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Spring 2009
Michael Podgursky, professor in the Department of Economics, was mentioned this week in the publication, Education Week. The article “Pensions Blamed for Costing Schools New Talent”, cited that the current teacher pension systems are geared toward teachers that spend decades in the profession, regardless of their worth. Consequently, critics of the current plans say this is at the expense of teachers that are unable to commit to decade long careers; therefore, recruiting quality teachers can be challenging.
Podgursky, along with Robert M. Costrell, an economist at the University of Arkansas at Fayetteville, analyzed the current plan at a conference sponsored by the National Center on Performance Incentives. At the conference in February, Podgursky stated that “about half an entering cohort of teachers’ net pension wealth is redistributed from those who separate from the system early to veteran who reach early retirement.”
The alternate option presented by Podgursky is called a “cash-balance plan.” This plan would guarantee a specific rate of return based on the contributions of teachers and districts. Therefore, the net pension wealth would grow predictably over time. This plan would eradicate the calculation of benefits based on a teacher’s length of service and would allow new teachers a much better pension plan. In doing so, teachers’ decisions to stay or leave would be better tied to performance and effectiveness and would help with recruiting new quality teachers.
Podgursky will expand his research on this topic to the Illinois and Indiana teacher pension systems. He has received notification from the Joyce Foundation that an 18-month grant has been awarded to him to analyze how the pension systems impact the recruitment and retention of a high-quality teaching workforce. Similar to his previous research, Podgursky’s goal is to understand whether the Indiana and Illinois educator retirement benefit systems are an aid or a hindrance in recruiting and retaining a high-quality teaching workforce and whether reform of the systems could help them work better.
Anthony Dubis, a sophomore majoring in economics, has a fun and interesting summer planned. He won’t be relaxing at the beach or backpacking in Europe, but instead will be laying the foundation for his future career. Dubis has been selected to participate in the Undergraduate Research Mentor (URM) Program, which is funded by the College of Arts and Science and the Provost and administered by a faculty committee. The URM program is an opportunity for rising juniors to cooperate actively with faculty mentors, learning firsthand about the natural integration of research and teaching.
This summer, Dubis and his mentor, Ron Harstad, J. Rhoads Foster Professor in the Department of Economics , will use laboratory economics to simulate markets where they can observe and measure efficiency. They will analyze after-markets and re-sales to see if efficiencies occur and how market settings can be altered to improve the welfare of society.
Myoung Lee, assistant teaching professor in the Department of Economics, encouraged Dubis to apply to the program.
“I thought that it would offer an experience that I would not be able to find anywhere else,” says Dubis.
The URM program combines two of MU’s chief missions: research/creative achievement and teaching as it seeks to enrich the undergraduate career of the brightest and most promising students.
“This summer’s work is going to allow me to experience what it is like to be a real researcher of economics,” says Dubis. “This experience will teach me numerous skills and tools that I will be able to build on as a student and take with me in pursuit of a career. It is an opportunity that very few have and I am truly grateful for it.”
To learn more about the URM program, visit the website http://coas.missouri.edu/urmp.html.
An article in the April 7, 2009 issue of The New York Times was written about the possibility of a teacher shortage. According to the article, more than a third of the nation’s teachers could retire which could deprive the classroom of veteran teachers while straining taxpayer-financed retirement systems. To prevent this, a report says that schools should be restructured and retirement plans modified to allow veteran teachers to continue working to mentor new teachers.
Michael Podgursky, professor of economics, is quoted in the article as saying the problem may be overstated. The recession may relieve the shortages because of the profession’s stability and health benefits which would be attractive to new college graduates.
“Still, the authors make a credible case that the number of teachers who retire will rise in coming years,” Podgursky says, “and it makes a good deal of sense to develop phased retirement systems that permit retired or semiretired teachers to mentor new teachers.”
Podgursky has published numerous articles and reports on education policy and teacher quality, and co-authored a book, Teacher Pay and Teacher Quality. The primary focus of his recent work has been on personnel policy in schools and the effects on teacher quality. Podgursky is the lead investigator on several research contracts on teacher compensation funded by the U.S. Department of Education and private foundations.
To view The New York Times article, click this link: http://www.nytimes.com/2009/04/07/education/07teacher.html?ref=us
Five economics students were recognized at the scholarship reception on February 17 during Arts and Science week.
