Matching Items (9)
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- All Subjects: Behavioral Economics
- All Subjects: environment
- Creators: Economics Program in CLAS
- Resource Type: Text
Description
South Mountain is the largest municipal park in the nation. It is a bundled amenity, providing a series of linked services to the surrounding communities. A dataset of 19,209 homes in 155 neighborhoods within three miles of the park was utilized in order to complete a hedonic estimation for two nearby urban villages, Ahwatukee Foothills and South Mountain Village. Measures of access include proximity to the park, trailhead access, and adjacency to the park. Two regressions were estimated, the first including lot characteristics and subdivision fixed effects and the second using the coefficients for each subdivision as the dependent variable. These estimates describe how the location of a house in a subdivision contributes to its conditional mean price. As a result they offer a direct basis for capturing amenities measured at the neighborhood scale on home values. Park proximity, trailhead access and adjacency were found to significantly influence the price of homes at the 5% confidence level in Ahwatukee, but not in South Mountain Village. The results of this study can be applied to issues of environmental justice and park access in determining which areas and attributes of the park are associated with a high premium. Though South Mountain was preserved some time ago, development and future preservation in the City of Phoenix can be informed by such studies.
ContributorsRamakrishna, Saritha Kambhampati (Author) / Abbott, Joshua (Thesis director) / Smith, V. Kerry (Committee member) / Schoon, Michael (Committee member) / Barrett, The Honors College (Contributor) / School of Sustainability (Contributor) / Economics Program in CLAS (Contributor) / Department of English (Contributor)
Created2015-05
Description
Catastrophe events occur rather infrequently, but upon their occurrence, can lead to colossal losses for insurance companies. Due to their size and volatility, catastrophe losses are often treated separately from other insurance losses. In fact, many property and casualty insurance companies feature a department or team which focuses solely on modeling catastrophes. Setting reserves for catastrophe losses is difficult due to their unpredictable and often long-tailed nature. Determining loss development factors (LDFs) to estimate the ultimate loss amounts for catastrophe events is one method for setting reserves. In an attempt to aid Company XYZ set more accurate reserves, the research conducted focuses on estimating LDFs for catastrophes which have already occurred and have been settled. Furthermore, the research describes the process used to build a linear model in R to estimate LDFs for Company XYZ's closed catastrophe claims from 2001 \u2014 2016. This linear model was used to predict a catastrophe's LDFs based on the age in weeks of the catastrophe during the first year. Back testing was also performed, as was the comparison between the estimated ultimate losses and actual losses. Future research consideration was proposed.
ContributorsSwoverland, Robert Bo (Author) / Milovanovic, Jelena (Thesis director) / Zicarelli, John (Committee member) / School of Mathematical and Statistical Sciences (Contributor) / Barrett, The Honors College (Contributor)
Created2018-05
Description
In recent years, the number of applications for admission to graduate education programs has increased. Researchers attempted to gain insight into this increase by examining student perception of the costs and benefits of pursuing graduate-level education. In order to gauge this perception, researchers administered an online survey to 151 subjects from Barrett, the Honors College at Arizona State University. Student perception was then compared to data released by ASU detailing actual costs and benefits of obtaining graduate-level education. Researchers' prediction that increased levels of parental education would be associated with more accurate estimates of the benefits of graduate-level education was correct at a statistically significant level. Further, being male was statistically significantly associated with an increase in starting salary overestimation.
ContributorsCunningham, Shelly Kathryn (Author) / DeSerpa, Allan (Thesis director) / Baldwin, Marjorie (Committee member) / Barrett, The Honors College (Contributor) / Economics Program in CLAS (Contributor) / Department of Psychology (Contributor)
Created2015-05
Description
Evolutionary theory predicts that animal behavior is generally governed by decision rules (heuristics) which adhere to ecological rationality: the tendency to make decisions that maximize fitness in most situations the animal encounters. However, the particular heuristics used by ant colonies of the genus Temnothorax and their propensity towards ecological rationality are up for debate. These ants are adept at choosing a nest site, making a collective decision based on complex interactions between the many individual choices made by workers. Colonies will migrate between nests either upon the destruction of their current home or the discovery of a sufficiently superior nest. This study offers a descriptive analysis of the heuristics potentially used in nest-site decision-making. Colonies were offered a choice of nests characterized by the Ebbinghaus Illusion: a perceptual illusion which effectively causes the viewer to perceive a circle as larger when it is surrounded by small circles than when that same circle is surrounded by large circles. Colonies were separated into two conditions: in one, they were given the option to move to a high-quality nest surrounded by poor-quality nests, and in the other they were given the option to move to a high-quality nest surrounded by medium-quality nests. The colonies in the poor condition were found to be more likely to move to the good nest than were colonies in the medium condition at a statistically significant level. That is, they responded to the Ebbinghaus Effect in the way that is normally expected. This result was discussed in terms of its implications for the ecological rationality of the nest-site choice behavior of these ants.
ContributorsTalken, Lucas Warren (Author) / Pratt, Stephen (Thesis director) / Sasaki, Takao (Committee member) / Liebig, Juergen (Committee member) / Barrett, The Honors College (Contributor) / School of Mathematical and Statistical Sciences (Contributor) / Department of Psychology (Contributor) / Economics Program in CLAS (Contributor)
Created2014-05
Description
We examine the bias resulting from temporal and spatial aggregation of weather variables in environmental economics. In order to include temporally and/or spatially continuous environmental variables (such as temperature and precipitation), many studies discritize them. The finer the scale of discrization chosen, the more difficult it can be to obtain a complete and reliable data set. Studies performed at very fine scales often find tighter and more dramatic relationships between variables such as temperature and income per capita. We examine this question by repeating the same empirical study at various temporal and spatial scales and comparing the resulting parameter estimates.
