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- Creators: Department of Finance
Description
This paper is intended to identify a correlation between the winning percentage of sports teams in the four major professional sports leagues in the United States and the GDP per capita of their respective cities. We initially compiled fifteen years of franchise performance along with economic data from the Federal Reserve Bank of St. Louis to analyze this relationship. After converting the data into a language recognized by Stata, the regression tool we used, we ran multiple regressions to find relevant correlations based off of our inputs. This paper will show the value of the economic impact of strong or weak performance throughout various economic cycles through data analysis and conclusions drawn from the results of the regression analysis.
ContributorsAndl, Tyler (Co-author) / Shirk, Brandon (Co-author) / Goegan, Brian (Thesis director) / Eaton, John (Committee member) / School of Accountancy (Contributor) / Department of Finance (Contributor) / Department of Supply Chain Management (Contributor) / Department of Information Systems (Contributor) / Barrett, The Honors College (Contributor)
Created2017-12
Description
Alternative currencies have a long and varied history, in which Bitcoin is the latest chapter. The pseudonymous Satoshi Nakamoto created Bitcoin as an implementation of the concept of a cryptocurrency, or a decentralized currency based on the principles of cryptography. Since its creation in 2008, Bitcoin has had a fairly tumultuous existence that limited its adoption. Wide price fluctuations occurred as the appeal of free money by running a piece of computer software drove people to purchase expensive hardware, and high-profile scandals cast Bitcoin as an unstable currency well-suited primarily for purchasing illicit materials. Consumer confidence in the currency was extremely low, and businesses were extremely hesitant to accept a currency that could easily lose half (or more) of its value overnight. However, recent years have seen the currency begin to stabilize as businesses and mainstream investors have begun to accept and support it. Alternative cryptocurrencies, titled "altcoins," have also been created to fill market niches that Bitcoin was not addressing. Governmental intervention, a concern of many following the currency, has been surprisingly restrained and has actually contributed to its stability. The future of Bitcoin looks very bright as it carries the dream of the alternative currency forward into the 21st century.
ContributorsReardon, Brett (Co-author) / Burke, Ryan (Co-author) / Happel, Stephen (Thesis director) / Boyes, William (Committee member) / School of Politics and Global Studies (Contributor) / Department of Information Systems (Contributor) / Department of Finance (Contributor) / Barrett, The Honors College (Contributor)
Created2016-05
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
This thesis project provides a thorough cost-benefit analysis of the golf industry in Arizona. We begin by examining the economic, environmental, and social costs that the industry requires. One of the largest costs of the industry is water consumption. Golf courses in Arizona are currently finding ways to reduce water consumption through various methods, such as turf reduction and increasing the usage of drip irrigation. However, even at current levels of consumption, golf only consumes 1.9% of water in Arizona, compared to the 69% consumed by agriculture. Of the water consumed by the golf industry, 26.3% is wastewater, otherwise known as effluent water. Since the population in Arizona is projected to grow significantly over the next decade, the amount of effluent water produced will also increase. Due to this, we recommend that the golf industry move towards using as much effluent water as possible to conserve clean water sources. Additionally, we examine land allocation and agricultural tradeoffs to the state. Most golf courses are built in urban areas that would not be suitable for agriculture. The same land could be used to build a public park, but this would not provide as many economic benefits to the state. Many courses also act as floodplains which protect the communities surrounding them from flooding. These floodplains have proven to be crucial to protect from occasional flash floods by diverting the excess water away from homes. We also discuss golf's primary social cost in terms of its perception as being a sport played exclusively by privileged and wealthy people. This is proven to be false due to many non-profit organizations centered around the game, as well as municipal courses that provide affordable options for all citizens who want to play. We provide an in-depth analysis of the benefits that the industry provides to the state and its citizens primarily through business and tax revenue, employment, and property values. Including multiplier effects, the golf industry contributed 42,000 full- and part-time jobs, $3.9 billion in sales, $1.5 billion in labor income, and $2.1 billion value added in 2014. An estimated $72 million in state and local taxes were generated from golf facilities alone, without including taxes from indirectly impacted businesses. This tax revenue provides a great benefit to the public sector and increases Arizona's GDP. Also, much of this economic contribution is from the golf tourism industry, which brings new revenue into the state that would otherwise not exist. Golf courses also increase the surrounding real estate prices anywhere from 4.8% to 28%, providing a positive externality to community members in addition to scenic views. Finally, we provide a case study of the Waste Management Phoenix Open (WMO) to illustrate the impact of Arizona's single largest golf event each year. In 2017, the event brought an estimated $389 million into Arizona's economy in one week alone. Also, it regularly hosts massive crowds with a record-breaking 719,179 people attending the event in 2018. The WMO has also taken a "Zero Waste Challenge" to promote eco-friendly and sustainable practices by diverting all of the waste and materials produced by the tournament from landfills. The WMO has been dubbed both the "Greatest Show On Grass" and the "Greenest Show On Grass" due to the entertainment value provided as well as its effort to improve the environment.
