ECONOMICSDEPARTMENT NEWSLETTER • UNIVERSITY OF COLORADO BOULDER • 2015 A Report from the Chair Nicholas Flores

Dear Alumni & Friends, Thank you for taking the time to look at our newsletter. We ap- preciate your interest in and support of the department. Below I highlight a few of the exciting things that have recently taken place in the department. There are also many specific events reported in faculty, student, and alumni notes. I hope you enjoy the read.

Student News As you have probably seen or heard in the news, there has been Photograph by Robert Castellino and continues to be a significant realignment of student major choice in colleges and universities. Enrollments in the humani- any other undergraduate major. The upshot of all of this is that ties and some of the social sciences have declined precipitously our majors are well compensated and extremely versatile, finding over the past five years. Here at CU, some of these departments good jobs in literally all industries. The versatility of the major have lost over half of their enrollments and majors. Our majors allows our graduates to move about the economy and from my have grown along with those in STEM (science, technology, en- perspective this leads to the potential for an interesting life. gineering, and mathematics) disciplines. Economics is the third largest major in the College of Arts and Sciences and the fourth Since 2010, we purposely reduced the size of our PhD program largest major on campus. This realignment is a nationwide from 87 students to 69. We did this in order to ensure funding phenomenon. In the short term the student realignment creates for our students while they are in the PhD program and this problems because we suddenly need more economics and STEM in turn allows us to be a more attractive and competitive PhD discipline professors and not so many professors in humanities program. All of our PhD graduates find good jobs with starting or political science based on student demand. Since the total salaries nearing twice that of the average annual starting salary number of students is growing, there is funding to increase the for our undergraduates. Over the past few years about 60% of number of faculty to address this problem but realignment of our PhD graduates have started in tenure-track professor jobs at faculty lags behind student realignment. Fortunately the College universities and colleges with another 20% going to postdoctoral of Arts and Sciences is backing us with new hires each year in or visiting professor jobs and the rest going to government or order to meet student demand. The department is also redeploy- industry. In the past ten years, approximately two-thirds of our ing current faculty to meet demand as efficiently as possible. PhD graduates end up in tenure track university/college jobs after three years. Having spent twenty years in the department, it is Our major is popular because a BA in economics is highly valued nice to see our graduates succeeding in the profession. We pro- in the marketplace. The analytical training we offer our students vide alumni profiles in this newsletter for two of our successful prepares them for diverse workplace environments. Forbes PhD graduates who went through our program in the late 1990s. magazine reported that the average annual starting salary for an economics major is $58,600. This is slightly higher than the aver- New Faculty age starting salary for a finance major ($58,000) or an accounting The department hired two new professors since our last newslet- major ($52,900) and only behind computer science ($66,800), ter. Assistant Professor Giacomo Rondina joined the depart- engineering ($65,000), and mathematics/statistics ($60,000). A ment in August of 2014. Professor Rondina earned his PhD study by Patricia Flynn and Michael Quinn published in the from the University of Wisconsin Madison in 2007. From American Economist in 2010 finds that the fraction of economics 2007-2014 he was a professor of economics at the University graduates who become CEOs of major companies is greater than of California San Diego. Professor Rondina conducts research

University of Colorado colorado.edu/economics Boulder in macroeconomic theory and international macroeconomics. In addition to teaching one of our PhD core macroeconomics classes, Professor Rondina teaches our super-size principles of macroeconomics (400+ students) for undergraduates. Assistant Professor Jeronimo Carballo joined the department this fall having completed his PhD in economics at the University of Maryland. Professor Carballo is an international trade econo- mist who worked for the Inter-American Development Bank in Washington DC before starting the PhD program in Maryland. Professor Carballo will teach international trade and principles of microeconomics. In addition to these two excellent hires, we have authority to hire two more assistant professors in the 2015-2016 academic year, one in macroeconomics and another in economic history. Photograph by Robert Castellino Economics alumnus Dr. Eugene D. Eaton (BA 1965, MA 1967, PhD 1971) provided a bequest of just over $6M to the University in 2014. The bequest provides an endowed chair in economics, Supporting CU Economics As my summary suggests, many good things are happening an endowed chair in music, and establishes an undergraduate for our students thanks to the hard work and dedication of our travel sabbatical fund for students pursuing studies outside of excellent staff and distinguished faculty. Despite an increase the US in their senior year. The department is currently search- in state funding for the current fiscal year from last year, the ing for a senior scholar to be the first Eugene D. Eaton Chair in percentage of our campus budget that comes from the state re- Economics. The entire faculty is excited to hire the chair and the mains below 5%, at 4.3%. Most of our peer state flagship institu- two assistant professors. tions have state support of over 20% in their budgets. Governor Hickenlooper’s budget request for fiscal year 2016-2017 calls for Faculty & Staff News a $20M cut in higher education funding. While we do not yet In 2014, Professor Tania Barham was promoted to associate know the impact on next year’s state funding to our campus, we professor with tenure. In 2015, Professor Xiaodong Liu was pro- will almost certainly be facing a reduction and this likely trans- moted to associate professor with tenure while Professors Martin lates into a tuition increase for students. Boileau and Terra McKinnish were promoted to full professors. The Boulder Faculty Assembly honored two faculty members Tuition for resident and non-resident students has gone up con- with excellence awards in spring 2015. Professor Yongmin Chen siderably since I became chair in 2006. While tuition may have received an excellence award in research, scholarly, and creative gone up over this period, the department has worked to make work while I received an excellence award for leadership and the student experience better each year. Some of the experiential service. Several of our faculty took on new editorial positions. improvement comes from organizing the curriculum and course Professor Ann Carlos is now the co-editor of the Journal of schedules so that students can graduate as soon as possible. Economic History. Professor Daniel Kaffine is an associate editor Another way we have improved the experience is by using gift for Resource and Energy Economics. Professor Keith Maskus is funds to directly support students. Examples include scholar- an associate editor for Economic Inquiry. Professor Brian Cadena ships/fellowships, funding for student research, funding for stu- is an associate editor at the Journal of Human Resources. The dent conference travel, funding to studying abroad, and funding American Economic Association has a standing committee, the for student internships. Without donor support, all of the things Committee for the Status of Women in the Profession (CSWEP). I just listed would not be possible. In order to keep improving This year CSWEP added a new position, Associate Chair and the experience, we need to expand these programs and build Director of Mentoring. Professor Terra McKinnish was ap- new ones for our students. To this end, your continued support pointed as the inaugural chair. Professor Keith Maskus is now makes a big difference for our students and the department. If the Director of the Program on International Development in the you have not given lately, I encourage you to do so. If you have Institute of Behavioral Science. given lately, I encourage you to give more. I am always available to talk to you about giving opportunities to match your passion Fortunately most of our staff remains with us and continues for CU Economics and CU. to do an excellent job administering the department. We had ■ two new additions since our last newsletter. Melissa Piper came to the department from Regis University and is serving as an administrative assistant and office receptionist. We also added an undergraduate academic advisor, Eryn Elder, who splits her Professor & Department Chair time between advising economics students and advising political [email protected] science students.

