bluuebunny/crossref_metadata_2025 huggingface dataset:
The (ir-)rationality of investor herding
Authors: Dierks Leef H. , Tiggelbeck Sonja
Published: March 2021

In the past decades, behavioural finance has steadily gained importance with respect to better understanding decision-mak- ing under uncertainty. Traditional economic models, among  them neo-classical capital market theories or Austrian Econom- ics, for example, fail to adequately assess market agents’ behav- iour. In contrast to these theories, market agents appear to be prone to biased judgements. Individuals prefer to maintain the status quo as they are afraid of committing mistakes, which could ceteris paribus afterwards cause a feeling of regret. They thus rather refrain from any action and accept opportunity costs as these, according to Prospect Theory, are considered to be

missed profits instead of realized losses. Another explanation for biased judgement is overconfidence, which implies that indi- vidual investors trade too often as they consider their informa- tion to be more valuable than that of others. Overconfidence and status quo preference, are just two explanations for biased judge- ments. This triggers the question to what extent individual deci- sions actually exist. According to Hayek (1996), individualism is non-existent in an environment in which subjectivism generates a spontaneous order by interacting with other (market) partici- pants. Notwithstanding unpredictable future developments, there will always be particular behavioural patterns occurring repeatedly (Rapp and Cortés, 2017). Hence, the predictive power of any model could be greatly enhanced in case these patters, typically shaped by the social environment, i.e. (a herd) could ex ante be reliably identified .

In light of the above, speculative bubbles, which, assuming strictly rational economic agents, are a prime example of how investors’ biased perceptions about losses and gains trigger an emotions-based process of decision-making. Institutional Eco- nomics, among others, illustrates that investors appear to follow an institutional system, which shapes their behaviours and thus their decision-making. Simply mimicking a herd’s decisions, it seems, can meaningfully reduce uncertainty. Preliminary find- ings, however, suggest contradictions concerning biases in deci- sion-making of individuals versus those of a herd. Further, literature distinguishes between rational and irrational herd behaviour. Ultimately, this leads to the question to which extent investor herding could indeed be a rational phenomenon (Dierks and Tiggelbeck, 2019).

The remainder of this article as structured as follows: Chapter two outlines principles of (individual) decision-making under uncertainty and identifies select biases, which affect the behaviour of economic agents. Chapter three then portrays the phenomenon of investor herding and seeks to correctly embed the latter into Austrian Economics and Behavioural Economics. Chapter four investigates the extent to which any such behaviour can be consid- ered (ir-) rational before chapter five provides both a conclusion and an outlook for future research.
La ética de la libertad y redarquía: análisis prospectivo en civilizaciones modernas
Authors: Ricote Adrián
Published: March 2021

Este artículo se centra en cómo se podría desarrollar un sistema de “justicia” global, utilizando para ello medios que se encuentran ya en la actualidad. En este caso, la finalidad es encontrar una aplica- ción práctica a un tema filosófico tan controvertido como puede ser la ley natural, en contraposición al sistema actual de justicia ius- positivista.

Actualmente, la justicia y la ley (positiva) vienen determinadas por los Estados. En cada país, podemos encontrarnos gran cantidad de leyes que traten un mismo tema de manera distinta. Tanto es así que, poner en común a todos los Estados y optar por una forma social que nos una más a nivel ético está cerca de ser un imposible, si eso atañe al poder del gobernante de turno.

La intención de este escrito se ve altamente influenciada por la situación de crisis en la que nos encontramos. No refiriéndose, así, a una suerte de crisis económica, sino a la crisis de valores que esta- mos sufriendo, que hace que nos enfrentemos más los unos a los otros, que nos hace violentos, nos incita a actuar inmoralmente y en la cual, a pesar de todo, la justicia puede que no termine aplicándose como es debido. Como, por ejemplo, en aquellas civilizaciones en las que, si se suma una crisis económica a una sociedad cada vez menos éticamente correcta, la situación de crisis de seguridad sería un esce- nario plausible muy complicado de resolver.

Tras la lectura de este artículo, puede que el lector se empiece a cuestionar si el sistema actual de justicia, en su forma, es el único sistema posible o si, por el contrario, pudieran surgir otros que garanticen también la seguridad, sin quebrantar, de manera tan acuciante, la libertad individual.
A Proposal for a Representational Theory of Capital
Authors: Zelmanovitz Leonidas
Published: March 2021