ContributorsShershenovich, Andrew (Co-author) / Wilhelm, Spencer (Co-author) / Goegan, Brian (Thesis director) / Van Poucke, Rory (Committee member) / Department of Finance (Contributor) / W.P. Carey School of Business (Contributor) / Department of Economics (Contributor) / Barrett, The Honors College (Contributor)
Created2018-05
Description
Is nuclear power sustainable when compared to other energy sources? A truly sustainable energy source provides an environmental benefit, minimizes costs to consumers both socially and economically, and continues to do so in both the short and the long term. Taking the zero-carbon nature of nuclear generation as its net environmental benefit, this paper the evaluates the economic and social costs of nuclear power to determine if nuclear power's reputation as "unsustainable" is warranted. The sustainability of nuclear power is evaluated in two main categories. The first part focuses on the economics of nuclear power. There are many preconceived notions regarding nuclear power and its associated industry. This section addresses those notions to determine their validity given recent data. The prevalent types of nuclear plants across the U.S., the economics of the stages of nuclear energy production, and its competitiveness relative to other energy sources are addressed, culminating in an evaluation of its modern economic attractiveness as well as its future economic viability. A sustainability assessment would not be complete without addressing the social costs of an energy source, as a sustainable source must be both economically and socially viable. If it can be established that nuclear power can provide energy at lower rates and at a lower cost in terms of externalities, then it would be considered truly sustainable. To investigate those externalities, the second part of the analysis focuses on the human costs associated with the various stages of nuclear energy production. Those costs are then compared to those of alternatives sources of power, and selected case studies are examined to illustrate the ultimate risks associated with nuclear power operations. By quantifying these aspects and comparing the results to alternatives in the field, a better understanding of nuclear energy technology and its potential is achieved. The reader can then ascertain whether nuclear power's reputation as being "unsustainable" is, or is not, a reputation it deserves.
ContributorsRudolph, Alexander James (Author) / Miller, Clark (Thesis director) / Richter, Jennifer (Committee member) / School of Sustainability (Contributor) / School of Politics and Global Studies (Contributor) / Barrett, The Honors College (Contributor)
Created2018-05
Description
In a season that spans 162 games over the course of six months, MLB teams that travel more face additional fatigue and jetlag from travel. This factor could negatively impact them on the field. To explore this issue, I tested the significance of different variables by creating four models, which compared travel with a team's ability to win games as well as its ability to hit home runs. Based on these models, it appears as though changing time zones does not affect the outcome of games. However, these results did indicate that visiting teams with a greater time zone advantage over their opponent are less likely to hit a home run in a game.