2 | Department of Economics 2015 colorado.edu/economics Coal, Gas, and Wind Understanding Our Evolving Electricity System

By Daniel Kaffine

he electricity generation profile of the US has changed the next several decades. It is not a stretch to say that under- Tsignificantly over the last decade. Coal-fired generation, standing the future evolution of coal-fired generation is a key once representing a majority of US electricity generation, has and crucial aspect in terms of US sources of carbon emissions declined approximately 25% from 2007 to 2013, reducing as- and impact on global climate change. sociated annual carbon emissions from coal by a substantial 500 million tons of CO2. At current estimates of the social cost While previous studies have separately examined the impact of of carbon, this represents approximately $20 billion dollars in renewables and low natural gas prices on the electricity genera- avoided social damages annually from CO2 alone. At the same tion sector, there are reasons to believe there may be important time, a dramatic decrease in natural gas prices, largely due to an interactions. Historically, cheaper coal-fired generation was used increase in supply brought about by hydraulic fracturing extrac- to meet baseload demand, while more expensive gas-fired genera- tion techniques, has led to substantial increases in gas-fired gen- tion met peak demand. Under these conditions, wind generation eration. Furthermore, renewable generation, particularly wind, would primarily offset the more expensive gas-fired generation. has also increased dramatically, driven by state-level renewable However, the recent substantial decline in natural gas price has portfolio standards (RPS), federal production and investment led some coal generation to become more expensive than some tax credits, and technological advances. Clearly, these changes gas generation, implying more coal would be offset by increased in coal, gas, and wind are related, but how? wind generation. Additionally, the fact that gas turbines are better suited than coal for ramping in response to the intermittency of Understanding the relationship between coal, gas, and wind in wind may increase the demand for gas generation to handle the the electricity sector is the goal of current research with Professor volatility associated with higher levels of wind generation. Harrison Fell of the Colorado School of Mines. In particularly, we empirically examine how decreased natural gas prices and To better understand these complex interactions between gas increased wind generation have individually and jointly affected and wind, our research examines daily generation and emissions coal-fired generation and emissions. We aim to quantify the from hundreds of coal-fired generators across the US from 2008 source of these historic shifts in generation profiles and to predict to the present. These generation and emissions levels are matched effectiveness of future energy and environmental policies. against daily regional gas prices and daily regional wind genera- tion to obtain a comprehensive view of how coal-fired generators The focus on the electricity generation sector is motivated by sev- respond to these factors independently and jointly. eral important factors. The electricity generation sector is an im- portant anthropogenic source of local and global pollutants, such Results-to-date find that low natural gas prices and increased that even small changes in this sector may have profound impacts wind generation have both led to large reductions in coal-fired on air quality and total climate-related emissions. The US has ac- generation and emissions. Furthermore, we find evidence that the tually witnessed a decline in CO2 levels from 2005 to the present, interaction between natural gas prices and wind generation is im- with the majority of this decline attributable to the electricity sec- portant in most regions of the US, and led to a greater reduction tor, despite relatively flat electricity demand over this time period. in coal-fired generation and emissions than would be explained As such, the shift out of coal towards and wind and gas looks to be by either factor alone. In other words, the large increase in wind driving a large portion of the decline in US CO2 emissions. generation from 2008 to 2013 led to more coal-to-gas switching, while the large decline in natural gas prices from 2008 to 2013 Furthermore, the interaction between wind, gas, and coal is a led wind to offset more coal-fired generation and emissions. complex relationship based on generation costs, demand levels, and intermittency issues. Understanding these relationships is a Our findings have substantial policy implications. New carbon pressing need, as policies such as renewable portfolio standards intensity standards proposed at the federal level will implicitly and potential greenhouse gas pricing (in addition to market place a price on carbon emissions, while renewable portfolio factors such as fracking and natural gas export) suggest that the electricity sector will continue to evolve in dramatic ways over Continued on page 4 colorado.edu/economics Department of Economics 2015 | 3 Alumnus Profile