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| Pictured left to right: Myoung Lee, Alex Schulte, Yiming Zhang, Zachary Smith, Andrew Shepler, Anthony Dubis, Linda Dyer. |
The John Charles Willett Memorial Scholarship was awarded to Zachary Smith, a junior business administration major with an emphasis in economics. This scholarship is named for John Charles Willett, a 1995 graduate of the University of Missouri, who died in the September 11, 2001 attacks on the World Trade Center.
“As a pre-law student, I have great anxiety over undertaking the thousands of dollars of loans I will need to finance my legal education,” says Smith. “This scholarship helped me put aside some money that I would have had to spend on my undergraduate education for law school. I am greatly honored to have been recognized for my academic achievements and plan on succeeding similarly in my future economics courses.”
Alex Schulte, junior, and Andrew Shepler, senior, were honored with the Clay J. Anderson, Jr. Memorial Scholarship. In memory of their son who graduated from MU in 1950, Clay J. and Oma C. Anderson established this scholarship to benefit economics majors. Recipients must be ranked in the upper one-third of their classes and should demonstrate financial need.
“I’m honored to be selected for a scholarship from the economics department because of all of the high quality candidates in the department,” says Shepler. “The economics department has been a great asset for me at the university.”
The David J. Loschky Memorial Scholarship was awarded to Anthony Dubis, sophomore. Friends and former students of Professor Loschky established this scholarship to honor his far-reaching contributions to the university, the Department of Economics, his undergraduate and graduate students, and to the economics profession.
“This scholarship was important to me because it served as a reminder that hard work is rewarded,” says Dubis. “Getting an email saying that you were selected to receive an award based on your dedication and performance really renewed my spirit and pushed me to keep going.”
Yiming Zhang, a junior economics student was honored with The Elmer Wood Scholarship Fund in Economics. Recipients of the scholarship are juniors and seniors who have demonstrated excellence in their economics studies, while maintaining a high-level of academic performance. This scholarship honors Elmer Wood (BA ’16) who served as a professor of economics at MU from 1930 until his retirement in 1964. Wood specialized in the field of monetary theory and became one of the nation’s leading authorities.
The Economic & Policy Analysis Research Center (EPARC) has completely updated the 2007 Missouri Historical Tax Summary for the years 1970-2007. This annual report is a conglomeration of tax data from multiple sources concering the State of Missouri over time. The report can be viewed at the EPARC web site by clicking here.
Harsha de Silva (PhD '93) is currently the head economist for LIRNEasia, a telecommunication research organization in Pacific Asia. He has studied the effects of using modern communication technology to boost agricultural production in Sri Lanka. He also hosts a weekly TV show explaining business and economics issues to a wide audience. To learn more about Harsha de Silva, see a profile of him from the International Development Research Center web site.
MU economics professors Emek Basker and Jeff Milyo were recently awarded research grants from the MU Arts and Sciences Alumni Organization
Professor Basker received the grant for her project, "Competitive Side Effects of Wal-Mart's $4 Prescription Drug Plan." The grant will pay for research assistance from MU undergraduates, who will help Basker estimate the extent to which the reduced prescription drug prices introduced by Wal-Mart, Kmart, and Target in 2006 and 2007 (and since expanded) have affected prices other pharmacies charge for these drugs.
Professor Milyo received his grant to investigate the efficacy of campaign finance reform in Missouri. Milyo will use the grant to hire an undergraduate research assistant this summer and they will issue a policy report at the end of the summer.
Social Consequences of first names: A Time Magazine Website article by John Cloud discussing recent work linking having an unpopular or racially distinctive first name to tendency to commit crimes cites work by MU Economics Professor Saku Aura. Aura's research (joint work with Gregory Hess, Claremont McKenna College) pointed out that a racially distinctive name could benefit a member of a racial minority by providing a sense of self as identified member of a group and this identity benefit could balance some of the negative (discrimination based) effects such a name for measured life outcomes (like tendency to commit crimes).
Aura Working Paper http://web.missouri.edu/%7Eauras/names.pdf
Fall 2008
In a story by John Stossel discussing the unintended consequences of the McCain-Feingold Campaign Finance reform legislation, ABC's 20/20 turned to one of our own experts, Professor Jeff Milyo. At the request of 20/20 Milyo replicated one of his experiments testing how difficult it actually is to file the required Campaign Finance Forms for a layman. In a sample of 38, ranging from College Students to Adults, not a single individual could file the forms correctly. This has significant implications: The ABC story points out how this complexity could be a significant barrier to political participation because incorrectly filled forms or forms that are filed late can lead to significant monetary penalties and complex litigation. In his academic research Professor Milyo has run the same experiment using campaign finance forms from different states. With his total sample of over 200 test subjects Milyo has yet to witness a correctly filed form: All of them have had mistakes in them.
