Bachelor of Arts (BA)

This study evaluates the relationship between different types of player prospects selected in the Major League Baseball amateur draft and their signing bonuses relative to where in the draft they were selected. In a perfect market differences in prospects’ statistical likelihoods of reaching the major leagues should be reflected in their relative signing bonus. The research reported here found that college players, regardless of position, have a higher likelihood of reaching the major leagues than high school players but this is not reflected in their signing bonus indicating that college players continue to be undervalued in the draft. Outfielders were found to reach the major leagues at a significantly lower rate than other players in other positions but are not penalized financially for the decreased likelihood of reaching the major leagues indicating an overvaluation of outfielders.

This paper explores how changing various end game statistics effects a given teams probability of winning a game in the National Football League (NFL). Data from the 2000-2016 NFL seasons is split into two subsets, one for teams winning at halftime, another for losing teams. Using this data an empirical model is estimated to study how the determinants of a team’s success differ between the two sets of data. Overall, the factors which determine a team’s outcome are consistent between the two subsets, varying primarily by magnitude of the effect.

Public transportation plays an integral part in a city's development, but transportation professionals disagree about whether it is feasible to increase the capacity of public transportation systems at a reasonable cost; and if it is, how. This study develops an agent based model that aims to answer this question and provide a framework to compare the effects of improvements in different aspects of the public transportation service. The results of this study show that it is possible to increase ridership enough to compensate for the increased operational cost, but only in certain circumstances. Interesting phenomenon that might have showed up in the real world arose in this model and are worth further investigation.

This dissertation consists of two essays on housing, the first on estimation strategies for the valuation of a local disamenity and the second on the structure of the market for the services of real estate brokers. The purpose of the first essay is to apply hedonic and quasi-experimental methods to measure the value of any disamenity caused by communication antennas. Crucial to unbiased estimates is accounting for both endogenous antenna location and changes in unobservable housing and neighborhood characteristics. Spatial fixed effects are used to control for unobservable characteristics that can influence the location decisions of residents and the location of antennas. Panel data techniques are used to address both time invariant and time varying unobservables and to account for possible changes in the hedonic price function after construction of a nearby antenna. The estimates indicate that houses near communication antennas sell less than comparable houses not located near a communication antenna, and also highlight a shortcoming of applying the difference-in-differences technique to value a local disamenity when houses are affected by the presence of multiple sites. The second essay compares the performance of brand name franchised and independent real estate brokers with respect to list price, sales price, time on the market, and prevalence in areas with more out-of-state buyers using techniques that control for the different types of agents that choose to affiliate with franchised real estate brokerage firms. The results indicate that most of the difference in the sales price and the time it takes to locate a buyer can be explained by the types of agents that choose to affiliate with franchised brokerage firms, and that on average weaker agents choose to affiliate with franchised real estate firms. In addition, there is an indication that properties in areas with larger shares of out-of-state residents are more likely to be sold by a franchised broker. This result is consistent with the industrial organization literature on franchising that says franchising should be more prevalent in areas where consumers are less familiar with the local market.

Transfer spending among Premier League teams has increased drastically since the inception of the league. Over the past decade, extremely wealthy owners have begun purchasing majority stakes in clubs and spending recklessly to accumulate as much talent as possible. This paper aims to examine whether such exorbitant spending is effective financially and whether it improves the clubs competitively. Data is gathered from Deloitte’s Annual Reviews of Football Finance. I conclude that spending at such high levels does not improve on-field performance, which is consistent among clubs in the past decade and the elite clubs across all seasons.

Past work related to the private prison system has focused on direct comparisons between private and public facilities, including their respective quality, cost-effectiveness, and influence on recidivism. Using 2005 United States data compiled from a prison facility census, county census, and information on number of arrests by county, I examine the effect that the presence of private prisons has on the number of adult male arrests per county. Across four regression models, I initially find a significant effect of private prisons on arrests, but find that effect becomes insignificant once county and prison controls are accounted for. This suggests that the presence of a private prison in a particular county does not necessarily lead to a significant increase or decrease of arrests in that area.

Determining whether the arts are beneficial to a student’s education is a widely, and hotly debated topic every year in the United States, with many studies published each year demonstrating the impact that the arts have on various educational outcomes, from increased test scores to higher graduation rates. This paper examines previous research on the efficacy of incentives and how students’ participation in extracurricular activities, from sports to the arts, could impact graduation rates. It also develops a model for analyzing the present value of a high school education to a student using a discounted present value analysis and conducts an empirical analysis of 77 high schools in the Los Angeles Unified School District over 4 different school years to determine a relationship between the number of art classes offered and graduation rates. The results of the analysis do not support the hypothesis that an increase in the number of art classes offered per student will increase graduation rates, and actually suggests the opposite.

There is evidence there is a global gender price gap in traditional global art auctions. Taking into account recent technological advances in the secondary art market, this study examines if there is a gender gap for the sale prices of female artists’ work in the contemporary, online art auction market. The analysis uses a unique data set of art works sold in Christie’s Online-Only Auctions for the year of 2018. We regress measures of price on gender and controls for various characteristics of the art work and artist. We find that while there is discount in prices of 17% for artwork created by female artists, further analysis indicates the difference is not necessarily the result of bidder’s biased prices, but rather rooted in the pre-sale estimates given by the auction houses.

The product sugar is studied in detail with special emphasis on supply and demand factors, in an attempt to better understand the abnormal sugar market of 1963-1964. The unusual market fluctuations of that period appear to have been initiated by a statistical imbalance in world supply and demand of sugar. The extent of price fluctuations in the united states during 1963-1964 we accentuated by the inability of current sugar legislation to shield the U.S. market from the world market, and by the openly aggressive purchasing policies followed by the U.S. department of agriculture which further aggravated an already thin and inflated world sugar market. There is also evidence that excessive market activity on the New York Coffee and Sugar Exchange by the nonprofessional group of buyers contributed additional instability to the sugar market, along with the scare buying and hoarding which were common in the U.S. especially during the critical days of 1963.