This thesis considers estimation of discrete choice stationary dynamic games. Chapter 1 shows that when payoffs are linear in the parameters value functions are linear in the parameters and the equation system characterizing the Markovian equilibrium is linear in the parameters. This formulation allows us to estimate the model using Least Squares. We derive an optimal weight matrix for the Least Squares estimator and show that the efficient estimator is a Generalized Least Squares estimator. Chapter 2 shows that when time invariant unobservables are present the efficient estimator is a Generalized Fixed Effects estimator. Time invariant unobservables can be correlated with observed states. We do not need to impose any distributional assumption on time invariant unobservables. Our estimators have a closed form solution. In Chapter 3 we apply the framework developed in Chapters 1 and 2 to analyze the effects of the privatization of public banks on financial development. We build a dynamic entry game to analyze the Brazilian banking market. We show that profits of private banks are positively affected by the number of public branches operating in Brazilian isolated markets. The spill-over generated by public banks is quantified based on a dynamic oligopoly model. A counterfactual in which public banks are privatized is examined. It shows that the number of active branches operating in the long-run in a small market drops significantly.

The published papers and accompanying essay which constitute this doctoral thesis examine a number of key UK macroeconomic relationships using modern econometric methods. Aggregate labour demand and supply schedules are estimated on both inter-war and post-war UK data. The use of a consistent ntheoretical structure enables comparisons of parameter estimates to be made between the two periods. Labour participation data nare analysed by sex and age in the context of the retirement decision. The determination of multilateral exchange rates and UK imports are also investigated. In each area of application, the empirical model was identified using dynamic econometric methods and with the aid of various specification tests. In general, the resulting models offer a superior explanation of the relevant economic data than was previously available. In certain cases, this has implications for the conduct of national economic policy.

The extant literature has been very effective in identifying different types of identity projects, running the gamut from assimilative, integrationist, to rejectionist; where the individual migrants either accept, combine or reject the ‘home’ and ‘host’ national cultures. However, the literature has ignored the heterogeneity within these cultures and the factors that shape these formations. The role in acculturation of subcultures within the host country and the distinctions in the culture of origin are under-theorized. In this dissertation I aim to address this gap in the literature by looking at the various ‘home’ and ‘host’ cultures, and I seek to provide some explanation of the reasons for the choice of assimilative or rejectionist identity projects. To that end, I conducted an 18 month ethnographic case study of second generation Pakistani men in a medium-sized town in England. My work is in the tradition of consumer culture theory, an area of inquiry that is concerned with exploring the intersection of consumption and larger socio-cultural dimensions. As opposed to the “individualistic” consumer identity projects described in the literature, I find that consumer acculturation is subcultural among these youths. I find two distinct subcultures, which I name as ‘popular-boy’ subculture and ‘gangsta boy’ subculture. And these subcultures of acculturation are developed as a synthesis of the two contradictory forces that these youths encounter. These two contradictory forces are the parents’ demands on the youths, which are shaped by the parents’ immigration ideologies and the demands of the mainstream white society that they are living in.

The first chapter introduces the thesis and reviews the literature on loss aversion, the endowment effect and the willingness to pay/willingness to accept gap, and the effects of experience. The second chapter reports an extended version of Knetsch's exchange of goods experiment to explore how different types of experience influence the endowment effect. The experiment has four treatments, which compare the behaviour of subjects with experience of consuming, owning, and choosing goods to a control group. The results are consistent with earlier studies in that an endowment effect is observed; however, the strength of the effect is less than in earlier studies and differs between treatments. In particular, there is a significantly stronger endowment effect in the treatments in which the endowment is acquired in two steps rather than one step. The third chapter reports a repeated market experiment in which subjects buy and sell lotteries under symmetric and asymmetric information. Buying and selling bids and prices are compared. A gap between buying and selling prices decays under symmetric information but persists under asymmetric information. Furthermore, there are spillover effects. When the regime switches between symmetric and asymmetric information, subjects do not immediately adjust their behaviour. The results are interpreted as evidence that behaviour is driven by heuristics. The fourth chapter reports another repeated market experiment in which subjects buy and sell lotteries. How the lotteries’ odds are presented and whether the lottery gets resolved after each trial vary between treatments. Among the findings is that the gap between buying and selling bids decays when lotteries are not resolved each trial but persists when they are. The final chapter summarises the findings of the three experiments and identifies common patterns. Directions for future experimental and theoretical research are suggested. Finally, implications for policy are discussed.