Link to ABC's story and the video of the story
Professor Milyo is one of the leading economic experts on the topic of Campaign Finance Reform. You can find his related work from his webpage
Summer 2008
Congratulations to Shawn Ni for being named the Middlebush Professor of Economics
Congratulations to Jeff Milyo for being named the Middlebush Professor of the Social Sciences
Spring 2008
MU economics professor Emek Basker was recently awarded a research grant from the MU Research Board to fund her project (with Shawn Klimek of the U.S. Census Bureau and Pham Hoang Van of Baylor University), "Supersize It: The Growth of Retail Chains and the Rise of the 'Big Box' Retail Format." Motivated by observed growth of general merchandise firms and the expansion of the "superstore" format, Basker and coauthors offer a theory for the complementarity between the size of a retail chain and the scope of its business. They use new micro data from the Census of Retail Trade for 1977-2002 to test the model.
MU economics professor Peter Mueser was recently awarded a research grant from the MU Research Board to fund his project (with Colleen Heflin of the Truman School of Public Affairs at MU), "The Impact of Improving Access to Benefits for Low-Income Families on Case Characteristics and Dynamics." The project examines Florida's implementation of an online application process for Food Stamps, TANF, and Medicaid. Mueser and coauthors will analyze how this service delivery tool influenced the size of the program caseload, the distribution of program recipients, and whether certain groups were disadvantaged by this administrative reform.
MU economics professor Xinghe Wang wins the 2008 Director of Graduate Studies Outstanding Contribution Award from the MU Graduate School.
Missouri Economics Conference Garners International Appeal
The eighth annual Missouri Economics Conference (MEC) held March 28-29, 2008 in Columbia and jointly sponsored by the Department of Economics at the University of Missouri and the Research Division of the Federal Reserve Bank of St. Louis attracted researchers from around the country and around the globe. The conference featured two keynote addresses and 72 presentations on diverse topics in economics, including monetary policy, econometrics, agricultural economics, public policy, education, population, housing, labor, oil prices, and inflation.
The keynote addresses were made by Dr. Kevin Hoover (Duke University), who discussed cross-disciplinary approaches to data-mining and algorithms to detect causality in multivariate models, and by Dr. Robin Sickles (Rice University), who discussed a wide range of econometric issues involved in public policy from papers that will be featured in an upcoming special issue of Journal of Econometrics devoted to the topic.
Out of 72 presenters, 43 came from Missouri and surrounding states. Seven international presenters represented France, Germany, Hungary, Japan, Mexico, Turkey, and the UK.
The first MEC was organized in 2001 by Dr. Robert Rasche and Dr. Dan Thornton (Federal Reserve Bank of St. Louis) and Dr. Joe Haslag (MU Economics). The keynote speakers in 2001 were Dr. Robert Topel (University of Chicago Graduate School of Business) and Dr. William Poole (President of the Federal Reserve Bank of St. Louis).
Information about the eighth MEC and past conferences may be found at http://research.stlouisfed.org/conferences/moconf/.
Assistant Professor of Economics Cory Koedel Wins Top Dissertation Award
Cory Koedel, an assistant professor of economics at the University of Missouri - Columbia, has been awarded the American Educational Research Association, Division L (Education Policy and Politics) Outstanding Dissertation of the Year. The national award was presented at the organization's annual conference on March 25 in New York City.
His dissertation was completed at the University of California, San Diego in 2007 with support from a Spencer Foundation Dissertation Fellowship. According to the dissertation award committee chair, the dissertation "provides important new insights into the measurement teacher productivity using value-added modeling."
Michael Podgursky was appointed a member and chair of the 12-member Missouri State Advisory Committee of the US Commission on Civil Rights. This committee conducts hearings, investigations, and research on behalf of the US Commission.
MU economics professor Jeff Milyo testified before the Senate Committee on Rules and Administration. Professor Milyo offered expert witness testimony on illegal voting and the impact of voter IDs on disenfranchisement. (more)
MU economics professor Michael Podgursky and Robert Costrell (University of Arkansas) were awarded a two year grant in the amount of $250,000 by the Smith Richard Foundation. This is to allow them to continue their study of teacher pensions. The grant will also be used to underwrite a national conference on reform of teacher retirement benefit systems. Currently, it is scheduled to be held at Vanderbilt University, Spring 2009.
