Our Summer 2021 Issue

On behalf of the Comparative Advantage Editorial Board, we are pleased to present the ninth volume, summer issue, of Stanford University’s undergraduate economics journal. This volume presents undergraduate work on a wide variety of topics, including environmental economics, political economy, and labor economics. Furthermore, as the COVID-19 pandemic continues to exact a toll on individuals and healthcare systems worldwide, this volume may inform the debates … Continue reading Our Summer 2021 Issue

Market Effects of Court Decisions: A Case Study of Antiquities at Auction in New York and London

Olivia Zitkus, University of North Carolina at Chapel Hill

The changing legal landscape of the market for ancient art provides an opportunity to study the impact of legal constraints on economic markets. Working with novel data from Sotheby’s and Bonhams auction houses and court decisions from London and New York between 2003 and 2019, I look for the effects of legal rulings and settlements on the art market. Continue reading Market Effects of Court Decisions: A Case Study of Antiquities at Auction in New York and London

Keystroke Money: Empirical Evidence From India (1999-2019)

Louis Lamaury, University of Leeds

Since the revival of money supply endogeneity of the 1980s, post-Keynesian monetary theory has become increasingly accepted in central banking institutions. In developed economies, academia has paved the way forward through empirical research but has often neglected developing economies. This paper investigates the exogenous-endogenous money supply hypothesis in India from 1999 to 2019. Continue reading Keystroke Money: Empirical Evidence From India (1999-2019)

Determinants of Alumni Giving to a Private U.S. College: Evidence from Oberlin College

Kenneth Kitahata, Oberlin College

This paper studies the personal characteristics and factors that determine alumni giving, using a dataset from Oberlin College’s Office of Development from years 1974 – 2019. Using Logit and Tobit regression, I find that females, graduates, older alumni, married alumni, alumni whose spouse attended Oberlin, and having a higher GPA in college are associated with higher giving. Continue reading Determinants of Alumni Giving to a Private U.S. College: Evidence from Oberlin College

An Update on the Substitution between Alcohol and Marijuana: Evidence from the Legal Drinking Age and Medical Marijuana Laws

Stephen Kisty, University of Pittsburgh

This paper attempts to update the analysis that utilizes a regression discontinuity design to examine the effect of increased availability of legal alcohol at age 21, caused by the minimum legal drinking age in the United States, on the consumption of marijuana (Crost and Guerrero, 2012). Continue reading An Update on the Substitution between Alcohol and Marijuana: Evidence from the Legal Drinking Age and Medical Marijuana Laws

BLOG: Unemployment, Refugees, Asylum Seekers, and the 2008 Financial Crisis – An Analysis using Structural VAR and Dynamic Panel Models

Sarah von Bargen, Columbia University

This paper analyzes the relationships between refugee and asylum seeker flows, unemployment rates, and suicide rates using both structural vector autoregression and dynamic panel models. Specifically, structural VAR is initially used for analyzing data from 1980-2018 in the United States, and a random effects dynamic panel model is utilized for analyzing post-2008 financial crisis data of these four variables in the United States, France, and the United Kingdom. Continue reading BLOG: Unemployment, Refugees, Asylum Seekers, and the 2008 Financial Crisis – An Analysis using Structural VAR and Dynamic Panel Models

BLOG: The Decoy Effect and Risk Aversion

By Ryan Pak, New York University Stern School of Business

The decoy effect arises when a firm offers a product that is clearly inferior to another product in order to drive sales of the latter. This phenomenon has been displayed experimentally in many different situations, but remains understudied theoretically. We develop a model of almost rational consumer choice, with a single behavioral tendency — regret aversion. Continue reading BLOG: The Decoy Effect and Risk Aversion

Analyzing the Effects of Unemployment on Political Polarization in New York State

By Mohammed Al-Khulaifi, Georgetown University School of Foreign Service

In this empirical research I attempt to investigate possible causation between the level of unemployment and the level of political polarization in New York State by county. I hypothesize that the increase in unemployment will lead to higher levels of political polarization following the intuition of political fanaticism grounded on economic distress. Continue reading Analyzing the Effects of Unemployment on Political Polarization in New York State