ContributorsAronson, Sean Matthew (Author) / MacFie, Brian (Thesis director) / Eaton, John (Committee member) / Barrett, The Honors College (Contributor) / Department of Economics (Contributor) / WPC Graduate Programs (Contributor) / Department of Finance (Contributor) / School of Mathematical and Statistical Sciences (Contributor) / W. P. Carey School of Business (Contributor)
Created2014-05
Description
Yearly changes in the consumer price index are used to adjust social security benefits in order to keep the purchasing power of social security beneficiaries the same. Currently, social security benefits are adjusted using a fixed-weighted price index that reflects the purchasing patterns of workers. However, some believe that a price index that captures the spending habits of the elderly should adjust monthly social security benefits, while others argue that a chain-weighted price index is a more accurate indexation technique. This report finds that if an elderly or chain-weighted price index were implemented this year, there would not be a significant change in the projected insolvency of the social security trust fund, but there could be a substantial decrease in the social security trust fund's yearly cash-flow deficit. Therefore, changing the indexation of social security benefits should not be seen as a short-term solvency fix. Instead, adjusting monthly social security benefits should be about keeping the purchasing power of beneficiaries relatively the same.
ContributorsScobas, Peter Jonathan (Author) / Hobijn, Bart (Thesis director) / Smith, Kerry (Committee member) / Economics Program in CLAS (Contributor) / School of Sustainability (Contributor) / School of Mathematical and Statistical Sciences (Contributor) / Barrett, The Honors College (Contributor)
Created2017-05
Description
This honors thesis is focused on two separate catalysis projects conducted under the mentorship of Dr. Javier Pérez-Ramírez at ETH Zürich. The first project explored ethylene oxychlorination over supported europium oxychloride catalysts. The second project investigated alkyne semihydrogenation over nickel phosphide catalysts. This work is the subject of a publication of which I am a co-author, as cited below.
Project 1 Abstract: Ethylene Oxychlorination
The current two-step process for the industrial process of vinyl chloride production involves CuCl2 catalyzed ethylene oxychlorination to ethylene dichloride followed by thermal cracking of the latter to vinyl chloride. To date, no industrial application of a one-step process is available. To close this gap, this work evaluates a wide range of self-prepared supported CeO2 and EuOCl catalysts for one-step production of vinyl chloride from ethylene in a fixed-bed reactor at 623 773 K and 1 bar using feed ratios of C2H4:HCl:O2:Ar:He = 3:3 6:1.5 6:3:82 89.5. Among all studied systems, CeO2/ZrO2 and CeO2/Zeolite MS show the highest activity but suffer from severe combustion of ethylene, forming COx, while 20 wt.% EuOCl/γ-Al2O3 leads to the best vinyl chloride selectivity of 87% at 15.6% C2H4 conversion with complete suppression of CO2 formation and only 4% selectivity to CO conversion for over 100 h on stream. Characterization by XRD and EDX mapping reveals that much of the Eu is present in non-active phases such as Al2Eu or EuAl4, indicating that alternative synthesis methods could be employed to better utilize the metal. A linear relationship between conversion and metal loading is found for this catalyst, indicating that always part of the used Eu is available as EuOCl, while the rest forms inactive europium aluminate species. Zeolite-supported EuOCl slightly outperforms EuOCl/γ Al2O3 in terms of total yield, but is prone to significant coking and is unstable. Even though a lot of Eu seems locked in inactive species on EuOCl/γ Al2O3, these results indicate possible savings of nearly 16,000 USD per kg of catalyst compared to a bulk EuOCl catalyst. These very promising findings constitute a crucial step for process intensification of polyvinyl chloride production and exploring the potential of supported EuOCl catalysts in industrially-relevant reactions.