ContributorsOber-Reynolds, Daniel Steven (Author) / Hanemann, Michael W. (Thesis director) / Kuminoff, Nicolai V. (Committee member) / School of Historical, Philosophical and Religious Studies (Contributor) / Economics Program in CLAS (Contributor) / School of Mathematical and Statistical Sciences (Contributor) / Barrett, The Honors College (Contributor)
Created2016-05
Description
The field of behavioral economics explores the ways in which individuals make choices under uncertainty, in part, by examining the role that risk attitudes play in a person’s efforts to maximize their own utility. This thesis aims to contribute to the body of economic literature regarding risk attitudes by first evaluating the traditional economic method for discerning risk coefficients by examining whether students provide reasonable answers to lottery questions. Second, the answers of reasonable respondents are subject to our economic model using the CRRA utility function in which Python code is used to make predictions of the risk coefficients of respondents via a two-step regression procedure. Lastly, the degree to which the economic model provides a good fit for the lottery answers given by reasonable respondents is discerned. The most notable findings of the study are as follows. College students had extreme difficulty in understanding lottery questions of this sort, with Medical and Life Science majors struggling significantly more than both Business and Engineering majors. Additionally, gender was correlated with estimated risk coefficients, with females being more risk-loving relative to males. Lastly, in regards to the model’s goodness of fit when evaluating potential losses, the expected utility model involving choice under uncertainty was consistent with the behavior of progressives and moderates but inconsistent with the behavior of conservatives.
ContributorsSansone, Morgan Marie (Author) / Leiva Bertran, Fernando (Thesis director) / Vereshchagina, Galina (Committee member) / Economics Program in CLAS (Contributor) / School of Politics and Global Studies (Contributor) / Sandra Day O'Connor College of Law (Contributor) / Barrett, The Honors College (Contributor)
Created2021-05
Description
Mining is a key component of both the Brazilian and Chilean economies and accounts for an outsized share of these countries’ exports. Yet, it is a common target for environmental criticism, especially due to its impacts on local populations and ecosystems. Brazil and Chile have adopted markedly different trade strategies over the past three decades, most notably with regards to their involvement in international trade agreements. This paper investigates how these differences in trade policy since 1990 have affected the sustainability of each country’s mining sector by identifying and comparing the channels through which free trade agreements influence the environmental impacts of resource extraction.
ContributorsKopek, Justin (Author) / Sheriff, Glenn (Thesis director) / Goodman, Glen (Committee member) / Barrett, The Honors College (Contributor) / Economics Program in CLAS (Contributor) / School of Politics and Global Studies (Contributor) / Historical, Philosophical & Religious Studies, Sch (Contributor) / School of International Letters and Cultures (Contributor)
Created2023-05
Description
AARP estimates that 90% of seniors wish to remain in their homes during retirement. Seniors need assistance as they age, historically they have received assistance from either family members, nursing homes, or Continuing Care Retirement Communities. For seniors not wanting any of these options, there has been very few alternatives. Now, the emergence of the continuing care at home program is providing hope for a different method of elder care moving forward. CCaH programs offer services such as: skilled nursing care, care coordination, emergency response systems, aid with personal and health care, and transportation. Such services allow seniors to continue to live in their own home with assistance as their health deteriorates over time. Currently, only 30 CCaH programs exist. With the growth of the elderly population in the coming years, this model seems poised for growth.
ContributorsSturm, Brendan (Author) / Milovanovic, Jelena (Thesis director) / Hassett, Matthew (Committee member) / School of Mathematical and Statistical Sciences (Contributor) / Economics Program in CLAS (Contributor) / Barrett, The Honors College (Contributor)
Created2019-05
Description
This paper analyzes responses to a survey using a modified fourfold pattern of preference to determine if implicit information, once made explicit, is practically significant in nudging irrational decision makers towards more rational decisions. Respondents chose between two scenarios and an option for indifference for each of the four questions from the fourfold pattern with expected value being implicit information. Then respondents were asked familiarity with expected value and given the same four questions again but with the expected value for each scenario then explicitly given. Respondents were asked to give feedback if their answers had changed and if the addition of the explicit information was the reason for that change. Results found the addition of the explicit information in the form of expected value to be practically significant with ~90% of respondents who changed their answers giving that for the reason. In the implicit section of the survey, three out of four of the questions had a response majority of lower expected value answers given compared to the alternative. In the explicit section of the survey, all four questions achieved a response majority of higher expected value answers given compared to the alternative. In moving from the implicit to the explicit section, for each question, the scenario with lower expected value experienced a decrease in percentage of responses, and the scenario with higher expected value and indifference between the scenarios both experienced an increase in percentage of responses.
ContributorsJohnson, Matthew (Author) / Goegan, Brian (Thesis director) / Foster, William (Committee member) / School of Sustainability (Contributor) / Economics Program in CLAS (Contributor) / Dean, W.P. Carey School of Business (Contributor) / Barrett, The Honors College (Contributor)
Created2019-05