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Optimal Ordering in Sequential English Auctions: A Revenue-Comparison Model for 18th Century Art Auctions in London and Paris
By Amaan Mitha We develop a model based on several auction parameters to test the widely held notion that in a sequential English auction, it is optimal for the seller to arrange the lots in order of decreasing value. We test this model against two datasets of 18th century auctions, one of various auctions from […]
Martin Bronfenbrenner and Japan’s Post-WWII Economic Recovery
By Nitish Basandra This paper explores the economic recovery of post-World War II Japan through the eyes of the late Duke professor and American economist Martin Bronfenbrenner. Specifically, we address the period of US Occupation from 1947-1952, detailing how Bronfenbrenner sensitized America to Japanese economics. Along the way, Bronfenbrenner faced several obstacles as his loyalty […]
Price Partitioning and Consumer Rationality in Internet Retail Markets
By Katherine Bodnar This paper seeks to further understand the bounds of consumer rationality and search on the Internet. Specifically this paper focuses on how consumers respond to partitioned prices when making their purchasing decisions. The goal of the paper is to determine if consumers are as sensitive to explicitly stated shipping prices, as they […]
Cross-Stock Comparisons of the Relative Contribution of Jumps to Total Price Variance
By Vivek Bhattacharya This paper uses high-frequency price data to study the relative contribution of jumps to the total volatility of an equity. In particular, it systematically compares the relative contribution of jumps across a panel of stocks from three different industries by computing the cross-correlation of this statistic for pairs of stocks. We identify […]
Unitization of Oil Reserves in Alaska and the Supply Elasticity of a Common Pool Resource
By Emily Bailey Unitization, a common but not omnipresent policy that is lauded in both the economics and environmental world for its efficiency, attempts to solve the “tragedy of the commons” common pool failure of oil production by creating a system in which all those with interests in one reserve produce jointly and split profits […]
The Influence Effect of Critics’ Reviews on Foreign and Domestic Movies
By Jayoung Jeon and Luxuan Jiao Critics and their reviews provide crucial information for consumers in many “experience goods” markets, and the movie market is one such market. Through their impact on the consumer’s film selection, critics’ reviews influence the first weekend box office performance (the influence effect). We hypothesize that the influence effect of […]
The Hidden Costs of Central Bank Borrowing
By Shane Hunt This paper explores a previously overlooked unintended consequence of a private bank accepting Central Bank loans as a lender of last resort. Applying the basic Markowitz Security Model, I explore the potential effect of a private bank accepting a Central Bank loan as a signal of increased risk of investment in that […]
Empirical Analysis on the Effects of Jumps on Realized Beta and the Disentanglement of Jump Beta1
By Hao Sun This paper constructs jump-robust estimators for the beta in Capital Asset Pricing Model (CAPM) in order to test the robustness of the recently developed Realized Beta in the presence of large discontinuous movements, or jumps, in stock prices. To complete the analysis on effect of jump on Realized Beta, this paper also […]
The Impact of Spectrum Quality on Wireless Telecom Competition
By Stephen Zhu This paper explores the metrics used by FCC and others for evaluating competition between wireless telecom carriers. It focuses on the impact of wireless spectrum quality on the results of FCC spectrum auctions and the estimated market shares of wireless carriers. In this case, it is revealed that quality is affected by […]
Policy in Competitive Insurance Markets: Incentivizing Risk Sharing and Cost Efficiency
By Ross Green In the setting of a population with heterogeneous risk of illness, informational asymmetries in a competitive health insurance market can cause the gains from risk sharing to fall short of social optimality in equilibrium. Traditional policies meant to address the under-provision of insurance, like mandating open enrollment or community-rated premiums, can be […]
