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2013

3 hits

  • Thumbnail for Bidding for classes : course allocation under the Colorado College auction system
    Bidding for classes : course allocation under the Colorado College auction system by Lybecker, Kristina M. , Benson, Cassandra , Johnson, Daniel K. N.

    Colorado College uses an economic system to allocate scarce course seats: annually during a sealed-bid auction, each student receives nontransferrable, nonbankable currency with which to bid on courses. We estimate an instrumental variables probit model to determine whether particular student populations are a) implicitly wealthier, having the ability to afford more expensive electives, or b) more risk-averse, choosing to avoid ambiguity by bidding more strongly and/or remaining in a class rather than selecting another after pre-registration. Beyond the anticipated department-specific and instructor-specific effects attributable to popular majors or charismatic instructors, we find strong evidence that students bid more strongly for courses that have perceived scarcity of seats, courses that offer a higher expected grade, courses taught by an instructor similar to themselves, or courses with special attributes like limited enrollment or field trip components. We also find evidence of some populations being more willing to “shop around” for new class experiences after the pre-registration period.

  • Thumbnail for For God and country : religious fundamentalism in the U.S. military
    For God and country : religious fundamentalism in the U.S. military by Parco, James E.

    Tension over what constitutes proper religious expression within the United States military has significantly intensified over the past decade. This paper examines and analyzes recent reports and several prominent cases, revealing how religiously motivated behavior has increased over the years and remains either tacitly or overtly endorsed by senior military leaders. In light of increasing religious fundamentalism within the ranks, coupled with a lack of social and political will to affect change, the cultural reticence to hold commanders accountable for inappropriate behavior remains an obstacle. The paper concludes with actionable recommendations.

  • Thumbnail for The importance of being Steve : an econometric analysis of the contribution of Steve Job's patents to Apple's market valuation
    The importance of being Steve : an econometric analysis of the contribution of Steve Job's patents to Apple's market valuation by Johnson, Daniel K. N. , Scowcroft, Sylvie

    This paper evaluates the contribution of patent-related events to changes in stock prices, proposing that economics has traditionally failed to find much effect for two reasons which we identify and correct. First, patents vary widely in quality so we use quantile analysis and alternative measures of patent quality to identify effects. Second, we permit the possibility that information leaks out into investor sentiment during the long and uncertain time until patent grant, so evaluate the stock price effect at four different dates in the life of each patent. As a case study to test this approach, track all patents over a 27-year period for Apple Inc., permitting design patents to have different effects that traditional utility-model patents, and isolate the effect that Steve Jobs’s name on a patent has at each stage of a patent’s life.