2012 MISSOURI VALLEY ECONOMIC ASSOCIATION FORTY-NINTH ANNUAL MEETING Marriott Memphis Downtown Memphis, Tennessee Thursday, Friday and Saturday October 25-27, 2012 The Missouri Valley Economic Association was organized on November 29, 1963. Under the present constitution, adopted in 1974, the Association continues to pursue the objective, first stated in the original constitution, of encouraging the development of economics as a theoretical as well as an applied discipline. Membership: Fees are to be paid according to the following schedule: One Year (2013) Two Years (2013, 2014) Three Years (2013, 2014, 2015) $40.00 70.00 100.00 Members receive a volume (consisting of two issues per volume) of The Journal of Economics with each year’s subscription. Members also receive registration materials, calls for papers, ballots, all announcements and notices. For more information, please inquire at the registration desk, or by writing to the Executive Secretary. Hotel Accommodations Marriott Memphis Downtown Memphis, Tennessee Registration Fee Members Non-Members $60.00 $90.00 $70.00 $100.00 $30.00 $30.00 For the Conference Advance registration by October 1 Registration after October 1 Students Send any inquiries regarding the conference to Oscar Flores, MVEA President Telephone: (218) 477-2710 Minnesota State University – Moorhead Fax: (218) 477-2845 Department of Economics E:mail: floresmvea@mnstate.edu Moorhead, MN 56563 Website: www.mvea.net Registration Thursday, October 25 Friday, October 26 Saturday, October 27 12:00 pm to 5:00 pm 8:00 am to 5:00 pm 8:00 am to 10:30 am JOURNAL OF ECONOMICS All papers presented at the conference are eligible for publication consideration in the refereed Journal of Economics published by the Missouri Valley Economic Association. Submission deadline: November 9, 2012. Submission fee: $25. Members of the MVEA receive a copy of The Journal of Economics automatically. Other persons and institutions may purchase The Journal for $16. Information on The Journal may be obtained by writing to: DAVID HAKES, EDITOR Department of Economics, University of Northern Iowa, Cedar Falls, IA 50614-0129 email: david.hakes@uni.edu 1 THE JOURNAL OF ECONOMICS The Journal of Economics is published biannually by the Missouri Valley Economic Association and is printed in Cedar Falls, Iowa. It is indexed by the EconLit, e-JEL, and JEL on CD, Sociological Abstracts, and Academic Search. In addition, the Missouri Valley Economic Association has entered into an electronic licensing relationship with EBSCO Publishing. The full text of the Journal of Economics can be found on EBSCO Publishing’s databases. In general, articles submitted to the editor first must have been presented at an annual meeting of the MVEA, held in late fall (In Fall 2011 it was in Kansas City, Missouri, October 20-22). Presented articles have a submission fee of $25. In addition, the editor may accept a limited number of manuscripts not presented at the meeting. All such manuscripts have a submission fee of $50 and are subject to the usual refereeing process. Authors may, with no submission fee, submit a comment with regard to an article already published in the Journal or a short note. These should be narrowly focused pieces, not in excess of 2,000 words, which make some particularly salient point(s). Address correspondence about editorial matters and submit three hard copies of manuscripts to David R. Hakes, Editor, Department of Economics, University of Northern Iowa, Cedar Falls, IA 50614-0129 or e-mail david.hakes@uni.edu. Memberships in the Association are on a calendar year basis and include the Journal for that year. Personal memberships are available to individuals at dues of $40 per year. Institutional memberships are $100 per year. Continuing orders are accepted. www.mvea.net 2 Past Presidents of the MVEA 1963-64 PAUL MERZ 1988-89 WALLACE PETERSON St. Louis University University of Nebraska 1964-65 WILLIAM CASSIDY 1989-90 MICHAEL EDGMAND Compliance Officer, NLRB Oklahoma State University 1965-66 RUSSELL BAUDER 1990-91 KAREN VORST Univ. of Missouri-Columbia U. of Missouri-Kansas City 1966-67 KERMIT WATKINS 1991-92 DENNIS JOHNSON William Jewell College University of South Dakota 1967-68 ARTHUR MEYERS 1992-93 DAVID E.R. GAY St. Louis University U. of Arkansas-Fayetteville 1968-69 JOHN MOORE 1993-94 JOHN A. TATOM Lindenwood College St. Louis Federal Reserve 1969-70 WALTER JOHNSON 1994-95 DON SCHILLING Univ. of Missouri-Columbia Univ. of Missouri-Columbia 1970-71 DAVID LAGES 1995-96 FRED J. ABRAHAM Southwest Missouri State U. University of Northern Iowa 1971-72 JOSEPH MCKENNA 1996-97 RONALD L. MOOMAW Univ. of Missouri-St. Louis Oklahoma State University 1972-73 CHARLES DRAKE 1997-98 PAULINE FOX Central Missouri State Univ. Southeast Missouri State U. 1973-74 JEROME SCHWIER 1998-99 CLAUDIA PECK-HEATH St. Louis University of Kentucky 1974-76 PAUL JUNK 1999-00 VAMAN RAO Washburn University Western Illinois University 1976-77 ANN SCHWIER 2000-01 RONALD D. GILBERT Southern Illinois-Edwardsville Texas Tech University 1977-78 LEONARD WHITE 2001-02 JAMES R. GALE U. of Arkansas-Fayetteville Michigan Tech University 1978-79 STEVEN LIN 2002-03 MICHAEL STELLERN Southern Illinois-Edwardsville Rockhurst University 1979-80 JERALD BARNARD 2003-04 WILLADEE WEHMEYER University of Iowa MidAmerica Nazarene 1980-81 STANLEY JOHNSON 2004 Univ. of Missouri-Columbia GARY LATANICH Arkansas State University 1981-82 S. CHARLES MAURICE 2004-05 WILLIAM GERDES Texas A & M University Clarke College 1982-83 WALTER MULLENDORE 2005-06 GALE BLALOCK Univ. of Texas-Arlington University of Evansville 1983-84 A.J. KONDONASSIS 2006-07 DENNIS PETRUSKA University of Oklahoma Youngstown State University 1984-85 DANIEL COLDWELL III 2007-08 ROBERT STANLEY HERREN Memphis State University North Dakota State Univ. 1985-86 W. ROBERT BRAZELTON 2008-09 DANIEL BIEDERMAN U. of Missouri-Kansas City University of North Dakota 1986-87 LAWRENCE F. ZIEGLER 2009-10 JANNETT HIGHFILL Univ. of Texas-Arlington Bradley University 1987-88 DONALD L. BUMPASS 2010-11 SCOTT FAUSTI Oklahoma State University South Dakota State University 3 Thursday, October 25, 2012 12:00 – 5:00 Registration Grand CFoyer 1:15 – 3:00 Session 1 – Undergraduate Student Session Heritage 1 Session 2 – Teaching Principles of Economics Heritage 2 Session 3 – History of Thought & Heterodox Approaches to Economics Heritage 3 Session 4 – Mathematical & Quantitative Methods Memphis Session 5 – Fertility, Education, Work & Parenting Natchez Session 6 – Labor Economics: Career Decisions St. Louis Session 7 – Economics Potpourri I Beale 3:00 – 3:15 Coffee Break – Sponsored by Minnesota State University-Moorhead Foyer 3:15 – 5:00 Session 8 – Economics & Politics Heritage 1 Session 9 – Industrial Organization Heritage 2 4 Thursday, October 25, 2012 3:15 – 5:00 (cont.) Session 10 – Masters Student I: Poverty and Country Studies Session 11 – Applied Microeconomics Heritage 3 Memphis Session 12 – Gender Issues in Labor Economics Natchez Session 13 – Energy Economics St. Louis Session 14 – Undergraduate Roundtable On International Economics And Sustainability Beale 5:15 – 6:45 p.m. Session 15 – Roundtable Discussion on the State of the Economy Heritage 1 7:00 – 8:30 MVEA Mixer Heritage 4 5 Friday, October 26, 2012 8:00 – 5:00 Registration Foyer 8:15 – 10:00 Session 16 – Issues in Agricultural Economics Heritage 1 Session 17 – Applied Macroeconomics I Heritage 2 Session 18 – Experiments in Teaching Heritage 3 Session 19 – Productivity Measures and Labor Markets Heritage 4 Session 20 – Housing Market and the Macroeconomy Memphis Session 21 – Economics of Recreation & Sports Natchez Session 22 – Economics Potpourri II St. Louis Session 23 – Labor Economics I Beale 10:00 – 10:15 Coffee Break – Sponsored by Cengage Learning West Foyer 10:15 – 12:00 Session 24 – Empirical Asset Pricing Heritage 1 Session 25 – Health Economics I Heritage 2 6 Friday, October 26, 2012 10:15 – 12:00 (cont.) Session 26 – Masters Student II Heritage 3 Session 27 – Of Radios, Medical Devices, And Bankruptcies Heritage 4 Session 28 – Theoretical Analysis of Macroeconomic Policy Memphis Session 29 – Labor Economics II Natchez Session 30 – Consumer Behavior St. Louis Session 31 – Economics Potpourri III Beale 12:00 – 1:15 Session 32 – MVEA