An interesting insight about money is that it is just a veil covering the actual economy; or, in other words, that there are actual goods and services in the real world and there is a monetary side that in one way or another represents, in an abstract form, some of the things that exist in the real side of the economy. Such representa- tion is never perfect, for reasons that we may discuss; but also, some ways in which this representation is done are better than others.
But better in which sense? Well, better representations of what actually exists and a representation that better serves the function financial and monetary instruments perform for society. Note that some monetary institutions are particularly designed neither to do a good representation of the economic realities of society, nor to fulfill the purpose for which money was first developed, but to serve the interests of whoever has the political power to impose such arrangements. Be that as it may, a fact remains that different money and banking arrangements will represent more or less accurately stocks and flows of goods and services on the real side of the economy, and more than that, that such representation has consequences in terms of the allocation of resources in the economy.
An explanation of current business innovation processes from the point of view of the Austrian School of Economics
Authors: Azpitarte Joaquín
Published: March 2021

The main objective of this article is to show how the Austrian School of Economics, based on solid theoretical principles, anticipated, through its main exponents, how the innovation processes, that we are currently experiencing, would develop. The clear identification of current phenomena with the “Austrian” doctrine is the greatest evidence of the full validity of these ideas. We will show, in a non-exhaustive way, how its application to the day-to-day innovation and improvement of processes and products is constant. This article is therefore an exercise in empirical illustration that could lead to future academic work.

Keywords: innovation, business culture, business management, business performance, Austrian School of Economics

JEL classification: O31, M14, M10, L25, B25

Resumen: El presente artículo tiene como objetivo principal mostrar cómo la Escuela Austriaca de Economía, fundamentada en unos sólidos principios teóricos, anticipó a través de sus principales exponentes, cómo se desarrollarían los procesos de innovación que vivimos actualmente. La identificación clara de fenómenos actuales con la doctrina “austriaca” es la mayor evidencia de la plena vigencia de estas ideas. Mostraremos, de manera no exhaustiva, cómo su aplicación al día a día de la innovación y a la mejora de procesos y productos, es constante. El presente artículo es por lo tanto un ejercicio de ilustración empírica que pudiera dar pie a futuros trabajos académicos.

Palabras clave: innovación, cultura empresarial, gestión de empresas, rendimiento empresarial, escuela austriaca de economía

Clasificación JEL: O31, M14, M10, L25, B25
Economic Effects Of The Philosophical Concept Of Community
Authors: Vera Alfonso
Published: March 2021

Introductory textbooks in the History of Economic Thought in use at colleges and universities devote little space to Scholasticism and its influence. Even those that do not start straight with the Physiocrats, Thomas Aquinas appears stuck between Ancient Greek Philosophers and Thomas Mun. Scholasticism with “medieval” economic thought characterized as primitive and focused on “obsolete” issues like usury and just price. Sometimes it is even categorized among the schools that promote State intervention1.
This was not the opinion of F.A. Hayek, who appreciated some Scholastic authors as part of the individualistic tradition of Western civilization rooted on the legacy of Ancient Greeks and Romans like Pericles, Thucydides, Cicero and Tacitus2.
In his famous Road to Serfdom (1944) F.A. Hayek assumed that Western Civilization had abandoned the right road and the individualistic tradition by the last quarter of the XIX Century. The abandoned road that Hayek refers to is that grounded on Greek, Roman and Medieval tradition and later paved by the ideas of authors like Cobden, Bright, De Tocqueville, Lord Acton, Adam Smith, Hume, Locke or Milton3.
Hilaire Belloc4 located the abandonment of the liberal tradition around the same historical time. He would have agreed with most of the names in Hayek´s list, especially Cobden and Bright, but would have added those of radicals like Fox and Cobbett. Regarding more far away sources of Western thought, he would have included Aristotle, Aquinas and the Spanish Jesuit Francisco Suárez.Some of the authors mentioned above represent different traditions in the political philosophy. These traditions could be referred as the “old” and the “new”, following Leo Strauss in the idea of Machiavelli as the turning point. This essay approaches the influence of the political philosophy in the changes referred by Hayek and Belloc by examining the differences between the old and the new concept of community.
TOWARDS ACHIEVING SDG 3 AND 4: THE ROLE OF UNIVERSITY RESEARCH THROUGH IMPLEMENTATION OF QUALITY ASSURANCE IN EAST AFRICA
Authors: Masud Mustapha , Olagunju Abdul-Rahman , Salum Salum
Published: March 2021