Project 2 Abstract: Alkyne Semihydrogenation
Despite strongly suffering from poor noble metal utilization and a highly toxic selectivity modifier (Pb), the archetypal catalyst applied for the three-phase alkyne semihydrogenation, the Pb-doped Pd/CaCO3 (Lindlar catalyst), is still being utilized at industrial level. Inspired by the very recent strategies involving the modification of Pd with p-block elements (i.e., S), this work extrapolates the concept by preparing crystalline metal phosphides with controlled stoichiometry. To develop an affordable and environmentally-friendly alternative to traditional hydrogenation catalysts, nickel, a metal belonging to the same group as Pd and capable of splitting molecular hydrogen has been selected. Herein, a simple two-step synthesis procedure involving nontoxic precursors was used to synthesize bulk nickel phosphides with different stoichiometries (Ni2P, Ni5P4, and Ni12P5) by controlling the P:Ni ratios. To uncover structural and surface features, this catalyst family is characterized with an array of methods including X-ray diffraction (XRD), 31P magic-angle nuclear magnetic resonance (MAS-NMR) spectroscopy, and X-ray photoelectron spectroscopy (XPS). Bulk-sensitive techniques prove the successful preparation of pure phases while XPS analysis unravels the facile passivation occurring at the NixPy surface that persists even after reductive treatment. To assess the characteristic surface fingerprints of these materials, Ar sputtering was carried out at different penetration depths, reveling the presence of Ni+ and P-species. Continuous-flow three-phase hydrogenations of short-chain acetylenic compounds display that the oxidized layer covering the surface is reduced under reaction conditions, as evidenced by the induction period before reaching the steady state performance. To assess the impact of the phosphidation treatment on catalytic performance, the catalysts were benchmarked against a commercial Ni/SiO2-Al2O3 sample. While Ni/SiO2-Al2O3 presents very low selectivity to the alkene (the selectivity is about 10% at full conversion) attributed to the well-known tendency of naked nickel nanoparticles to form hydrides, the performance of nickel phosphides is highly selective and independent of P:Ni ratio. In line with previous findings on PdxS, kinetic tests indicate the occurrence of a dual-site mechanism where the alkyne and hydrogen do not compete for the same site.
This work is the subject of a publication of which I am a co-author, as cited below.
D. Albani; K. Karajovic; B. Tata; Q. Li; S. Mitchell; N. López; J. Pérez-Ramírez. Ensemble Design in Nickel Phosphide Catalysts for Alkyne Semi-Hydrogenation. ChemCatChem 2019. doi.org/10.1002/cctc.201801430
Project 1 Abstract: Ethylene Oxychlorination
The current two-step process for the industrial process of vinyl chloride production involves CuCl2 catalyzed ethylene oxychlorination to ethylene dichloride followed by thermal cracking of the latter to vinyl chloride. To date, no industrial application of a one-step process is available. To close this gap, this work evaluates a wide range of self-prepared supported CeO2 and EuOCl catalysts for one-step production of vinyl chloride from ethylene in a fixed-bed reactor at 623 773 K and 1 bar using feed ratios of C2H4:HCl:O2:Ar:He = 3:3 6:1.5 6:3:82 89.5. Among all studied systems, CeO2/ZrO2 and CeO2/Zeolite MS show the highest activity but suffer from severe combustion of ethylene, forming COx, while 20 wt.% EuOCl/γ-Al2O3 leads to the best vinyl chloride selectivity of 87% at 15.6% C2H4 conversion with complete suppression of CO2 formation and only 4% selectivity to CO conversion for over 100 h on stream. Characterization by XRD and EDX mapping reveals that much of the Eu is present in non-active phases such as Al2Eu or EuAl4, indicating that alternative synthesis methods could be employed to better utilize the metal. A linear relationship between conversion and metal loading is found for this catalyst, indicating that always part of the used Eu is available as EuOCl, while the rest forms inactive europium aluminate species. Zeolite-supported EuOCl slightly outperforms EuOCl/γ Al2O3 in terms of total yield, but is prone to significant coking and is unstable. Even though a lot of Eu seems locked in inactive species on EuOCl/γ Al2O3, these results indicate possible savings of nearly 16,000 USD per kg of catalyst compared to a bulk EuOCl catalyst. These very promising findings constitute a crucial step for process intensification of polyvinyl chloride production and exploring the potential of supported EuOCl catalysts in industrially-relevant reactions.
