This past week, I attended a business seminar on campus that discussed energy markets. The lecturer discussed what she had learned as a result of her work in this market, including how geographic location influences the type of technologies one would encounter during daily work. For me, the most interesting concept that was brought up during the seminar was how the energy market operates in the state of Texas. In 2002, the Texas Senate approved a measure that would deregulate the electricity market. This deregulation would take place over several years. As a result, 85% of Texas power consumers are Continue reading Added Utility of More Utility Choices
I am unashamed to admit that in my single semester employed by UPS Phonathon, the school lost money on me. As I worked my hardest to get pledges, very few people were interested in allowing me to facilitate their donation to the university. After my semester, the hourly wages I accrued vastly exceeded the donations I was able to facilitate. For those who are unfamiliar, the phonathon is an on-campus employment opportunity led predominately by students. The phonathon is responsible for all the calls made to alumni with the request of financial donations. So, if and when the school starts Continue reading The Economics of Phonathon
For those who don’t know I run track and field. Recently me and my coach were deciding how many races to run at conference, specifically whether to run two or one race. This is a surprising complicated problem. This is because there are many factors, the primary two factors are 1.)how runners are in a given race, and 2.)how much the first race will tire me out. In this decision there are two economic applications/effects; diseconomies of scale and game theory First, let me explain why the number of competitors matter. Obviously, the more people enter in a races the Continue reading Diseconomies of scope in Track
I sat down with senior Economics major, Sophie Kornick, to ask her about her thesis. What did you do your senior thesis on? I examined if there was a correlation between firm size and the gender wage gap. What did you expect to find? I thought that the gender wage gap would get bigger as the firm’s size got bigger. What did you actually find? I was surprised to find that as firm size got bigger, the gender wage gap actually got smaller. How did you get interested in this topic? I was in Andrew Monaco’s Continue reading Learning about Sophie Kornick’s Thesis: Firm Size and the Gender Wage Gap
Procrastination: it doesn’t seem very efficient. As I procrastinated writing this blog post, along with all of my other assignments in the home stretch of my last semester, I thought about how much I would regret my past decisions of not working in the near future. In behavioral economics, these decisions are posed as problems of “intertemporal choice.” There is a distinction between the decisions we make in the present and those we foresee in the future. One article delves into this issue, which the author calls “The Seductive-Now Moment.” People would rather have instant gratification and devalue both the Continue reading Why Would I Do it Now When I Could Do it Later?
Recently, I heard the argument that the best way for Universities to show respect for all fields of study, and show that they are of equal importance is to pay all professors the same wage. This caused me to think about what economics had to say about this idea. Given that there is a certain amount that the private sector will pay for individuals with a PhD and that this phenomenon influences what Universities will pay for PhD-holding individuals, it makes sense that there exists a market for professors. This market has different demand for different doctorates e.g. a professor Continue reading The Market of Professors and Department Importance
The more time we spend at UPS, the more obvious patterns of student behavior become. Among these behaviors is the congestion of the SUB at predictable times of day. As such, the following question is worth asking: Might there be an economic solution to the long SUB lines at certain times? Waiting is a cost, and economic theory has a lot to say about dealing with such inefficiencies. Consider everything that comes with getting lunch at noon. Bodies fill up the diner, all the best food options have what seems like a mile-long line, it takes longer than usual to Continue reading Long Lines at the SUB: A Market Failure Worth Addressing?
For any fan of Golf, or greatness, this weekends Masters was an incredible experience. Unfortunately for the entire Washington D III Men and Women golf conference, we were too busy getting rained on at our fall classic to tune in. Hopefully we were the only ones that were disrespectful enough to miss what was Tiger Woods incredible victory at Augusta National, adding a 5th green jacket to his coveted wardrobe. His last Masters victory was in 2005, and he hasn’t played in the Masters since 2015. Some would call his triumph historic, and the others would be simply wrong. There Continue reading Eldrick Tont “Tiger” Woods is Back.
Due to its expansion over the past years, the city of Seattle decided to construct the Denny substation, which will provide power to South Lake Union and Denny Triangle. Seattle began budgeting for the substation in 2003, when then-mayor Greg Nickels and billionaire Paul Allen revealed a proposal to turn South Lake Union into a biotech center. According to Seattle Times, the Denny will supply power to Amazon, Facebook, and Google, and additionally back up the current network. Although the new substation reflects a growth in Seattle’s tech industry, it still imposes an economic burden on the city. It cost Continue reading New Seattle substation powers tech industry
(Art Credit in Citations) Last Summer I worked at a local movie theater and let me tell you, we hated MoviePass. Sure, it brought in revenue, but it was a lot more hassle than standard ticket sales. MoviePass is a movie subscription service and app that burst into prominence in late 2017 by offering essentially unlimited movies (one a day) at a price of $9.95/month that attracted 150,000 subscribers in two days after its announcement. By the end of the year there would over 1,000,000. And in April it had ballooned to 3,000,000. MoviePass became able to offer this deal Continue reading A Front-Row Seat to Chaos: The Story of MoviePass