Abstract
Education has been acknowledged to be a human right, a public good and a public responsibility. Without inclusive and equitable quality education and lifelong opportunities for all, nations will not succeed in achieving gender equality and breaking the cycle of poverty that is leaving millions of children, youth and adults behind (UNESCO, 2020). In the labour of attaining the sustainable development goals, quality education, good health and well-being - Goals 3 and 4 respectively - have been placed as the central dogma in achieving the global goals. The aim of this paper is to demonstrate the role of university research through the implementation of quality assurance in attaining quality education, good health and well-being for sustainable development in East Africa. The paper examines the heart of the sustainable development goals (SDGs) - Quality Education & Good health and well-being - in the context of how university researchers can get it delivered. This paper perceives promoting interdisciplinary and collaborative research, linking research outputs into teaching as well as commercialization of science as the leeway in assuring and achieving quality education, good health and well-being through higher institutions (universities) in East Africa. The paper concludes that achieving the ambitiously adopted sustainable development goals by United Nations in quality education, good health and well-being can be achieved by adopting, implementing and practically applying quality research outputs from universities done under quality assurance measures. The paper recommends amongst other measures that implementation of research-tutored system by designing curriculum that emphasizes learning focused on students writing and discussing research papers or essays.
Key words: Sustainable Development Goal (SDG), Education, Health, Well-being, University research, Quality Assurance
TEACHER EFFECTS ON HIGH SCHOOLACADEMIC ACHIEVEMENT SCORES: A CASE STUDY OF BUSIA COUNTY, KENYA
Authors: Maiyo Julius , Echaune Manasi
Published: March 2021

ABSTRACT
This study sought to analyze teacher effects on high school academic achievement scores in Busia County, Kenya. The
study was based on the education production function theory. A descriptive survey research design was employed. A sample of 236 teachers and 755 students was used. Self administered questionnaires were used to collect data and test re-test was used to ascertain reliability of the instrument. Descriptive statistics namely; percentages, frequencies, mean, and standard deviations were used to carry out preliminary data analysis. Inferential statistics specifically correlation and regression coefficients were then used to test hypotheses. Hierarchical linear modeling was used to model effect of selected teacher variables on school academic achievement scores. Findings of the study were presented in tables and figures. Findings of the study suggested that the number of teachers, teacher commitment and teachers covering missed lessons had statistically significant effects on school academic achievement scores.
Key words: Teacher Variables, Academic Achievement Scores, Kenya
BUSINESS PROCESS RE-ENGINEERING PRACTICES AND PERFORMANCE OF TELECOMMUNICATION SECTOR IN KENYA
Authors: Mohat Edith , Munyoki Justus , Cheluget John
Published: March 2021

ABSTRACT
This study sought to establish Business Process Reengineering (BPR) strategies used by telecommunication companies in Kenya to enhance their service delivery to gain competitive advantage, and to explore the influence of BPR strategies
in the telecommunication companies in Kenya. The study was anchored on the following theories, Resource-Based, the Open Systems and Stakeholder. The study used a descriptive cross sectional research design targeting thirty five telecommunication firms in Kenya. Data was collected through structured questionnaires. Data analysis was done by use of descriptive and inferential statistics. The study established that most of Telecommunication companies have used various BPR strategies such as Teleconferencing technologies, computerized performance measurement and reporting
system, shared Information Technology infrastructure and computerized procurement system. Findings show that after BPR implementation the telecommunications firms were able to increase efficiency of customer service, quality of products and workforce, elimination of non-value adding process, reduction in inspection time, moving time and
waiting/queuing time. The study recommends that Telecommunication companies should fully automate their operations besides replacing obsolete technology equipment with modern ones. BPR efforts should be implemented in the most effective manner through sound management and leadership; this is because top management commitment, support, championship, sponsorship, and effective management of risks are the most noticeable managerial practices that seem to directly influence the success of BPR execution. The study recommends that most companies should be
cautious when re-engineering in order to avoid downsizing without figuring out how to reduce the workload.
Key words: Business Process Reengineering, Telecommunication companies, management support, employee
commitment, ITinfrastructure.
Simulating a Local Housing Market: An Empirical Test
Authors: Robertson Terry
Published: March 2021

The purpose of this research is to develop an econometric model of the Bade County, Florida housing market which will: (1) identify and measure the influence of major determinants of housing supply and demand in Bade County, and (2) provide a predictive tool to help planning agencies, lending institutions, and other participants in the local housing market foresee market performance based on various assumptions.
Urban Pollution Soiling Damages and Damage Functions
Authors: Liu Ben-chieh , Yu Eden S.H.
Published: March 2021

The effects of air pollution as all other externalities and their damages can be classified into three categories: (I) cost of direct effects, (2) adjustment costs, and (3) market effect costs. Estimates of damages to human health by Liu and Yu (1976) among others fall into the first category of direct cost effects of air pollution. The second category of adjustment costs of air pollution constitutes the main concern of this paper.
Are Regional Development Policies Needed?
Authors: Hansen Niles
Published: March 2021

This paper critically examines the rationales for regional policies in the light of recent changes in the geographic distribution of population and economic activity. Under present circumstances, national policies intended to determine where people should live or where economic activities should be located seem highly questionable. Nevertheless, a Regional Development Agency at the national level could serve a useful function in a learning process involving the entire federal system.
A Multivariafe Analysis of Public Housing Residents: An Extension and Reply
Authors: Kau James B. , Floyd Charles F.
Published: March 2021

