Area:
General Economics, Transportation, Commerce-Business Economics
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High-probability grants
According to our matching algorithm, David L. Hummels is the likely recipient of the following grants.
Years |
Recipients |
Code |
Title / Keywords |
Matching score |
2003 — 2007 |
Hummels, David |
N/AActivity Code Description: No activity code was retrieved: click on the grant title for more information |
Time as a Trade Barrier
An increasing proportion of US trade with partners outside of North America was air-shipped, even though airfreight commands a premium over ocean freight equal to 25% of the good's value. Shippers are willing to pay this premium because of time savings; airfreight saves an average of 4 weeks in shipping time on US trade routes. Despite this willingness to pay a premium to save time, trade theory does not explicitly recognize the importance of time. This research will examine the importance of time as a trade barrier. It addresses three specific questions: (i) why are importers willingness to pay to save time in transport and how does this vary across goods, importers, and time periods? (ii) what is the source of the willingness to pay?, and (iii) how has the relative decline in air shipping cost affected the rise in world trade in general, and specifically the rapid increase in time-intensive forms of integration?
This examines how firms choose export location and transport mode in order to trade off fast but expensive air transport against slow but inexpensive ocean shipping. Variation across country pairs and commodities in the relative price/speed tradeoff identify a willingness-to-pay for timesavings in shipment. A pilot study using US data indicates that each additional day increase in shipping reduces the probability of sourcing from a given location by 1%. Conditional on sourcing, the price premium paid for air shipping is equivalent to a willingness-to-pay for timesavings of just under 1% per day. Identification of why firms are willing to pay to save time is obtained from looking at good/industry characteristics, information intensity, price, and inventory behavior. Cross-country evolution of air relative to ocean freight costs and its corresponding effect on trade growth and composition will identify trade effects of relative price declines of air shipping.
In addition to identifying the value of time as a trade barrier, the techniques developed in this research will be informative about many policies and sources of technological change that speed goods to market. For example, investing in streamlined customs procedures allows imported goods to reach their destinations more quickly, and estimates of the value of each day are necessary to calculate their economic benefit. These calculations can be especially helpful in international trade negotiations as well as the effects of disruptions to international trade. This research will have significant impacts on trade theory and policy.
|
0.915 |
2009 — 2014 |
Cason, Timothy (co-PI) [⬀] Ebert, David [⬀] Hummels, David Samak, Anya |
N/AActivity Code Description: No activity code was retrieved: click on the grant title for more information |
Tls - Applied Visual Analytics For Economic Decision-Making
Scientists have discovered that individuals are often unable to make optimal decisions when problems are complex due to limitations on cognitive abilities. This interdisciplinary project employs visual analytics as a transformational analytical tool in economics. The investigators use visual analytics to improve decision making and identify key motivations in knowledge creation in various economic problems. The project?s suite of tools allows users to interactively explore datasets and decision spaces as well as compare alternate hypothesis and develop new hypothesis. Further, keystrokes and information pertinent to understanding decision-making and knowledge generation are recorded, allowing the investigators to make predictions about the decision-making process on a broad scale and providing guidance for theoretical models of decision-making. This is the first thorough investigation of the value of visual analytics for economic decision-making.
Intellectual Merit This project brings together a team of scientists from economics, electrical and computer engineering and cognitive science, fields that are rarely linked. The fundamental objective of this three-year project is to improve individual and group economic decision making through the introduction of visual analytics as a necessary tool for dealing with complex information sets. The project?s second objective is to quantify the effectiveness of visual analytics for decision making. Visual analytics has emerged as an important approach to data analysis in many fields such as medicine, business, and the physical sciences, and the investigators are the first to quantify its value for decision-making using rigorous experimental methods. The final objective is to develop a unique suite of visual analytics tools to help economists and policy-makers analyze large datasets.
Broader Impact: The use of visual analytics for economic decision-making is extremely beneficial to policy makers. Use of these tools should have an immediate and positive impact on the capacity to analyze complex economic datasets. These tools can also be used in many fields with problems in analytical reasoning. The visual analytics tools that result at the completion of the project will be made available online for classroom use, which will have a broad impact on education. Visual analytics tools are unique in that they are both simple enough and captivating for K-12 students, while also being helpful to students at the undergraduate and graduate levels. The project will use over 650 undergraduate student subjects drawn from a large and diversified student population and will provide these students with important exposure to modern research methods. The VSEEL laboratory at Purdue has an excellent record of involving members of underrepresented minority groups at both the undergraduate and graduate levels and this project is expected to continue this tradition. Over 40 percent of these student subjects will be women and about one-third will be underrepresented minorities. Based on past experience, we expect that at least one-half of the Ph.D. student researchers will be women and/or minorities.
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0.915 |