Undergraduate students awarded Economics Department and College of A&S honors
The Economics Department is proud to recognize the outstanding accomplishments of the following students, who received awards from the Department and the College of Arts & Science during Arts & Science Week 2008. These students are as follows:
Name |
A&S Scholarships |
Major(s) |
| Gregory Kistner | Willis V. Shepard Memorial | Economics, Finance |
| Ngoc Le | Willis V. Shepard Memorial | Economics & Accounting |
| Myung Hwa Park | Thomas B. Harris | Economics & Journalism |
| Gabrielle Roman | William Kemp, Ruth Earline Taylor Allen, Ralph K. & Maxine J. Hibbs (combo) | Bio Sci & Economics |
| Shawn Sahota | Thomas T. Strange, Ralph K. & Maxine J. Hibbs, A&S Quadrangle Award (combo) | Bio Sci & Economics |
| Alex Schulte | Forty-Niner | Economics |
| Andrew Shepler | Willis V. Shepard Memorial & Forty-Niner (combo) | Economics, Journalism |
Name |
Economics Scholarship |
Major(s) |
| Patrick Cox | David J. Loschky | Economics & Law |
| Gregory Kistner | John Charles Willett Memorial | Economics, Finance |
| Ngoc Le | John Charles Willett Memorial | Economics & Accounting |
| Myung-Hwa Park | Clay J. Anderson | Economics & Journalism |
| Grant Quigley | David J. Loschky | Economics & French |
| Shawn Sahota | Clay J. Anderson | Bio Sci & Economics |
| Alex Schulte | Clay J. Anderson | Economics |
| Andrew Shepler | Clay J. Anderson | Economics, Journalism |
| Ian C. Smith | Allen & Barbara Soshnick Memorial | Economics |
| Ann Suggs | Elmer Wood Memorial | Economics & Psychology |
| Julie Zick | David J. Loschky | Economics |
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| front row: left to right; Myoung lee, Myung-Hwa Park, Andrew Shepler, Ngoc Le, Shawn Sahota, David Mandy |
| back row: left to right; Patrick Cox, Julie Zick, Ian Smith, Anne Suggs, Gregory Kistner, Alex Schulte |
Jeff Milyo's Study Indicates Photo ID Has Little Impact on Voter Turnout
As states attempt to add restraints to illegal voting, Photo ID's have been seen as the answer. Critics allege that this will bring down voter turnout. MU Economist Jeff Milyo conducted a study that concludes otherwise. (more)
Fall 2007
Michael Podgursky Appointed to Education Advisory Board
Economics Professor Michael Podgursky is one of 16 members of Rudy Giuliani’s Education Advisory Board. Podgursky joins Terry Moe, Rod Paige and other distinguished education leaders advising Giuliani. For more information, click here.
MU Economic Researchers Find That Experienced Teachers
Reap the Benefits of Pension Spikes, Then Retire
In a forthcoming article in Education Next, Michael Podgursky and Robert M. Costrell (University of Arkansas) have found the structure of many teacher pension plans is the primary reason that many teachers elect to retire in their 50’s, rather than in their 60’s. This, along with increasing requirements for younger teachers, adds to the shortages of qualified experienced teachers, despite there being a high demand for them. Further details can be found here (MU News Bureau) and here (Education Week)(login required).
MU Receives $2.55 Million Gift to Attract Top Economist
The Department of Economics is the recipient of a $2.55 Million Gift to endow the Sam B. Cook Chair in Economics. Along with this endowment is the Sam B. Cook Library Endowment to support the research of the chair in the amount of $50,000. The main focus of the Cook Chair will be the teaching and study of Macroeconomics. The Department of Economics shares Mr. Cook's vision that a solid understanding of macroeconomics is an essential component in development of Missouri's future leaders and are eager to provide this with Mr. Cook's support. The gift from Sam Cook, chairman of Central Bancompany in Jefferson City, is part of the For All We Call Mizzou Campaign. Further details can be found here
What's In Your Future?