a graduate student advisor, Neumann models herself after her Rebecca Neumann own dissertation committee, striving to be helpful, supportive, and appropriately critical to enable students to transition from Rebecca Neumann (PhD 2000) is an graduate students to successful and independent researchers. associate professor of economics at the University of Wisconsin Milwaukee. Recently Professor Neumann has become passionate about Professor Neumann grew up in the conducting research and teaching on personal finance and mountains above Boulder and received financial literacy. At UMW she developed a short course on an undergraduate degree at Bond personal finance that provides students the basics of personal University in Queensland, Australia. finance. Additionally, she recently joined the Board of Directors After earning her BA, she enrolled for the nonprofit Make a Difference–Wisconsin. The nonprofit’s in the PhD finance program at the University of Arizona but mission is “to provide financial literacy programs and resources found she missed Boulder and the mountains. With an MS in that empower students to make sound financial decisions. Our finance Neumann returned to Boulder setting her sights on a vision is to build strong communities where students and their PhD in economics. She has very fond memories of her time in families make informed financial decisions and take control of the CU graduate program and especially those she worked with. their financial future.” Through Make a Difference Neumann Neumann became very close friends with many of her graduate works with junior/senior high school students and college stu- school classmates and these friendships have stood the test of dents. Many of the students she teaches have little or no under- time. Neumann feels blessed to have had such a thoughtful and standing of the concept of using a bank as opposed to going to hard working dissertation committee. In addition to her close a check-cashing store. Her work at Make a Difference has given work with her dissertation advisor Professor Martin Boileau, her a whole new perspective on the need for financial literacy Neumann benefited from the advice and insights provided by training and research. Professor Robert McNown regarding methodology/econometrics and Professor Keith Maskus for “keeping her honest in writing.” Professor Neumann lives in Milwaukee with her wife, Tina Kreitlow, and their children Chas, age 4, and Anaya, age 3. Both Armed with a very strong dissertation in macroeconomics and Chas and Anaya were adopted through the foster care program international finance, Neumann went straight to the economics in Milwaukee. In addition to being blessed by two wonder- PhD job market in 2000 and landed an assistant professorship ful children, Rebecca and Tina’s work as foster parents in at the University of Wisconsin Milwaukee (UWM). At CU, Milwaukee opened their eyes to problems of poverty and racial Neumann was an outstanding graduate part-time instructor, disparities in their community. In response to their experiences, winning the Stanford Calderwood Teaching Excellence Award they both work as advocates for and counselors to community for graduate students. She continued her streak in teaching members who struggle to leave the circle of poverty. excellence at UWM and also established a successful research program. In 2008 she earned tenure at UWM and was pro- While Professor Neumann is happy with her colleagues and moted to associate professor. Professor Neumann loves teach- students at UWM, she is concerned about the future of public ing undergraduate students at the upper-division level because higher education in Wisconsin and the US in general. Recently these classes allow students to apply the core principles they the University of Wisconsin system faced dramatic budget cuts studied earlier in the major. UWM has many non-traditional and Wisconsin’s elected officials passed legislation to redefine students who must work their way through college. Neumann the system’s mission, eliminate many tenure protections, and feels extremely rewarded when students come to her to discuss eliminate shared governance (faculty and administration) rules. continuing on to graduate school having developed skills and According to Neumann these changes have lowered morale in confidence through success in her class. Professor Neumann one of the nation’s premier public education systems. Professor is a very active PhD advisor at UWM with recent PhD student Neumann worries that if this trend spreads across the country, placements as assistant professors at St. Lawrence University, the US will lose one of its greatest competitive advantages, the the University of Oklahoma, and the University of Malaysia. As best publicly available higher education system in the world. ■

Coal, Gas, and Wind and emission from increasing renewable portfolio standards Continued from page 3 would be even greater if carbon pricing is implemented. ■ standards passed by states continue to grow in stringency. The About the author: existence of the interaction effect between wind and gas implies Associate Professor Daniel Kaffine of the Department of that implicit carbon pricing under a carbon intensity standard Economics has research interests in the impacts of renew- able energy policies; links between energy and environmental would lead to more coal-to-gas switching if wind generation policy and transportation markets; property rights and natural continues to grow. Similarly, the impact on coal-fired generation resource use.

4 | Department of Economics 2015 colorado.edu/economics Long-term Effects of Conditional Cash Transfers

By Tania Barham

urbing the transfer of poverty from one generation to the CCTs. My research in this area highlights that the Mexican CCT Cnext is challenging. The disadvantages of being from a poor reduced infant mortality by 11 percent, and that the program’s family starts when a child is in-utero, where a child’s nutrition conditionality that all household members receive regular health and development is affected by their mother’s nutrition, health, care check ups helped reduce the elderly mortality rate. Cost- and education. A family’s poverty can continue to affect a young benefit analysis based on the reduction in infant mortality alone child’s cognitive development through many channels includ- justified the Mexican CCT program. ing poor health and nutrition, poor parental knowledge of child development, family instability, and lack of resources. These While research shows CCTs were successful in the short-term, problems are compounded when the child is school age as the little is known about the longer-term effects of the program on child is more likely to drop out of school early. learning in school and later labor market outcomes. The question of whether kids who completed more grades in school actually In an effort to help alleviate poverty and reduce the intergen- learned more is unfortunately a salient one in many of these erational transfer of poverty a new type of welfare program was countries as the quality of school is low, kids go hungry to school, introduced in Latin America in the late 1990s, Conditional Cash and in some countries teachers teach to the top of the class. Transfer Programs (CCTs). These programs give regular cash payments to poor families conditional upon the families engaging To help determine the longer-term effects of CCTs, my co-authors in behaviors designed to improve the health, nutritional and/or and I developed and fielded a survey in Nicaragua between 2009 educational status of family members. For example, the cash pay- and 2011 to examine the effects of the Nicaragua CCT program 10 ments may be conditional on every family member receiving reg- years after the start of the program. The survey was funded by the ular preventive health care check-ups and their children enrolling National Science Foundation, the Inter-American Development in school and attending regularly. The cash transfers reduce short- Bank, and the International Initiative for Impact Evaluation. We term poverty by increasing a family’s income, while the aim of collected data on over 30,000 people in the original treatment and the conditionalities is to build the human capital of the children. control communities, and did extensive achievement and cogni- Economic theory posits that these programs will provide children tive testing on people below the age of 23 in the survey. Many of with the skills to bring themselves out of poverty as an adult. The the original program recipients in these areas had migrated, so first large-scale CCT program, Progresa/Oportunidades, started significant effort was put into finding migrants in Nicaragua and in Mexico in 1997. The initial success in Mexico inspired similar Costa Rica. programs, and CCTs are now been implemented in more than 30 low- and middle-income countries, and even in New York City. We are still refining the analysis, but the findings so far point to some important program effects. Since the original control group To understanding the effects of this rapidly growing welfare eventually received the CCT program, our results are likely to be program, governments piloted the CCTs in their countries before under-estimates of the full effect of the program. We find that scaling up the program. Many of the pilot programs also includ- boys who were 9 to 12 at the start of the program and at risk of ed rigorous evaluations. Much like a randomized controlled drug dropping out of school, did learn more. Testing them 10 years trail, the evaluations required the use of randomized assignment after the start of the program when they were between the ages to determine which communities would receive the program of 19 and 22, the children from the original treatment group’s first (i.e. be the treatment group) and which would be the control test scores on math and Spanish were still between 0.2 and 0.3 communities. In some cases there was also extensive pre- and standard deviations higher than the original control group. This post intervention data collection. The control communities were same group of boys in the original treatment communities also usually phased-in at a later date after the success of the program earned 10-30 percent more per month worked. This is particular- was determined. ly impressive, as good jobs are not easy to come by in Nicaragua. Indeed, it appears these young men temporarily migrated to find Short-term evidence points to the success of these programs on better paying agricultural jobs both within Nicaragua and in improving health, nutrition, and grades completed as a result of Continued on page 6 colorado.edu/economics Department of Economics 2015 | 5 Alumnus Profile

of Environmental Economics and George R. Roberts Fellow at Mary Evans Claremont McKenna College, a position she holds today.