Asset management is an integral part of maintaining and preserving the transportation infrastructure. In order to better manage the roadway assets, a value based on their economic contribution should be assigned. The actual monetary contribution a roadway makes to the overall economy can be difficult to quantify. Because of this difficulty, most agencies use asset valuation techniques that are based on construction and material costs, rather than utilization. This proposed study aims to establish a framework to quantify the economic value of existing roadways. Traditionally in transportation asset management, economic evaluation research has been mostly qualitative in nature and insufficient in generating a numerical value. Although there are many techniques to project the economic impact of a future roadway, there has not been much work done on evaluating the economic value of existing roadway infrastructure. In this thesis, some of the tools used in economic impact studies are adopted as a means to evaluate the value of existing roadways, leading to the development of comprehensive methodological framework as a guide to perform economic evaluation on existing roadways. / text

This study develops an improved method for understanding economic production relationships in small scale fisheries. This method postulates that gross revenue is a function of physical input quantities, and is based upon the transcendental logarithmic function to derive factor share equations for each of the five inputs in the model. The translog form was selected because of its flexibility, non-constant elasticity of substitution, and input interaction to give a more realistic representation of production relationships in small scale fisheries. The model was tested using cross-sectional data from a cost and earning survey on the Florida reef fishery. The joint generalized least squares procedure for seemingly uncorrelated equations was used for the parameters estimation. A total of 68 observations were used. The estimation results were not very encouraging because of the poor response of the model. This may in part be attributable to inconsistencies shown by the data. The translog gross revenue function, was also estimated. The result showed good response. However, the model was characterized by multicollinearity and sensitivity of parameters to variable substitution. Similar results and characteristics were obtained when the Cobb- Douglas function was estimated. These results were also influenced by the size and the characteristics of the data set. The method presented here for estimating economic production relationships in small scale fisheries is attractive because (1) factor share and output elasticities are a function of the inputs and (2) it allows varying the inputs in bundles instead of individually, which is more realistic for policy analysis. Further testing of this model is encouraged using a larger and more accurate data set. / Graduation date: 1987

Growing demand for limited quantities of fish has led to systematic planning for the conservation and management of U.S. fishery resources. There is a need for better understanding of the complex biological and social environment on which regulation for conservation, social, and economic purposes is imposed. The behavior of commercial fishermen, who in many instances use multi-purpose vessels to exploit multi-species fisheries, is difficult to assess and predict. The purpose of this thesis is to describe and analyze selected aspects of Oregon commercial fishing fleets. The focus of this study is on the short-run decision-making behavior of Oregon trawl fishermen for the period 1974-1979. A general review of the activities of Oregon's multi-purpose fishing fleets is followed by an attempt to measure the responses of trawl vessel operators to varying economic and biological conditions. Several models of the short-run allocation of fishing time by a multi-purpose vessel operator are developed. The limited amount of economic literature on multi-purpose fleet behavior is briefly reviewed. An important feature not explicitly recognized in the theoretical models is that fishermen operate in an uncertain environment. Fishermen are hypothesized to react to expectations about economic returns in the fisheries which they can exploit. Simple Nerlovian agricultural supply response models were adapted for statistical analysis of the allocation of fishing time. Fishermen's short-run behavior was hypothesized to depend on expectations of current rather than normal returns to fishing time. Four versions of models which explain allocation of fishing time for a stable subfleet of trawl vessels were estimated using ordinary least squares regression. Monthly days of fishing by fishery were significantly explained by variables representing expected gross revenues per unit of effort, weather conditions and seasonal regulations. The analysis also indicates that fishermen are able to respond rapidly to perceived variations in gross returns. In the shrimp and crab fisheries, elasticities of days fished with respect to expected gross returns were estimated to be in the range of 0.45 to 0.40. Regulatory implications are that: (1) fisheries managers need to monitor the effects of regulation with little delay and (2) the use of taxes and subsidies to shift significant amounts of effort among fisheries is not likely to be successful. Additional research effort could profitably be spent to refine measurement of the explanatory variables, or to measure the response of individual fishermen to suitable explanatory variables. / Graduation date: 1982

The federal government has spent considerable sums of money to rehabilitate range lands administered by the Bureau of Land Management (BLM). These investments have had varying effects on the production and utilization of forage on these lands. One of the most surprising results, according to BLM officials, of the investments undertaken during the Vale Project has been the increased productivity of native lands in the Vale District of the BLM. This study was initiated to examine these effects and to evaluate the investments that have been undertaken during the project. The theoretical relationships that exist between the production, utilization, and administration of resources were developed to explain how various range improvements may affect forage production. This body of theory was also used to develop two hypotheses. The first hypothesis stated that increased forage production on native lands in the Vale District have resulted from increased forage production on improved areas. The second hypothesis stated that increased forage on improved areas have resulted from increased production of native areas in the Vale District. Parameters of a system of simultaneous equations were estimated by least squares using cost and forage response data obtained from BLM officials at the Vale District. Statistical tests, based on the preceding parameter estimates, indicated that forage production on native lands has been significantly affected by forage production on improved areas (first hypothesis). These tests also indicated that increased forage production on native areas has increased the production of forage on improved areas. Parameter estimates were also used to evaluate the returns necessary to earn a five percent return on the investments undertaken during the Vale Project. This evaluation indicated that an Animal Unit Month (AUM) of federal forage must be worth more than $6.00 for spray and seed areas, $5.00 for spray areas, $2.50 for native areas, $2.00 for plow and seed areas, and $1.00 for Old Rehab areas. Three major conclusions were derived from the results of this study. First, utilization rates have significant bearing on the returns that may be expected from an investment for range improvement. Second, investments that increase the production of forage in one area can affect the production of forage in other areas if utilization practices (management of the forage resource) such as those used by the BLM are followed. Third, many of the rehabilitation projects that have been undertaken by the BLM during the Vale Project have yielded less than a five percent return on the investments. / Graduation date: 1971

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