Wednesday, October 24th, 2007. Noon to 2:00 PM in the Stotler Lounge, Memorial Union
This is the 4th year for the Department of Economics' Undergraduate Open House for students — not only for economics majors, prospective majors and minors, but also for undecided undergraduate students who want to find out more about economics. There will be roundtables where you can meet the department’s faculty members and graduate students to discuss classes, their research, and potential job opportunities for economics majors. Undergraduate representatives also will offer their perspectives. There will be information about majoring and minoring in economics, double majoring, scholarship opportunities, internships, job searches, law school, graduate schools, research opportunities, the Economics Undergraduate Student Association, and much more. Join us at the Economics Undergraduate Open House for a light lunch, a little knowledge, and a lot of fun!
Milyo Promotion
Congratulations to Jeffrey Milyo on his promotion to Full Professor.
Cory Koedel joins faculty
The department is pleased to welcome Cory Koedel who joins the department as Assistant Professor after completing his Ph.D. from the University of California, San Diego. His primary field is labor economics with secondary fields in economics of education, public economics, and applied microeconomics. His research includes: “Teacher Quality, the Achievement Gap and Efficiency in Educational Production,” “Evidence of a Positive Effect of Race-Based Matching on Labor Productivity,” “School Choice and Integration,” and “The Effects of Reading Interventions on Student Performance.”
Chao Gu joins faculty
The department is pleased to welcome Chao Gu who joins the department as Assistant Professor after completing her Ph.D. from Cornell University. Her research focuses on macroeconomics and monetary economics, banking, and economic theory. Her current project involves herd behavior in bank runs with flexible contract. Working papers include: “Herding and Bank Runs” and “Asymmetric Information and Bank Runs”.
2006-2007
Dr. Floyd K. Harmston passes away
Dr. Floyd K. Harmston, a former MU professor of economics, passed away Friday, June 22, 2007. He was 89. Dr. Harmston retired with professor emeritus status in 1983. Dr. Harmston published two textbooks: “The Community as an Economics System” and “Input-Output Analysis for Small Communities.” Funeral services were held Monday, June 25th at the Highlands Ward Chapel, Church of Jesus Christ of Latter Day Saints, Columbia, MO. Memorial contributions can be made to the American Diabetes Association, 1900 N. Providence Road, Columbia, MO 65202 or the Alzheimer’s Association’s Mid-Missouri Chapter, 1121 Business Loop 70 E., Columbia, MO 65201 (573-443-3173). Acknowledgements can also be made online at Memorial Funeral Home (opens new window)
Other Press
Scholarship supports students and honors MU grad who died on 9-11
Intern Hires for Summmer 2007
Congratulations to Samantha Dalton, Alan Simpson, Alyssa Stinson and Adam Swadley.
Samantha has been hired as an intern at the Kauffman Foundation this summer. She'll be working on entrepreneurship research. Alan, Alyssa and Adam have been awarded Undergraduate Research Mentorships for the summer. Alan will be working with Dr. Emek Basker on the topic "How does the Wal-Mart's 4-Dollar Generic Prescription Drug Plan affect drug pricing?", Alyssa will be working with Dr. Peter Mueser on the topic "Testing the Effects of Missouri Minimum Wage on Low-Wage Industry Employment" and Adam will be working with Dr. Joe Haslag on the topic "An Examination of Section 529 College Savings Plans across the US".
Michael Podgursky: co-investigator in two major national education policy research centers
Michael Podgursky is a co-investigator in two major national research centers in area of education policy. Both of these were just launched by major research grants from the Institute for Education Sciences of the U.S. Department of Education. The Center for Analysis of Longitudinal in Education Research (CALDER) is based at the Urban Institute in Washington DC. This center brings together researchers who use econometric methods to analyze massive longitudinal student-level achievement data files in several states. This research team includes economists from Stanford, Duke, University of Washington, and University of Florida. The second center, the National Center for Performance Incentives at Vanderbilt University, will explore the use of performance-based compensation in K-12 education in several states. It will also conduct randomized experimental studies linking pay bonuses to student achievement gains in two school districts. Along with Professor Podgursky, this research team includes economists and statisticians from Peabody College at Vanderbilt University and RAND.
Joseph Haslag and Xinghe Wang promoted to Full Professor!
Department of Economics faculty news: Congratulations to Joseph Haslag and Xinghe Wang on their promotions to Full Professor!