Professor Mary Evans (PhD 2001) came At Claremont, Evans describes teaching Claremont McKenna to the CU Economics graduate program students as “infinitely rewarding. Their constant enthusiasm after graduating from James Madison and curiosity challenges me to continually find ways of im- University as the outstanding economics proving myself as a teacher.” On the research front, Evans gets BA graduate of 1997. After completing particular intellectual satisfaction conducting research that has PhD core training, Evans quickly took the potential to influence environmental policy either locally or to research in environmental economics nationally. Her most exciting current work analyzes the relation- working under the guidance of her advi- ship between environmental regulatory compliance and regula- sor, Professor Nicholas Flores. Her research as a graduate student tory enforcement. In one project Evans uses a relatively new US caught the attention of Professor V. Kerry Smith, one of the profes- Environmental Protection Agency (US EPA) data set that enables sion’s most distinguished environmental and resource economists. her to separately measure how compliance is affected by tradi- Professor Smith offered Evans a two-year postdoctoral fellowship tional enforcement, where the US EPA measures and records in the Center for Environmental and Resource Economic Policy pollution, and non-traditional enforcement where this informa- at North Carolina State University. Normally, economics PhD tion is later made publicly available at the facility level. She finds graduates go to the academic job market to seek a permanent posi- both forms of enforcement significantly increase compliance. As tion. However, recognizing the unique opportunity to work with indicators of research success, Evans was appointed to the US Professor Smith, Evans seized the opportunity and together they EPA’s Science Advisory Board in 2012 and she also serves in edi- began a long and highly productive research collaboration. When torial positions at the Journal of the Association of Environmental queried about highlights in her training at CU, Evans notes that and Resource Economists and the Journal of Economic Behavior in looking back, perhaps the most valuable skill she acquired from and Organization. CU faculty and the dissertation process was learning to adapt. In her dissertation research, Evans had to build skills far beyond nor- Away from work, Professor Evans enjoys spending time in sunny mal PhD core work to address specific research questions. In order Los Angeles with her husband, J.R. DeShazo (also an economist), to keep on the cutting edge of research, Evans has continued this her 15-year-old stepdaughter, Abigail, her 3-year-old son, Quinn, pattern, constantly adapting by acquiring new skills. and their 10-year-old dog, Lucas. But at times Professor Evans thinks back to Boulder and remembers early morning arrivals In 2003, Evans became an assistant professor of economics at the at her office in one of the Economics building towers and seeing University of Tennessee. Professor Evans thrived at Tennessee and her friend and office mate Jennifer Thacher (PhD 2003) who had was promoted to associate professor in 2009. While she enjoyed her arrived even earlier. Evans, “I loved that quiet time of day, enjoy- time in Knoxville, Evans decided to head west to the Los Angeles ing the smell and taste of a cup of coffee while hearing the rest of area and in the fall of 2009 she became an associate professor campus and the hill start to come alive. I didn’t appreciate at the at Claremont McKenna College in Claremont. In 2010 she be- time how rare it is to have a time in your life when you have few re- came the Jerrine and Thomas Mitchell ’66 Associate Professor sponsibilities other than to learn and apply what you’ve learned.” ■

CCT programs are still relatively young, and more research of Long-term Effects the early CCT programs are needed to determine the longer-term Continued from page 5 effects of such programs. Results from Nicaragua are exciting neighboring Costa Rica. We also find that girls in the original and point to the possible longer-term effects of these innovative treatment areas learned more. programs. Nicaragua is a poor country and had low levels of edu- cation prior to the start of the program; kids were not completing We also examined the effects of receiving the CCT while a child grade 4. It will be interesting to see if research finds similar posi- was in-utero and for the first two years of their life in the original tive effect in countries that are better off to start.■ treatment areas, compared to receiving the program after age 2 in About the author: the original control area. We find that at age 10, boys exposed to Associate Professor Tania Barham of the Department of the CCT during their first 2 years of life have better cognitive out- Economics has research interests in investigating the impacts of comes, but are not taller than those who received the intervention conditional cash transfers on various child health and educational after the age of 2. The original treatment group boys are no taller outcomes in Mexico, Nicaragua, and Yemen, determining the long- term effects of family planning and early child health interventions because the boys in the original control communities caught up on cognitive development of older children and adolescents, using a randomized in height when they received the program after the age of 2. This experiment in Yemen to test the unitary model of the household and to determine has important policy implications as it shows that intervening if expenditure patterns differ depending on if money in the hands of men versus early in life is important for cognitive development of children. women, exploring the effect of electification on poverty in Brazil.

6 | Department of Economics 2015 colorado.edu/economics A Passion for Solving the Climate Change Problem

