Repository logo

Browsing by Author "Pena, Anita Alves, committee member"

Now showing 1 - 7 of 7
  • Thumbnail Image
    ItemOpen Access
    Analysis of Chinese and U.S. soy markets and trade dynamics
    (Colorado State University. Libraries, 2012) Zhu, Yuefeng, author; Thilmany, Dawn D., advisor; Pendell, Dustin L., committee member; Pena, Anita Alves, committee member
    The stable soybean (and soy product) trade relationship between the U.S. and China is threatened by various market factors. This thesis analyzes the drivers behind soybean trade between the U.S. and China. The economic models are constructed and estimated by Seemingly Unrelated Regressions (SURs) to discover what factors may be influencing U.S. domestic soybean (and soy product) demand, as well as factors influencing U.S. export volumes and China import volumes. Discussion of policy implications will be provided based on the estimation results.
  • Thumbnail Image
    ItemOpen Access
    Estimating the shadow economy in Jordan: causes, consequences, and policy implications
    (Colorado State University. Libraries, 2011) Alkhdour, Rajeh, author; Bernasek, Alexandra, advisor; Fan, Chuen-mei, committee member; Pena, Anita Alves, committee member; Yasar, Gamze, committee member
    Economists have been paying increasing attention to the study of the shadow economy in many developed and developing countries in recent years. This attention is due to the consequences and the policy implications related to the shadow economy. Due to the unobserved and hidden nature of the shadow economy, it is difficult to get accurate estimates of its size. However, there are some techniques that have been used by economists to indirectly estimate the size of the shadow economy. This dissertation estimates the annual size of the shadow economy in Jordan during the period 1976-2010 using two methodologies: the currency approach and the multiple indicators multiple causes (MIMIC) approach. It also analyzes the economic consequences and the policy implications of the shadow economy, estimating the amount of tax evasion in Jordan during the aforementioned time period. This is the first study that differentiates the effect of taxes on imports (custom duties) on the shadow economy from the effect of other taxes (income and sales taxes). It hypothesizes, unlike other studies, that taxes on imports negatively affect the size of the shadow economy. The currency approach results are consistent with this hypothesis. This study is also the first one to take into consideration religious factors as one of the determinants of the demand for money in circulation which is used in the currency approach to estimating the shadow economy. It is hypothesizes that the number of Islamic banks in Jordan negatively affects the demand for money in circulation. The coefficient of this variable has a negative sign, which is consistent with this hypothesis; however, this variable is insignificant at the 10 percent level. The other determinants of the demand for money in circulation in Jordan are: the effective tax rate on sales, the effective income tax rate, the effective tax rate on imports, the weighted average of interest rates on savings, and a dummy variable for the depreciation of the Jordanian dinar in 1988. According to the MIMIC approach, the causal variables for the shadow economy in Jordan are found to be: the total effective tax rate (tax revenues/GDP), the unemployment rate, the extent of government regulation (government intervention in the economy), and depreciation of the Jordanian dinar in 1988. The growth rate of real GDP and the growth rate of real private consumption are found to be indicators of the shadow economy in Jordan. The MIMIC approach results are consistent with previous studies that have found taxes and regulations to be the main causes of the shadow economy. The results also support the hypothesis that the depreciation of the Jordanian dinar in 1988 has a positive effect on the shadow economy in Jordan. The unemployment rate is found to have a negative effect on the shadow economy in Jordan. This indicates that the income effect of unemployment is greater than the substitution effect. In this dissertation, the main consequences and the policy implications of the shadow economy are analyzed. Tax evasion in Jordan is estimated for the period of study based on the results of the currency demand and the MIMIC approaches. It has been shown that the shadow economy has a distorting effect on the accuracy of a country's national accounts statistics. In addition, some policy recommendations are presented to reduce the distorting impact of the shadow economy. Taking into consideration the existence of the shadow economy when conducting the economic policy will increase the efficiency of this policy. There is a need for further research into the impact of the shadow economy on some economic policy issues in Jordan.