Luncheon Nashville Room 1:30 – 3:15 Session 33 – Cost-Benefit Analysis in Agricultural Economics Heritage 1 Session 34 – Open Heritage 2 Session 35 – Applied Macroeconomics II Heritage 3 Session 36 – Economic Education Heritage 4 7 Friday, October 26, 2012 1:30 – 3:15 (cont.) Session 37 – Theoretical Macroeconomics Memphis Session 38 – State and Local Public Finance Natchez Session 39 – The Individual and the Financial Sector St. Louis Session 40 – Labor Economics III Beale 3:15 – 3:30 Coffee Break – Sponsored by STATA Grand Foyer 3:30 – 5:15 Session 41 – International Economics I Heritage 1 Session 42 – International Finance Heritage 2 Session 43 – Masters Student III Heritage 3 Session 44 – Agricultural Economics Heritage 4 Session 45 – Macroeconomics Memphis Session 46 – Health Economics II Natchez Session 47 – Economics of Crime St. Louis Session 48 – Editorial Board, Board Room The Journal of Economics 8 Friday, October 26, 2012 (cont.) 5:30 – 6:30 Session 49 – MVEA General Business Meeting Heritage 3 6:45 – 7:45 Session 50 – MVEA President’s Reception TBA Saturday, October 27, 2012 7:15 – 8:15 Session 51 – Past MVEA President’s Breakfast Magnolia Grille 8:00 – 10:30 Registration Foyer 8:15 – 10:15 Session 52 – MVEA Executive Committee Meeting 9 Board Room Saturday, October 27, 2012 8:15 – 10:00 Session 53 – International Economics II Heritage 1 Session 54 – Regulation, Monitoring, and Relationship Lending Heritage 2 Session 55 – Regional Economics I Heritage 3 Session 56 – Monetary Policy and Financial Services Memphis Session 57 – International Macroeconomics Natchez Session 58 – Demographic Economics St. Louis Session 59 – Environmental Economics Heritage 4 10:00 – 10:15 Coffee Break Grand Foyer 10:15 – 12:00 Session 60 – International Economics III Heritage 1 Session 61 – Economics Potpourri IV Heritage 2 Session 62 – Economic History Heritage 3 Session 63 – Masters Student IV 10 Memphis Saturday, October 27, 2012 10:15 – 12:00 (cont.) Session 64 – Natural Resources Natchez Session 65 – Regional Economics II St. Louis Session 66 – Consumer and Rural Economics Studies 11 Heritage 4 Thursday, October 25, 2012 1:15 – 3:00 p.m. Session # 1 Heritage 1 Undergraduate Student Session Chair: Michael Seeborg, Wesleyan Illinois University A. Preferential Officiating in Sports Jacob Meyer, Northwest Nazarene University B. An Analysis of the Relationship betw een Financial Aid for Higher Education and Crim e R ates Yuyoung Park, Minnesota State University - Mankato C. An Em pirical Analysis of the Correlation betw een Financial Developm ent and Incom e Inequality in the United States Bixuan Sun, Univerity of Minnesota - Morris D. Upasana: Traditions Thriving Sustainably Camille E. Allensworth, Arkansas State University Discussants: a. David Black, University of North Alabama b. Alex Xavier Gosser, Eastern Illinois University c. Samson Ola’ Akinfenwa, South Dakota State University d. Patricia Papachristou, Christian Brothers University 12 Thursday, October 25, 2012 1:15 – 3:00 p.m. Session # 2 Heritage 2 Teaching Principles of Economics Chair: Linda Ghent, Eastern Illinois University A. M icroeconom ics or M acroeconom ics: Does order m atter? Jennifer Hafer and Zhen Zhu, University of Arkansas B. Econom ists w ill be Econom ists: W hy changes to the Econom ics Principles Course are Needed and Unlikely Jennifer Ball, Washburn University C. Does High School Econom ics M ake a Difference? Kim Andrews, James Swanson, Penny Kugler, University of Central Missouri Discussants: a. Kim Andrews, University of Central Missouri b. Caleb Lewis, Purdue University – Calumet c. Susanne Rassouli-Currier, Univ. of Central Oklahoma 13 Thursday, October 25, 2012 1:15 – 3:00 p.m. Session # 3 Heritage 3 History of Thought & Heterodox Approaches to Economics Chair: Reza Fadaei, National University A. Large-scale Privatization and the Transition to M arket Failure Micah Del Vecchio, Colorado State University B. Econom ic Thought in Am erica’s Protohistorical Period James Cicarelli, Roosevelt University C. An Em pirical Study of the Effect of Costly Consum er Search on Optim al Firm Pricing Daniel Beeman, Northern Illinois University Discussants: a. Gary McDonnell, Northern Michigan University b. In Kyung Kim, Indiana University c. Kevin Chua, Fordham University 14 Thursday, October 25, 2012 1:15 – 3:00 p.m. Session # 4 Memphis Mathematical & Quantitative Methods Chair: Ken Brown, University of Northern Iowa A. Practical Statistical Inference for the Opinions of Biased Ex perts Blake Riley, University of Illinois Urbana-Champaign B. Solving Generalized M ultivariate Linear R ational Ex pectations M odels Fei Tan and Todd B. Walker, Indiana University C. W here do M oderation Term s Com e From in Binary Choice M odels? Alfredo A. Romero, North Carolina A&T State University D. Aggregated Choice Data and Logit M odels Lyubov A. Kurkalova and Tara R. Wade, North Carolina A&T State University Discussants: a. Junchuan Jesse Zeng, University of Missouri b. Fadi A. Fawaz, Jamestown College c. Philippe Belley, Kansas State University d. Yulei Peng, Texas A&M University 15 Thursday, October 25, 2012 1:15 – 3:00 p.m. Session # 5 Natchez Fertility, Education, Work & Parenting Chair: Oscar Flores, Minnesota State University-Moorhead A. The Quality of Tim e Spent w ith Children am ong M exican Im m igrants Daniel Kidane and Andres J. Vargas, Texas Tech University B. A Three-Period M odel of W ork, Education, and Leisure Daniel K. Biederman, University of North Dakota C. An Ex planation of Cross Country Fertility and Schooling Differences Juan Carlos Cordoba and Xiying Liu, Iowa State University; Marla Ripoll, University of Pittsburgh Discussants: a. Ishuan Li, Minnesota State University - Mankato b. Onyumbe Lukongo, Mississippi State University c. Daniel Karney, University of Illinois-Urbana Champaign 16 Thursday, October 25, 2012 1:15 – 3:00 p.m. Session # 6 St. Louis Labor Economics: Career Decisions Chair: Robert Stanley Herren, North Dakota State University A. The Link Betw een Retirem ent W ealth and R etirem ent Tim ing of Faculty Andrew Hussey, Alex Nikolsko-Rzhevskyy and Ioana Sofia Pacurar, University of Memphis B. The Co-location for Dual-career Couples in Academ ia: An Evaluation of Accom m odation Policies at K ansas State University Xia Shang and Yan Heng, Kansas State University C. Is M oving High-Perform ing Teachers to Low - Perform ing Schools Feasible? Evidence from M issouri Public Schools Shishan (Sybil) Shi, University of Missouri Discussants: a. Kevin Currier, Oklahoma State University b. Colene Trent, University of Mississippi c. Donald Bumpass, Sam Houston State University 17 Thursday, October 25, 2012 1:15 – 3:00 p.m. Session # 7 Beale Economics Potpourri I Chair: Scott Fausti, South Dakota State University A. The Im pact of Rotating Savings and Credit Associations (ROSCAs) in the M adow li District of Ghana Conrad Puozaa and Mavuto Kalulu, University of Mississippi B. Patent Success R ate and Regional Com parative Study in China Sara Shouyuan Huang, West Virginia University C. Inflation in China: The Shadow of a M iracle Shishu Zhang, University of the Incarnate Word Discussants: a. Mariya Burdina, University of Central Oklahoma b. Hal Snarr, North Carolina A&T State University c. Wenxian Xu, University of Mississippi 18 Thursday, October 25, 2012 3:00 – 3:15 p.m. Coffee Break Foyer Coffee Break sponsored by 19 Thursday, October 25, 2012 3:15 – 5:00 p.m. Session # 8 Heritage 1 Arranged by Jim F. Couch, University of North Alabama Economics & Politics Chair: Keith Malone, University of North Alabama A. Do New spaper Endorsem ents Im pact Election R esults: Evidence from Am endm ent 2 in Alabam a Keith Malone and Jim F. Couch, University of North Alabama B. R ich M an, Poor M an: Does the W ealth of a President Im pact Their Perform ance? Jim F. Couch and Brett King, University of North Alabama C. R epublicans or Dem ocrats in State Governm ent: An Ex am ination of Political Party Influence on State Level Incom e Inequality Gokhan Karahan, Delta State University, and Mark Foster, University of North Alabama Discussants: a. David Black, University of North Alabama b. Mark Foster, University of North Alabama c. Jim F. Couch, University of North Alabama 20 Thursday, October 25, 2012 3:15 – 5:00 