Reponse to Van Matre (1975).
Changes in the Composition of Migration for States: 1955-60 to 1965-70
Authors: Serow William J.
Published: March 2021

If future levels of fertility in the United States remain at something like those of the present, the future population of this country will become more or less stationary. While this may suggest a host of economic and social problems, it also suggests a lessening of concern with the question of overpopulation for the nation as a whole. It is more likely that concern with such problems will be concentrated at the local level, since population movement and population redistribution will continue. The purpose of the present paper is to systematically examine patterns of migration at the state level for 1955-60 and 1965-70. The data employed in this paper come from printed reports stemming from both the 1960 and 1970 censuses of population, which deal with population mobility for the five year period immediately preceding the census.
Development of an Economic-Environmental Trade-Off Model for Industrial Land-Use Planning
Authors: Davis R.M. , Stacey G.S. , Nehman G.I. , Goodman F.K.
Published: March 2021

Few contemporary issues have received as much sustained attention as the deterioration of the quality of our natural environment and, particularly, the need to manage the trade-off between economic growth and the quality of that environment. This paper discusses research currently under way to develop a land-use methodology that will help planners address the tradeoff between environmental quality and economic development. The methodology is used to evaluate the social, economic, and environmental impact of alternative land-use plans. The methodology consists of a Regional Analysis Submodel and a Site Analysis Submodel. The first component is based on an expanded input-output analysis incorporating land use, resource inputs, and waste-emission outputs. The second component is an empirical analysis based on the specific suitability and compatibility of proposed land-use development areas. The land-use planning model developed is applied to a case-study area centered on Charleston, South Carolina.
Regional Growth Revisited
Authors: Richardson Harry W.
Published: March 2021

About two years ago I wrote a book titled Regional Growth Theory (RGT for short) which has aroused some strong reactions, both for and against. This paper provides me with a good opportunity to take a critical look at the analysis, and to see whether it can be taken any further. There are several pretexts for such introspection. First, some of the reviewers misunderstood the argument, and to answer them would clear up some important points. Second, the mystery of the regional growth process is such a vital question for spatial analysts that it is hardly necessary to justify giving more time to it. Third, I have cherished—and still cherish—a wild ambition to develop a theoretical framework for spatial growth analysis that is independent of level of spatial disaggregation, stage of economic development and institutional environment. Realistically, this goal is likely to remain frustrated. Nevertheless, there are at least two directions worth a little exploration. One is to extend the analysis downwards to the intraurban level, touched upon but not developed in RGT. Such a step might help to reconcile theories of regional development with urban development, and reinforce the claim that this is one field rather than two. The other is to examine whether the model is capable of application to the developing world. The search for a general theory that can straddle the three worlds is a just and worthy crusade. Western economists must be rather tired of the third world jibe that they travel with capitalist models in their pockets. In any event, the problems of regional development are much more serious in the developing world than in either North America or Western Europe, and the argument that theory should be responsive to policy needs has much in its favour.
Crime as an Externality of Regional Economic Growth
Authors: Hemley David D. , McPheters Lee R.
Published: March 2021

Although the studies above have been in general empirically successful, policy makers continue to require additional information which will allow them to support and implement programs for the prevention and control of crime. One important issue has to do with the question of crime and regional economic growth. Is crime in some sense an externality of regional growth? Do population growth and technological change cause increases in the number and rate of criminal events?
Plant Location Decision Processes
Authors: Dean Robert D.
Published: March 2021

Over the last 30 years, an amazing number of articles have been written about plant location. The primary purpose of this paper is to provide a better understanding of how plant location decisions are made. In particular, the paper will focus on how the sources and types of information utilized in choosing a new plant site, the participants in the decision, their penchant for considering alteratives, and the institutional and individual constraints affecting the decision.
Regional Analysis of Excess Beds in General Hospitals
Authors: Doherty Neville , Smith E. Susan
Published: March 2021

This study examines projected surgical and medical bed needs for 1974 in Connecticut’s general hospitals. The federal method for determining needs, based on fixed occupancy rates, is compared with an alternative based on probabilities of overcrowding. Bed needs were equal when the two methods were applied on an individual hospital basis. For groups of hospitals in health service areas, the alternative indicated potential reductions in planned beds. Under the Federal plan the 1969 base of 8,976 beds should be increased to 9,578. This is 765 more beds than estimated as adequate by the alternative approach. When allowances are made for excess beds already constructed, the federal plan indicates a need for 469 more beds than does the alternative. Daily additions to per patient charges attributable to federally planned excess beds is estimated to lie between $4 and $10. These findings are significant for people concerned with methods for reducing hospital costs.
Analysis of Employment in the Manufacturing Sectors of Nine Urban Areas: The Relation between Average Hours Worked and Employment
Authors: Kottis George Christopher
Published: March 2021

