have little impact on Canada’s nonmanufacturing employment. Because the manufacturing sector accounts for only about 10% of the employment in Canada, the overall employment effect of exchange rates is small. In addition, we assess the potential employment impact of a boom in the global commodity market, which often leads to appreciations of the Canadian dollar. We find that a 12.21% increase in commodity prices (one standard deviation in the 1994-2007 data) reduces Canada’s manufacturing employment by 0.98%, less than 0.1% of the total industrial employment.

Date: 2008-07-15

Creator: Erik Nelson, Stephen Polasky, David J. Lewis, Andrew J. Plantinga, Eric, Lonsdorf, Denis White, David Bael, Joshua J. Lawler

Access: Open access

We develop an integrated model to predict private land-use decisions in response to policy incentives designed to increase the provision of carbon sequestration and species conservation across heterogeneous landscapes. Using data from the Willamette Basin, Oregon, we compare the provision of carbon sequestration and species conservation under five simple policies that offer payments for conservation. We evaluate policy performance compared with the maximum feasible combinations of carbon sequestration and species conservation on the landscape for various conservation budgets. None of the conservation payment policies produce increases in carbon sequestration and species conservation that approach the maximum potential gains on the landscape. Our results show that policies aimed at increasing the provision of carbon sequestration do not necessarily increase species conservation and that highly targeted policies do not necessarily do as well as more general policies. © 2008 by The National Academy of Sciences of the USA.

Date: 2009-02-10

Creator: Jason Hill, Stephen Polasky, Erik Nelson, David Tilman, Hong, Huo, Lindsay Ludwig, James Neumann, Haochi Zheng, Diego Bonta

Access: Open access

Environmental impacts of energy use can impose large costs on society. We quantify and monetize the life-cycle climate-change and health effects of greenhouse gas (GHG) and fine particulate matter (PM2.5) emissions from gasoline, corn ethanol, and cellulosic ethanol. For each billion ethanol-equivalent gallons of fuel produced and combusted in the US, the combined climate-change and health costs are $469 million for gasoline, $472-952 million for corn ethanol depending on biorefinery heat source (natural gas, corn stover, or coal) and technology, but only $123-208 million for cellulosic ethanol depending on feedstock (prairie biomass, Miscanthus, corn stover, or switchgrass). Moreover, a geographically explicit life-cycle analysis that tracks PM2.5 emissions and exposure relative to U.S. population shows regional shifts in health costs dependent on fuel production systems. Because cellulosic ethanol can offer health benefits from PM2.5 reduction that are of comparable importance to its climate-change benefits from GHG reduction, a shift from gasoline to cellulosic ethanol has greater advantages than previously recognized. These advantages are critically dependent on the source of land used to produce biomass for biofuels, on the magnitude of any indirect land use that may result, and on other as yet unmeasured environmental impacts of biofuels. © 2009 by The National Academy of Sciences of the USA.

Date: 2022-01-01

Creator: Maynor Alberto Loaisiga Bojorge

Access: Open access

For most of their histories, Costa Rica and Honduras were primarily agricultural societies with little economic diversification. However, around 1990, after the implementation of Washington Consensus reforms, the economies of both nations began to diverge. Costa Rica’s economy rapidly expanded for the following 30 years, while Honduras remained stagnant. Through a New Institutional Economics approach, I argue that institutional differences between Costa Rica and Honduras are responsible for the impressive economic growth Costa Rica has been able to achieve in the past few decades. Specifically, early political developments in Costa Rica have deeply imbedded relatively egalitarian values into the population, helping shape formal and informal inclusive political institutions. Meanwhile, Honduras experienced the development of extractive political institutions, as political and economic power was heavily concentrated in the hands of a select few. These political institutions were crucial during the implementation stages of Washington Consensus reforms, as strong and inclusive political institutions attracted Foreign Direct Investment that helped propel the Costa Rican economy and materialize its position as an outlier in the region. In contrast, lack of institutional guarantees discouraged foreign investors from investing money into the Honduran economy. Through a deep dive into the political histories of both nations, from European discovery to modernity, I conclude that the political institutions of these Central American nations have determined their economic growth paths.

Date: 2017-05-01

Creator: Xuanming Guo

Access: Open access

This study uses an event study framework to find the relationship between ownership concentration and project value. I find that project value first increases with ownership concentration when block size, the percentage ownership of the largest blockholder, is smaller than 10%, then declines with ownership concentration when block size gets larger, and finally rises again when block size exceeds 30%. However, my research only suggests an ambiguous relationship between ownership concentration and firm value. Additionally, ownership concentration seems to affect both the timing of market responses and the market’s interpretation of large investment projects.