p.m. Session # 9 Heritage 2 Industrial Organization Chair: Andrew Hussey, University of Memphis A. Learning About Product Quality: Automotive Recalls and Country Reputations Andrew Greenland, Purdue University B. Natural Ex perim ent on the Effect of the M anufacturer’s Suggested Retail Price on the M arket Price Babur I. De Los Santos, Indiana University and In Kyung Kim, Indiana University C. A Note in Defense of an Econom ic Theory of Deregulation Gary McDonnell, Northern Michigan University D. Com petition or Cartel Behavior, Profit M ax im ization or W in M ax im ization in European Professional Soccer Eleanor T. von Ende and Klaus G. Becker, Texas Tech University Discussants: a. b. c. d. Jennifer Ball, Washburn University Daniel Beeman, Northern Illinois University Vusal Eminli, Purdue University Fei Tan, Indiana University 21 Thursday, October 25, 2012 3:15 – 5:00 p.m. Session # 10 Heritage 3 Masters Student I: Poverty and Country Studies Chair: Alex Xavier Gosser, Eastern Illinois University A. Inertia Theory of Poverty Alex Xavier Gosser, Eastern Illinois University B. Ex porting Oil to Im port Goods: Current Account Analysis of Iran Ali Enami, The University of Akron C. Bank Credit, Incom e and Energy Consum ption: A Case for M alaysia Samson Ola’ Akinfenwa, South Dakota State University D. International Land Acquisition: The Perspective of Com parative Advantage and M utual W elfare Edwin Opare and Evert Van der Sluis, South Dakota State University Discussants: a. Micah Del Vecchio, Colorado State University b. Esen Gurtunca, University of Indianapolis c. Mavuto Kalulu, University of Mississippi d. Reza Varjavand, St. Xavier University-Chicago 22 Thursday, October 25, 2012 3:15 – 5:00 p.m. Session # 11 Memphis Applied Microeconomics Chair: Ken Brown, University of Northern Iowa A. Estim ating Loss in African Agricultural Sector Using a Synthetic Control M ethod Onyumbe Lukongo and Jon P. Rezek, Mississippi State University B. Spatial Dependence of Technology Spillovers am ong Trading Partners Fadi A. Fawaz, Jamestown College C. School Quality and Housing Prices Taylor Smith, University of Mississippi Discussants: a. Xia Shang, Kansas State University b. Alfredo Romero, North Carolina A&T State University c. Steven Green, Baylor University 23 Thursday, October 25, 2012 3:15 – 5:00 p.m. Session # 12 Natchez Gender Issues in Labor Economics Chair: Robert Stanley Herren, South Dakota State Univ. A. An Ex am ination of Federal Em ploym ent Status and Gender W age Differential for Young Adults in the United States Ihsuan Li and Guncha Jumakuliyeva, Minnesota State University, Mankato B. W age Grow th and Job M obility in the Early Career: Testing a Statistical Discrim ination M odel of the Gender W age Gap Philippe Belley, Kansas State University, Nathalie Havet, GATE Lyon-Saint-Etienne, Université de Lyon; and Guy Lacroix, Université Laval, CIRP EE and CIRANO C. The Determ inants of Sudden Stop Intensities Chiratus Ratanamaneichat, Kasem Bundit University; and Samuel M. Schreyer, Fort Hays State University Discussants: a. James Cicarelli, Roosevelt University b. Daniel Biederman, University of North Dakota c. Xiying Liu, Iowa State University 24 Thursday, October 25, 2012 3:15 – 5:00 p.m. Session # 13 St. Louis Energy Economics Chair: Shishu Zhang, University of the Incarnate Word A. Are the M acroeconom ic Effects Greater from an Oil Price Shock or a Global Dem and for Oil Shock? Vance Ginn, Texas Tech University and Sam Houston State University B. Gasoline and Oil Price Adjustm ents: Sym m etric or Asym m etric? Donald Bumpass, Vance Ginn, and Mark H. Tuttle, Sam Houston State University C. How Does Speculation Affect the Oil Price and Does it M atter to the U.S. Econom y? Junchuan Jesse Zeng, University of Missouri D. The Effect of Electricity Pricing R egulation on the Use of Nuclear Pow er Daniel H. Karney, University of Illinois Discussants: a. Daniel Kidane, Texas Tech University b. Tara Wade, North Carolina A&T State University c. Blake Riley, University of Illinois Urbana-Champaign d. Juan I. Block, Washington University in St. Louis 25 Thursday, October 25, 2012 3:15 – 5:00 p.m. Session # 14 Beale Arranged by Pat Papachristou, Christian Brothers University Undergraduate Roundtable on International Economics and Sustainability Chair: Patricia Papachristou, Christian Brothers University Panelists: Artur Bascompte Alex Bermel Allison Davis Albert Furnells Jaime Garcia Eduardo Iglesias Jay Xavaire Jackson Alex Shipp Ivan de Souza All panelists are undergraduate students at Christian Brothers University 26 Thursday, October 25, 2012 5:15 – 6:45 p.m. Session # 15 Heritage 1 Roundtable Discussion on the State of the Economy Welcome: Oscar Flores, University of Minnesota - Moorhead PANELISTS: Richard Anderson, Vice President, Federal Reserve Bank of St. Louis James Arthur Felkerson, Research Associate and Lecturer, University of Missouri-Kansas City David Kemme, Professor, University of Memphis Donald J. Schilling, Professor Emeritus, University of Missouri-Columbia 27 Thursday, October 25, 2012 7:00 – 8:30 p.m. MVEA MIXER Heritage 4 Sponsored by Missouri Valley Economic Association 28 Friday, October 26, 2012 8:15 – 10:00 a.m. Session # 16 Heritage 1 Arranged by Scott Fausti, South Dakota State University Issues in Agricultural Economics Chair: Scott Fausti, South Dakota State University A. Alternative Annual Forage Crop Options for Northern Great Plains Cattle Producers: A South Dakota Case Study Md Rezwanul Parvez, Scott Fausti, Thandi Nleya, Patricia Johnson, Kenneth Olsen, and John Rickertsen, South Dakota State University B. Bilateral U.S. Ethanol Trade w ith Canada and M exico Humphrey Egyer, Bashir Qasmi and Scott Fausti, South Dakota State University C. Farm Operator Entry and Ex it Behavior: A Longitudinal Analysis Dwight Adamson, South Dakota State University D. R eligion, W arrior Elites, and Property Rights Brooks B. Hull and Frederick Bold, University of Michigan-Dearborn Discussants: a. George Langelett, South Dakota State University b. Dwight Adamson, South Dakota State University c. Scott Fausti, South Dakota State University d. Robert Brazelton, University of Missouri-Kansas City 29 Friday, October 26, 2012 8:15 – 10:00 a.m. Session # 17 Heritage 2 Arranged by Dennis Petruska, Youngstown State University Applied Macroeconomics I Chair: David Hakes, University of Northern Iowa A. Liquidity and Business Cycles Richard G. Anderson, The Federal Reserve Bank of St. Louis B. Did the Classical Gold Standard Lead to Greater Business Cycle Synchronization? Evidence from New M easures William Miles and Chu-Ping Vijverberg, Wichita State University C. Trend-Cycle Decomposition of Consumption Expenditures Across Income Groups Joseph Palardy and Dennis Petruska, Youngstown State University Discussants: a. Joseph Palardy, Youngstown State University b. Margie Tieslau, University of North Texas c. Richard Anderson, Federal Reserve Bank of St. Louis 30 Friday, October 26, 2012 8:15 – 10:00 a.m. Session # 18 Heritage 3 Experiments in Teaching Chair: Linda Ghent, Eastern Illinois University A. The Effectiveness of Academ ic Early Intervention Program s Douglas Campbell, University of Memphis B. Teaching Elem entary Statistics Com bined w ith Technology: A Survey Susanne Rassouli-Currier, University of Central Oklahoma C. Evidence from the Classroom : The Pow er of Short-Duration Ex perim ents Mark W. Frank, Sam Houston State University D. Peer Effects and the Im portance of Behavioral R esponses in the Classroom Caleb Lewis, Purdue University - Calumet Discussants: a. Kim Andrews, University of Central Missouri b. Vance Ginn, Sam Houston State University c. Jennifer Hafer, University of Arkansas d. Andrew Hussey, University of Memphis 31 Friday, October 26, 2012 8:15 – 10:00 a.m. Session # 19 Heritage 4 Productivity Measures and Labor Markets Chair: Paul Byrne, Washburn University A. Testing, Estim ating and Ex plaining Structural Breaks in African Agricultural Productivity M easures Onyumbe Lukongo and Jon P. Rezek, Mississippi State University B. A Look Into the M icroeconom ic and M acro- econom ic Determ inants of Productive M obility in the United States Alfredo A. Romero and Hal W. Snarr, North Carolina A&T State University C. The M inim um W age: Political Football or