This paper investigates the short-term relationship between changes in the average number of hours worked and the number of workers employed. Nine medium-sized urban areas in Michigan have been chosen for the study, which deals with production workers engaged in manufacturing. It is assumed that changes in external demand for manufactured goods directly effect the amount of labor used by the manufacturing sector of the nine areas. An increase in demand causes an increase in labor, while a decrease in demand has a negative effect on labor. Firms may adjust either the number of hours worked by their production workers or the number of workers they employ, or both. Correlation analysis is used to investigate the existence of leads or lags in the relationship between the two variables. A distributed-lag regression function is employed to examine the quantitative importance of this relationship. The results of correlation suggest a tendency for the two aggregate variables to change simultaneously or with short time lags. The time pattern of the relationship depends on a number of factors, the most important of which are discussed in the paper. The results of regression indicate that the strength of the quantitative relationship can vary from area to area when the relationship between employment and hours worked during the same period is considered, while no significant regional differences are observed in the strength of the relationship between employment and hours worked in previous periods. Some policy implications of the results are discussed at the end of the paper.
The Role of Factor Supplies in Employment Growth
Authors: Miller Edward
Published: March 2021

Most predictions of employment and population growth, including those made in an input-output framework, have been the sum of independent estimates of employment growth in different sectors. An implicit assumption has been that rates of growth in the different export sectors are independent of one another. Although it has been widely recognized in theory that growth in one sector may limit growth in another sector by bidding up factor prices, most actual predictions have resulted from summing independent predictions of employment growth in the different sectors. The validity of this assumed independence will be tested using shift-share data. The standard application of shift-share methodology (explained below) contains an implicit assumption that the regional share component and the industrial mix component are independent of one another. Yet there are theoretical reasons for both positive and negative correlations between growth in the different sectors. Positive correlations could result from growth in one sector expanding the market for the second sector, as is recognized in export base and input-output models. This is offset by the tendency for growth in one sector to restrict growth in other sectors by bidding up the prices for factors of production, notably labor. Which effect predominates is examined by regressing the regional share component of county employment growth on the industrial mix component. In most cases the competition for factors of production appears to be the most important effect. In all cases such competition seems to be important. These results are used to derive estim.ates of the local impact multiplier for employment and it is found to be substantially less than had previously been estimated.
A Multivariate Analysis of Economic Growth in the Tennessee Valley Region, 1950-1960
Authors: Chappell Glenn
Published: March 2021

The objective of this paper was to identify the factors that generated economic growth during the 1950-1960 decade for the counties making up the Tennessee Valley region. Principal component analysis was applied to one set of data in order to derive an index of economic growth. Factor analysis was employed as a method for identifying and summarizing the structural relationships between the many variables thought to affect regional economic growth so as to combine highly related variables into clusters called factors. The derived factors were then utilized as independent variables in a multiple regression analysis of the variations in the index of economic growth derived from the principal component analysis. The results of this study indicated the importance of the interrelationships between social, political, and economic factors in explaining economic growth.
Labor Migration and the Cost of Living
Authors: Cebula Richard J.
Published: March 2021

The determinants of interregional and international migration is a topic which has received considerable attention from economists. Most studies of migration determinants investigate the impact of variables such as income (wage rate) levels, unemployment rates, and distance on the migration decision. One variable which has generally not been explicitly investigated in these studies is the cost of living. Logically, it seems that migration decisions, in order to be rational, must involve cost-of-living considerations if the net benefits of migration are to be appraised meaningfully. Alternatively stated, failure to take interregional (intemational) living cost differentials into consideration when making a migration decision is tantamount to “money illusion”. In view of this, the purpose of this paper is to investigate explicitly the impact of cost-of-living considerations on the migration of labor.
Agricultural Displacement and Surplus Labor in the South
Authors: Christian Jr. Virgil L. , Pepelasis Adamantios
Published: March 2021

The economy of the antebellum South, based on labor intensive agriculture rooted in slavery, generated economic, political, social, and moral problems that persist to the present. The break from southern agriculture provided a slow and tortuous business for the Negro. The reduction of the farm labor force and the continuing importance of farming to southern Negroes suggest that Negro employment in southern agriculture should be studied in a larger setting. However, this paper, being only a reconnaissance with the broader problem, is restricted to preliminary observations on the impact of reduced labor intensity in agriculture on regional manpower.
Southern Poverty and Regional Economic Growth
Authors: Iden George
Published: March 2021