Date: 2019-05-01

Creator: Gideon Moore

Access: Open access

High student debt has been hypothesized to affect career choice, causing students to desire stable, high paying jobs. To test this hypothesis, I rely on plausibly exogenous variation in debt due to a federal policy shift. In the summer of 2007, the Higher Education Reconciliation Act (or HERA) expanded the cap for federally subsidized student loans. I examine how variation in debt affects career choice and eventual salary of students using data from the National Longitudinal Survey of Youth 1979 Child and Young Adult Cohort of students who were of college age during the implementation of the policy. I find that student debt has no impact on salary two years after graduation; however, it does seem to shift students’ career choices, leading some to avoid careers in public service industries such as teaching and social work.

Date: 2014-04-29

Creator: Stephen Polasky, David J. Lewis, Andrew J. Plantinga, Erik Nelson

Access: Open access

Many ecosystem services are public goods whose provision depends on the spatial pattern of land use. The pattern of land use is often determined by the decisions of multiple private landowners. Increasing the provision of ecosystem services, though beneficial for society as a whole, may be costly to private landowners. A regulator interested in providing incentives to landowners for increased provision of ecosystem services often lacks complete information on landowners' costs. The combination of spatially dependent benefits and asymmetric cost information means that the optimal provision of ecosystem services cannot be achieved using standard regulatory or payment for ecosystem services approaches. Here we show that an auction that sets payments between landowners and the regulator for the increased value of ecosystem services with conservation provides incentives for landowners to truthfully reveal cost information, and allows the regulator to implement the optimal provision of ecosystem services, even in the case with spatially dependent benefits and asymmetric information.

Date: 2016-10-01

Creator: Erik J. Nelson, Matthew R. Helmus, Jeannine Cavender-Bares, Stephen Polasky, Jesse R., Lasky, Amy E. Zanne, William D. Pearse, Nathan J.B. Kraft, Daniela A. Miteva

Access: Open access

Increasing trade between countries and gains in income have given consumers around the world access to a richer and more diverse set of commercial plant products (i.e., foods and fibers produced by farmers). According to the economic theory of comparative advantage, countries open to trade will be able to consume more-in termsof volume and diversity-if they concentrate production on commodities that they can most cost-effectively produce, while importing goods that are expensive to produce, relative to other countries. Here, we performa global analysis of traded commercial plant products and find little evidence that increasing globalization has incentivized agricultural specialization. Instead, a country's plant production and consumption patterns are still largely determined by local evolutionary legacies of plant diversification. Because tropical countries harbor a greater diversity of lineages across the tree of life than temperate countries, tropical countries produce and consume a greater diversity of plant products than do temperate countries. In contrast, the richer and more economically advanced temperate countries have the capacity to produce and consume more plant species than the generally poorer tropical countries, yet this collection of plant species is drawn from fewer branches on the tree of life. Why have countries not increasingly specialized in plant production despite the theoretical financial incentive to do so? Potential explanations include the persistence of domestic agricultural subsidies that distort production decisions, cultural preferences for diverse local food production, and that diverse food production protects rural households in developing countries from food price shocks. Less specialized production patterns will make crop systems more resilient to zonal climatic and social perturbations,but this may come at the expense of global crop production efficiency, an important step in making the transition to a hotter and more crowded world.

Date: 2016-11-01

Creator: Erik Nelson, Virginia Matzek

Access: Open access

Nascent US carbon markets reward farmers for reforesting agricultural land, with consequent ecological co-benefits. We use a dynamic optimization model to determine the likelihood of an orchard farmer in northern California converting to forest under 90 plausible future scenarios. We find reforestation to be a highly unlikely outcome, occurring only 4.0% of the time under current economic, biophysical, and policy conditions, and only 18.5% of the time under a set of assumptions that make carbon offset production more economically viable. Conversion to "carbon farming" was more sensitive to changes in orchard production costs and yields than to carbon offset policy changes. In the absence of other changes, the price of a carbon offset would have to increase nearly a hundredfold to make reforestation compete economically with orchard agriculture. Our results partly explain low participation in the reforestation sector of US carbon markets. We conclude that farmers will not be interested in forest conversion unless their land has limited agricultural potential or they are motivated by social, rather than economic, rewards.

Date: 2004-05-01

Creator: B. Zorina Khan, Kenneth L. Sokoloff

Access: Open access

Date: 2000-01-01

Creator: B. Zorina Khan

Access: Open access

Date: 2015-01-01

Creator: B. Zorina Khan

Access: Open access

Prizes for innovations are currently experiencing a renaissance, following their marked decline during the nineteenth century. Debates about such incentive mechanisms tend to employ canonical historical anecdotes to motivate and support the analysis and policy proposals. Daguerre's "patent buyout," the Longitude Prize, inducement prizes for butter substitutes and billiard balls, the activities of the Royal Society of Arts and other "encouragement" institutions-all comprise potentially misleading case studies. The article surveys and summarizes extensive empirical research using samples drawn from Britain, France, and the United States, including "great inventors" and their ordinary counterparts, and prizes at industrial exhibitions. The results suggest that administered systems of rewards to innovators suffered from a number of disadvantages in design and practice, which might be inherent to their nonmarket orientation.