a Job K illing Beast? Hal Snarr, Alfredo A. Romero and Dan Friesner, North Carolina A&T State University D. Sim ple Approaches to Estim ating Em ployee Continuation R ates Ping Ying Bellamy, Navy Personnel Research, Studies and Technology; and Tanja F. Blackstone, University of North Alabama Discussants: a. Vusal Eminli, Purdue University b. Tanja F. Blackstone, University of North Alabama c. Bruce Domazlicky, Southeast Missouri State Univ. d. Micah Del Vecchio, Colorado State University 32 Friday, October 26, 2012 8:15 a.m. – 10:00 a.m. Session # 20 Memphis Housing Market and the Macroeconomy Chair: Ron Gilbert, Texas Tech University A. Housing Dem and Shock and the Im plication of M onetary Policy – A Sm all Open Econom y Case Shu-Ling Wang, Indiana University B. How Im portant Are Housing Variables in Predicting Econom ic Fluctuation? Wenxian Xu, University of Mississippi C. Hom e Equity Lines of Credit and the Unem ploym ent R ate—W hat Does the Evidence Say? John Lajaunie, Norbert J. Michel, Shari Lawrence, and Ronnie Fanguy, Nicholls State University D. M easurem ent of Balance Sheet Effect on the Housing M arket in the United States Nilufer Ozdemir, University of Mississippi Discussants: a. b. c. d. Wei Sun, Grand Valley State University Brian Jackson, Northeastern State University Devika Hazra, Texas A&M University Dan Groft, McNeese State University 33 Friday, October 26, 2012 8:15 a.m. – 10:00 a.m. Session # 21 Natchez Economics of Recreation & Sports Chair: Kenneth Brown, University of Northern Iowa A. M LB M anager Career Tenure, 1903-2010: Just Get M e to the Playoffs Markland Tuttle, Donald Bumpass, and William Green, Sam Houston State University B. R ace and Prom otion in M inor League Baseball, 1951-55 Kenneth Brown, Paul Gabriel and David Surdam, University of Northern Iowa C. The Substitution Betw een Casino Gam bling and Lottery Participation Matt E. Ryan, Duquesne University D. Com petitive Balance in Olym pic Box ing: 1904- 2008 David Chaplin and Sergio Mendoza, Northwest Nazarene University Discussants: a. b. c. d. Klaus Becker, Texas Tech University Sara Shouyuan Huang, West Virginia University Ioana Sofia Pacurar, University of Memphis Zhongyi Xiao, Texas Tech University 34 Friday, October 26, 2012 8:15 a.m. – 10:00 a.m. Session # 22 St. Louis Economics Potpourri II Chair: James Cicarelli, Roosevelt University A. Legalized M arket for K idneys: A Problem or a Panancea? Reza Varjavand, St. Xavier University-Chicago B. W hy the European Union?—Then and Now Esen Gurtunca, University of Indianapolis C. Im m igration Policy and Unem ploym ent Reza Fadaei, National University D. R elationship Lending and Com pensating Balances Emily Breit and Samuel Schreyer, Fort Hays State University Discussants: a. b. c. d. Hans Isakson, University of Northern Iowa Xiaoyuan Wang, Texas A&M University Kevin Chua, Fordham University Christopher Hoag, Trinity College 35 Friday, October 26, 2012 8:15 a.m. – 10:00 a.m. Session # 23 Beale Arranged by Robert Stanley Herren Labor Economics I Chair: Jeffrey Woods, University of Indianapolis A. Are Chinese W orkers Different? Job Attitudes in the United States and China Kevin Neuman, University of Wisconsin-Stevens Point B. The Effect of Occupational Choice on the Earnings of High Skill Im m igrants from China, India, M ex ico, and the Philippines Paige Maynard and Michael Seeborg, Illinois Wesleyan University C. The Influence of the Great Recession on the Black-W hite M ale Earnings Gap Luke Barber and John Walker, University of WisconsinRiver Falls Discussants: a. Jennifer Ball, Washbburn University b. Kathleen Arano, Indiana University Southeast c. Jeffrey Woods, University of Indianapolis 36 Friday, October 26, 2012 10:00 a.m. – 10:15 a.m. Coffee Break Grand Foyer Coffee Break Sponsored by 37 Friday, October 26, 2012 10:15 a.m. – 12:00 p.m. Session # 24 Heritage 1 Arranged by Scott Fausti, South Dakota State University Empirical Asset Pricing Chair: Scott Fausti, South Dakota State University A. Foreign Exchange Ex posure and M arket R isk of Firm s: Taiw an Ding Du, Northern Arizona University; Ou Hu, Youngstown State University; Hong Wu, University of St. Thomas B. Consum er Sentim ent, Ex pected Stock R eturns, and M om entum Ou Hu, Youngstown State University C. Persistent Ex change R ate M ovem ents and Stock R eturns Ding Du, Northern Arizona University Discussants: a. Scott Fausti, South Dakota State University b. Ding Du, Northern Arizona University c. Ou Hu, Youngstown State University 38 Friday, October 26, 2012 10:15 a.m. – 12:00 p.m. Session # 25 Heritage 2 Health Economics I Chair: Dwight Adamson, South Dakota State University A. Does the Possession of Health Insurance Incentivize You to Becom e Obese? A Panel R egression Analysis of USA Population for the 18-25 years age group Moon Moon Haque, The University of Memphis B. Effect of R etirem ent on Health of Older Am ericans Subhasree Basu Roy, Georgia State University C. Do Sm oking Bans R educe Tobacco Consum ption? Mariya Burdina, University of Central Oklahoma Discussants: a. Hal Snarr, North Carolina A&T State University b. Gary McDonnell, Northern Michigan University c. VaNee L. VanVleck, California State Univ.-Fresno 39 Friday, October 26, 2012 10:15 a.m. – 12:00 p.m. Session # 26 Heritage 3 Masters Student II Chair: Duncan Chembezi, Alabama A & M University A. Determ inants of Adoption of Genetically M odified M aize in South Africa Rebecca Manes, Kansas State University B. An Analysis of Ghanna’s Banana Exports: A Dem and Approach Frank Kyekyeku Nti, Kansas State University C. Analysis of Structural Changes on Grape Grow ers’ R eturn Per Ton: A Case Study of Lodi Garrett Hoemmen, Ira Altman, and Matt Rendleman, Southern Illinois University D. Financial Sector Developm ent and Econom ic Grow th in Selected African Countries Wengelawit Tessema, Eastern Illinois University Discussants: a. Larry Janssen, South Dakota State University b. Hong Wu, University of St. Thomas c. Emily Breit, Fort Hays State University d. Michael Miller, South Dakota State University 40 Friday, October 26, 2012 10:15 a.m. – 12:00 p.m. Session # 27 Heritage 4 Of Radios, Medical Devices, and Bankruptcies Chair: Mark Jelavich, Missouri State University A. The Responsiveness of Share Price to Operating Cash Flow in M odern Bankruptcies Brian Jackson and James Briley, Northeastern State University B. The Im pact of M ergers and Acquisitions on Innovation: An Analysis of the M edical Devices Industry Vusal Eminli, Purdue University C. Radio Manufacturing in the United States, 19201970: An Economic History Bruce Domazlicky, Southeast Missouri State University Discussants: a. Caleb Lewis, Purdue University - Calumet b. Kevin Neuman, Univ. of Wisconsin-Stevens Point c. Andrew Greenland, Purdue University 41 Friday, October 26, 2012 10:15 a.m.– 12:00 p.m. Session # 28 Memphis Theoretical Analysis of Macroeconomic Policy Chair: Richard Anderson, Federal Reserve Bank of St. Louis A. Im pact of M onetary Policy in the Presence of Theft Devika Hazra, Texas A&M University B. A Dynam ic M arket M odel in Continuous Tim e Fram ew ork: M icro Level Foundation Stone to Ex plain M acroeconom ic Fluctuations Nasreen Nawaz, Michigan State University C. Optim al Fiscal and M onetary Policy w ith Heterogeneous Agents and Nonlinear Tax ation Yulei Peng, Texas A&M University Discussants: a. Mark Tuttle, Sam Houston State University b. Dennis W. Jansen, Texas A&M University c. Jeffrey Woods, University of Indianapolis 42 Friday, October 26, 2012 10:15 a.m. – 12:00 p.m. Session # 29 Natchez Labor Economics II Chair: Robert Quinn, Northern Michigan University A. The Dem and for Legal Education Robert Quinn and Jamie Price Pelley, Northern Michigan University B. State M erit-Based Financial Aid Program s and the M igration Decisions of Individuals Daniel C. Hickman, Eastern Illinois University C. Tax es and Supply of Labor by Entrepreneurs Sanjay Paul, Elizabethtown College D. An Analysis of Shift W ork: The Unem ploym ent R ate and Com pensating Differentials Colene Trent, University of Mississippi Discussants: a. Shishan (Sybil) Shi, University of Missouri-Columbia b. Michael Zimmer, University of Evansville c. Dan Biederman, University of North Dakota d. John Walker, University of Wisconsin 43 Friday, October 26, 