Department of Economics
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These digital collections contain theses, dissertations, faculty publications including open educational resource materials, and datasets from the Department of Economics, and Center for Research on the Colorado Economy reports.
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Item Open Access A county-level analysis of residential solar adoption in the United States(Colorado State University. Libraries, 2012) Kerschen, Matthew, author; Kling, Robert, advisor; Zahran, Sammy, advisor; Bond, Craig, committee memberThis thesis set out to achieve two major objectives, with a third objective added at the end. The first was the update and analysis of the zero-inflated negative binomial (ZINB) model used by Zahran et al. (2008) in regards to its validity and robustness as a predictor of the count of solar using households in a county. The second objective was to use the model to provide an empirical measure of the effect financial and regulatory incentives have on the count of solar using households. The final objective was to explore and explain an unexpected decrease in the count of solar using households. This was done by using a ZINB regression to model the number of occupied housing units that use solar heating at the county level over the period from 2000 to 2009. In addition to analyzing the effects of the explanatory variables, geographic information systems (GIS) modeling was used to provide geographic mapping of the distribution of occupied housing units that use solar heating. The results indicate that Zahran et al.'s (2008) model is a robust and accurate predictor of the count of solar using households. Financial incentives were found to have an insignificant impact on the count of solar-using households, while regulatory incentives decreased the odds of a zero count in a county, but also decreased the expected count. A correlation was found between densely populated counties and the decrease in the count of solar using households.Item Open Access A history of interest(Colorado State University. Libraries, 2011) Palmer, Daniel Dwight, author; Bernasek, Alexandra, advisor; Vasudevan, Ramaa, committee member; McCulloch, Michael L., committee memberA History of Interest uses methods inspired by the work of Michel Foucault to uncover institutional aspects of credit and debt. It explores three hypotheses and covers the period 1290-1914. During this period, Anglo-American society went from a system of debt conscription and usury restrictions in the Middle Ages to a system of voluntary bankruptcy and credit reporting by the late 19th century. This thesis explains how that transition occurred. Situating these changes in Foucault's notion of disciplinary writing, it also suggests what that transition means for the modern world.Item Open Access Addressing the religious free-rider problem via religious consumption signaling and religious capital accumulation(Colorado State University. Libraries, 2012) Simpson, Jason J., author; Bernasek, Alexandra, advisor; Zahran, Sammy, committee member; Dickinson, Greg, committee memberThe aim of this paper is to investigate and illustrate the religious free-rider problem within church congregations while investigating religious consumption signaling patterns and the ability, or lack thereof, to form religious capital. From an institutional perspective, this paper will address stigma-screening processes via three economic models in an effort to understand and evaluate the overall effectiveness of institutional responses towards free-riding members. In addition, this paper will explore incentives behind perverse consumption signaling as a method of communicating membership, as well as the overall impact of restricting religious capital accumulation for both members and free-riders alike.Item Open Access Agricultural conservation networks in Iowa(Colorado State University. Libraries, 2023-09) Luxton, India, author; Ellis, Elizabeth, author; Arnold, Parker, author; Shakya, Prasiddha, author; Lee, Juliet, author; Ravetta, Emilia, author; Toombs, Ted, author; Mook, Anne, author; Cross, Jeni, authorIowa's farmlands, celebrated for their remarkable agricultural productivity, are facing pressing environmental challenges, including soil erosion, waterway nitrogen pollution, and vulnerability to extreme weather events. These issues imperil the state's agricultural sector's long-term sustainability and economic stability. Despite substantial investments from governmental and non-governmental entities to encourage conservation practice use, adoption rates remain persistently low. In this report, we use quantitative, qualitative, and social network analysis on a sample of 38 farmers to understand how social networks shape their adoption of conservation practices. We analyze data through a systems framework and compare counties with high- and low-adoption of conservation practices to assess influences from the individual farmer level to the broader societal context. We conclude with a discussion of strategic implications to promote conservation adoption.Item Open Access An option value analysis of hydraulic fracturing(Colorado State University. Libraries, 2017) Hess, Joshua H., author; Iverson, Terrence, advisor; Cutler, Harvey, committee member; Weiler, Stephan, committee member; Manning, Dale, committee