Thesis (M.S.)--Brigham Young University. Dept. of Statistics, 2007. / Includes bibliographical references (p. 35-37).

Thesis (Ph. D.)--Florida State University, 2005. / Advisor: Dr. Stefan Norrbin, Florida State University, College of Social Sciences, Dept. of Economics. Title and description from dissertation home page (viewed Sept. 21, 2005). Document formatted into pages; contains xii,163 pages. Includes bibliographical references.

Thesis (Ph. D.)--Florida State University, 2006. / Advisor: Kai-Sheng Song, Florida State University,College of Arts and Sciences, Dept. of Statistics; David R. Peterson, Florida State University, College of Business, Dept. of Finance. Title and description from dissertation home page (viewed Sept. 27, 2006). Document formatted into pages; contains ix, 147 pages. Includes bibliographical references.

Thesis (Ph. D.)--Ohio State University, 2006. / Title from first page of PDF file. Includes bibliographical references (p. 114-119).

No description available.

This thesis considers the economics of preferences in two different contexts. First it examines damages from climate change. I argue that our ignorance of the welfare implications of higher levels of warming, as well as scientific uncertainty in precisely what might trigger these scenarios, imply that our tastes and beliefs are incomplete (in the sense of Galaabaatar and Karni, 2013). That is, there are many 'plausible' ways to evaluate a given scenario. In Chapter 1, then, I develop this theory, and use it to formally separate climate impacts into three sorts: those understood well, those understood badly, and those representing the worst possible scenario. I provide a generalisation of the 'dismal theorem' of Weitzman (2009a), and address the question of policy choice: prices versus quantities (cf. Weitzman, 1974). Chapter 2 is an example of the analysis propounded in Chapter 1. I explore the sensitivity of the social cost of carbon to assumed damages from 4C warming, to the assumed extent of CO2 emissions, and to the modelling of the climate and carbon cycles. The analysis shows that differing prior assumptions can alter our evaluation of policy by orders of magnitude. The second part of this thesis regards preferences for indivisible goods. In Chapter 3, which is joint work with Paul Klemperer, I introduce to this field the 'tropical hypersurface', being those prices at which an agent's demand changes. Simple geometric features of this set tell us the precise trade-offs that interest the agent. Thus we develop a new taxonomy of valuations, `demand types'; familiar notions such as substitutes and complements are examples. Finally, we provide a necessary and sufficient condition on these `demand types' for existence of competitive equilibrium, which implies several existing results, as well as new and quite different examples.

Modern banking theories provide a host of explanations for the existence of intermediaries, highlight their important influence on economic growth, delineate the risks inherent in the services they provide, and illustrate the market failures and real costs of bank failures that precipitate the need for regulation and oversight of the sector. This thesis is a collection of three essays that looks at three of these key aspects of financial intermediaries - the development of financial intermediaries, the function of the lender of last resort that has emerged as an important part of the safety net afforded to financial intermediaries, and the occurrence of financial crises. The first chapter of this thesis provides an introduction to the academic literature on financial intermediation covering different theories put forward to explain their emergence, and highlighting the risks inherent in their operation. It emphasizes the crucial functions they perform in the economy and makes a case for regulation and oversight of the sector to reduce the incidence and alleviate the effects of financial crises. The second chapter seeks to determine the policy and institutional factors that influence the development of financial institutions as measured across three dimensions - depth, efficiency, and stability. Applying the concept of the financial possibility frontier, developed by Beck and Feyen (2013) and formalized by Barajas et al. (2013b), we determine key policy variables affecting the gap between actual levels of development and benchmarks predicted by structural variables. Our dynamic panel estimation shows that inflation, trade openness, institutional quality, and banking crises significantly affect financial development. We also assess the impact of the policy variables across the different dimensions of development thereby identifying complementarities and potential trade-offs for policy makers. The third chapter models the role of the lender of last resort (LoLR) in a general equilibrium framework. We allow for heterogeneous agents and a risk-averse banking sector, and incorporate the frictions of endogenous default, liquidity, and money. Adverse supply shocks in monetary endowments trigger default, leading to deterioration in the value of bank assets, and subsequent bank illiquidity in some states of the world. LoLR intervention is then assessed with regards to its economy-wide effect on welfare, bank profitability, and the level of default. The results provide a justification for constructive ambiguity. The fourth chapter aims to provide an explanation for the incidence of financial crises by combining insights from agency theory and Minsky's financial instability hypothesis (Minsky, 1992) in a model with endogenous default. Our theoretical model shows that the probability of a financial crisis increases as the quality of shareholder information decreases. We then develop a measure for the quality of shareholder information following Simon (1989) and show that the market-wide quality of shareholder information: i) is poor (with no trend) in the Pre-SEC period (1840 to 1934); ii) improves substantially following the SEC reforms; and iii) gradually declines starting in the 1960s/70s until it is now back to pre-SEC levels. This matches up with the standard list of US financial crises (as in Reinhart and Rogoff 2009; Reinhart 2010) and supports our hypothesis that the likelihood of a financial crisis increases with deterioration in the quality of shareholder information.

