Economics Collection Development Policy

The economics collection supports the teaching, learning, research, needs for economic information, and other related service activities of the entire university community. Its primary users are faculty, staff, and students of the Economics Department in the College of Business Administration (CBA). Its essential focus is support for the undergraduate and graduate curricula for economics. The collection is supplemented through interlibrary loan services whenever special curriculum and research needs of economics faculty and students arise. Although the collection is not developed for the general public and community users, they may benefit from the collection for their information needs. The main focus of the collection are works classified in Library of Congress call numbers HB (Economic theory and demography), HC (Economic history and conditions), and HD (Economic development), however, curriculum and research needs of economics are substantially supported by works classified in statistics, finance, and other business related areas

Economics Collection Development Policy

The economics collection supports the teaching, learning, research, needs for economic information, and other related service activities of the entire university community. Its primary users are faculty, staff, and students of the Economics Department in the College of Business Administration (CBA). Its essential focus is support for the undergraduate and graduate curricula for economics. The collection is supplemented through interlibrary loan services whenever special curriculum and research needs of economics faculty and students arise. Although the collection is not developed for the general public and community users, they may benefit from the collection for their information needs. The main focus of the collection are works classified in Library of Congress call numbers HB (Economic theory and demography), HC (Economic history and conditions), and HD (Economic development), however, curriculum and research needs of economics are substantially supported by works classified in statistics, finance, and other business related areas

Characterizing perfect recall using next-step temporal operators in S5 and sub-S5 Epistemic Temporal Logic

We review the notion of perfect recall in the literature on interpreted systems, game theory, and epistemic logic. In the context of Epistemic Temporal Logic (ETL), we give a (to our knowledge) novel frame condition for perfect recall, which is local and can straightforwardly be translated to a defining formula in a language that only has next-step temporal operators. This frame condition also gives rise to a complete axiomatization for S5 ETL frames with perfect recall. We then consider how to extend and consolidate the notion of perfect recall in sub-S5 settings, where the various notions discussed are no longer equivalent

the finance-growth perspective

This paper explores the impact of antiquity on capitalism through the finance-growth nexus. We define antiquity as the length of established statehood (i.e., state history) and agricultural years. We argue that extractive institutions and deeply entrenched interest groups may prevail in societies with ancient roots. The paper offers an in-depth analysis of one particular channel through which extractive institutions may impair economic growth: the finance-growth channel. We propose that in countries with ancient statehood, the financial sector might be captured by powerful economic and political elites leading to a distorted finance-growth relationship. We build a model in which the equilibrium relationship between companies and banks depends on the entrenchment of the economic elites and the length of established statehood. To validate our argument empirically, we run panel-threshold regressions on a global sample between 1970 and 2014. The regression results are supportive and show that financial development – measured by the outstanding amount of credit – is negative for growth in states with ancient institutional origins, while it is positive in relatively younger ones

The transformation of hunger revisited: estimating available calories from the budgets of late nineteenth-century British households

Levels of nutrition among British worker's households in the late nineteenth century have been much debated. Trevon Logan (2006, 2009) estimated a very low average level of available calories. This paper re-examines the data and finds average levels of available calories much more in line with existing studies, more in line with what is known about energy requirements, and more in line with other aspects of the data. In sum, British households were likely to have been significantly better fed than Logan reports

Economic Development, Legality, and the Transplant Effect

We analyze the determinants of effective legal institutions (legality) using data from 49 countries. We show that the way the law was initially transplanted and received is a more important determinant than the supply of law from a particular legal family. Countries that have developed legal orders internally, adapted the transplanted law, and/or had a population that was already familiar with basic principles of the transplanted law have more effective legality than countries that received foreign law without any similar pre-dispositions. The transplanting process has a strong indirect effect on economic development via its impact on legality.http://deepblue.lib.umich.edu/bitstream/2027.42/39692/3/wp308.pd

Markov Equilibria in Dynamic Matching and Bargaining Games

Rubinstein and Wolinsky (1990) show that a simple homogeneous market with exogenous matching has continuum of (non-competitive) perfect equilibria, but the unique Markov perfect equilibrium is competitive. By contrast, in the more general case of heterogeneous markets, we show there exists a continuum of (non-competitive) Markov perfect equilibria. However, a refinement of the Markov property, which we call monotonicity, does suffice to guarantee perfectly competitive equilibria, if, and only if, it is monotonic. The monotonicity property is closely related to the concept of Nash equilibrium with complexity costs