THE POLITICAL ECONOMY OF BITCOIN

The recent proliferation of bitcoin has been a boon for users but might pose problems for governments. Indeed, some governments have already taken steps to ban or discourage the use of bitcoin. In a model with endogenous matching and random consumption preferences, we find multiple monetary equilibria including one in which bitcoin coexists with official currency. We then identify the conditions under which government transactions policy might deter the use of bitcoin. We show that such a policy becomes more difficult if some users strictly prefer bitcoin because they can avoid other users holding the official currency in the matching process. (JEL C78, E41, E42, E50)     

Occupational Engagement and Academic Major Satisfaction: Vocational Identity's Mediating Role

This study examined vocational identity as a mediator of the relationship between occupational engagement (i.e., participation in a breadth of activities and interactions) and academic major satisfaction. Furthermore, the authors evaluated whether satisfaction with academic major related to academic success (i.e., grade point average). The mediational model was tested in a sample of undergraduate students (N = 215). Results indicated that occupational engagement significantly predicted academic major satisfaction and that vocational identity fully mediated that relationship. These findings support occupational engagement as an important contributor to adaptive career decision making and encourage research on occupational engagement as an intervention point for career counselors.     

The Influences Affecting and the Influential Effects of Multiracials: Multiracialism and Stratification

Early research on multiracials documents the existence of a newly emergent population, those who identify with more than one race or what is commonly now known as multiracials. Contemporary research on multiracialism has a new focus on the stratification that multiracials experience and how multiracials may be influencing a new racial hierarchy. This paper discusses some of the primary issues of multiracialism and stratification including colorism, the racial hierarchy, social class, gender and sexual orientation, and multiracial as a celebrity‐like status. As the multiracial population grows, so must the field of multiracialism grows to include critical issues and questions regarding stratification.     

A NOTE ON HOLDING COSTS AND LOT-SIZE ERRORS

This note examines the sensitivity of the basic economic-order-quantity inventory model to lot-size errors when holding costs are assumed to be a strictly increasing (though not necessarily linear) function of average inventory. In particular, we show that the penalty associated with ordering either too much or too little is a function not only of the size of the error but of the shape of the holding-cost curve as well. We demonstrate that, under certain conditions, even relatively small lot-size errors can be extremely costly.     

A DISCRETE DYNAMIC OPTIMIZATION MODEL FOR MADE-TO-ORDER COST ANALYSIS

A model is presented that yields optimal production rates for a firm producing a contracted order. The model is unique in that it considers the influence of production rate and learning on total program cost. An application to the specific characteristics of two military production programs is presented. As demonstrated by the application, models of this type may be used as decision-making tools when negotiating the cost impact of contract modifications.     

FORECAST EVALUATION OF LIVINGSTON DATA ON INFLATION RATES AND INFLATION UNCERTAINTY*

Livingston data on expected inflation rates have been used extensively in the financial literature, especially in investgating the relationship between nominal interest rates and expected inflation rates; however, the data have not been subjected to a thorough analysis of forecast accuracy. The objective of this paper is to analyze the forecast properties of Livingston data using a wide variety of time and frequency domain methods over an extended sample period and for selected subperiods.     

The Peltzman hypothesis revisited: An isolated evaluation of offsetting driver behavior

Nearly all of the previous investigations of driver behavior under varying safety conditions have only been able to evaluate the issue of offsetting driver behavior indirectly. Some studies note that engineering estimates of the aggregate improvements of automobile safety enhancements are substantively larger than economic estimates of the same effects. Others have found that non-occupants such as motorcyclists and pedestrians are under greater risk of incurring accidents when automobiles are made safer. Although these observations are consistent with the hypothesis that drivers respond to safety enhancements by driving less safely (having been instilled with a sense of greater protection provided by the safety improvements), they do not provide a direct evaluation of the relationship between driving environment and driver behavior. Thus, factors other than offsetting behavior may be generating these observed results. A few studies have tested the offsetting behavior hypothesis more directly, but only under highly specific safety conditions and narrow measures of driver behavior. This article undertakes an isolated analysis of driver behavior under varying safety conditions, with data which allows for more general changes to safety conditions and broader measures of driver behavior. Estimates obtained from the evaluation of individual accident reports lend support to the offsetting behavior hypothesis and imply that both aggressive behavior and nonaggressive (inattentive) driving behavior are likely to increase as the driving environment becomes safer.     

Determinants of presidential position taking in Congress, 1949–1995

In this paper we seek to explain the activity presidential position taking on roll call votes in the House. Position taking may help presidents pursue their policy agendas, but time and available resources constrain their ability to take positions. Even though position taking is a discretionary presidential action, it occurs in the legislative arena and, thus, presidents must consider elements in both institutions as well as outside conditions when making this decision. Accordingly, we posit a multiple perspectives approach to explain the number of presidential positions on votes in the House. Our multivariate two-stage least squares regression reveals that variables from all three environments (executive, legislative and exogenous) within our multiple perspectives approach are necessary to adequately explain presidential position taking overall and when divided according to domestic and foreign policy positions.     

Learning about radon's risk

This article reports the results of an evaluation of the effectiveness of different types of information materials in communicating the risk from exposure to radon, a naturally occurring indoor air pollutant. The study involved a panel of 2300 homeowners who actually experienced risks from radon, and the information program used to explain these risks. The analysis considered information transfer and performance on specific tasks requiring information on the risk from radon to measure learning. The results suggest a systematic learning process, but indicate that the process can be influenced by how risk information is presented.     

Delivery of Devolve Social Services: Its Contributions to the Socio-economic Conditions of Women in Columbio Sultan Kudarat

This is an evaluative study on the delivery of devolved programs in health, agriculture and social welfare. It aimed to identify the major devolved programs/projects implemented by the LGU of Columbio, Sultan Kudarat; the responsiveness of the actual delivery of devolve services in terms of human resources, facilities and fund allocation; the status of devolve services implemented if it was effective and efficient; and the inadequacies encountered. The “expose facto” method of research was used. There were 49 implementers and 132 beneficiaries of the various devolved programs. There were 181 total respondents. A four-part questionnaire was constructed and the gathered data were supplemented by information extracted through interviews with Key Informants, Focus Group Discussions and document analysis. There were three departments implementing the devolved social services programs such as the Municipal Health Office with 6 devolved health programs; the Municipal Agriculturist Office with 6 devolved agricultural projects; and the Municipal Social Welfare and Development Office with 7 devolved social welfare programs. The respondents rated the implementation of devolve services in health, agriculture and social welfare programs between rank 5 to 9 for the aspects of human resources, facilities and fund allocations. The respondents assessed the implementation of devolved programs as Very Efficient and Most Responsive programs to the needs of the people specially the children, youths and women. The study also found some inadequacies observed during the implementation of devolved social services programs which were Agreed by the majority of the respondents. These findings implied that the implementation of various devolved social services for several years has made a significant difference in the lives of the people of the Municipality of Columbio, Sultan Kudarat, the Local Government of Columbio and program implementers with their commitment and solidarity to serve the people especially the marginalized is a manifestation of their unselfish dedication to uplift the socio-economic condition and well-being of the people. Hence, continuing projects should further be strengthened and supported to ensure the sustainability of the projects even if the support of different institutions has been terminated.