2012 10:15 – 12:00 p.m. Session # 30 St. Louis Consumer Behavior Chair: Ishuan Li, Minnesota State University-Mankato A. An Economic Model of Network Effect of Consumer Opinions—Word of Mouth—on Movie Box Office Revenue Ihsuan Li and Alex Hevern, Minnesota State University, Mankato B. Does Brand Diversity Matter to Consumers? (Or Is It Just Consumer Inertia?) Xiaoyuan Wang, Texas A&M University C. Is the State Necessary to Help the Poor? William J. Corcoran, University of Nebraska at Omaha Discussant: a. Mark Frank, Sam Houston State University b. Susanne Rassouli-Currier, Univ. of Central Oklahoma c. In Kyung Kim, Indiana University 44 Friday, October 26, 2012 10:15 a.m. – 12:00 p.m. Session # 31 Beale Economics Potpourri III Chair: Kevin Currier, Oklahoma State University A. Predicting Election Outcom es in Sub-Saharan Africa: Econom ic Indicators versus NonEconom ic Indicators Mavuto Kalulu and Conrad Puozaa, University of Mississippi B. Fiscal Consolidation Rethinking: the R ole of Public Investm ent Shu-Ling Wang, Indiana University C. Eliciting Socially Optim al R ankings from Biased Agents: Tw o Agent Case Brandon Campbell, Texas A&M University D. Codes of Conduct, Private Inform ation, and R epeated Gam es Juan I. Block and David K. Levine, Washington University in St. Louis Discussants: a. b. c. d. Paul Byrne, Washburn University Tom Scheiding, Cardinal Stritch University Egren Schuttringer, Michigan State University Attila Cseh, Valdosta State University 45 Friday, October 26, 2012 12:00 – 1:15 p.m. Session # 32 Nashville Room MVEA Luncheon Luncheon Speaker: Michael Zimmer, Professor of Economics and Guthrie May Endowed Chair in Business University of Evansville “Antecedents to Spouse Matching: An Application of Back to the Future Sampling” A ticket must be purchased in advance in order to attend the luncheon Partially funded by 46 Friday, October 26, 2012 1:30 – 3:15 p.m. Session # 33 Heritage 1 Arranged by Scott Fausti, South Dakota State University Cost-Benefit Analysis in Agricultural Economics Chair: Scott Fausti, South Dakota State University A. Do the Benefits of Forest Restoration Outw eigh Its Costs? A Case Study in Arizona Xiaobing Zhao, Northern Arizona University B. Econom ic Analysis of Private and Public Benefits of Corn, Sw itchgrass, and M ix ed Grass System s in Eastern South Dakota Nelly Bourlion, Larry Janssen, and Michael Miller, South Dakota State University C. Im plications of Crop R otation Patterns on Greenhouse Gas M itigation and Com m unity Econom ic W ell-being Michael Miller, South Dakota State University Discussants: a. Michael Miller, South Dakota State University b. Jim Gale, Michigan Technological University c. Xiaobing Zhao, Northern Arizona University 47 Friday, October 26, 2012 1:30 – 3:15 p.m. Session # 34 Heritage 2 Room and time available for all conference participants for informal discussions, meetings, or any other casual use. 48 Friday, October 26, 2012 1:30 – 3:15 p.m. Session # 35 Heritage 3 Arranged by Dennis Petruska, Youngstown State University Applied Macroeconomics II Chair: David Hakes, University of Northern Iowa A. Forecasting M unicipal W ater Conservation Policy on the Ogallala Aquifer Jeffrey A. Edwards, North Carolina A&T University B. Uncertain Tim es and Predictions of Bank Failures Cullen F. Goenner, University of North Dakota C. Good Tim es, Bad Tim es: The Asym m etric R esponse of Unem ploym ent to Boom and Bust Conditions Margie Tieslau, University of North Texas D. New Approaches to M onetary Theory James Andrew Felkerson, University of Missouri-Kansas City Discussants: a. b. c. d. Cullen Goenner, University of North Dakota Jeffrey A. Edwards, North Carolina A&T University Joseph Palardy, Youngstown State University Frank Kyekyeku Nti, Kansas State University 49 Friday, October 26, 2012 1:30 – 3:15 p.m. Session # 36 Heritage 4 Economic Education Chair: Susanne Rassouli-Currier, Univ. of Central Oklahoma A. The Effect of High School Shootings on Schools and Student Perform ance Louis-Philippe Beland, University of Montreal; Dongwoo Kim, University of Illinois Urbana-Champaign B. Guaranteed Transfer Policies and Post- Secondary Outcom es Elizabeth Quin, Michigan State University C. Estim ating the Social Value of Higher Education: W illingness to Pay for Com m unity and Technical Colleges Glenn Blomquist, Christopher Jepsen and Kenneth R. Troske, University of Kentucky; Paul A. Coomes, University of Louisville, Brandon C. Koford, Weber State University D. Tuition R ates and the Supply Curve in Higher Education Karissa Munger, Rock Valley College; and Jessica Harriger, Western Illinois University Discussants: a. b. c. d. Tesa Leonce, Eastern Illinois University Xi Tian, Oklahoma State University John Lajaunie, Nicholls State University Alice Melkumian, Western Illinois University 50 Friday, October 26, 2012 1:30 – 3:15 p.m. Session # 37 Memphis Theoretical Macroeconomics Chair: Nasreen Nawaz, Michigan State University A. M onetary Policy Shifts and the Forw ard Discount Puzzle Michael Jettery, Universidad EAFIT and Alex NikolskoRzhevskyy, University of Memphis B. Im plications of the Theory of Constraints for M acroeconom ic Policy Effectiveness Bob Weinstein and Joshua J. Lewer, Bradley University C. Liquidity, Collateral Constraint and Financial Interm ediation Yulei Peng, Texas A&M University D. R em ittances, M igration, and the Sm all Open Econom y Dennis W. Jansen, Texas A&M University and Diego Vacaflores, Texas State University, San Marcos Discussants: a. b. c. d. Hans Isakson, University of Northern Iowa Austin Duerfeldt, Northwest Missouri State University Harold Christensen, Centenary College of Louisiana Naveen Musunuru, Northwest Missouri State Univ. 51 Friday, October 26, 2012 1:30 – 3:15 p.m. Session # 38 Natchez State and Local Public Finance Chair: Alfredo A. Romero, North Carolina A&T University A. Forecasting M issouri Econom ic Activity and Tax R evenues Mark Jelavich, Northwest Missouri State University B. Econom ic Developm ent Incentives, Local Jurisdictions and Em ploym ent: Does Creating Jobs Result in M ore Jobs? Paul Byrne, Washburn University C. The Effects of Energy Price Shocks on M unicipal R etail Sales Tax Revenues: An Econom etric Case Study Steven L. Green, Baylor University Discussants: a. Bruce Domazlicky, Southeast Missouri State Univ. b. Subhasree Basu Roy, Georgia State University c. Moon Moon Haque, University of Memphis 52 Friday, October 26, 2012 1:30 – 3:15 p.m. Session # 39 St. Louis The Individual and the Financial Sector Chair: Sanjay Paul, Elizabethtown College A. Characteristics of the Unbanked and Underbanked: An Analysis of the Dem ographic and Socioeconom ic Characteristics Across Three Surveys Elizabeth Breitbach, University of Nebraska-Lincoln B. Student Loans: Overview and Issues Kelly D. Edmiston, Lara Brooks, and Steven Shepelwich, Federal Reserve Bank of Kansas City C. Dem and for Financial Services by R ural and Urban Households in Ghana George Mawuli Akpandjar, University of Mississippi Discussants: a. Bidisha Lahiri, Oklahoma State University b. Neil Metz, University of Central Oklahoma c. Jillian Carr, Texas A&M University 53 Friday, October 26, 2012 1:30 p.m. – 3:15 p.m. Session # 40 Beale Arranged by Robert Stanley Herren, North Dakota State Univ. Labor Economics III Chair: John Walker, University of Wisconsin-River Falls A. The Long-Run Econom ic Im pact of an Institution of Higher Education: Estim ating the Hum an Capital Contribution Kathleen Arano, Indiana University Southeast; and Tom Johansen, Oklahoma State University B. She W orks Hard for the M oney: W om en in K ansas Agriculture Jennifer Ball, Washburn University C. Building an Arm y-the Developm ent Econom ics M anpow er Force of an Tom Scheiding, Cardinal Stritch University Discussants: a. Kevin Neuman, University of Wisconsin-Stevens Point b. Michael Seeborg, Illinois Wesleyan University c. Robert Stanley Herren, North Dakota State 54 Friday, October 26, 2012 3:15 p.m. – 3:30 p.m. Coffee Break Foyer Coffee Break sponsored by STATA 55 Friday, October 26, 2012 3:30 – 5:15 p.m. Session # 41 Heritage 1 International Economics I Chair: Mukti Upadhyay, Eastern Illinois University A. The Elusive Effect of Ex change Rate Volatility on Trade Gravity M odels Atef Al-Rashidi and Bidisha