Showing 51 - 84 of 84 Items

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

Date: 2021-10-01

Creator: Abigail Kaminski, Dana Marie Bauer, Kathleen P. Bell, Cynthia S. Loftin, Erik J., Nelson

Access: Open access

Context: Urban-rural gradients are useful tools when examining the influence of human disturbances on ecological, social and coupled systems, yet the most commonly used gradient definitions are based on single broad measures such as housing density or percent forest cover that fail to capture landscape patterns important for conservation. Objectives: We present an approach to defining urban–rural gradients that integrates multiple landscape pattern metrics related to ecosystem processes important for natural resources and wildlife sustainability. Methods: We develop a set of land cover composition and configuration metrics and then use them as inputs to a cluster analysis process that, in addition to grouping towns with similar attributes, identifies exemplar towns for each group. We compare the outcome of the cluster-based urban-rural gradient typology to outcomes for four commonly-used rule-based typologies and discuss implications for resource management and conservation. Results: The resulting cluster-based typology defines five town types (urban, suburban, exurban, rural, and agricultural) and notably identifies a bifurcation along the gradient distinguishing among rural forested and agricultural towns. Landscape patterns (e.g., core and islet forests) influence where individual towns fall along the gradient. Designations of town type differ substantially among the five different typologies, particularly along the middle of the gradient. Conclusions: Understanding where a town occurs along the urban-rural gradient could aid local decision-makers in prioritizing and balancing between development and conservation scenarios. Variations in outcomes among the different urban-rural gradient typologies raise concerns that broad-measure classifications do not adequately account for important landscape patterns. We suggest future urban-rural gradient studies utilize more robust classification approaches.

Date: 2017-07-01

Creator: Dana Marie Bauer, Kathleen P. Bell, Erik J. Nelson, Aram J.K. Calhoun

Access: Open access

Small natural features (SNFs), landscape elements that influence species persistence and ecological functioning on a much larger scale than one would expect from their size, can also offer a greater rate of return on conservation investment compared to that of larger natural features or more broad-based conservation. However, their size and perceived lack of significance also makes them more vulnerable to threats and destruction. We examine the management of SNFs and conservation of the associated ecosystem services they generate from an economics perspective. Using the economic concept of market failure, we identify three key themes that explain prevailing threats to SNFs and characterize impediments to and opportunities for SNF management: (1) the degree to which benefits derived from the feature spillover, beyond the feature itself (spatially and temporally); (2) the availability and quality of information about the feature and those who most directly influence its management; and (3) the existence and enforcement of property rights and legal standing of the feature. We argue that the efficacy of alternative SNF management approaches is highly case dependent and relies on four key components: (1) the specific ecosystem services of interest; (2) the amount of redundancy of the SNF on the landscape and the level of connectivity required by the SNF in order to provide ecosystem services; (3) the particular market failures that need correcting and their scope and extent; and (4) the magnitude and distribution of management costs.

Date: 2022-07-29

Creator: Saleh Mamun, Erik Nelson, Christoph Nolte

Access: Open access

We use differences-in-differences (DD) estimators to measure the impact that Endangered Species Act (ESA)’s Critical Habitat (CH) rule had on developed and undeveloped parcel prices throughout the US between 2000 and 2019. In a national-level analysis we found that, on average, the price of parcels “treated” with CH were not statistically different than the prices of nearby parcels in listed species range space but not “treated” by CH. CH’s null impact on developed parcel prices is surprising given homeowner’s documented willingness to pay for property surrounded by protected open space. CH’s null impact on undeveloped parcel prices is surprising as previous research had indicated that the impact of CH on undeveloped parcel prices was negative due to the additional regulatory costs and development uncertainty the CH regulation imposes on land developers. When we used relevant subsets of CH areas to measure CH’s impact on parcel prices, we did occasionally find results that were consistent with expectations. We reach two conclusions. First, the impact of the economic impact of the CH rule, holding the impact of other ESA sections constant, cannot be reduced to a simple, consistent narrative. Second, CH’s relatively minor impact on parcel prices suggests that the rule does not have much regulatory “bite.”

Date: 2013-10-10

Creator: Stephen Meardon

Access: Open access

In two pairs of episodes, first in 1824 and 1846 and then in 1892 and 1935, similar U.S.-Colombia trade agreements or their enabling laws were embraced first by protectionists and then by free traders. The history of the episodes supports the view that although political institutions exist to curb de facto political power, such power may be wielded to undo the institutions’ intended effects. The doctrinal affinities and interests of political actors are more decisive determinants of the free-trade or protectionist orientation of trade agreements than the agreements’ texts or legal superstructures. The long delay from signing to passage of the current U.S.-Colombia Free Trade Agreement is another case in point.