memberMany uncertain public policy decisions with sunk costs can be optimally timed leading policymakers to delay implementing a policy despite positive expected net present value. One salient example of this is hydraulic fracturing (fracking), a recently developed oil and gas extraction technology, that has increased fossil fuel reserves in the US. However, many municipalities have seen fit to ban its use despite seemingly positive expected net benefits. We hypothesize that an option value framework that values the ability to delay and learn about an uncertain project may explain fracking bans in practice where the neoclassical net present value rule does not. We test this by developing a stochastic dynamic learning model parameterized with a computable general equilibrium (CGE) model that calculates the value of learning about uncertainty over damages and uncertainty over benefits. Applying the model to a representative Colorado municipality, we quantify the quasi-option values (QOV), which create an additional incentive to ban fracking temporarily in order to learn. To our knowledge, this is the first attempt to quantify an economy-wide QOV associated with a local environmental policy decision. In Chapter 1 we argue that a numerical, option value approach is the appropriate way to examine uncertain public policy issues involving sunk costs. This method allows for an optimal timing of the public project rather than the 'now or never' approach of the ubiquitous net present value rule. We present local fracking policy as an excellent application for an option value approach as has positive expected net benefits but has been subject to local bans seemingly despite the net present value rule. We also defend our use of a CGE model to estimate the local economic benefits of fracking. Chapter 2 presents the option value model associated with epistemological uncertainty over environmental damages. Also, this chapter presents damage values parameterized to the City of Fort Collins for application in this and the subsequent chapter. With this in hand, we solve the model and demonstrate the results. Chapter 3 has a similar structure to Chapter 2. First, it discusses the literature on stochastic oil movements, then it presents the option value model associated with stochastic uncertainty over local benefits. Then, assuming the same parameterized expected damage as in Chapter 2, we solve the model and display the results.Item Open Access Banking efficiency in the Gulf Cooperation Council countries: an empirical analysis using data envelopment analysis approach(Colorado State University. Libraries, 2009) Alsarhan, Abdulwahab, author; Phillips, Ronnie, advisorMeasurement and analysis of banking efficiency has received increasing attention in applied economics in recent years due to the rapid globalization of the financial industry and consequently, increasing competitiveness in international financial markets. Efficiency in a general term in economics describes how well a system performs in generating the maximum output for given inputs. Efficiency in banking industry terms is measured as the difference between the bank's position and its best production frontier. There are two main techniques that are used to evaluate banking efficiency, parametric methods and non parametric methods. The debate on which approach is more convenient for analyzing the efficiency of the banking industry is still open and has been the subject of many applied works (Luciano and Regis 2007).Item Open Access Bitcoin price formation: an empirical investigation(Colorado State University. Libraries, 2019) Light, Aric, author; Tavani, Daniele, advisor; Pena, Anita, committee member; Kroll, Stephan, committee memberCreated in 2008 and rising to prominence in 2017, Bitcoin continues to generate controversy as to whether it is a speculative asset or the harbinger of a future of global, decentralized commerce. The focus of this paper is to investigate the properties of Bitcoin and its market by assessing asset specific factors (users, hash rate, etc.) and traditional market factors (market risk, currency risk, etc.). The objective is to quantify the impacts of these forces as drivers of Bitcoin returns and to develop a risk measurement framework with the potential to inform future use cases. The analysis is broken out into two parts. The first seeks to quantify the impact of asset specific "supply and demand" factors with respect to Bitcoin's daily price return and volatility and to determine the relative efficiency of the nascent Bitcoin market. To do this a GARCH model is specified which enables the measurement of return impacts and volatility within a single model. A back test and forecast are then conducted to determine if the conditional value at risk and expected shortfall can be accurately captured by the model. We determine the Bitcoin market is weakly efficient, returns are highly impacted by supply and demand factors and that the specified value at risk model accurately describes the exceptional volatility. The second part incorporates a set of macro-financial variables into the model to determine Bitcoin's exposure to traditional sources of risk; such as stock and currency market returns. The results show that Bitcoin is largely unimpacted by broad macro-financial variables once supply and demand variables are properly accounted for. This