Photograph by Robert Castellino

CU economics alumnus Robert Castellino (BA 1985) has a pas- ing rapid prototyping, a technique applied in manufacturing and sion for mountain adventure that led him into all of Colorado’s high tech development. A recent high-profile application of rapid mountain regions over the past forty years. As a professional prototyping is the development of Google Glass led by Tom Chi. photographer, Castellino shared inspirational vistas by publishing Rapid prototyping applied to the climate challenge required Sum- notable photography books on Colorado: Boulder: Heart & Soul– mit teams to articulate a concrete plan for meeting the climate People & Place (1998), Colorado: Heart & Soul (1999), Denver: challenge within an hour then revisit and revise the plan in rapid Gateway to the Rockies (2001), Colorado Roadside Photography succession resulting in a prototype plan. According to Tom Chi, Guide (2002), and Boulder: Yesterday and Today–A Photographic rapid prototyping induces people to partake in what he refers to Retrospective (2006). With so much mountain experience and as expansive learning–learning done on behalf of humanity that given his keen eye as a photographer, Castellino noticed changes has the potential to discover new possibilities in a short time. The occurring to the places he loves. He observed the retreat of rapid march using only immediately available information forces mountain glaciers in the Indian Peaks Wilderness Area and the people to think independently and outside of the box. Colorado Maroon Bells followed by the invasion of Colorado’s forests by Climate Summit participants were very pleased with their rapid the mountain pine beetle. Pine beetle infestation and drought prototyping experience and walked away feeling empowered and have devastated tracts of forest in the San Juan Mountains, one of engaged as a community committed to making the change they his favorite areas. As a lover of nature, Castellino became aware envisioned together. of the problem of human-induced climate change, a problem sci- ence links to the changes he was observing. Most recently Climate Colorado created a new program, Schools to Zero for K-8 and high school students. The kickoff event hap- Unsettled by these observations, Castellino decided to make a pened in October of 2015 with the STEM Magnet Lab School difference. He put together photographic presentations to edu- Climate Challenge Summit. The Summit engaged third and cate people about rapid changes occurring right here in Colo- eighth grade students with a climate challenge for their school rado. His presentations stressed that climate change is not some building to achieve net zero emissions, zero waste, and reduce future generation’s problem, but a problem facing Coloradans water by one half in five years. Using the same rapid prototyping today. Renewable energy innovations and economic analysis principals and guidelines the event was moderated by school fac- were also central to his presentations as solutions people can ulty and Climate Colorado’s professionally trained team of rapid implement on their own. His presentations were well received prototyping specialists. Students came up with plans for meeting by CU classes, business groups, and civic groups, leading him to the climate challenge while school district administrators and think of bigger ways to educate and equip people with the means board members observed. The Summit not only engaged stu- to make a difference. To this end Castellino founded the non- dents in the climate change problem, but also gave them a voice profit Climate Colorado (Climatecolorado.org) in 2014 with a in the redesign of their school building that is being planned now vision of approaching the global climate change problem as a lo- that remodeling funds are available. cal problem that people can work together toward solving. Under Castellino’s leadership, Climate Colorado implemented several Castellino’s efforts as the CEO of Climate Colorado are attract- new and exciting programs with more on the way. ing attention. Climate Colorado has been endorsed by a long list of other nonprofit organizations and Castellino has been In November of 2014, Climate Colorado created the Colorado invited to address Colorado State officials, delivered testimony Climate Summit on the CU Campus. The Summit brought to the US EPA on the Clean Power Plan, and given a talk at together experts on renewable energy, electric utilities, and trans- TEDxVail. Castellino’s love of the backcountry and desire to portation along with interested students and citizens. In addition preserve it led him down a path he had not foreseen. His mantra to expert talks, there were moderated brainstorming sessions is making a difference one person at a time, one school at a time, for responding to the challenge of achieving net zero carbon one city at a time so that together the climate change problem emissions in energy production by 2020. Participants were led can be resolved. ■ through a planning and design process for meeting this goal us- colorado.edu/economics Department of Economics 2015 | 7 DEPARTMENT OF ECONOMICS 2012-13 Graduates Doctor of Philosophy Luis Fernando Castro Penarrieta Randall Scott Hiller Catherine Massey Soojae Moon Jieun Chang Joyce Chia-Heng Loh Christopher Ryan McMahan Kyungsoo Oh Master of Arts Patrick Gourley Gregory Madonia Joseph Vavrus Mariesa Ho Eric Osborne-Christenson Xin Wang Timothy Bywater Larsen Se Mi Park Nan Xu Seamus Xiaoyang Li Eric Penner Tianxiao Zheng Kristina Sargent Bachelor of Arts Christopher Robert Aarvig Jake Patrick Bradley Jose Jorge Federic Christopher Julian Grain Andrew Paul Koller Ahmad Frank Abderrahim William W. Braun Deman Garcia Nicholas Thomas Gray Garrett Kramer Sean Christopher Kevin John Breen Timothy Mark Demus Samuel William Gray Laura Marie Kraus cum laude Abramson Walton Barnes Brown Alison Janelle Grove John Hayden La Rue III Michael Thomas Destito Cecilia N. Achuka Jonathan Michael Bruno Brendon Stewart Guichet Scott Martin Lagana Mark Anthony Diaz Nathan Lee Adams Nathan Bruno Jing Guo Brendon Westley Larson Michael Mark Domanico Ross John Adams Brandon Carrigan Buse David Mark Hackworthy Perry Vance Latimer Ryan Russell Donnel Hasan Ayel Al Ahbabi Conner O’Dell Buttermore Ilir Hajdari Alexander Michael Michael Dopp Rami Ahmad Al Zamel Justin Ray Cahoon Sean Michael Hall Lauderbaugh Angela Christine Dowdy magna cum laude Jon Andre Alanis Ryan Joseph Campagnola Thomas Edward Hammer Sean Patrick Driscoll Sean Michael Layden Zachary Ziad J. Alaywan Jonathan Winston Matthew James Hammett Stephanie Eaton John Lee Matthew Graham Allen Campbell Kristie (Jimin) Han Matthew Joseph Elmer Paul William LeNeveu Benjamin Matthew Nicholas Stephen Caron Tyler William Harch Ambrose Nico Salvatore Enea Daniel Leon Levine Christian Del James R. Harmoush Kristopher James Amstutz Carpio-Thomas Edward Richard Ericson Kenneth Allan Lewis, Jr. Hailey Anne Harrington Trent William Anderson Jordan M. Cevaal Andrew Gardner Evans Zishen Li Scott Michael Hausmann Yu-Chun Chen Stuart Brent Eynon with distinction Aaron Michael Aragon Brice Alton Heller Jeffrey Michael Austin Kenneth Faroni Derik Andrew Linch Garrett Lee Aschermann Walker Hill Chmielewski Eliott James Farquharson Nicholas Thor Lind Brian Gregory Ash Hugi Hilmisson with distinction Hunseok Choi Yazan Fattaleh Hamid Reza Ashtiani Kronan Burns Hoffman Erika Dane Lohmann Adam Samuel Ciesielski Edward Jorge Fernandez Frederic Vincent Askham Christine Elizabeth Benny Lu Trevor Joseph Clayton Stephen Edward Feuerstein Daniela Alejandra Holloway Jack Geyao Lu Avendano John Francis Cody IV Michael Patrick Field Joshua Richard Hosch Zachary C. Lyon Andrew Thomas Barnes Joseph Michael Conboy Nicholas Donald Finch Connor Hoy Robert John Macauley II Zachary Dain Barone Alexander Gillen Cossoff Cassie Reyna Finer Michael Benjamin Isaacson Thomas James MacPherson Alex Charles Baumgart William Bartley Cox magna cum laude David Jonathan Jaffe William Alexander Samuel Austin Creamer Nina Rene Fiorillo Andrew Brian Beach Laura Ospino Jaramillo Madden Adam James Cribari Alexander Wynne Fisher Caleb Myer Benson Timothy Evan Jenkins Allison Leigh Madigan Nadia Gabriela Florez Evin V. Berg Danielle Rebecca Croft Biying Jiang Tatyana Malinina Max Cooksey Forster Elliott Berger Jennifer Lauren Csaszar Alexandra Mae Kahn Christopher Marshall Wesley Edwin Foudriat Alexander William Bieker Spencer Bradford Cuiper Vasilena Vasileva Keith David Martinez Samuel Bay Binder Stephanie Renee Curry Margaret Elysia Fox Karaivanova Alexander James Martini Tyler Colton Jonathan Clark Cutler Charles Shelby Frank Zachary Alexandar Karr Mae Takiko Matsuura Bodine-Smith Alexander Mark Czernik Lauren Rachel Fredrick Taylor Michael Ryan Michael Matzen with distinction Sean Patrick Daley Hayden Scott Fries Keddington summa cum laude Tyler Andrew McBride Christian Dalsgaard Yang Gao William Peter Kelley Dominic Edward Boggeri Devin George McCafferty Meaghan Lilja Darvin David Harris Gardner Dana Alan Kennedy Vivienne A. Born Will Grant McCaskill Alexander Frederick Kilen with distinction Jessica Davidoff Conner Pius Gertje Lauren McDavid Diana Kimberly Kim Douglas Steven Bosswick Clifford Arlen Davis II Kyle David Gillette Thomas Alexander McKee George Edward Kinsella III Richard Daniel Boyd Hayley Rae Davis Timothy Paul Gleason Jeffrey Allan McKinnon, Jr. with distinction Dailey Alexander Kluck Michael Richard Boylan Shelby Lynn Goldenberg Corbin E. McNutt