Lahiri, Oklahoma State University B. The Effects of U.S. Inflation on the Phillipines Kevin C. Chua, Fordham University C. The Provinces joining in W estern China’s Developm ent Program Confront the Tradeoff betw een FDI I nflow and Environm ent Zhongyi Xiao, Texas Tech University and Yaling Zhoum, Southwest University (China) D. Fungibility and the Im pact of Untied Developm ent Assistance: Evidence from 57 Countries Leonara A. Brown, Augustana College Discussants: a. b. c. d. Paul Byrne, Washburn University Mark Jelavich, Northwest Missouri State University George Mawuli Akpandjar, University of Mississippi Matt Ryan, Duquenese University 56 Friday, October 26, 2012 3:30 – 5:15 p.m. Session # 42 Heritage 2 International Finance Chair: Dennis W. Jansen, Texas A&M University A. Corporate Tax Reform in China Xi Tian and Abdul Munasib, Oklahoma State University B. Integration of China’s Stock M arkets w ith the W orld Wei Sun, Grand Valley State University C. Does System atic Risk Still Exist in the Flat W orld? Alice A. Melkumian, Western Illinois University D. An Em pirical Investigation of the Vulnerability of Developing Countries to Ex ternal Financial Crises: The Case of South Africa and Brazil Tesa E. Leonce, Eastern Illinois University Discussants: a. Joshua Lewer, Bradley University b. Nasreen Nawaz, Michigan State University c. Alex Nikolsko-Rzhevskyy, University of Memphis d. Yulei Peng, Texas A&M University 57 Friday, October 26, 2012 3:30 – 5:15 p.m. Session # 43 Heritage 3 Masters Student III Chair: Robert Quinn, Northern Michigan University A. Usage of Electronic Benefit Transfer Services Farm ers’ M arket in Alabam a Lalitha Vadlamani, Duncan M. Chembezi and Joseph Befecadu, Alabama A&M University B. Ex tent of Electronic Com m erce Am ong Agribusiness Firm s in Alabam a Malaika Washington and Duncan M. Chembezi, Alabama A&M University C. Collates of Consum er K now ledge and Perception of the Local Food System in Alabam a Nyeisha L. Webb, Duncan M. Chembezi, and Joseph Befecadu, Alabama A&M University Discussants: a. Dwight Adamson, South Dakota State University b. Moon Moon Haque, The University of Memphis c. Ira Altman, Southern Illinois University 58 Friday, October 26, 2012 3:30 – 5:15 p.m. Session # 44 Heritage 4 Agricultural Economics Chair: Tetyana Beregovska, University of Missouri-Columbia A. Changing Production Levels in Agricultural M arkets: R ecent Increases in U.S. Corn Production Harold Christensen and Elizabeth Rankin, Centenary College of Louisiana B. Em pirical Evidence on the (In-) Efficiency of Agricultural Com m odity M arkets Naveen Musunuru, Northwest Missouri State University C. Plottage R evisited Hans R. Isakson, University of Northern Iowa D. The Changing Trends in M issouri Agriculture: An Overview Austin Duerfeldt and Naveen Musunuru, Northwest Missouri State University Discussants: a. b. c. d. Elizabeth Quin, Michigan State University Dongwoo Kim, Univ. of Illinois at Urbana-Champaign Jessica Harriger, Western Illinois University Brandon Koford, Weber State University 59 Friday, October 26, 2012 3:30 – 5:15 p.m. Session # 45 Memphis Macroeconomics Chair: Jim Gale, Michigan Technological University A. Using Tim e Varying M onetary Policy Param eters to Identify Asym m etric Preferences Patrick Scott, Kansas State University B. The Illusion of Long Run Policy Induced Prosperity: a Sim ulation Study Steve Sturdevant, Forensic Services Corporation C. Fiscal Policy New s Using a Panel Data Approach Ceyhun Elgin, Bogazici University and Mario SolisGarcia, Macalester College D. Com paring the Estim ated Effects of M onetary Policy Shocks from Quasi-Narrative and VAR Approaches Daniel M. Groft, McNeese State University and W. Douglas McMillin, Louisiana State University Discussants: a. Margie Tieslau, University of North Texas b. Brian Jackson, Northeastern State University c. Shu-Ling Wang, Indiana University d. Sanjay Paul, Elizabethtown College 60 Friday, October 26, 2012 3:30 p.m. – 5:15 p.m. Session # 46 Natchez Health Economics II Chair: Nimantha P. Manamperi, Texas Tech University A. Estim ating M ulti-product Hospital Cost Efficiencies by Payer Types w ith Quality and Other Controls Albert A. Okunade and Ioana Sofia Pacurar, University of Memphis B. Tort Reform , M edical Ex penditures, and Patient Outcom es Ehren Schuttringer, Michigan State University C. Does Tim ely Adjudication After DUI Arrest M atter in California? Va Nee L. Van Vleck, California State University Fresno Discussants: a. Colene Trent, University of Mississippi b. Jeff Edwards, North Carolina A&T University c. Mariya Burdina, University of Central Oklahoma 61 Friday, October 26, 2012 3:30 p.m. – 5:15 p.m. Session # 47 St. Louis Economics of Crime Chair: Samuel Raisanen, Central Michigan University A. Higher Education Subsidies and Positive Ex ternality: an Ex am ination of Tuition Subsidies and Pell Grants on Crim e R ates in the United States Ihsuan Li and Yuyoung Park, Minnesota State University, Mankato B. Neighborhood Incom e Inequality and Property Crim e Neil E. Metz, University of Central Oklahoma C. The Effect of Neighborhood on Crim e: Evidence from Gentrification Relocations Jillian Carr, Texas A&M University Discussants: a. Elizabeth Breitbach, University of Nebraska-Lincoln b. Taylor Smith, University of Mississippi c. Kelly Edmiston, Federal Reserve Bank of Kansas City 62 Friday, October 26, 2012 3:30 – 5:15 p.m. Session # 48 Board Room The Journal of Economics (MVEA) Editorial Board Ronald D. Gilbert, Chair David Hakes, Editor Robert Stanley Herren, Book Review Editor Cullen Goenner, Business Editor 63 Friday, October 26, 2012 5:30 – 6:30 p.m. Session # 49 Heritage 3 MVEA General Business Meeting Oscar Flores, Minnesota State University - Moorhead RECOGNITION OF 2011 MVEA CONFERENCE GRADUATE STUDENT PAPER AWARD WINNERS Best Graduate Student Paper Isaac Kalonda-Kanyama University of Kansas Distinguished Student Paper Shali Luo University of Missouri – Columbia Notable Student Paper Chen Wu University of Oklahoma 64 Friday, October 26, 2012 6:45 – 7:45 p.m. Session # 50 Location will be announced at Business Meeting MVEA President’s Reception Hosted by Oscar Flores, Minnesota State University–Moorhead President’s Reception is open to all conference registrants and their guests 65 Saturday, October 27, 2012 7:15 – 8:15 a.m. Session # 51 Magnolia Grille Past MVEA Presidents’ Breakfast Sponsored by Hosted by Oscar Flores, Minnesota State University-Moorhead Saturday, October 27, 2012 8:15 a.m. – 10:15 a.m. Session # 52 Board Room MVEA Executive Committee Meeting Oscar Flores, Minnesota State University - Moorhead 66 Saturday, October 27, 2012 8:15 – 10:00 a.m. Session # 53 Heritage 1 International Economics II Chair: Wanki Moon, Southern Illinois University A. Electricity: A Cursed R esource Craig Broadbent and Devin Long, Illinois Wesleyan University B. Product Differentiation and Ex port Success Yuriy Bots, Purdue University C. Trade Openness and Agricultural Developm ent in Haiti Elsie Despeignes and Wanki Moon, Southern lllinois University Discussants: a. Kuang-Chung Hsu, University of Central Oklahoma b. Chris Douglas, University of Michigan-Flint c. Jiajia Guo, Northern Illinois University 67 Saturday, October 27, 2012 8:15 – 10:00 a.m. Session # 54 Heritage 2 Regulation, Monitoring, and Relationship Lending Chair: Wei Sun, Grand Valley State University A. How does the Existence of the M ultiple R egulators Influence Banking Sector in the U.S.? Nilufer Ozdemir, University of Mississippi B. Pay-How -You-Drive: Privacy and M onitoring in Insurance M arkets Samuel Raisanen, Central Michigan University Discussants: a. Kristie Briggs, Creighton University b. Mark Melichar, Kansas State University 68 Saturday, October 27, 2012 8:15 – 10:00 a.m. Session # 55 Heritage 3 Regional Economics I Chair: Kuo-Liang Chang, South Dakota State University A. Econom ic Grow th in the State of M issouri: Ex ploratory Analysis and Cluster Analysis of Counties’ Earnings per W orker Tetyana Beregovska, University of Missouri-Columbia B. R egional Volatility, Industry M ix , and Interactive Policy Im pact: The Case of K ansas Bienvenido S. Cortes and Michael McKinnis, Pittsburg State University C. State Level Em ploym ent, Accessibility, and R urality Casey Abington and Mark