Project 2 Abstract: Alkyne Semihydrogenation
Despite strongly suffering from poor noble metal utilization and a highly toxic selectivity modifier (Pb), the archetypal catalyst applied for the three-phase alkyne semihydrogenation, the Pb-doped Pd/CaCO3 (Lindlar catalyst), is still being utilized at industrial level. Inspired by the very recent strategies involving the modification of Pd with p-block elements (i.e., S), this work extrapolates the concept by preparing crystalline metal phosphides with controlled stoichiometry. To develop an affordable and environmentally-friendly alternative to traditional hydrogenation catalysts, nickel, a metal belonging to the same group as Pd and capable of splitting molecular hydrogen has been selected. Herein, a simple two-step synthesis procedure involving nontoxic precursors was used to synthesize bulk nickel phosphides with different stoichiometries (Ni2P, Ni5P4, and Ni12P5) by controlling the P:Ni ratios. To uncover structural and surface features, this catalyst family is characterized with an array of methods including X-ray diffraction (XRD), 31P magic-angle nuclear magnetic resonance (MAS-NMR) spectroscopy, and X-ray photoelectron spectroscopy (XPS). Bulk-sensitive techniques prove the successful preparation of pure phases while XPS analysis unravels the facile passivation occurring at the NixPy surface that persists even after reductive treatment. To assess the characteristic surface fingerprints of these materials, Ar sputtering was carried out at different penetration depths, reveling the presence of Ni+ and P-species. Continuous-flow three-phase hydrogenations of short-chain acetylenic compounds display that the oxidized layer covering the surface is reduced under reaction conditions, as evidenced by the induction period before reaching the steady state performance. To assess the impact of the phosphidation treatment on catalytic performance, the catalysts were benchmarked against a commercial Ni/SiO2-Al2O3 sample. While Ni/SiO2-Al2O3 presents very low selectivity to the alkene (the selectivity is about 10% at full conversion) attributed to the well-known tendency of naked nickel nanoparticles to form hydrides, the performance of nickel phosphides is highly selective and independent of P:Ni ratio. In line with previous findings on PdxS, kinetic tests indicate the occurrence of a dual-site mechanism where the alkyne and hydrogen do not compete for the same site.
This work is the subject of a publication of which I am a co-author, as cited below.
D. Albani; K. Karajovic; B. Tata; Q. Li; S. Mitchell; N. López; J. Pérez-Ramírez. Ensemble Design in Nickel Phosphide Catalysts for Alkyne Semi-Hydrogenation. ChemCatChem 2019. doi.org/10.1002/cctc.201801430
ContributorsTata, Bharath (Author) / Deng, Shuguang (Thesis director) / Muhich, Christopher (Committee member) / Chemical Engineering Program (Contributor, Contributor) / School of Sustainability (Contributor) / Barrett, The Honors College (Contributor)
Created2019-05
Description
This paper analyzes modern day Cuba and draws conclusions about the most likely future political and economic events that will take place. Because of Cuba's troubled economy, leadership change and the world's continued shift towards democratization, Cuba is in a position where drastic changes in its government and economic structure may occur. This paper investigates Cuba's history, politics, economy, and the general quality of life of its citizens, which are used to help predict what may happen to the Cuban government in the near future. The paper also analyzes options for foreign nations' policy towards Cuba and summarizes what actions they may take to increase the likelihood of an economic and political transition. Cuba's economic structure needs drastic reform, the reluctant privatization only increases wealth disparity, trust in the government continues to get weaker as more information and its human rights violations are causes of huge concern. There are four possible outcomes for Cuba's future: stagnation, adopting the mixed economic model, a peaceful transition to a democratic model, and rebellion. There is evidence that Cuba will not make drastic policy changes in favor of liberalization in the immediate future, however, if the economic conditions are not improved and an economic crisis ensues, this paper asserts that another revolution or coup will likely occur. The resulting government may be a new autocratic leader that fills the vacuum of leadership, or a democratic regime depending on the nature of the rebellion. The exact future of Cuba is uncertain, but one thing is clear, change is on the horizon.