8 | Department of Economics 2015 colorado.edu/economics Michael James Merwin John Posada William Russell Serne, Jr. Kenny Neal Szulczewski Xiaoxiao Wang Zachariah Montana Milby Taylor Chris Preusch Kevin McGraw Sexton Lindsey Kathryn Tagen Ye Wang with distinction Jean Maurice Provosty Tyler James Sharkin Casey Culpepper Talley Daniel Copell Watson Kelly Anne Miller Greg Matthew Pruett David James Sheehan Nutthavuth Tamang Peter Holm Webermeier magna cum laude Fabian Lucas Ptok Pasang Sherpa magna cum laude Lucas Bernard Webster Christian Albers Milleville Ariel Grace Froelich Raehn Jaron Simpson Matthew David Terral Rachel Jessica Werner Martin Ignacio Minondo Nicolaus Francis Ramos Grace Catherine Skelly Benjamin William Te Selle Madeline Elizabeth Wheeler Jordan Thomas Monson Othman Refai Dustin Lynn Slagle Saugat Kumar Thapa with distinction Bryce Kazuo Tottori Alianna Marie Williams Lindsay Ann Mullineaux Michael Albert Reid Jonas Taylor Smead Michael Ryan Tower Tyler James Wilson Carl Robert Newman Anna Riba Kristi Twilleger Merrill Wing Scott David Nobles Andrew Richter Anthony R. Smith Jake Thomas Tyson Michael Harold Wood Justin James O’Donnell Zachary Ryan Ricketts Jacob Smith Zac Joseph Riera Lloyd Douglas Snider II Leonid V. Vaisberg Christopher Michael Nikko Coen Okamoto Woolman Brandon Michael Rizzo Ryan Gregory Snyder Courtney Nicole Vanier Philip Robert Olson George Forrest Mark Kenneth Laura Ospina Jaramillo Brian Stephen Robles James Edward Sober III Wortham IV Brandon Rochelle Velemirovich Eileen Elizabeth O’Toole Kyle Robert Stafford with distinction Logan P. Wright Alexander George Jazmin Pando Chacon Julia Staines Kohlman Stock Verheyen Changhao Wu Rodriguez with distinction Nicholas Harrison Parker Meghan Malloy Stearns Dustin Alexander Vile Roxanne Leigh Ross Wanqing Xiang Tyler James Paschke Willy Edward Stewart III Henry Kilmer Von Storch Eric Randolph Rosswog Justin Micheal Yates Katie Jill Patterson with distinction Joshua Michael Wainer Megan Rustigian Chi Zhang Taylor John Paules Patrick Acadia Stokes Thomas Bennett Jordan David Saffold Jamie Perse Brayden Anthony Stolfe Waldschmidt Jin Zhang Elliot Louis Sachs Laura Faye Peters Molly Ann Streff Thomas Darryl Walton Cheng Zheng Vincent Craig Santiago with distinction Hunter Lot Phillips Ryan Blake Streit Yuanxin Zhuge Jeff Sarceno Eugene Wan with distinction Ryan Andrew Phillips with distinction William Ryan Scheffler with distinction David John Zippie Joshua Philip Picker Katherine Theresa Rachael Marie Schroeder Strickland Jay Wang Justin William Zuckerman Benjamin Asher Jingyi Wang Pomarantz Bradley Page Seamans Collin Joseph Sullivan 2013-14 Graduates Doctor of Philosophy Maryam Kabiri Sheena Lynn Murray Steven Michael Smith Priti Kalsi Molly Christine Podolefsky Un Jung Whang Ross William Knippenberg Yuchen Shao Kenton Richard White Master of Arts Nathan Adkins Mark Goldfarb Amit Patel Patrick Turner Alexander Cauley Alexander Hill Richard Peterson Matthew Vance Bentley Clinton Alex Kormendi William Ridley Sihong Xie Daniel Diebel Tyler Mangin Joshua Schabla Eric Werfel Bachelor of Arts Fredric Michael Abood Aaron William Barlow Martha Teferi Berhane Thomas Dylan Brackett Nicholas John Catalano George Athos Adamson Stanley Sroufe Barnes Ross Lucien Berger Sean Michael Brading Heather Simone Cerna Bryan Yuuki Albaugh Katharine Danielle Samuel William Bican Brendan Scott Bradley Jordan M. Cevaal Samuel Jonathan Alschuler Baroway Nicholas Mann Biehl Matthew Ernest Brand Kiefer James Chapman Kyle Alan Ambler Kristina Alexys Barry James Francis Connor Breitbach Yao Yao Chen Bradley Anderson Deborah Hallinan Batson Blackburn IV Kelly Elizabeth Brown Aubre Vasili Chevalier- Kousiotas John Frederick Anderson Justin Michael Baughn Adam Michael Blank William Windisch Brown Tiyana Clark Graham Edward Annett Lauren LeeAnn Beegle Austin Jake Blodgett Justin Ray Cahoon with distinction Chase Coale Jalen Luis Aquino Tyler Colton Bodine-Smith Austin Douglas Cannell Robert Glenn Begani with distinction Carlos Adolfo Cantor Tyler Alan Collins Gina Elizabeth Armijo with distinction Samuel Philipp Bell Ronald Alexander Victor Alan Casebolt II Kevin Harrison Comstock Bornsztein Jason Assaf Samuel Enrique Belloso Devin Jay Castor Abbigale Cook Targa Matthew Watkins Boss Jaylen Devaughn Baca Joshua Michael John Christopher Michael Jordan Harris Benudiz Malcolm Graham Catalano Coviello Timothy Sanders Baird Bourne IV summa cum laude colorado.edu/economics Department of Economics 2015 | 9 Julia Elisabeth Creighton Wade Tatsuo Hirokawa David Daniel Lowery Fabian Lucas Ptok Chen Cui Alexander John