Jelavich, Northwest Missouri State University D. Source of Incom e during the Business Cycle of the early 2000s: Com paring Trends am ong Northw est Indiana, Indiana and the United States R. Derek Bjonback, Purdue University-North Central and Paul McGrath, Purdue University-Calumet Discussants: a. b. c. d. Carlos Lopes, Midway College Brian Strow, Western Kentucky University Kyle D. Dean, Oklahoma State University Shahina Amin, University of Northern Iowa 69 Saturday, October 27, 2012 8:15 – 10:00 a.m. Session # 56 Memphis Monetary Policy and Financial Services Chair: Tesa E. Leonce, Eastern Illinois University A. The W ealth and Credit Channels of M onetary Transm ission: Evidence from a Dynam ic Stochastic General Equilibrium Approach Menelik Geremew, Texas Tech University B. New Century Financial Corporation: A Statistical Analysis of the Loan Perform ance Data Tanja F. Blackstone, Kristy Van Rensselaer, University of North Alabama; and Jerry Crabb, SAS, Inc. C. M onetary Policy Evaluation w ith R eal Tim e Data: U.S.A. and its Trading Neighbors Amlan Datta, University of Memphis Discussants: a. Jing Zhang, University of Mississippi b. Matthew Philip Makofske, University of Mississippi c. Mario Solis-Garcia, Macalester College 70 Saturday, October 27, 2012 8:15 – 10:00 a.m. Session # 57 Natchez International Macroeconomics Chair: Joseph J. French, University of Northern Colorado A. Linkage Betw een Econom ic Grow th and R em ittance: Evidence from Asia Nazneen Ahmad, Weber State University and Joseph J. French, University of Northern Colorado B. Determ inants of Inflation in the Chinese Econom y Yuexing Lan and Evan Moore, Auburn University Montgomery C. Do BR IC Countries R espond to Global Financial Stress in their M onetary Policy Settings?: A Tim e Varying Policy Analysis Nimantha P. Manamperi, Texas Tech University Discussants: a. Ehren Schuttringer, Michigan State University b. Xiang Wu, Kansas State University c. Hojin Jung, University of Oklahoma 71 Saturday, October 27, 2012 8:15 – 10:00 a.m. Session # 58 St. Louis Demographic Economics Chair: Neil Metz, University of Central Oklahoma A. An Analysis of the Im pact of One’s Ow n Sibling Spacing on Parental Decisions M ade Later in Life Luis Gonzalez and Attila Cseh, Valdosta State University, Brandon Koford, Weber State University B. Fertility and Sibling Spacing Attila Cseh, Luis Gonzalez, Valdosta State University; Brandon Koford, Weber State University C. Child Care Pricing and Parent Characteristics Jennifer Hafer, University of Arkansas D. Divorce Law s and Spousal Hom icide: An Ex am ination of R acial Differences Jessica Harriger and Kayla Duley, Western Illinois University Discussants: a. Michael Zimmer, University of Evansville b. C. Patrick Scott, Kansas State University c. Yan Li, University of Mississippi d. Brandon Campbell, Texas A&M University 72 Saturday, October 27, 2012 8:15 – 10:00 a.m. Session # 59 Heritage 4 Environmental Economics Chair: Jillian Carr, Texas A&M University A. Greenhouse Gas Em issions and Efficiency in the Agricultural Section (Sector?) Yan Heng and Katie Teague, Kansas State University B. Testing for a Deontological Bias in Contributing Tow ards the Provision of a W ater-Quality M onitoring Program : An Ex perim ental Ex am ination of the Occurrence of Zero Values Michael A. Spencer, Minnesota State University Mankato C. Som e W elfare Properties of Tradable Green Certificate System s Kevin Currier, Oklahoma State University Discussants: a. Conrad Puozaa, University of Mississippi b. Wenxian Xu, University of Mississippi c. Reza Varjavand, St. Xavier University-Chicago 73 Saturday, October 27, 2012 10:00 a.m. – 10:15 a.m. Coffee Break West Foyer Coffee Break sponsored by Missouri Valley Economic Association 74 Saturday, October 27, 2012 10:15 a.m. – 12:00 p.m. Session # 60 Heritage 1 International Economics III Chair: Mario Solis-Garcia, Macalester College A. How Do Labor Unions R espond to International Outsourcing? Kuang-Chung Hsu, University of Central Oklahoma, Yungho Weng, National Chengchi University; FangChiu Tu, Chihlee Institute of Technology B. The Im pact of W ives’ Earnings on Fam ily Earnings Inequality in Bangladesh Shahina Amin and Imam Alam, University of Northern Iowa; and Shakil Quayes, University of Massachusetts, Lowell C. The Im pact of Countries’ Institutional Environm ent on Firm s’ Propensity and Volum e of Trade Kristie Briggs, Creighton University Discussants: a. Teshome Abebe, Eastern Illinois University b. Wanki Moon, Southern Illinois University c. Yuriy Bots, Purdue University 75 Saturday, October 27, 2012 10:15 a.m. – 12:00 p.m. Session # 61 Heritage 2 Economics Potpourri IV Chair: Michael Miller, South Dakota State University A. Strategic Bidding and Contract Renegotiation Hojin Jung, Georgia Kosmopoulou, University of Oklahoma; Carlos Lamarche, University of Kentucky; and Richard Sicotte, University of Vermont B. Com m ittee Bias and M arket Inefficiency, Evidence from the NCAA M en’s Basketball Tournam ent Chris Douglas, University of Michigan-Flint C. Effects and Volatility Feedback Effects Jiajia Guo, Northern Illinois University D. Union Density’s Effect on Labor’s Share in U.S. M anufacturing: A Dynam ic Panel Estim ation Matthew Philip Makofske, The University of Mississippi Discussants: a. Mark Frank, Sam Houston State University b. Menelik Geremew, Texas Tech University c. Steve Sturdevant, Forensic Services Corporation d. Craig Broadbent, Illinois Wesleyan University 76 Saturday, October 27, 2012 10:15 a.m. – 12:00 p.m. Session # 62 Heritage 3 Economic History Chair: Dennis Petruska, Youngstown State University A. 1776: A Sub-optim al Year for Am erican Independence Brian Strow and Claudia Strow, Western Kentucky University B. National Bank W indow Dressing and the Call Loan M arket, 1865-1872 Christopher Hoag, Trinity College C. Unobserved Heterogeneity and Bias in Tests of the Leviathan Hypothesis Carlos Lopes, Midway College Discussants: a. R. Derek Bjonback, Purdue University North Central b. Casey Abington, Northwest Missouri State University c. Amlan Datta, University of Memphis 77 Saturday, October 26, 2012 10:15 a.m. – 12:00 p.m. Session # 63 Memphis Masters Student IV Chair: Ken Brown, University of Northern Iowa A. The Effects of Fam ily Structure During Adolescence on Educational Attainm ent Jordan Calderone, Eastern Illinois University B. Broadband Adoption in Illinois Jonathan Cape and Ira Altman, Southern Illinois University C. The Effects of Additional Funding on Educational Attainm ent: Evidence from the South Carolina Education Lottery Kate Sroka, Eastern Illinois University Discussants: a. Duncan M. Chembezi, Alabama A&M University b. Yan Heng, Kansas State University c. Michael Spencer, Minnesota State Univ.-Mankato 78 Saturday, October 27, 2012 10:15 a.m. – 12:00 p.m. Session # 64 Natchez Natural Resources Chair: Matt Ryan, Duquenese University A. Oil Price Shocks and China’s Econom y: Based on the Data After Financial Crisis Xiang Wu, Northeast Dianli University B. U.S. State-Level Effects of Oil Price Shocks on Econom ic Activity and Unem ploym ent from 1976 to 2011: Asym m etric R esponses and How the Oil Price-M acroeconom y R elationship Has Changed Mark Melichar, Kansas State University C. Business Cycle Effects on the Rate of Return on Gold Malek Lashgari and Lillian Kamal, University of Hartford Discussants: a. Yuexing Lan, Auburn University b. Samuel Raisanen, Central Michigan University c. Nilefur Ozdemir, University of Mississippi 79 Saturday, October 27, 2012 10:15 a.m. – 12:00 p.m. Session # 65 St. Louis Regional Economics II Chair: Leonara A. Brown, Augustana College A. Differential Disam enity Effects of Local Tax Com binations Kyle D. Dean and Russell R. Evans, Oklahoma City University B. Approach of R ollings-origin and Fix ed-origin Evaluation for Forecasting R ates: Application to Ohio Yan Li, University of Mississippi C. M onetary Policy and the Housing M arket During the Last Decades Jing Zhang, University of Mississippi Discussants: a. Bienvenido S. Cortes, Pittsburg State University b. Luis J. Gonzalez, Valdosta State University c. Kevin Currier, Oklahoma State University 80 Saturday, October 27, 2012 10:15 a.m. – 12:00 p.m. Session # 66 Heritage 4 Arranged by Kuo-Liang Chang, South Dakota State University Consumer and Rural Economics Studies Chair: Kuo-Liang Chang, South Dakota State University A. Fisheries-to-School Program in Alaska: Perspective of Food Service Directors Pei Xu, California State Univ.