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Assessing Consumer Valuation of Fuel Economy in Auto Markets
By Daniel Fifer The need for and efficacy of CAFE standards for auto-makers depends largely on whether consumers properly value fuel efficiency in their vehicle purchases. In this paper we use data describing heterogeneous driving behavior and a hedonic model of new car prices to evaluate how well consumers value incremental changes in fuel economy […]
The Impact of Rising Gasoline Prices on US Public Transit Ridership
by Christopher Blanchard Abstract This paper analyzes the impact of increasing fuel prices on public transit ridership in the United States. Using regional gasoline prices and transit ridership and supply figures from 218 US cities from 2002 to 2008, I estimate the cross-price elasticity of demand for four modes of transit with respect to gasoline […]
Fundamental Volatility’s Eect on Asset Volatility
by Evan Beard Abstract This paper examines the effect of macroeconomic variable volatility on implied and realized asset price level volatilities in the U.S. using monthly data from 1986 – 2008. Two approaches are taken: An autoregressive distributed lag model using rolling standard deviations and a GARCH model. The S&P 500’s volatility is used as […]
Wife’s labor supply and marital dissolution: evidence from the NLSY79
by Wichsinee Wilbulpoprasert Abstract In response to the changing family and social structures in the United States, an accurate understanding of mechanisms and the driving forces of marital dissolution is important in many aspects. For one, the knowledge helps policy and law makers to conjecture possible results of the legislation (e.g. unilateral divorce law, child […]
Valuing Localized Externalities: Hog Operations in North Carolina
by Sara Murray Abstract In the early 1990s, eastern North Carolina experienced a boom in industrial hog production. Among the negative externalities generated by this activity, residential property value losses due to operation proximity are some of the most significant. This paper discusses the impact of hog operation presence on median housing values for census […]
The Miscommunications and Misunderstandings of Nicholas Georgescu-Roegen
by Samuel Iglesias Abstract If there is any takeaway from 1971’s The Entropy Law and the Economic Process, it’s this: beneath every intersection of the supply and demand curve, there’s a slow, but steady, process of environmental degradation. Try as you will to recycle waste materials, the book argues—this process cannot be reversed. A formulation […]
The Determinants of Congressional Voting on the Emergency Economic Stabilization Act of 2008
by Ryan Miller Abstract The purpose of this paper is to discover the determinants of Congressional voting in the House on the two different versions the Emergency Economic Stabilization Act of 2008, and to determine what caused Congressmen to switch their votes from the first bill to the second. Using a Probit model and independent […]
Hop, Skip and Jump – What Are Modern “Jump” Tests Finding in Stock Returns?
by Michael Schwert Abstract This paper applies several jump detection tests to intraday stock price data sampled at various frequencies. It finds that the choice of sampling frequency has an effect on both the amount of jumps detected by these tests, as well as the timing of those jumps. Furthermore, although these tests are designed […]
Contagion in Risk Markets
by Matthew Moore and James Schulhof Abstract During periods of market dislocation, which can be characterized by high asset volatility, correlations between assets generally tend to increase. However, there has been little research on the behavior of correlations between risk measures across securities markets. The aim of our research is to examine correlation dynamics between […]