Hiser Nicholas Arthur Lubell Stephanie Nicole Pyne Micah Clayton Current Daniel John Hittler Ke Ma Chase Curtis Quigley Kevin Scott Dageforde Quinn B. Hood Dane Thomas Mailhiot Matthew James Quinn with distinction Nathaniel Cody Houston Brian James Main Nicolaus Francis Ramos magna cum laude Connor Hoy Joelle Marie Makuta Michael Albert Reid Gregory Colin Dagger Huan Hu Alphonse Marcello David Marshall Retzer Rachel Kathleen DeHaan Nathan Allen Huey Zachary Peter Marchlik Anna Riba Sean Patrick Daley Harrison Charles Hunter with distinction Nicholas Simon Rice Graham Alan Davis John Malcom Hunter Ethan Victor Markovitz Lana P. Rimboym Samuel Greene Davis Piper Jackson-Sevy Marcus Alexander Martinez Mitchel Ryan Rivard Gabriel Adam Davison with distinction Christopher James Matchett Parker Hayden Robbins Mark Anthony Diaz Ross Davis Jackson Alexander Flynn McBroom Jorge Robles Philip Doetsch John David Jaen Devin George McCafferty Nicholas Fredrick Russo Zacki Ullah Ebadi Dylan Austin Johnson Connor Patrick McCall Daniel Sean Ryan Madeline Rene Eckles Riley Matthew Jones Conor Robert Liam McCarthy Hassan Alan Safieddine Grant Vaughn Ehrick Taylor Ryan Jung Michael Eugene McCluskey Joseph C. Saling Daniel Andrew Eichholz Adam Trent Kager Richard George McKinney Miran Ayman Salloum Nicholas Anton Eichler Mitchell Aaron Kahl Jeffrey Allen McKinnon Jr. Matthew Mogan Sanders Christian Michael Elliott Nicholas A. Kanner Robert Normand McManus Marisa Rae Sandoval Ethan Samuel Elliott Zachary Alexandar Karr Kyle Kenneth McMillan Raili Larsson Schilling David A. Esposito William Peter Kelley Jeff David McMillan Edward Robert Schmitt with distinction James Blair Eulenstein Dana Allen Kennedy Dana Elizabeth Schnee Dillon John McNamara Robert L. Fay Madison Paige Kiani Giorgianna Seibt Zachary Noah Feldstein Sang Kim Edward Adkins McNichols Riley Seidel JonPaul William Ferzacca Weston Scott Kim Max Henry Meints James Carl Seifert Nina Rene Fiorillo Robert Gregory Kimball David Zachary Mendelsberg David James Sheehan Austin Fitzgerald Fisher Robyn Taylor Knapp Josephine D. Merklein William Russell Serne, Jr. Carley Anne Flynn Morten J. Knobbe Alexa Mersman Jie Shen Morgan Katherine Flynn Evan P. Koehn Daniel Ralsey Miller V Daniel Adam Sherman with distinction Brian Raymond Konsiky Davina Mayela Miller Kevin Gordon Sherman Crawford Noel Follett Jeffrey David Miller Ivan A. Konvalin Veronica Shim Max Cooksey Forster Julie Elise Bow Miller Natasha Elaine Kosik John Mark Silhavy Jr. Herbert Oliver Funsten IV with distinction Sherman Ralsey Miller Alexander James Shogan Douglas Edward Gabbard Tyler Edwin Korenblat Nicholas Alexander Mohr Paul Andrew Siyu Gao Laura Marie Kraus Sean Michael Moser Simpson-Johnson Andrew Michael Gartland Tyler Joseph Krieger Jonathan Joseph Moyes Alexandra Elizabeth Skewes-Cox Nicolas Paul Gavora Patrycja Danuta Krystman Phu Nguyen Ryan Michael Small Yemane Gebremeskel Trevor Philip Laborde Thy Hue Nguyen Daniel Murphy Smith Ian Anthony Gibbs Ian Scott Langer Mackenzie Spencer Nichols Matthew Robert Smith Geoff Paul Gilbert with distinction Matt William Nippes Samuel Allen Smith Monica Anne Glicken John William Lanz Christopher J. Nizich with distinction Christian Julian Grain Thomas James Laugeni Alec Nyberg magna cum laude Michael Andrew Gold Michael J. Lawrence Nikko Coen Okamoto Trenton Wade Smith Gabriel Leslie Gomez Nora Rachel Leccese Chi Pan Ryan Gregory Snyder Juan Antonio Garcia-Gonzalez David Sungkun Lee Andrew Harrison Pappas Guanxiong Song Grant Jonah Gordon Samantha Marie Lee Ilho Park Sara Song Jessica Erin Graebel with distinction Alexandra Lynne Parker Alexander Stauter Brendon Stewart Guichet Joshua Samuel Leftin Harry Sherman Pascarella Chad Michael Strong Dillon J. Guidice Peter Alexander Lemieux summa cum laude Richard Stubblefield Eduardo Gutierrez Michael Joseph Lescanic Heather Leigh Patterson Gregory Douglas Stula Matthew Stuart Gutkowski Paige Nicholle Leuschner Jillian May Peacher Wanyu Sun with distinction Sterling Chandler Perkins Alyssa Lauren Sunoo Conor Jeffrey Hansen cum laude David James Perry Nicholas Scott Szelog Philip Cooper Harlan Meijia Li Rachel Peterson Elizabeth Ashley Szoke Bardia Eliot Harsini Xinran Li Joshua Picker Benjamin William Te Selle Ross Daniel Hastings Yang Li Robert Sean Pollard William Daniel Hauptman Michael Andrew Linneman John Terrien with distinction Dylan Anders Porter Louis Lish Soon-Guan Ti magna cum laude Tyler Lee Priest Parker West Livingston Nicholas Tolley Jiaji He Jean Maurice Provosty Jennifer Lobue Matthew Evans Tram Brice Alton Heller Joshua Michael Pruitt Jesse Camille Tuell