Douglas J. Miller joins the faculty
Douglas J. Miller joins the faculty for Academic Year 2006-07 as Associate Professor of Economics. His primary field is econometrics and he conducts research on applications of information theory and other statistical tools to a wide range of problems in economics and other social sciences. Recent work focuses on developing robust estimation methods for binary choice models, non-stationary Markov chains, asset pricing, and risk measurement. His primary teaching assignments include econometrics and microeconomics, and his co-author of two econometrics books, Maximum Entropy Econometrics (Wiley,1996) and Econometric Foundations (Cambridge, 2000).
Gunjan Sharma joins the department
Gunjan Sharma joins the department as Assistant Professor. Her primary research interests, theoretical and empirical, are in international trade and development. Her current research investigates the relationship between regulatory institutions and trade reforms; the impact of regulatory institutions and trade reforms in India on the incentives of firms to become productive as well as their impact on poverty and on the household decision to send children to school. She received her Ph.D. from the University of Maryland-College Park in 2006.
International Economic Research Institute welcomes scholars
The International Economic Research Institute welcomes scholars from journalism, government, academia, and business. IERI - within the Economic Policy & Analysis Research Center (EPARC) - is intended to facilitate the ongoing education of leading professionals in the areas of economics and finance by enabling visiting scholars to conduct research in their areas of interest. See EPARC.
Fall 2005
The Department of Economics welcomes Sheila Akers back to the department. She assumed the duties of the department's fiscal officer and office manager on Oct 27, following the departure of Mary Critchlow to greener pastures in St. Louis. After completing ten years of dedicated service, Michael Podgursky has stepped down as Chair of the Economics Department. David Mandy assumed the Chair's duties on August 1.
Oksana Loginova joins the Department as Assistant Professor after completing her Ph.D. from Duke University in 2005. Her primary research interest is microeconomic theory, with particular emphasis on industrial organization, contracts, and e-commerce. Her current project applies the theory of consumer memory for advertising, developed in the psychology literature, to a setting of oligopolistic firm rivalry to gain insight into advertising strategies in imperfectly competitive markets.
J. Isaac Miller joins the department as Assistant Professor. His research focuses on theoretical and applied time series econometrics, with emphasis on non stationary models. Recent work includes modeling long memory processes with nonlinear transformations of thick-tailed random walks and testing for purchasing power parity under target zone exchange rate regimes. Current projects include a random coefficient model with nonergodic coefficients driven by nonlinear functions of random walks. He received his Ph.D. from Rice University in 2005.
Vitor Trindade joins the department as Associate Professor after five years on the economics faculty at Syracuse University. His research and teaching focuses on issues in International and Development Economics. He received his Ph.D. from the University of California at San Diego in 2000.
Douglas J. Miller joins the Department for Academic Year 2005-06 as Visiting Assistant Professor of Economics. His primary field is econometrics, and he conducts research on applications of information theory and other statistical tools to a wide range of problems in economics and other social sciences. Recent work focuses on developing robust estimation methods for binary choice models, non-stationary Markov chains, asset pricing and risk measurement, and ecological inference and aggregate voting models. He has taught graduate econometrics for the past eleven years and is co-author of two econometrics books, Maximum Entropy Econometrics (Wiley, 1996) and Econometric Foundations (Cambridge, 2000). Professor Miller was previously at Purdue University.
Mike Podgursky presented a paper on teacher pay adequacy at a conference held at the Kennedy School of Government at Harvard -- “Adequacy Lawsuits: Their Growing Impact on American Education” October 13-14, 2005. Attending were scholars in law, political science, and economics.
Ronald Harstad, J. Rhoads Foster Professor in the Economics of Regulated Industries, presented "Rational Participation Revolutionizes Auction Theory" at the Econometric Society World Congress at University College London.
Xinghe Wang and Vitor Trindade attended the Midwest Trade and Theory Meetings in Lawrence, KS, on October 14-15. Xinghe presented “Why are firms reluctant to reduce costs?” and Vitor presented “Neckties in the Tropics: a Model of International Trade and Cultural Diversity.”
