Barrett, The Honors College Thesis/Creative Project Collection

From exploring coffee plantations with an old Irishman in the mountains of Colombia to watching the sun set over the Strait of Gibraltar from the terrace of an ancient Moroccan cafe, this thesis sent Charles and Zane on an elaborate cafe-crawl across ten countries, with stops at a few of the world’s most interesting coffee houses. Some of these cafes, such as the world-renowned Caffé Florian (opened in 1720) and Caffé Greco (1760), are built on long-standing traditions. Others are led by innovators championing high-quality boutique shops, challenging mass production chains such as Starbucks and Tim Hortons. These newer cafes fuel a movement classified as the “Third Wave”. With a foundation gained from specialized courses with Patrick O’Malley, North America’s leading voice in coffee, Zane and Charles conducted first-hand research into the unique coffee preferences of multiple cultures, the emergence and impact of the Third Wave in these countries, and what the future may hold for coffee lovers.

The PPP Loan Program was created by the CARES Act and carried out by the Small Business Administration (SBA) to provide support to small businesses in maintaining their payroll during the Coronavirus pandemic. This program was approved for $350 billion, but this amount was expanded by an additional $320 billion to meet the demand by struggling businesses, since initial funding was exhausted under two weeks.<br/><br/>Significant controversy surrounds the program. In December 2020, the Department of Justice reported 90 individuals were charged for fraudulent use of funds, totaling $250 million. The loans, which were intended for small business, were actually approved for 450 public companies. Furthermore, the methods of approval are<br/>shrouded in mystery. In an effort to be transparent, the SBA has released information about loan recipients. Conveniently, the SBA has released information of all recipients. Detailed information was released for 661,218 recipients who have received a PPP loan in excess of $150,000. These recipients are the central point of this research.<br/><br/>This research sought to answer two primary questions: how did the SBA determine which loans, and therefore which industries are approved, and did the industries most affected by the pandemic receive the most in PPP loans, as intended by Congress? It was determined that, generally, PPP Loans were approved on the basis of employment percentages relative to the individual state. Furthermore, in general, the loans approved were approved fairly, with respect to the size of the industry. The loans, when adjusted for GDP and Employment factors, yielded a clear ranking that prioritized vulnerable industries first.<br/><br/>However, significant questions remain. The effectiveness of the PPP has been hindered by unclear incentives and negative outcomes, characterized by a government program that has essentially been rushed into service. Furthermore, limitations of available data to regress and compare the SBA's approved loans are not representative of small business.

The Covid-19 pandemic has made a significant impact on both the stock market and the<br/>global economy. The resulting volatility in stock prices has provided an opportunity to examine<br/>the Efficient Market Hypothesis. This study aims to gain insights into the efficiency of markets<br/>based on stock price performance in the Covid era. Specifically, it investigates the market’s<br/>ability to anticipate significant events during the Covid-19 timeline beginning November 1, 2019<br/><br/>and ending March 31, 2021. To examine the efficiency of markets, our team created a Stay-at-<br/>Home Portfolio, experiencing economic tailwinds from the Covid lockdowns, and a Pandemic<br/><br/>Loser Portfolio, experiencing economic headwinds from the Covid lockdowns. Cumulative<br/>returns of each portfolio are benchmarked to the cumulative returns of the S&P 500. The results<br/>showed that the Efficient Market Hypothesis is likely to be valid, although a definitive<br/>conclusion cannot be made based on the scope of the analysis. There are recommendations for<br/>further research surrounding key events that may be able to draw a more direct conclusion.

Music streaming services have affected the music industry from both a financial and legal standpoint. Their current business model affects stakeholders such as artists, users, and investors. These services have been scrutinized recently for their imperfect royalty distribution model. Covid-19 has made these discussions even more relevant as touring income has come to a halt for musicians and the live entertainment industry. <br/>Under the current per-stream model, it is becoming exceedingly hard for artists to make a living off of streams. This forces artists to tour heavily as well as cut corners to create what is essentially “disposable art”. Rapidly releasing multiple projects a year has become the norm for many modern artists. This paper will examine the licensing framework, royalty payout issues, and propose a solution.

Optimal foraging theory provides a suite of tools that model the best way that an animal will <br/>structure its searching and processing decisions in uncertain environments. It has been <br/>successful characterizing real patterns of animal decision making, thereby providing insights<br/>into why animals behave the way they do. However, it does not speak to how animals make<br/>decisions that tend to be adaptive. Using simulation studies, prior work has shown empirically<br/>that a simple decision-making heuristic tends to produce prey-choice behaviors that, on <br/>average, match the predicted behaviors of optimal foraging theory. That heuristic chooses<br/>to spend time processing an encountered prey item if that prey item's marginal rate of<br/>caloric gain (in calories per unit of processing time) is greater than the forager's<br/>current long-term rate of accumulated caloric gain (in calories per unit of total searching<br/>and processing time). Although this heuristic may seem intuitive, a rigorous mathematical<br/>argument for why it tends to produce the theorized optimal foraging theory behavior has<br/>not been developed. In this thesis, an analytical argument is given for why this<br/>simple decision-making heuristic is expected to realize the optimal performance<br/>predicted by optimal foraging theory. This theoretical guarantee not only provides support<br/>for why such a heuristic might be favored by natural selection, but it also provides<br/>support for why such a heuristic might a reliable tool for decision-making in autonomous<br/>engineered agents moving through theatres of uncertain rewards. Ultimately, this simple<br/>decision-making heuristic may provide a recipe for reinforcement learning in small robots<br/>with little computational capabilities.

The COVID-19 pandemic has and will continue to radically shift the workplace. An increasing percentage of the workforce desires flexible working options and, as such, firms are likely to require less office space going forward. Additionally, the economic downturn caused by the pandemic provides an opportunity for companies to secure favorable rent rates on new lease agreements. This project aims to evaluate and measure Company X’s potential cost savings from terminating current leases and downsizing office space in five selected cities. Along with city-specific real estate market research and forecasts, we employ a four-stage model of Company X’s real estate negotiation process to analyze whether existing lease agreements in these cities should be renewed or terminated.

The COVID-19 pandemic has and will continue to radically shift the workplace. An increasing percentage of the workforce desires flexible working options and, as such, firms are likely to require less office space going forward. Additionally, the economic downturn caused by the pandemic provides an opportunity for companies to secure favorable rent rates on new lease agreements. This project aims to evaluate and measure Company X’s potential cost savings from terminating current leases and downsizing office space in five selected cities. Along with city-specific real estate market research and forecasts, we employ a four-stage model of Company X’s real estate negotiation process to analyze whether existing lease agreements in these cities should be renewed or terminated.

This thesis is a supplement textbook designed with ASU’s MAT 370, or more generally, a course in introductory real analysis (IRA). With research in the realms of mathematics textbook creation and IRA pedagogy, this supplement aims to provide students or interested readers an additional presentation of the materials. Topics discussed include the real number system, some topology of the real line, sequences of real numbers, continuity, differentiation, integration, and the Fundamental Theorem of Calculus. Special emphasis was placed on worked examples of proven results and exercises with hints at the end of every chapter. In this respect, this supplement aims to be both versatile and self-contained for the different mathematics skill levels of readers.