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  • Thumbnail for Valuation of History: An Econometric Analysis of Ancient Art Prices
    Valuation of History: An Econometric Analysis of Ancient Art Prices by Franks, Amanda Noelle

    In 2018, global sales in the art market increased 6% compared to 2017 (McAndrew, 2019). Without oversight, this art market leaves room for price corruption and unethical transactions. Antiquities and ancient art are then cultural property increasingly vulnerable to illicit trade. While cultural economics seeks to integrate art into working economic theory, little can be said of the price valuation for antiquities. What determines the price of ancient art and antiquities? Valuation of ancient art may be expressed intrinsically based on qualities commonly discussed by art professionals. Econometric methods are used to test the extent of the influence of origin, provenance, material, and literature on price. Empirical results examined present 87% of price variation by these qualities.

  • Thumbnail for ECONOMETRIC ANALYSIS: THE EFFECTIVENESS OF ENVIRONMENTAL EDUCATION IN ELEMENTARY SCHOOLS
    ECONOMETRIC ANALYSIS: THE EFFECTIVENESS OF ENVIRONMENTAL EDUCATION IN ELEMENTARY SCHOOLS by Harastova, Marketa

    This research study focuses on analyzing the effectiveness of environment-friendly practices and programs in schools on creating environment-friendly habits and raising environmental awareness of elementary school students. We select two different elementary schools in Colorado Springs and survey students aged between 7 and 11 years old. We use the Seemingly Unrelated Regressions (SUR) model to analyze our data. The results show that the school with stronger environmental program and focus does have a relevant positive impact on the environment conscious answers to questions in the student survey. Interestingly, we also find that students’ age and gender seem to have no significant impact on students’ answers.

  • Thumbnail for Penalties and Prospect Theory: Evidence from the Affordable Care Act
    Penalties and Prospect Theory: Evidence from the Affordable Care Act by Jolly, Adam

    The Affordable Care Act was a monumental piece of health legislation, impacting welfare, insurance coverage rates, and medical expenditures. Previous economic studies have documented the exact magnitude of these effects. However, the behavioral mechanics that rendered these efficacious outcomes possible have gone by somewhat undocumented. This thesis addresses this concern, by proposing a theoretical framework derived from prospect theory that analyzes how the individual mandate provision impacted demand for health insurance. This framework is empirically tested on young adults (aged 20-25) with a difference-in-differences linear probability model. Findings are consistent with proposed behavioral theory, suggesting that penalties induce demand for insurance by editing reference points and heightening loss-aversion. Additionally, results imply that young adults have marginally more responsive loss-preferences when compared to control counterparts (aged 27-30). Conclusions drawn from this model provide an increased understanding of young adult decision-making processes with the usage of real evidence.

  • Thumbnail for PRODUCTION PROCESS IN THE NBA: A FORMULA FOR A SUCCESSFUL TEAM
    PRODUCTION PROCESS IN THE NBA: A FORMULA FOR A SUCCESSFUL TEAM by Dorji, Jigmei

    Achieving success in the National Basketball Association is not only a priceless and historic feat, but teams that have success in the playoffs and regular season also benefit from financial bonuses. This paper estimates a production function for professional basketball teams, and uses the results to determine significant areas of focus that are positively and negatively associated with regular season win percentage. A Cobb-Douglas production function and multi-variable Ordinary Least Squares regression models are applied to data collected from the 2010-11 through 2014-15 seasons in the National Basketball Association. The results are also applied to successful teams in the playoffs in order to determine how regular season results translate to the playoffs. The resulting estimates indicate that successful NBA teams over the last five seasons have focused on shooting efficiently, keeping opponent shooting percentages low, rebounding, forcing turnovers at a high rate, and building their teams through the draft.

  • Thumbnail for ECONOMETRIC ANALYSIS: THE EFFECTIVENESS OF ENVIRONMENTAL EDUCATION IN ELEMENTARY SCHOOLS
    ECONOMETRIC ANALYSIS: THE EFFECTIVENESS OF ENVIRONMENTAL EDUCATION IN ELEMENTARY SCHOOLS by Harastova, Marketa

    This research study focuses on analyzing the effectiveness of environment-friendly practices and programs in schools on creating environment-friendly habits and raising environmental awareness of elementary school students. We select two different elementary schools in Colorado Springs and survey students aged between 7 and 11 years old. We use the Seemingly Unrelated Regressions (SUR) model to analyze our data. The results show that the school with stronger environmental program and focus does have a relevant positive impact on the environment conscious answers to questions in the student survey. Interestingly, we also find that students’ age and gender seem to have no significant impact on students’ answers.