Passing of Professor Emeritus David Loschky
We are saddened to report that Professor Emeritus David Loschky passed away on September 8, 2005. David was known for his gentle but persistent efforts to make students think critically about the scientific method as it applies to economics. He was a dedicated teacher and researcher in the Economics Department for 31 years before retiring in 1998. The family has announced that there will be no burial ceremony or rites. For those who may wish to send a card or contact the family, the address is:
Oksana Kirina
212 West Boulevard S
Columbia 65203
Michael Podgursky has been appointed to the National Research Council Study on Teacher Preparation Programs committee. This committee of the National Academy of Sciences is charged to put together a report to Congress on this complex and contentious area of enquiry. Congratulations, Mike! more information on the committee is available at: http://www7.nationalacademies.org
Michael Podgursky has been appointed a scholar-in-residence at the Ewing Marion Kauffman Foundation in Kansas City for the 2005-06 academic year. The foundation funds a wide range of programs in education and operates the Center for Entrepreneurial Leadership. More information on the foundation is available at: www.kauffman.org. This prestigious appointment is a tribute to Mike’s continuing research accomplishments in the economics of education.
Congratulations, Peter Mueser, on his promotion to Full Professor!
Timothy Kaine, Economics Department is proud to count Timothy Kaine, Democratic Lt. Gov., and now Governor-elect of Virginia, among our graduates. Mr. Kaine earned his degree in economics at MU in 1979.
Winter 2005
A&S Week Scholarship Reception
The reception was held on February 14, in Mark Twain Ballroom, University of Missouri-Columbia. The University of Missouri and A&S Awards Banquet was held Friday, February 18, at Stoney Creek Inn.
Fall 2004
First Annual MaxLab Day
Ronald M. Harstad gave the Inaugural Address for the First Annual MaxLab Day, which also inaugurated the center for research in Economic Theory and Behavior at the University of Magdeburg in Germany, historically the top university in the former East Germany. His talk was on "Normative Evaluation of Experimental Markets." That was the highlight of a research trip featuring seminars at the Universities of Bonn and Copenhagen, Erasmus University in Rotterdam, and Berlin's Humboldt University, all discussing the theory of auctions with entry of potential competitors.
Undergraduate Orientation
An informational orientation for all students interested in pursing a career or have declared a major in Economics was held in Memorial Union, Statler Lounge III, on Tuesday, September 28, from 11:30pm to 1:30 pm.
Summer 2004
New Professors
Ronald M. Harstad joined the Department as the J. Rhoads Foster Professor of the Economics of Regulated Industries. Ron's areas of specialty include game theory, auctions, laboratory economics, microeconomic theory, industrial organization, financial markets, and operations research. His research has been published in the leading journals in economics. Recent studies include: making the number of bidders an endogenous variable in auction models, analyzing a seller's options in disclosing appraisals to some or all bidders, finding the determinants of the ability of competitive auctions to aggregate diversely held informaiton about asset value, and designing methodologies to extend laboratory economics techniques to field observations. Professor Harstad was previously at Rutgers University.
Jeffrey D. Milyo joined the department as Associate Professor of Economics. His areas are applied microeconomics, health economics, law and economics, political economics and public economics. Recent work includes an investigation of the price consequences of informative advertising published in the American Economic Review, studies of campaign finance published in the Journal of Law and Economics and Public Choice, and several investigations of social determinants of health appearing in the American Journal of Public Health, Health Services Research, Journal of Human Resources and the Journal of Health Politics, Policy and Law. Current projects include an analysis of the political and policy consequences of state campaign finance reforms over the last fifty years and an investigation of the efficacy of social capital for individual well-being. Professor Milyo was previously at the Harris Graduate School of Public Policy, University of Chicago.
Emek Basker received a Research Board grant for $10,600 to study equilibrium price dispersion within and across cities. This research will be joint with David Parsley of Vanderbilt University's Owen Graduate School. The objective of this project is to quantify, and explain, the degree of intra-market prices dispersion for typical retail purchases in the United States, and the degree pv overlap in price distributions across proximate cities. The analysis will be done using a unique new data set of store-level prices of specific goods (such as toothpaste and canned tuna) at 5-10 stores per city, for hundreds of US cities over the period 2001-2003.
2003
Statistical Abstract of Missouri (SAM)
The Economic and Policy Analysis Research Center (EPARC) has released the 2003 Statistical Abstract of Missouri (SAM). This 13th edition of the SAM is now available exclusively online. It contains the latest state and county-level economic and demographic statistics for Missouri including statistics on population, health, education, income, employment, prices, transportation, finance, energy, agriculture, natural resources, communications, media, and public sector revenue collections and expenditures. SAM also provides an excellent historical perspective by reporting statistics in some tables for 10 years or more. With all these facts in one location, the SAM is an excellent reference source for all you need to know about Missouri. SAM 2003 may be viewed on the EPARC website.