In this thesis I study how networks are formed and I analyse the strategies that well-connected individuals adopt in public good games on a network. In chapter one I study an artefactual field experiment in rural India which tests whether farmers can create efficient networks in a repeated link formation game, and whether group categorisation increases the frequency of in-group links and reduces network efficiency. I find that the efficiency of the networks formed in the experiment is significantly lower than the efficiency which could be achieved under selfish, rational play. When information about group membership is disclosed, in-group links are chosen more frequently, while the efficiency of network structure is not significantly affected. Using a job-referral network experiment in an urban area of Ethiopia, I investigate in chapter two whether individuals create new links with the least connected players in the network. In a first treatment, competition for job-referrals makes it in the player's interest to link with the least connected partners. In this treatment, links to the least connected players are significantly more likely than links to better connected individuals. In a second treatment, connections only affect the welfare of the new partner. Choosing the least connected player minimises inequality and maximises aggregate efficiency. This may motivate other-regarding players. In this treatment, however, links to least connected partners are not significantly more likely than links to other players. In chapter three I explore the characteristics that individuals value in the people they approach for advice. Using cross-sectional data on cocoa farmers in Ghanaian villages and a matched lottery experiment, I find an association between the difference in the aversion to risk of two farmers and the probability that one farmer is interested in the advice of the other farmer. In chapter four I study a one-shot public good game in rural India between farmers connected by a star network. Contributions by the centre of the star have a larger impact on aggregate payoffs than contributions by the spoke players. I use the strategy method to study whether the centre of the star contributes more than the average of the spokes. In selected sessions, I disclose participants' expectations about the choices of the centre of star. I find that the centre player contributes just as much as the average of the spokes, and that he is influenced by the expectations that other players hold about his decisions.

This thesis focuses on those factors which foster the long-run survival, or continued existence, of the small firm. Using fieldwork methods, new data were gathered in face-to-face interviews with 63 owner-managers of mature small firms in Scotland (average age of 251/2 years). An instrument incorporating novel ways of calibrating organisational change and performance was designed specifically for this study. The unique body of data enabled a number of new hypotheses to be tested in structural econometric models of small firm performance and growth. A mix of quantitative and qualitative data was also used to construct illustrative case studies of seven enterprise profiles. New measures of flexibility and firm-specific turbulence are used to explain the performance of mature small firms, and Heckman sample selection estimation is undertaken of this performance equation. Performance was measured using an index constructed fi-om Likert scales over 28 distinct attributes. It was found that firm- specific turbulence had a large negative effect on performance. Measures of flexibility (viz. agility and speed) enhanced the long run prospects of the mature small firm. Evidence of a trade-off relationship was found between measures of flexibility. Real options logic was found to be useful in interpreting the results. This evidence indicated that entrepreneurs should be alert to precipitators of organisational change, but should not act impulsively in responding to them. The tendency of the long-lived small firm to remain small is considered using structural modelling techniques. In a three-equation simultaneous model, performance, size and a third variable (viz. market extent and size of competitive strategy space) are jointly determined. An array of system estimation techniques (e.g. 2SLS, SSLS, H3SLS) was employed to estimate the behavioural models. A trade-off is found between firm size and performance, thus embedding this result in a larger structural model. It is found that small firms need to adjust downwards in size, and to cultivate a varied competitive strategy in niche or localised markets, to attain higher equilibrium values of performance and to promote longevity.

Direct response advertising in the financial services industry in South Africa has become one of the most important tactics companies utilise to build and maintain market share. Ensuring that these advertising campaigns yield optimal return on investment numbers is the responsibility of marketing departments and their partners in the marketing and sales processes, such as the creative and media agencies, the distribution force, as well as the client service area that supports the client value proposition. The marketing executive therefore is accountable for the planning, budgeting and execution of direct response campaigns, which need to deliver sufficient results to support the company’s overall business objectives. The challenge all marketers face is the lack of a proven structured and scientific methodology to facilitate this planning, budgeting and execution process. It has always been a general view in the marketing fraternity that it is extremely difficult if not impossible to combine creative output measures, which are subjective in nature, with cost, sales and profit measures, which are objective in nature. This study aims to create a structured approach to marketing strategising and planning, by creating a marketing metrics model that enables the marketing practitioner to budget according to output needed to achieve the overarching business objectives of sales, cost management and profit. This marketing metrics model therefore unpacks the business drivers in detail, but through a marketing effort lense, to link the various factors underlying successful marketing output, to the bigger business objectives. This is done by incorporating both objective (verifiable data, such as cost per sale) and subjective variables (qualitative factors, such as creative quality) into a single model, which enables the marketing practitioner to identify areas of underperformance, which can then be managed, tweaked or discontinued in order to optimise marketing return on investment. Although many marketing metrics models and variables exist, there is a gap in the combination of objective and subjective factors in a single model, such as the proposed model, which will give the marketer a single tool to plan, analyse and manage the output in relation to pre-determined performance benchmarks. / Business Management / DCOM (Business Management)