  • Thumbnail Image
    ItemOpen Access
    Evaluating structural and performance dynamics of a differentiated U.S. apple industry
    (Colorado State University. Libraries, 2012) Hu, Wenjing, author; Thilmany, Dawn D., advisor; Pendell, Dustin L., committee member; Davies, Stephen P., committee member; Pena, Anita Alves, committee member
    There is a growing public interest, and consequently, support for public policies and programs to support local food systems. These programs aim to inform consumers about the potential benefits of local foods and influence consumers' choice among differentiable foods. As state promotion and marketing programs have been widely adopted throughout the country, demand for local produce and market opportunities for locally-branded products have increased significantly. Local promotion programs have also started to influence the structure of markets, as demand has stimulated a proliferation of localized, direct marketing supply chains linking growers directly to consumers. However, there are few true examinations focused on the welfare implications surrounding the restructuring of food markets and or the underlying economic performance of market innovations. The main objective of this study is to explore the structural and performance dynamics of a market as a result of new labeling efforts and promotional campaigns, highlighting the availability of locally grown products (both in direct markets and within more conventional marketing channels). This study develops a partial equilibrium displacement model for Colorado apples to analyze the impacts of local labeling. The information obtained from the result of this model informs how consumer perceptions and marketing channel structure influence market performance. To complement the broader analysis, the market structure and price relationship at different market levels are examined. The results showed that the Southwest and Northeast retail markets dominated national retail markets and the Northwest retail market dominated western retail markets in terms of its influence on retail prices. Not surprisingly the Yakima Valley and Wenatchee District in Washington significantly affected the price formation process of all other shipping points. If the unknown transaction cost band is allowed to vary according to transportation costs and seasonality, it may more closely mimic suppliers who view more opportunities to adjust their supply between regional markets in search of potential profits. Overall, local labeling increases consumers' willingness to pay for local apples relative to domestic apples in Colorado, and subsequently, demand will shift toward local apples and the supply will shift toward direct markets in Colorado. In terms of producer surplus, Colorado suppliers for direct markets gain while Colorado suppliers for shipping points lose in short run. In the long run, both suppliers will gain but the suppliers for direct markets will gain more than the suppliers for shipping points. Overall, the Colorado producers lose in the short run while they gain in the long run.
  • Thumbnail Image
    ItemOpen Access
    Moral hazard in health care: case study of Taiwan's national health insurance
    (Colorado State University. Libraries, 2012) Lin, Chun-Wei, author; Fan, Chuen-Mei, advisor; Mushinski, David, committee member; Pena, Anita Alves, committee member; Loomis, John B., committee member
    My research examines the moral hazard phenomenon under Taiwan's National Health Insurance system theoretically as well as empirically. The objective is to investigate the effects of universal health insurance on individual lifestyle behavior such as smoking and alcohol consumption. In the analytical section, I incorporate the individual's copayment rate, the premium, and the payroll tax rate in a moral-hazard model of national health care insurance plan. The two-stage for individual decision is applied to an extension of the moral hazard model originally proposed by Ehrlich and Becker (1972) and Stanciole (2007). In stage one, an individual moves first and decides his / her optimal unhealthy behavior before knowing the health status. In stage two, once the health status is revealed, he/she will move to choose the optimal amount of medical care after stage one. By applying the backward induction method, I show that after individuals falling sick in stage two, the optimal demand for medical service decreases when faced with a higher payroll tax rate, a higher copayment rate, a higher premium, and a higher medical service price. However, an individual's optimal demand for medical service increases with the individual's income level, poor health status and with the addiction of unhealthy behavior. In stage one, the individual's optimal unhealthy behaviors decrease with a higher copayment rate, a higher payroll tax rate, a higher premium, a higher medical price and with poor health status; but increase with income level. The effect from medical service is ambiguous. I also examine how three government policy parameters -copayment rate, premium, and payroll tax rate - affect individual's welfare given his/her lifestyle under the universal health insurance system. My model results suggest that the copayment rate has an ambiguous effect on individual's well-being. Payroll tax rate and Premium have positive effects on the individual's well-being. In my empirical investigation, I use two waves of the Health and Living Status of the Middle- Age and Elderly (SHLS) survey in Taiwan (1993 and 2007). Lifestyle behaviors (smoking and alcohol consumption) are employed as dependent variables. In my econometric model, I use a univariate Probit model and a seemingly unrelated bivariate Probit model to measure the determinants of unhealthy lifestyle behavior in 1993 and 2007. Two lifestyle behaviors - smoking and alcohol consumption - are employed as dependent variables in my model. Lastly, I apply a difference-in-difference (DD) methodology to compare how these effects change before and after implementation of Taiwan's national health insurance system. The result shows a lack of evidence in my data for the effect of national health insurance, implying no moral hazard effect is found under Taiwan's National Health Insurance.