This paper has two objectives. First, to describe some of the main characteristics of poverty in the South. Second, to analyze the broad effects of regional economic growth on the magnitude and composition of southern poverty.
Urban Industrial Structure and the Relative Income of Non-White Males: A Discussion
Authors: Greytak David
Published: March 2021

This paper provides a discussion of the paper by Rasmussen and Haworth (1972).
Regional Growth and Interregional Migration - Their Pattern of Interaction
Authors: Olvey Lee D.
Published: March 2021

The starting point for this study was recognition of considerable differences among previous studies of causes of regional growth and wage disparities in the United States. This paper describes a multi-equation model for empirical analysis of these differences and presents results achieved in applying the model to cross-sectional data measuring the performance of 56 large MSAs.
Regional Science and Public Policy
Authors: Miki Robert T.
Published: March 2021

This presidential address comments on three things. First, the regional science cycle, if there is one. Second, the relationship between regional science and public policy. Finally, several current and emerging areas regional scientists can contribute to.
Local Cost-Revenue Analysis of Perspective Industrial Firms and Community Policies: A Working Model
Authors: Thibeault Russell W.
Published: March 2021

The assumed significance of industrial development is clear. There are several commonly held assumptions about the impact of industry on a community, including creating jobs, increasing wages, and increasing property and non-property tax revenues. However, some economists question if this is true. This paper develops and applies a cost-revenue model exposing the direct and secondary fiscal impact of a prospective industrial firm on a local community.
A Re-examination of the Kendrick-Jaycox Method of Estimating Gross State Product
Authors: Niemi Jr. Albert W.
Published: March 2021

Several recent papers have attempted to estimate state gross production using the Kendrick-Jaycox method. This method involves estimating gross product orginating for each of the one digit major industries and summing the total to yield gross state product. This paper discusses this methodology and its strengths and weaknesses.
The Delphi Method as Applied to Public Investment Decisions
Authors: Gunther William D. , Vallery Jr. J.F.
Published: March 2021

This article considers some recent developments in the area of “opinion technology” and the potential use of these developments in formulating regional development policy. In particular, we explore the role of the Delphi Technique for eliciting and refining local “informed opinion” in the determination of regional development plans and policies.
The Federal Role in Regional Planning Councils: Trends and Implications
Authors: Glendening Parris N.
Published: March 2021

The literature of urban affairs has long been concerned with the problem of government fragmentation in our urban areas. This paper examines this literature and considers various arguments related to these issues and concerns.
Business Climate in the Eye of the Employer
Authors: Salaghe Florina , Watson Phillip Scott , Hildebrandt Haley , Landis Malieka
Published: March 2021

What constitutes a “good business climate” is often couched in monolithic and diametrically opposed terms of low taxes versus high public services. However, there is likely considerable heterogeneity across firms in their preferences for the trade-off between higher taxes and the public services they provide. Using a novel primary data set of firm expansion and relocation decisions, this analysis investigates how firms in relatively high-paying sectors express their preferences for a variety of local “business climate” attributes relative to firms in lower-paying sectors. The findings show evidence that firms in low-wage sectors view a “good business climate” differently than firms in high-wage sectors.
Expenditure Effects from the 2010 Washington Soda Tax
Authors: Hoffer Adam , Sheehan Kathleen
Published: March 2021

This study examines the 2010 Washington excise soda tax and its effects on household soda expenditures. Findings show that soda expenditures fell by approximately $2.26 per week following the tax. When matched with households in Oregon using a propensity score matching model to create a control group, the decrease in Washington household spending on soda exceeded that of Oregon households in all model specifications. Matched against households located anywhere in the U.S., Washington households’ expenditures fell by between $1.24 and $1.92 more per week than control group households following the soda tax. After the tax’s repeal, Washington soda expenditures remained below their previous pre-tax level. The evidence suggests the tax acted similar to a public health warning against soda and snack foods, as snack food expenditures also declined despite no added tax.
Harmful Algal Blooms and Tourism: The Economic Impact to Counties in Southwest Florida
Authors: Bechard Andrew
Published: March 2021

The most recent red tide bloom in the summer of 2018 served as a wake up call to many in the Gulf region of Florida. The algal bloom decimated the coast, killing off scores of fish and marine life. As beaches were forced to close, tourists and residents alike were no longer producing usual economic activity on the shorelines. This, however, has happened before. We consider four major blooms from the past twenty years, two in 2005, one in 2006, and the aforementioned bloom in 2018. All lasted for over three months and had significant impacts on the economy. We examine the effects of two industries, the lodging and restaurant sectors, to determine the magnitude of losses in taxable sales caused by red tide. Using a difference-in-differences model, we compare taxable sales in counties affected by red tide to those that were unaffected. We find that affected counties produce 5-7 percent and 1.5-2.5 percent less in the lodging and restaurant sectors, respectively. If red tide blooms become more frequent and persistent, losses for coastal businesses could also continue to grow. Policy and strategy to mitigate economics losses must take into consideration the harmful effects of these algal blooms.
One Real Problem at a Time: Revisiting the Status of Regional Science and Female Economists
Authors: Conroy Tessa , Ross Amanda
Published: March 2021