Date: 2013-11-01

Creator: Bruce A. Stein, Amanda Staudt, Molly S. Cross, Natalie S. Dubois, Carolyn, Enquist, Roger Griffis, Lara J. Hansen, Jessica J. Hellmann, Joshua J. Lawler

Access: Open access

The emerging field of climate-change adaptation has experienced a dramatic increase in attention as the impacts of climate change on biodiversity and ecosystems have become more evident. Preparing for and addressing these changes are now prominent themes in conservation and natural resource policy and practice. Adaptation increasingly is viewed as a way of managing change, rather than just maintaining existing conditions. There is also increasing recognition of the need not only to adjust management strategies in light of climate shifts, but to reassess and, as needed, modify underlying conservation goals. Major advances in the development of climate-adaptation principles, strategies, and planning processes have occurred over the past few years, although implementation of adaptation plans continues to lag. With ecosystems expected to undergo continuing climate-mediated changes for years to come, adaptation can best be thought of as an ongoing process, rather than as a fixed endpoint. © The Ecological Society of America.

Date: 2009-02-01

Creator: Erik Nelson, Guillermo Mendoza, James Regetz, Stephen Polasky, Heather, Tallis, D. Richard Cameron, Kai M.A. Chan, Gretchen C. Daily, Joshua Goldstein

Access: Open access

Nature provides a wide range of benefits to people. There is increasing consensus about the importance of incorporating these "ecosystem services" into resource management decisions, but quantifying the levels and values of these services has proven difficult. We use a spatially explicit modeling tool, Integrated Valuation of Ecosystem Services and Tradeoffs (InVEST), to predict changes in ecosystem services, biodiversity conservation, and commodity production levels. We apply InVEST to stakeholder-defined scenarios of land-use/land-cover change in the Willamette Basin, Oregon. We found that scenarios that received high scores for a variety of ecosystem services also had high scores for biodiversity, suggesting there is little tradeoff between biodiversity conservation and ecosystem services. Scenarios involving more development had higher commodity production values, but lower levels of biodiversity conservation and ecosystem services. However, including payments for carbon sequestration alleviates this tradeoff. Quantifying ecosystem services in a spatially explicit manner, and analyzing tradeoffs between them, can help to make natural resource decisions more effective, efficient, and defensible. © The Ecological Society of America.

Date: 2010-07-22

Creator: Erik J. Nelson, Gretchen C. Daily

Access: Open access

Over the past few decades, a multi-disciplinary research community has documented the goods and services provided by ecosystems in specific sites scattered across the world. This research community has now begun to focus on creating methods and tools for mapping and valuing the ecosystem services produced on any landscape in the world. We describe some of these methods and tools and how they calculate and express ecosystem service provision and value on landscapes. We also describe methods for predicting landscape change. These predictions can be used by multi-ecosystem service models to assess potential changes and trade-offs in ecosystem service provision and values into the future. © 2010 Faculty of 1000 Ltd.

Date: 2020-01-01

Creator: Summers Askew

Access: Access restricted to the Bowdoin Community

Date: 2020-01-01

Creator: Madeleine Squibb

Access: Open access

This study combines data from the 2010 Demographic and Health Survey and the Conflict Analysis Resource Center (CERAC) to examine the impact of conflict on maternal health service utilization and outcomes in Colombia. The primary results indicate a significant, negative relationship between conflict level and antenatal and postnatal care utilization. Conflict is insignificant in determining the use of professional assistance at delivery. Although rural women are, overall, less likely to access maternal health services, further analysis along rural-urban lines reveals that the negative effect of violence on prenatal and postnatal care is stronger among urban women. Secondary estimation of the occurrence of complications during or after delivery employs a Two-Stage Residuals Inclusion model to address potential endogeneity in service use. Estimated results show that conflict levels are insignificant, but that Indigenous women and women in lower wealth quintiles are significantly more likely to experience complications, even after controlling for service use. The conclusions of this paper suggest that Colombia’s universal healthcare system has been successful in reducing economic barriers to prenatal care and professional delivery, but that significant wealth-related inequalities remain in maternal health outcomes. Additionally, Indigenous and women with lower levels of education are less likely to access services and more likely to experience complications. The primary contribution of this paper is the inclusion of a conflict measure. The significant, negative impact on prenatal and postnatal care utilization, especially for urban women, warrants further study to better inform policy to increase service use and reduce maternal mortality and morbidity.

Date: 2020-01-01

Creator: Silas Wuerth

Access: Open access

Employs two tests for bubbles in the art market. First, a right-hand forward recursive augmented Dickey-Fuller test to identify explosive price movements. Second, a test for the statistical significance of hedonic regression price index coefficients after controlling for equity market performance. Finds strong evidence for a speculative bubble in the pre-Great Recession "Post-War & Contemporary" market. Evidence for this bubble diminishes but does not dissipate after accounting for the effect of failed sales on index returns.

Date: 2016-05-01

Creator: Jordan W Richmond

Access: Open access

This study develops a controlled laboratory experiment to examine the effects of personal recognition on charitable giving. I find evidence that both the possibility of acquiring prestige and the desire to avoid shame motivate individuals to give in recognition situations. Furthermore, I show that the possibility of being recognized is more important than the distinguishing value of that recognition, suggesting that an offer of recognition has greater power to increase charitable contributions when a larger proportion of donors will be recognized.

• Restriction End Date: 2029-06-01

Date: 2024-01-01

Creator: Anh Nguyen

Access: Access restricted to the Bowdoin Community

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.