  • Thumbnail Image
    ItemOpen Access
    Three essays in cultivating regional growth: brownfields and charter schools
    (Colorado State University. Libraries, 2023) Trouw, Michael Frans, author; Weiler, Stephan, advisor; Pena, Anita Alves, committee member; Zahran, Sammy, committee member; Lopes, Tobin, committee member
    This dissertation is comprised of three chapters focused on two important factors in cultivating regional growth. The first factor considered in chapter one is potential barriers to contaminated land reuse. As cities and towns grow, over time the stock of land within an area can be impacted by prior land use. A property which currently has a contamination issue from prior use which must be remedied before the land may be used in the future, whether for production or settlement, is called a brownfield. In this chapter we employ a survey of real estate professionals, and find developers require an additional risk premium on top of their normal rate of return on investment to incentivize them to invest in a brownfield. Importantly, this risk premium is found to be in excess of cleanup costs. Informed by the results of the survey analysis, a theoretical framework is used to explore the implications of this risk premium. We show this risk premium generated by information asymmetries potentially leads to inefficiency in the market for real estate and can perpetuate a cycle of underdevelopment due to a first mover problem. The redevelopment of this land is important, as these brownfield properties are typically located in the urban core of cities and towns and if not remediated can leave potentially productive swaths of land fenced off while expansion occurs in a sprawling manner on the fringes. The second factor in cultivating regional growth considered in chapters two and three of this dissertation is the role of educational alternatives. Specifically, I focus on the determinants of charter school formation and growth. Education quality and availability has been shown to be important in determining economic growth and migration patterns. Specifically, a strong education system can be viewed as an amenity to households and firms debating moving to a particular locale. Charter schools are publicly funded, privately run institutions crafted first as a pilot program for innovation, and more recently as a substitute or competitor for public schools. While the efficacy of charter schools has been heavily researched and remains controversial, little work has focused on the determinants of demand for the schools themselves. Chapter two builds on a small existing literature to provide light on what factors outside of direct measures of educational quality affect the creation rate of charter schools. Using a panel of core based statistical areas over the period 2006-2015, this analysis finds evidence that the composition of industry within a Core Based Statistical Area is related to the rate at which new charter schools are created, with more technical employment associated with a greater demand for alternative school options. The connection between industry and charter school creation is further explored by measuring the impact of intra-industry entrepreneurship on charter school proliferation, where findings suggest that higher levels of entrepreneurship within an CBSA is correlated with a higher charter school formation rate. Chapter three further explores the connection between charter schools and their interconnectivity with the broader economy. Posed as a method of returning education to the private market, charter schools are considered to be more exposed to market conditions, potentially more nimble to changing conditions and methodologies, but also potentially functioning in a more volatile market where school closings can occur more easily. This chapter uses the impact of the 2007 financial crisis to determine if charter schools were impacted differently than public schools. Using a nationally representative sample and aggregating to the Core Based Statistical Area, I find both traditional public and charter schools experienced small decreases in revenue but were largely sheltered from recessionary forces due to Federal intervention. Using a difference-in-differences approach I find that charter schools experienced both an increased rate of openings and an increase in the stock during the Great Recession. I attribute this effect to the decreased opportunity cost of charter school entrepreneurship. However, areas most affected by the Great Recession experienced a decrease in the stock of charter schools, as the challenges associated with opening a new school likely increased and lowered the viability relative to education entrepreneur's next best venture.
  • Thumbnail Image
    ItemOpen Access
    Three essays on energy and economic growth
    (Colorado State University. Libraries, 2011) Peach, Nathanael David, author; Kling, Robert, advisor; Cutler, Harvey, committee member; Pena, Anita Alves, committee member; Bond, Craig, committee member
    This dissertation explores the relationship between energy and economic growth. Chapter Two, Three, and Four examine the interaction of energy-related measures and economic outcomes by applying different methodologies across various spatial dimensions. Chapter Two shows that increases in energy consumption are necessary for increases in state level economic growth to occur. Chapter Three estimates a simultaneous supply and demand energy market at the state level. This system allows for estimates of structural elasticities to be obtained. Findings indicate that energy supply is considerably more elastic than energy demand. Energy demand is found to be determined by responses to short run shocks rather than long run processes. Chapter Four estimates the impact of changes in various elements of governance and institutional quality impact genuine investment within an economy. Increases in democracy are predicted to decrease genuine investment in energy-rich nations. The dissertation concludes with Chapter Five.