West (1996) discussed the status of women economists as well as the field of regional science within economics in her SRSA Presidential Address. In this paper, we revisit these issues and examine if and how things have changed over the last several decades. We focus on progress that has been made and areas where additional changes may be needed in order to continue to improve. In addition, we discuss how the current COVID-19 pandemic may be relevant in the future for women in academia as well as academics in general as we move into a more virtual world.
Labor Market Hollowing-Out in North Carolina: Measurement and Analysis
Authors: Walden Michael
Published: March 2021

Hollowing-out of the labor force, meaning the relative decline in middle-paying jobs combined with the relative rise in both high-paying and low-paying jobs, has been a phenomenon observed and analyzed at the national level. This paper extends that work by analyzing job shifts in 46 regions of North Carolina during the 21st century. From 2001 to 2015, hollowing-out occurred in all but one of the regions, but to different degrees. An empirical analysis shows the relative decline of middle-paying jobs was stronger in regions with a larger share of employment in manufacturing and construction and in regions with slower population growth.
Contrasts in the Locational Attractiveness of the Southeast to New Manufacturers
Authors: Malizia Emil , Marimpietri Anthony
Published: March 2021

This research is based on a survey of manufacturers that made capital investments in North Carolina, South Carolina, and Virginia between 1977 and 1981. It examines the locational preferences of executives that selected these states for new manufacturing establishments. The results show contrasts in the locational attractiveness of this area for different establishment characteristics. Compared to all new establishments, type of establishment (branch plant versus independent firm), establishment employment size, and growth rate of the establishment’s industry result in distinctively different profiles of executive locational preferences. When taken in combnation, these characteristics further distinguish executive preferences
An Analysis of Utility Based Estimates of Fiscal Capacity
Authors: Ziegler Joseph A. , Redfern J. Martin
Published: March 2021

During the past two decades, there have been attempts to estimate the fiscal capacity of state and local government. Previous has typically used either income based measures or utility based measures. This paper analyzes the appropriateness of using utility based measures in such policies
The Rules of the Game
Authors: Schaeffer Peter V.
Published: March 2021

The success or failure of economic actors depends on a variety of factors, which I sort into three groups: attitudes and values, endowments, and rules. Of these three, we only fully control for factors in the first group. Factors in the other two groups are determined by luck, though through individual effort we may enhance them, particularly endowments such as talent or inherited resources. As individuals, most of us have no or very little influence on rules. Rules depend on power, and most people exercise power only indirectly as members of a group or groups. In this address, I focus on the rules, which also means that I focus on power, a neglected topic in economic development, and in modern economics in general.
Looking Behind the Scenes: An Assessment of the Interdependence of Brazilian Cultural Industries
Authors: Ferreira Neto Amir B. , Perobelli Fernando S. , Rabelo Alexandre
Published: March 2021

In this paper, we examine the increasing relative importance of the cultural sector in the Brazilian economy. Specifically, we look at the integration of the cultural sector production structure into Brazil’s production structure. We contribute to the literature by making a systematic evaluation of the production integration of the cultural sector into the Brazilian production structure. To do so, we disaggregate the cultural economic sectors using Brazilian input-output tables for 2005 and 2009. Using both tables, we calculate different measures of linkages and use the Structural Decomposition Analysis (SDA). Our results show transition in relative importance from manufacturing to services for the cultural sectors and that investments in cultural activities can produce positive results for the Brazilian economy in terms of income and employment effects.
Do Business Subsidies Lead to Increased Economic Activity? Evidence from Arkansas’s Quick Action Closing Fund
Authors: Bundrick Jacob , Snyder Thomas
Published: March 2021

State governments rely heavily on targeted economic-development incentives to promote economic activity. In recent years, many states have adopted targeted subsidy programs known as “deal-closing funds” to attract and retain businesses. Despite the increased use of deal-closing funds, it remains unclear whether they provide value in terms of increasing private employment and establishments. In this paper, we analyze the relationship between deal-closing funds and county-level private employment and private establishments from Arkansas’s Quick Action Closing Fund (QACF). We estimate these relationships using a variety of fixed-effects and OLS techniques to measure both within-county and across-county relationships. We find little evidence to suggest that the QACF creates significant job and establishment growth. The results from this study should serve to better inform public policy across states as it relates to the use of targeted business subsidies.
Air Quality and the Development of Los Angeles
Authors: Finney Miles M.
Published: March 2021