-Fresno; Andrea Bersamin, Quentin Fong, Bret Luick, University of AlaskaFairbanks, and Betty Izumi, Portland State Univ. B. Chinese Consum ers’ Acceptance of Quality and Safety Labeled Pork Pei Xu, Zhigang Wang, and Todd Lone, California State University - Fresno C. The Rent Gradient of a R ural College Tow n George Langelett, Tim Meyer, and Kuo-Liang Chang, South Dakota State University D. Consum er Characteristics and Household Food Choices: An Alm ost Ideal Dem and System Case Study in South Dakota Kuo-Liang Chang, South Dakota State University, and Chiang-Meng Chen, National Chi-Nan Univ., Taiwan Discussants: a. b. c. d. George Langelett, South Dakota State University Kuo-Liang Chang, South Dakota State University Pei Xu, California State University-Fresno Tim Meyer, South Dakota State University 81 INDEX PARTICIPANT SESSION Abington, Casey 55, 62 Abraham, Fred 52 Abebe, Teshome 60 Adamson, Dwight W. (Bill) 16, 25, 43 Ahmad, Nazneen 57 Akinfenwa, Samson Olá 1, 10 Akpandjar, George Mawuli 39, 41 Alam, Imam 60 Allensworth, Camille 1 Al-Rashidi, Atef 41 Altman, Ira 26, 43, 63 Amin, Shahina 55, 60 Anderson, Richard G. 15, 17, 28, 52 Andrews, Kim 2, 18 Arano, Kathleen 23, 40 Ball, Jennifer 2, 9, 23, 40, 52 Barber, Luke 23 Bascompte, Artur 14 82 INDEX PARTICIPANT SESSION Basu Roy, Subhasree 25, 38 Becker, Klaus 9, 21 Beeman, Daniel 3, 9 Befecadu, Joseph 43 Beland, Louis-Philippe 36 Bellamy, Ping Ying 19 Belley, Philippe 4, 12 Beregovska, Tetyana 44, 55 Bermel, Alex 14 Bersamin, Andrea 66 Biederman, Daniel K. 5, 12, 29 Bjonback, R. Derek 55, 62 Black, David 1, 8 Blackburne, Edward F. 52 Blackstone, Tanja 19, 56 Block, Juan I. 13, 31 Blomquist, Glenn 36 Bold, Frederick 16 Bots, Yuriy 53, 60 83 INDEX PARTICIPANT SESSION Bourlion, Nelly 33 Brazelton, Robert 16 Breit, Emily 22, 26 Breitbach, Elizabeth 39, 47 Briggs, Kristie 54, 60 Briley, James 27 Broadbent, Craig 53, 61 Brooks, Lara 39 Brown, Ken 4, 11, 21, 63 Brown, Leonara 41, 65 Bumpass, Donald 6, 13, 21 Burdina, Mariya 7, 25, 46 Byrne, Paul 19, 31, 38, 41 Calderone, Jordan 63 Campbell, Brandon 31, 58 Campbell, Douglas 18 Cape, Jonathan 63 Carr, Jillian 39, 47, 59 Chang, Kuo-Liang 55, 66 84 INDEX PARTICIPANT SESSION Chaplin, David 21 Chembezi, Duncan M. 26, 43, 63 Chen, Chiang-Meng 66 Christensen, Harold R. 37, 44 Chua, Kevin 3, 22, 41 Cicarelli, James 3, 12, 22 Coomes, Paul 36 Corcoran, William 30 Cordoba, Juan Carlos 5 Cortes, Bienvenido 55, 65 Couch, Jim 8 Crabb, Jerry 56 Cseh, Attila 31, 58 Currier, Kevin M. 6, 31, 59, 65 Datta, Amlan 56, 62 Davis, Allison 14 De Los Santos, Babur I. 9 Dean, Kyle 55, 65 de Souza, Ivan 14 85 INDEX PARTICIPANT SESSION Del Vecchio, Micah 3, 10, 19 Despeignes, Elsie 53 Domazlicky, Bruce 19, 27, 38, 52 Douglas, Christopher 53, 61 Du, Ding 24 Duerfeldt, Austin 37, 44 Duley, Kayla 58 Edmiston, Kelly 39, 47 Edwards, Jeffrey 35, 46 Egyer, Humphrey 16 Elgin, Ceyhun 45 Eminli, Vusal 9, 19, 27 Enami, Ali 10 Evans, Russell 65 Fadaei, Reza 3, 22 Fanguy, Ronnie 20 Fausti, Scott W. 7, 16, 24, 33, 52 Fawaz, Fadi A. 4, 11 86 INDEX PARTICIPANT SESSION Felkerson, James A. 15, 35 Flores, Oscar 5, 15, 49, 50, 51, 52 Fong, Quentin 66 Foster, Mark 8 Frank, Mark W. 18, 30, 61 French, Joseph 57 Friesner, Dan 19 Furnells, Albert 14 Gabriel, Paul 21 Gale, Jim 33, 45 Garcia, Jaime 14 Geremew, Menelik 56, 61 Ghent, Linda 2, 18, 52 Gilbert, Ron 20, 48, 52 Ginn, Vance 13, 18 Goenner, Cullen 35, 48 Gonzalez, Luis J. 58, 65 Gosser, Alex 1, 10 Green, Steven 11, 38 87 INDEX PARTICIPANT SESSION Green, William 21 Greenland, Andrew 9, 27 Groft, Daniel 20, 45 Guo, Jiajia 53, 61 Gurtunca, Esen 10, 22 Hafer, Jennifer 2, 18, 58 Hakes, David 17, 35, 48 Haque, Moon Moon 25, 38, 43 Harriger, Jessica 36, 44, 58 Havet, Nathalie 12 Hazra, Devika 20, 28 Heng, Yan 6, 59, 63 Hevern, Alex 30 Herren, Robert (Stan) 6, 12, 23, 40, 48 Hickman, Daniel 29 Hoag, Christopher 22, 62 Hoemmen, Garrett 26 Hsu, Kuang-Chung 53, 60 Hu, Ou 24 88 INDEX PARTICIPANT SESSION Huang, Sara Shouyuan 7, 21 Hull, Brooks 16 Hussey, Andrew 6, 9, 18 Iglesias, Eduardo 14 Isakson, Hans 22, 37, 44 Izumi, Betty 66 Jackson, Brian 20, 27, 45 Jackson, Jay Xavaire 14 Jansen, Dennis 28, 37, 42 Janssen, Larry 26, 33 Jelavich, Mark 27, 38, 41, 55 Jepsen, Christopher 36 Jettery, Michael 37 Johansen, Tom 40 Johnson, Patricia 16 Jumakuliyeva, Guncha 12 Jung, Hojin 57, 61 Kalulu, Mavuto 7, 10, 31 Kamal, Lillian 64 89 INDEX PARTICIPANT SESSION Karahan, Gokhan 8 Karney, Daniel 5, 13 Kemme, David 15 Kidane, Daniel 5, 13 Kim, Dongwoo 36, 44 Kim, In Kyung 3, 9, 30 King, Brett 8 Koford, Brandon C. 36, 44, 58 Kosmopoulou, Georgia 61 Kugler, Penny 2 Kurkalova, Lyubov 4 Lacroix, Guy 12 Lahiri, Bidisha 39, 41 Lajaunie, John 20, 36 Lamarche, Carlos 61 Lan, Yuexing 57, 64 Langelett, George 16, 66 Lashgari, Malek 64 Lawrence, Shari 20 90 INDEX PARTICIPANT SESSION Leonce, Tesa E. 36, 42, 56 Levine, David 31 Lewer, Joshua J. 37, 42 Lewis, Caleb 2, 18, 27 Li, Ihsuan 5, 12, 30, 47 Li, Yan 58, 65 Liu, Xiying 5, 12 Lone, Todd 66 Long, Devin 53 Lopes, Carlos 55, 62 Luick, Bret 66 Lukongo, Onyumbe 5, 11, 19 Makofske, Matthew 56, 61 Malone, Keith 8 Manamperi, Nimantha 46, 57 Manes, Rebecca 26 Maynard, Paige 23 McDonnell, Gary 3, 9, 25 91 INDEX PARTICIPANT SESSION McGrath, Paul 55 McKinnis, Michael 55 McMillin, W. Douglas 45 Melichar, Mark 54, 64 Melkumian, Alice A. 36, 42 Mendoza, Sergio 21 Metz, Neil 39, 47, 58 Meyer, Jacob 1 Meyer, Tim 66 Michel, Norbert 20 Miles, William 17 Miller, Michael 26, 33, 61 Miller, Phil 52 Moon, Wanki 53, 60 Moore, Evan 57 Munasib, Abdul 42 Munger, Karissa 36 Musunuru, Naveen 37, 44 Nawaz, Nasreen 28, 37, 42 92 INDEX PARTICIPANT SESSION Neuman, Kevin 23, 27, 40 Nikolsko-Rzhevskyy, Alex 6, 37, 42 Nleya, Thandi 16 Nti, Frank Kyekyeku 26, 35 Nuckols, Dan 52 Okunade, Albert 46 Olsen, Kenneth 16 Opare, Edwin 10 Ozdemir, Nilufer 20, 54, 64 Pacurar, Ioana Sofia 6, 21, 46 Palardy, Joseph 17, 35 Papachristou, Pat 1, 14 Park, Yuyoung 1, 47 Parvez, Md Rezwanul 16 Paul, Sanjay 29, 39, 45 Pelley, Jamie Price 29 Peng,Yulei 4, 28, 37, 42 Petruska, Dennis 17, 35, 62 Puozaa, Conrad 7, 31, 59 93 INDEX PARTICIPANT SESSION Qasmi, Bashir 16 Quayes, Shakil 60 Quin, Elizabeth 36, 44 Quinn, Robert 29, 43 Raisanen, Samuel 47, 54, 64 Rankin, Elizabeth L. 44 Rassouli-Currier, Susanne 2, 18, 30, 36 Ratanamaneichat, Chiratus 12 Rendleman, Matt 26 Rezek, Jon 11, 19 Rickertsen, John 16 Riley, Blake 4, 13 Ripoll, Marla 5 Romero, Alfredo 4, 11, 19, 38 Ryan, Matt 21, 41, 64 Scheiding, Thomas 31, 40 Schilling, Donald 15 Schreyer, Samuel 12, 22 Schuttringer, Ehren 31, 46, 57 94 INDEX PARTICIPANT SESSION Scott, Patrick 45, 58 Seeborg, Michael 1, 23, 40 Shang, Xia 6, 11 Shepelwich, Steven 39 Shi, Shishan (Sybil) 6, 29 Shipp, Alex 14 Sicotte, Richard 61 Smith, Taylor 11, 47 Snarr, Hal 7, 19, 25 Solis-Garcia, Mario 45, 56, 60 Spencer, Michael 59, 63 Sroka, Kate 63 Strow, Brian 55, 62 Strow,Claudia 62 Sturdevant, Steve 45, 61 Sun, Bixuan 1 Sun, Wei 20, 42, 54 Surdam, David 21 Swanson, James 2 95 INDEX PARTICIPANT SESSION Tan, Fei 4, 9 Teague, Katie 59 Tessema, Wengelawit 26 Tian, Xi 36, 42 Tieslau, Margie 17, 35, 45 Trent, Colene 6, 29, 46 Troske, Kenneth 36 Tu, Fang-Chiu 60 Tuttle, Mark 13, 21, 28 Upadhyay, Mukti 41 Vacaflores, Diego 37 Vadlamani, Lalitha 43 Van der Sluis, Evert 10 Van Vleck, Va Nee 25, 46 Van Rensselaer, Kristy 56 Vargas, Andres 5 Varjavand, Reza 10, 22, 59 Vijverberg, Chu-Ping 17 Von Ende, Eleanor T. 9 96 INDEX PARTICIPANT SESSION Wade, Tara 4, 13 Walker, John 23, 29, 40 Walker, Todd 4 Wang, Shu-Ling 20, 31, 45 Wang, Xiaoyuan 22, 30 Wang, Zhigang 66 Washington, Malaika 43 Webb, Nyeisha 43 Weinstein, Bob 37 Weng, Yungho 60 Woods, Jeffrey 23, 28 Wu, Hong 24, 26 Wu, Xiang 57, 64 Xiao, Zhongyi 21, 41 Xu, Pei 66 Xu, Wenxian 7, 20, 59 Zeng, Junchuan Jesse 4, 13 Zhang, Jing 56, 65 97 INDEX PARTICIPANT SESSION Zhang, Shishu 7, 13 Zhao, Xiaobing 33 Zhoum, Yaling 41 Zhu, Zhen 2 Zimmer, Michael 29, 32, 58 98 THE JOURNAL OF ECONOMICS The Journal of Economics is published biannually by the Missouri Valley Economic Association and is printed in Cedar Falls, Iowa. 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