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Seminar Series Copies may be downloaded by clicking on the title of the paper. For more information you may contact Stratford Douglas, the Seminar Series Coordinator. Spring 2005 If you do not have Acrobat Reader for your browser, you can download it freely from Adobe's Web site. Download Adobe Acrobat Reader |
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All seminars are |
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Jonathan Klick,
Abstract: Many states have passed medical malpractice law reforms in an effort to retain and attract physicians. However, it is unclear what the net public health effect of such reforms is. While reforms are likely to help states retain doctors, they also diminish incentives to provide a high level of health care. We provide empirical evidence that some malpractice reforms have helped states retain doctors while others have not. However, retention of doctors comes at a cost. We show that some malpractice law reforms have lowered the level of care provided, as indicated by an increase in infant mortality. This suggest that some of the tort reforms lead to worsening health outcomes. |
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Change-Jin
Abstract: In this paper, we consider estimation of a time-varying parameter model for a forward looking monetary policy rule, by employing ex-post data. A Heckman-type (1976) two-step procedure is employed in order to deal with endogeneity in the regressors. This allows us to econometrically take into account changing degrees of uncertainty associated with the Fed's forecasts of future inflation and GDP gap when estimating the model. Even though such uncertainty does not enter the model directly, we achieve efficiency in estimation by employing the standardized prediction errors for inflation and GDP gas as a bias correction terms in the second-step regression. We note that no other empirical literature on monetary policy deals with this important issue. Our empirical results also reveal new aspects not found in the literature previously. That is, the history of the Fed's conduct of monetary policy since the early 1970's can in general be divided into three sub periods: the 1970-s, the 1980's, and the 1990's. The conventional division of the sample into pre-Volcker and Volcker-Greenspan periods could mislead the empirical assessment of monetary policy. |
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NO SEMINAR |
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Kangoh Lee,
Abstract: Different countries select their national Olympic teams differently. For example, China selects its gymnastic team members when they are about five years old. In the U.S., individuals first invest in athletic training, and compete to make the national team based on their athletic skills later. The Chinese style early selection may not choose the best athletes due to imperfect screening of athletic skills at early ages, but it prevents others not selected from investing in training and hence saves training costs. Early selection also provides athletes with greater incentives to make effort, because athletes under early selection are guaranteed to compete for medals as a national team member and can reap the benefits of their effort to wind medals. The paper analyzes this trade-off involved in early selection, and relates the analyses to other early selection programs such as the selection of students into general and vocational education at early ages in Germany, and Head Start in the U.S. |
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Radavan Kacin, |
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SPRING BREAK - No Seminar. |
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Good Friday - No Seminar |
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CANCELLED |
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E-Books Presentation (No Seminar) |
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Stephan Abstract: Public land designations are often
primarily political decisions that may also have substantial local economic impacts. This paper econometrically estimates the
visitation effect of the conversion of National Monuments to National Parks
through the eight designation changes that have occurred between 1979 and
2000. The study finds robust and
significant impacts of such conversions yielding 11,642 additional visitors
annually, even after controlling for likely site acreage expansion and other
site visitation trends. Furthermore,
these new visitors do not appear to occur at
the expense of visitation at alternative sites. Using these findings, the paper explores
the local economic impact of the Great Sand Dunes conversion on |
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Abstract: The consumer who purchases computational power ultimately purchases a reduction in the time interval between the initiation and the completion of work. This paper looks at computation as a commodity and the nascent industry of computational intermediation, and proposes a model for the market for computational power as distinct from the market for computers. Some interesting results emerge. The model implies that the demand for computation is discontinuous and that there is a lower limit to the quantity of computation consumers will demand that is independent of the price of power. The model identifies a range of computational powers that could be supplied by computational intermediaries but which will not be supplied by computer manufacturers, and suggests a model for pricing computation. |
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April 29, 2005 |
David MacPherson,
Abstract:
This study
examines the consequences of a pension fund investing in the stock of the
Sponsoring firm. Using a merger of data on pension asset holdings from IRS
Form 5500 filings and financial data on the company’s stock from CRSP,
two broad questions are addressed: First, what factors influence the extent
of a pension funds’ investments in the employer’s stock? Second,
when a pension invests in the employer’s stock, how much is lost as a
result of poor diversification? The empirical results suggest that
investments in employer stock are responsive to non-diversification costs,
tax consequences, and employee risk preferences. Also, a 10 percentage point
increase in the holdings of the typical employer stock is estimated to result
in an expected return that is 0.9 to 1.2 percentage points below what could
be earned by an efficiently managed portfolio. |
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© College of Business and Economics,West
Virginia