Date: 2020-01-01

Creator: Angela Goldshteyn

Access: Access restricted to the Bowdoin Community

Date: 2022-01-01

Creator: Isabel Krogh

Access: Open access

Income inequality and intergenerational mobility are two common measures of economic fairness in society. While they measure distinct ideas, they are significantly related in an inverse way across countries as well as across regions in the United States. This relationship is illustrated on the Great Gatsby Curve. Unequal access to education is one factor that has been found to drive the negative relationship between these two measures and therefore create the negatively sloping Great Gatsby Curve. Therefore, creating more equal access to education, such as through government spending, could lessen the connection between these two factors. The primary purpose of this research is to explore the effect of public educational expenditure on intergenerational mobility as well as on the slope of the Great Gatsby Curve. At the primary/secondary education level, this study finds that places with higher public spending on education tend to have higher levels of intergenerational mobility. However, no significant relationship is found between spending on tertiary education and intergenerational mobility. In addition, while higher primary/secondary educational spending is associated with a flatter Great Gatsby Curve at the school district level, these results were not consistent at the commuting zone level, so no strong conclusions can be made about the effect of public educational expenditures as a mediating factor of the Great Gatsby Curve.

Date: 2016-05-01

Creator: John L Anderson

Access: Open access

This study specifies the types of consumers that participate in the U.S. organic market and investigates their revealed preferences. I propose three theoretical consumer types – indifferent consumers, informed organic food lovers, and uninformed organic food lovers – and conduct cross-sectional and time-trend analyses utilizing organic fruit purchase data compiled by The Neilsen Company. The cross-sectional analysis is estimated with a two-stage Heckman selection model, while the time-trend analysis uses simple descriptive statistics and a differenced OLS regression technique. Households are most likely to participate in the organic fruit market if they have a well-educated white or Asian head, are located in a metropolitan area on the West coast, have higher income, have young children, are married, and are making decisions in the spring, summer, or fall. However, households are estimated to purchase more organic fruit, conditional on participating, if they live in a rural area in regions other than the West coast. Having a higher income, being married, having a child less than six years old, being college-educated, and living in a metropolitan area on the West coast are all associated with more dedication to the organic fruit market over time. Households who increased their organic expenditures from 2011 to 2012 likely lived in metropolitan areas on the West coast. Average per-household contribution to the nationwide increase in organic fruit expenditures from 2011 to 2012 on the extensive and intensive margins is estimated to have been about $7 and $14, respectively. I posit relationships between empirical results and the theoretical consumer types.

Date: 2022-01-01

Creator: Jack Shane

Access: Open access

In this thesis, I develop an analysis of the industry concentration seen in digital markets today. I begin with a description and argument for the use of institutional economics. This framework allows for the integration of an interdisciplinary approach to economics. My analysis details the socioeconomic and political impacts, as well as the underlying market dynamics that have pushed digital markets towards concentration. I offer novel explanations for the lack of firm behavior that should theoretically increase profit, the existence of barriers to competition, and consumer behavior that focus on the role of social institutions. I also detail many of the social costs of these concentrated markets, such as their impact on democracy, power to influence social institutions, and the impact they have on concentration in other markets. This is done to show that the fears surrounding monopolies do not end with prices. Even in digital markets, where many times prices are very low, if not zero, there are reasons that monopoly is economically inefficient and socially sub-optimal. However, due to the path-dependent nature of the extreme benefits associated with digital markets, policymakers cannot reasonably propose breaking up these companies. Instead, they must use the power of the government to counteract the conglomerations of social power seen in these private companies in search of an optimal outcome.

Date: 2022-01-01

Creator: John Rodgers Hood

Access: Open access

This paper suggests numerical weights that a Major League Baseball (MLB) manager may use when comparing player performance across multiple past performance periods to predict future performance. By the end of the MLB regular season, current season performance becomes more predictive than prior season performance for pitchers but not hitters. After estimating weights for different past time periods of performance, this paper compares the weights with how managers value performance in high-stakes situations across these same time periods. I find that MLB managers overreact to recent performance by both hitters and pitchers in postseason settings.

• Embargo End Date: 2027-05-14

Date: 2024-01-01

Creator: Sarah Greenberg

Access: Embargoed