suggests that although Bitcoin is a weakly efficient market it is generally disconnected from worldwide capital and currencies market. This further suggests that Bitcoin may have currently limited "real world" use cases which is an important consideration for investors.Item Open Access Brain drain and reverse brain drain: individual decision making and implications for economic growth(Colorado State University. Libraries, 2011) Hua, Kuo-Ting, author; Fan, Chuen-Mei, advisor; Cutler, Harvey, committee member; Kling, Robert W., committee member; Loomis, John B., committee memberIn two models, this dissertation explores two different but related topics in the international migration of skilled individuals, namely, the possibility of beneficial brain drain arises from the out-migration of skilled individuals and the potentially economic incentives for the emigrants to return to their homeland. The first model is a R&D and human capital accumulation hybrid endogenous growth model with a modified human capital accumulation behavior. It shows that an individual learns from previous innovations and that human capital accumulation fuels improvement in the quality of goods to promote economic growth. Since the ability of an individual is the key to the formation of human capital, the economic growth rate is tied to the representative individual's ability. It also shows that, with the presence of uncertainty about the opportunity of migration, the sending country could benefit from brain drain even without the scale effect. The second model is a two-period overlapping generation human capital growth model with a common self-selection fashion. Each individual optimally chooses his human capital level and the location he works. It shows that an increase in the probability of migration induces human capital accumulation in the sending country resulting from more individuals becoming potential returnees, and each potential emigrant or returnee acquiring more education. It also shows that the domestic investment opportunity could further increase human capital acquisition for an potential returnee while the wage premium couldn't.Item Open Access Building equity in addiction: is there potential for higher returns from stocks with products and services associated with addiction?(Colorado State University. Libraries, 2023) Tully, Sean Patrick, author; Vasudevan, Ramaa, advisor; Turtle, Harry, committee member; Mushinski, David, committee memberIndustries associated with addiction have long been some of the most profitable businesses on the planet. In both good times and bad, human beings seem to be drawn to activities – whether having a drink, smoking a cigarette, or venturing to the local casino – that fall into the category of vice and have a history of being associated with addiction. An individual going through tough times may be sitting in their apartment drinking the same scotch as persons celebrating a colleagues' promotion in the pub across the street. Merriam-Webster defines vice as 'a moral depravity or corruption, a moral fault or failing, or a habitual and usually trivial defect or shortcoming' (Merriam-Webster, 2020). As societal norms become more relaxed with time, some activities previously considered to be controversial, reflective of bad habits, or provided with the risk of developing a dependency are becoming more tolerated. In some cases, even previously illegal products are becoming legalized. This gives some companies with products and services considered potentially addictive in nature the opportunity to enter new markets and yield potentially higher returns for investors, albeit at the cost of promoting and providing the means to participate in socially harmful activities. What level of possible investment returns can investors taking equity in alcohol, tobacco, gambling, and cannabis companies expect? As far back as 2001, a report commissioned by Credit Suisse First Boston found that vice as a market sector outperformed the market as a whole and held up particularly well during past recession periods. If investing in companies associated with addiction and vice has produced attractive market returns for investors in the past, will a portfolio of investments in stocks specifically offering potentially addictive products and services produce similar results? Can investors taking equity in companies associated with potentially addictive products such as alcohol, tobacco, gambling, and cannabis expect higher returns versus investing in the S&P500 market index? The goal of this thesis is to explore whether investors can expect higher returns from investments associated with potentially addictive products and human vices when compared with returns of the broader market represented by the S&P500 index. We will construct an investment portfolio of stocks based on addictive products, and study how individual stocks in the portfolio correlate to overall market performance (betas vs benchmarks) by completing both equally weighted and market value-based analysis. We also perform regressions with the CAPM, Fama-French three-factor, and several control variable augmented models to analyze return performance of the addiction portfolio as compared to the S&P500.Item Open Access Closing the growth gap: regional entrepreneurship growth in different regions of Vietnam(Colorado State University. Libraries, 2016) Pham, Chi