  • Thumbnail Image
    ItemEmbargo
    Three essays regarding the impacts of legalization of marijuana on housing and historical population theory
    (Colorado State University. Libraries, 2022) Rasmussen, Jorgen August Skriver, author; Weiler, Stephan, advisor; Pena, Anita Alves, committee member; Pressman, Steven, committee member; Schaller, Zachary, committee member; Burkhardt, Jesse, committee member
    Chapter 2 looks at the novel question of whether legal marijuana dispensaries' insufficient access to banking institutions has affected home prices in Denver County, Colorado. Presently, little research exists regarding legalized marijuana's impact on home prices in Colorado. Yet such research suggests legalization positively affects such prices (Burkhardt & Flyr, 2019) (Cheng, et al., 2018) (Conklin, et al., 2020). However, mechanisms by which marijuana legalization might affect home prices are not investigated. It is well-established that banks are unable and unwilling to do business with state-legalized marijuana dispensaries (Hudak, 2020). Hence, we hypothesize that dispensaries are investing cash in the housing market. We avail ourselves of tried-and-true hedonic modeling for such analysis. In so doing, we discover a statistically significant positive correlation between the quantity of recreational marijuana revenue generated and home prices in Denver County, Colorado. Our research is novel both in its thoroughness and accuracy of the data employed. To the best of our knowledge, we are the first to utilize historically accurate housing characteristics and unique economic controls in the analysis of marijuana and home prices in Denver, Colorado (Burkhardt & Flyr, 2019) (Cheng, et al., 2018) (Conklin, et al., 2020). Additionally, our study appears to represent the first consideration of implications arising from the juxtaposition of state vs. federal legal status of marijuana. As such, our research holds insights for policymakers. Chapter 3 resumes our investigation of the possible implications of legalized marijuana for housing. Specifically, Denver County home resale probabilities and any associations they might have with marijuana revenue generated. Research has presented evidence that there exists a distinct possibility of dispensaries investing in the Denver housing market (Cheng, et al., 2018) (Rasmussen, 2021). Navarro (2013) and Seefried (2019) suggest that if dispensaries are purchasing houses, it may be for money laundering purposes. However, there is reason to believe that dispensaries have incentives to retain purchased homes for either legitimate rental purposes or more nefarious grow house uses (Schaub, 2016) (Snowden, 2020). To investigate such possibilities, we employ both logit and probit probability models. Such models are used to determine any potential association between changing amounts of legal marijuana revenue and Denver home resale probabilities. We find a statistically significant rise in property resale rates associated with increased recreational marijuana revenue. Thus, our results fit the type of money laundering activity discussed by Navarro (2013) and Seefried (2019). Consideration of the impacts of the legalization of marijuana on home resale probabilities appears absent in the literature. Thus, our work has import for policymakers. In particular, there are implications for affordable housing availability. Together with Cheng, et al. (2018) and Rasmussen (2021), our findings bode ill for Denver County affordable housing. This is especially true as marijuana demand continues to grow while banking access remains largely absent. Our final chapter considers the Marquis de Condorcet's six assumptions on population growth. Such a model of population development is presented in Esquisse d'un Tableau Historique des Progress de L'Esprit Humain. In addition, we examine the original principles and outcomes of the Malthusian population model. Such an undertaking is done to discover what conclusion Malthus' model would arrive at had the views of Condorcet been incorporated. Another important aspect of our work is investigating why Malthus's essay disagreed with the Marque de Condorcet's propositions on population. Finally, we conclude our efforts by examining empirical and historical scholarly inquiry regarding which of the population models history favored. To our knowledge, only the work of Winch (1996) comes close to our investigation. However, Winch (1996) presents a hypothetical meeting of Malthus and Condorcet, intended to discuss general differences and common ground these men possessed. However, Winch (1996) fails to consider implications for the Malthusian population model of Condorcetian population theory. Thus, our research is innovative in discovering Malthus as a man of his times and Condorcet as a scryer of the distant future of population growth.