Three Essays in Economics

Matthew Cederholm

Advisor: Bryan D Caplan, PhD, Department of Economics

Committee Members: Garett Jones, Robert Axtell

Online Location, Zoom
July 23, 2024, 03:00 PM to 05:00 PM

Abstract:

Chapter 1 - A Price-Theoretic Approach to College Prices

It is widely understood that historical increases in college prices have exceeded inflation for the past 40-plus years. There are several competing theories that attempt to explain the phenomenon. However, these theories often contradict basic principles of price theory. In this chapter, the rise in college prices will be examined from the perspective of price theory. While the question is complex and likely defies a definitive answer, the results will eliminate some popular explanations and provide support for others.

Chapter 2 - The Sources of Incumbent Advantage in Federal Elections

That incumbents have had a historical advantage in elections is a generally accepted fact. The question of why incumbents have such a large advantage, though, is still being debated. This chapter reviews the evidence for the three most popular theories—saliency, perquisites, and candidate quality. Using the historical results of Senate elections, I review the aggregate data and test the question of candidate quality by focusing on incumbents who were appointed to their office. In addition, I argue that with the emergence of social media, both the perquisites theory and the saliency theory have largely been rendered moot, if they were ever a significant factor.

Chapter 3 - The Austrian Entrepreneur: Empirical Evidence

The role of the entrepreneur is an important piece in the Austrian schools' viewpoint on economics. While the theoretical underpinnings of this aspect of the theory have been written about extensively by the leading minds in the school, there has been little attention paid to empirical evidence. This chapter will review the important elements of the Austrian theory of the entrepreneur and will review the large body of empirical evidence that generally supports the theory.