L., author; Weiler, Stephan, advisor; Mushinski, David, committee member; Suter, Jordan, committee memberThis paper examines the effect of provincial growth factors on regional entrepreneurship growth in Vietnam by combining theoretical and empirical models. Separate regressions are run for 63 provinces of Vietnam across the time period of 2005 to 2013. The key findings are that the growth gap between the rich and the poor regions still exists, and the strongest growth factor affecting provincial entrepreneurship growth is the market growth. There is evidence of spillover effects which implies that new firms and/or the development of a province's factors may generate new entrepreneurial opportunities not only for the province itself but also for the neighboring regions.Item Open Access The costs and benefits of adjunct justice: a critique of Brennan and Magness(Colorado State University. Libraries, 2017-03-21) Shulman, Steven, author; SpringerLink, publisherIn their controversial 2016 paper, Brennan and Magness argue that fair pay for part-time, adjunct faculty would be unaffordable for most colleges and universities and would harm students as well as many adjunct faculty members. In this critique, I show that their cost estimates fail to take account of the potential benefits of fair pay for adjunct faculty and are based on implausible assumptions. I propose that pay per course for new adjunct faculty members should be tied to pay per course for new full-time non-tenure track instructors or to pay per course for new assistant professors. That framework for adjunct faculty justice yields an aggregate cost range of $18.5 billion to $27.9 billion, one-third to one-half lower than the range computed by Brennan and Magness. Its opportunity cost would not be borne by students since students and faculty are complements, not substitutes, in the educational process. Instead it could be financed by reducing spending on non-educational purposes. Current adjunct faculty members would be protected from job displacement in this justice framework. The real obstacle to achieving justice for adjunct faculty is the priorities of university administrators, not budget constraints or opportunity costs.Item Open Access CRCE focus, December 2001(Colorado State University. Libraries, 2001-12) Loureiro, Maria, author; Center for Research on the Colorado Economy, publisherItem Open Access CRCE focus, June 2003(Colorado State University. Libraries, 2003-06) Eckert, Jerry, author; Garner, Elizabeth, author; Center for Research on the Colorado Economy, publisherItem Open Access CRCE focus, March 2001(Colorado State University. Libraries, 2001-03) Kling, Robert, editor; Center for Research on the Colorado Economy, publisherItem Open Access CRCE focus, May 2001(Colorado State University. Libraries, 2001-05) Kling, Robert, editor; Center for Research on the Colorado Economy, publisherItem Open Access CRCE focus, May 2000(Colorado State University. Libraries, 2000-05) Phillips, Ronnie J., author; Ertle, Jokima, author; Kling, Robert, editor; Center for Research on the Colorado Economy, publisherItem Open Access CRCE update, December 2002(Colorado State University. Libraries, 2002-12) Garner, Elizabeth, author; Eckert, Jerry, author; Center for Research on the Colorado Economy, publisherItem Open Access CRCE update, July 2000(Colorado State University. Libraries, 2000-07) Hine, Sue, author; Garner, Elizabeth Hornbrook, author; Kling, Robert, editor; Center for Research on the Colorado Economy, publisherItem Open Access Dataset for "De-unionization and the wages of essential workers"(Colorado State University. Libraries, 2021) Walke, AdamA definition of essential industries based on recent federal government guidelines is used to trace out the trajectory of wages for essential and nonessential sectors over time in the United States. This retrospective approach is justified by the fact that the included industries provide goods and services that are essential to health and safety whether or not emergency conditions exist. Union density has been consistently higher in essential industries, but the percentage of nonunionized workers has also increased more rapidly in those industries. The data show that real wages in essential industries have declined relative to nonessential industries since 1983 and that essential industries have consistently had lower levels of wage inequality than their nonessential counterparts. Regression analyses suggest that uneven de-unionization can explain part of the decline in relative wages. Furthermore, higher rates of union coverage in essential industries likely contribute to their comparatively low levels of wage inequality.Item Open Access Determinants of small business lending(Colorado State University. Libraries, 2011) Kravchenko, Nataliia, author; Weiler, Stephan, advisor; Bernasek, Alexandra, committee member; Villupuram, Sriram, committee memberThe aim of this paper is to determine the factors that drive banks' decisions to provide loans to small informationally opaque enterprises. This paper combines three important aspects related to small business lending - asymmetry of information, bank efficiency, and regional economic performance - and hopes to establish the complex ties between them and understand how banks can use the information available for the benefit of SMEs, and ultimately regional growth.