ContributorsBeem, Christian D. (Author) / Anthony, Charles (Thesis director) / Bonfiglio, Thomas (Committee member) / Department of Economics (Contributor) / W.P. Carey School of Business (Contributor) / Department of Finance (Contributor) / Barrett, The Honors College (Contributor)
Created2018-05
Description
The Medicaid expansion policy that was introduced during the Obama administration has been a political point of controversy. The expansion aimed to increase health insurance coverage for those who are unable to afford health insurance for themselves.
This analysis aimed to determine the economic effect of the Medicaid expansion on real GDP per capita. The expansion is believed to result in greater worker productivity and increases in healthcare service consumption and consumption of other goods. As health insurance coverage may increase real GDP per capita due to healthier workers being more productive, an analysis was first done on the effect of the expansion on health insurance coverage, then the effect of the health insurance coverage on real GDP per capita. The data used was in the time frame of 1999 to 2016 and organized by state, and gathered from the Bureau of Economic Analysis, the U.S Census Bureau, the Kaiser Family Foundation, Bureau of Labor Statistics, and the Federal Reserve Bank of St. Louis. The analysis was structured as a 2-stage multivariable linear regression. These regressions were modeled as a fixed-effects regression so states may be compared to itself over time. The first regression was of health insurance coverage on proportions of industry output from the agriculture, resources, manufacturing, and finance sector, median income, employment rate, poverty rate, Medicaid expansion status, and year. The predicted values of this regression were then used as an instrumental variable in the second regression. The second regression was of real GDP per capita on proportions of industry output from the agriculture, resources, manufacturing, and finance sector, median income, employment rate, poverty rate, the instrumental variable, and year. Regressions were also done on the expansion’s effect on per capita personal consumption expenditures and healthcare consumption expenditures using the instrumental variable.
The results of the regressions show that the expansion had a positive effect on health insurance coverage and real GDP per capita. It also increased personal expenditures per capita and healthcare expenditures per capita, suggesting that the lower price of healthcare results in increased overall consumption. The data was constrained by time, as the expansion was only implemented recently, and some states are still deciding whether or not to. Thus, the results of support expectations, but more time would need to pass to more accurately estimate the effects of the expansion on these states.
This analysis aimed to determine the economic effect of the Medicaid expansion on real GDP per capita. The expansion is believed to result in greater worker productivity and increases in healthcare service consumption and consumption of other goods. As health insurance coverage may increase real GDP per capita due to healthier workers being more productive, an analysis was first done on the effect of the expansion on health insurance coverage, then the effect of the health insurance coverage on real GDP per capita. The data used was in the time frame of 1999 to 2016 and organized by state, and gathered from the Bureau of Economic Analysis, the U.S Census Bureau, the Kaiser Family Foundation, Bureau of Labor Statistics, and the Federal Reserve Bank of St. Louis. The analysis was structured as a 2-stage multivariable linear regression. These regressions were modeled as a fixed-effects regression so states may be compared to itself over time. The first regression was of health insurance coverage on proportions of industry output from the agriculture, resources, manufacturing, and finance sector, median income, employment rate, poverty rate, Medicaid expansion status, and year. The predicted values of this regression were then used as an instrumental variable in the second regression. The second regression was of real GDP per capita on proportions of industry output from the agriculture, resources, manufacturing, and finance sector, median income, employment rate, poverty rate, the instrumental variable, and year. Regressions were also done on the expansion’s effect on per capita personal consumption expenditures and healthcare consumption expenditures using the instrumental variable.
The results of the regressions show that the expansion had a positive effect on health insurance coverage and real GDP per capita. It also increased personal expenditures per capita and healthcare expenditures per capita, suggesting that the lower price of healthcare results in increased overall consumption. The data was constrained by time, as the expansion was only implemented recently, and some states are still deciding whether or not to. Thus, the results of support expectations, but more time would need to pass to more accurately estimate the effects of the expansion on these states.
ContributorsSmoudi, Senan (Author) / Silverman, Daniel (Thesis director) / Baldwin, Marjorie (Committee member) / Department of Finance (Contributor) / Department of Economics (Contributor) / Barrett, The Honors College (Contributor)
Created2019-05