This paper estimates the effect variation in air quality had on neighborhood population growth in Los Angeles during the 1950s and 1960s, a period the area experienced severe ozone problems. Regression results indicate that environmental effects substantially redistributed population spatially. Little evidence is found, however, that the demographic effects persist.
Climate Preferences, Obesity, and Unobserved Heterogeneity in Cities
Authors: Yezer Anthony M. , Popick Stephen J.
Published: March 2021

Some sources of heterogeneity among cities, i.e. age, gender, race, income, and education, have been the object of substantial inquiry. The reasons are obvious. These differences are easily observed and may have important implications for economic activity. This study considers another potentially important population characteristic, obesity. Descriptive statistics reveal that the intercity variance in obesity rates is substantial. Empirical results demonstrate that demographic and regional amenity variables all help to explain intercity differences in obesity. Because obesity is important for climate preferences, health, and productivity, its omission from previous studies and its correlation with amenity and demographic characteristics could create problems for empirical research.
Searching for Isard’s Regional Essence
Authors: Woodward Doug
Published: March 2021

At the inception of the Southern Regional Science Association in the early 1960s, Walter Isard maintained that areal regions are fundamental units of observation and analysis. To this day, understanding the special significance of regions motivates much of our empirical research. In my address, I argue that regional fixed effects estimates from regression analysis can help us comprehend the distinctive character of areal units. This paper offers two examples from my research. First, I present the results of a regression model that explains regional knowledge spillovers in U.S. counties. Santa Clara County (Silicon Valley) has by far the largest fixed effect estimate of any U.S. county. Overall, the county level fixed effects for knowledge spillovers follow a pattern of rapid exponential decay. Next, I inspect neighborhood fixed effects taken from a hedonic housing price model of the Charleston, South Carolina region. The results suggest a clear preference for coastal proximity as reflected in house prices. For neighborhoods away from the coast, the fixed effects estimates exhibit a steep decline toward zero. Like Silicon Valley’s regional advantage in knowledge, beachfront neighborhoods benefit from an exclusive, time invariant advantage that is hard, if not impossible, to replicate in space.
Economic Complexity and Regional Growth Performance: Evidence from the Mexican Economy
Authors: Chávez Juan Carlos , Mosqueda Marco T. , Gómez-Zaldívar Manuel
Published: March 2021

This paper uses information on the productive structure of each of Mexico’s states to calculate a measure of economic complexity using the Method of Reflections proposed by Hausmann and Hidalgo (2009). The results suggest that the country’s states differ markedly in terms of the activities they specialize in, and therefore also in terms of their economic complexity. There is also a clear regional pattern which shows that states in the north are more complex, those in the central region have an intermediate level of complexity, and those in the south have the lowest levels of complexity. As previous international studies have shown, complexity is an important factor in explaining the economic disparities observed in the country, given that its measure is positively related to both the level of wealth and the growth rate of the states. Therefore, we can assert that the dispersion of productive knowledge—measured according to the specialization of the states or the location of the various economic activities performed there—goes some way toward explaining their different patterns of growth.
Peer Effects and Political Participation: What is the Role of Coursework Clusters?
Authors: Ajilore Olugbenga , Alberda Gayle
Published: March 2021

This study addresses the role of peer civic engagement during adolescence on political participation in adulthood. We focus on novel specification based on an alternative peer group: the coursework cluster, which is constructed using an algorithm based on course taking habits. This paper explores how peers within course-taking clusters affect future political participation. The civic identities and politically oriented norms developed may be passed on through these classmates. Our results show that the influence of the peer group is from peers who perform better (have a higher grade point average) in social studies courses and from peers who participate in extracurricular activities.
Endogeneity in Casino Revenue and Crime Rates: The Case of Las Vegas, Nevada
Authors: Kim Man-Keun , Pang Arwin , Bao Wei , Bosworth Ryan
Published: March 2021

This paper investigates relationships among casino revenue, crime rates, and the number of visitors in Las Vegas, Nevada. Numerous studies have attempted to assess the impact of casino activities on crime rates but have provided inconclusive results. Some studies have found that casino activities increase crime rates, while others find no significant relationship between casino gambling and crime rates. But all studies that have found casinos increase crime rates do not adjust the crime rate for the number of visitors to the area. The impact of casino activities on crime rates disappears, however, when crime rates are adjusted for visitors. This study revisits the question with consideration for the potential endogeneity among variables. This paper addresses endogeneity concerns by estimating the impact of casino activities on crime using a system of equations to represent casino activities, adjusted crime rates, and visitors. Three stage least squares is used to estimate the system. Results show that the impact of casino activities on crime rates persists even after crime rates are adjusted for the visitors. Efforts to reduce crime can be effective in boosting the Las Vegas regional economy.