Mixed Strategy Equilibrium in Tennis Serves
by Joel Wiles Abstract A mixed strategy is a random choice among available strategies, with each strategy being chosen a set percentage of the time. In many games that require unpredictable play, game theory predicts that a mixed strategy equilibrium, a situation where each player uses an optimal mixed strategy, will result. Economists have tested […]
Measuring Capital Mobility in China: 1999 – 2005
by Huanjie Wang Abstract This paper examines the level of capital mobility in China during Jan. 1999 to Apr. 2006 by estimating the covered interest rate differentials during this time period. This study was made possible by data from the fairly newly established offshore RMB Nondeliverable Forward market. It concludes that China had not been […]
Analysis of Auction Price Risk: An Empirical Study of the Australian Aboriginal Art Market
by Ilya Voytov Abstract Auction theory economists have shown that auctions can be structured to maximize the expected revenue to the seller. In this thesis, I show that they can also be optimized to minimize the sellers’ risk through an understanding of the driving factors behind seller’s auction price risk. I derive a general form […]
Could the Kaminsky-Reinhart Model Have Predicted the 2002 Uruguayan Currency and Banking Crises?
by Steven R. Vickers Abstract Because currency and banking crises cause substantial and prolonged disruptions to an economy, economists have long sought ways to predict these events in advance. One recent theory advanced is the “leading indicators” approach of Kaminsky (1998) and Kaminsky and Reinhart (1999). Kaminsky (1998) presents four separate composite indicators, and Kaminsky […]
Understanding the Role of the Arts and Women in the Economy: The Contributions of Creative Literature.
by Danielle P. Petrilli Abstract This article considers the role of the arts and women in the economy from the late 19th into the early 20th century. Throughout this time period, the economics discipline did very little to address the place of either the arts or women in the modernizing economy and what little was […]
The Senegalese Experience: Rethinking Fertility Theory for Highly Religious Societies
by Corinne S. Low Abstract Despite improvements, traditional fertility theory still remains unprepared to cope with developing countries, such as Senegal, where deep religious beliefs dictate a passive acceptance of natural fertility. Because of an unwillingness to use modern contraception, factors that can reduce fertility in these societies will be primarily factors that influence natural […]
The Effects of SCHIP Expansions on Family Structure
by Jeffrey K. Lee Abstract This paper assesses whether the enactment of the State Children’s Health Insurance Program (SCHIP) in 1997, which significantly expanded child health care coverage, affected the probability of marriage for mothers in the United States. Using March CPS data from 1998-2003, I estimate the effect of a variant of state health […]
The Financial Impact of the Oil Pollution Act: Do the Penalties Resulting from Oil Spills Fulfill the Purpose of the OPA?
by Melissa Keever Abstract This paper explores the financial impact of the Oil Pollution Act (OPA) on oil companies for oil spills. Total penalty per barrel, including civil and criminal penalties, and total cost per barrel for oil spills are analyzed prior OPA and post OPA. Difference-in-differences estimation is used to determine if penalties and […]
The Twin Deficits Revisited: A Cross-Country, Empirical Approach
by Ethan Fleegler Abstract The twin deficit theory postulates that sustained fiscal deficits will result in current account deficits. This claim has been widely debated in the economic literature with most research focusing on its effects in developed economies. This paper attempts to further this discussion by examining the potential impacts of fiscal deficits on […]
Assessing Abortion The Impact of Legalized Abortion on the Welfare of American Women
by Katherine N. Fisher Abstract By examining data on educational attainment, workforce participation, and marriage market bargaining power, this paper assesses the impact of legalized abortion on women’s welfare. Access to abortion is found to increase education levels and employment rates. However, such access may also increase rates of sexually transmitted disease and disadvantage women […]