10 | Department| Department of Economicsof Economics 2015 2015 colorado.edu/economics Jami Sue Tuzzeo Matthew H. Waters Brennan Matthew Wolf David Brian Yoshida David John Vaughan III Jeffrey David Watson Christina Elizabeth Wright Kaiwen Yu Delilah Rose Vigil Brian Jacob Weinstein Logan Patrick Wright Jianpeng Zhang Jonathan Matthew Volfson Kevin Wendt Cheng Wu Xiezhou Zhang Thomas Bennett Waldschmidt Jonathan Robert Wezner with distinction Xuefei Zhang Lexi Nicole Walega Eric Wienrich Jingyin Xia Cheng Zheng Anna Therese Walters Cole Harrington Williams Xinyan Xie Yi Zheng Alisha Eleanor Walton Evan Michael Williams Fangzhong Xu Michael Hahn Zoppa Tracy Waithera Wanjiru with distinction Shuo Yang with distinction Alexander Phillip Ward Christian Akira Wilson Cebrail Yasar Yavuz with distinction Calvin Andersen Ward Matthew Colin Wilson 2014-15 Graduates Doctor of Philosophy Yucheng Ding Xin Geng Edward Lawrence Kosack Jose Ivan Rodriguez Austin Crowley Smith Zachary Lee Feldman Gisella Anne Kagy Na Kyeong Lee Sanchez Zachary Alexander Ward Dustin Dale Frye Jongheuk Kim Sooyoung Lee Paulo Quinderé Saraiva Weisi Xie Master of Arts Javier Andres Santiago Matthew Ridge Butner Hoyn Kim Doyoung Park Brandon Michael Spears Scot Beattie Mallory Joan Keeler Samara Virginia Mendez April Christine Ross Li Yao Bachelor of Arts Joshua Ryan Adams Adam Christopher Stephen Macken Collins Derik Thomas Fabrizio Mikhael Maximiliano Bryan Yuuki Albaugh Boggeri Cody James Columna Nicholas Peter Fallon Gustin Faris Al-Jassim Mac David Bolling Erik Nicholas Comer Austin K. Faroni James Hafer Ahmed Alkendi Bryan Richard Bonack Dylan Byrne Connolly Victoria Ferguson Michael Halax Liynah Ayman Alkhadhra Sidney William Grant Christopher S. Conrad Alberto Ernesto Stephen Fredric Harman Bonser Zohair Jawad Al-Sharshani Marchant Cottingham Fernandini Bardia Eliot Harsini Jacob Ethan Bornstein Bradley Anderson Christopher Michael Anthony D. Ferrufino Morgan Christi Harris Cameron Fabin Botts Christopher Doukas Coviello JonPaul William Ferzacca Peter James Hawkes Anderson Paolo Steffey Bouchard William Elias Cox Nine Rene Fiorillo Dwayne Haynes David James Anderson Thomas Dylan Brackett William Crimmins Loren Franklin Jie He magna cum laude Lauren Rogge Bratschun Rhett Doss Cross Ellen Mary Franks Sheng He John Frederick Anderson John Thomas Brewer Grazina Dagyte Calvin Frauenfelder Jacob Ryan Henston Trent William Anderson Bailey Barton Bulls Christopher James Bayley Fuller Charles William Heskett Isaac Jaymes Andresky Carlye Anne Burke D’Ambrosio Herbert Oliver Funsten IV Alexander John Hiser Aidar Aralbayev Davin Burke-Reinhart Olivia Porter Daniels Douglas Edward Gabbard Scott Brown Hodges Sebastian Arango Amy L. Burnett Clayton Hunter Davis Carl Bacharach Ganz Christopher Tyler Holston magna cum laude Bradley D. Arnold Taylor Mary Davis Siyu Gao James Hopkins Alexander Audi Frances Ann Butler David Scott DeCamp summa cum laude Cary Garfinkel Molly Jill Horowitz Thomas Bruce Augason Marissa Lauren DeFeyter John Webster Butler II William Henry Garvey Kevin Barry Howes Christopher Mark Baines Ryan Joshua De La Vega Brandon James Calano Andrew Thomas Patrick Daniel Intolubbe-Chmil Cory Balk with distinction Kathleen Allison Gendron cum laude Deptowicz Alexander Herrick Barber Anthony Campolo Michael David Gilman Seth Daniel Ivanoff Haley Elaine DeRudder Charles Claude Henry Marissa Wilson Cannady Ryan Robert Ginter Gookjin Jeong Barkmeier McKayla Inez Dolan with distinction Hunter Jensen Carmichael Christopher Shields Avery Michael Benge Benjamin B. Donegan Gluckman Jake Erik Jeronimus Cole Alexander Carslon Cody Jess Bennett Travis James Dowdy Gabriel Leslie Gomez with distinction Kelsey Anne Carpenter Tyler Dale Bentley Hayley Katharine Dunn Cory Nicholas Goode Walker Phillip Jezek Maxwell Caudle Martin Berg James Ainsworth Dupar summa cum laude Yuwei Jiang Lok Hin Chan Ru Bi Zacki Ullah Ebadi Samuel Goodnight Lea Mackenzie Johnson Bryant Chen Lingyu Bian Victoria Leisy Eberlein Jake Aaron Goodstein Tesha Johnstun Cameron Chittick Bo Christian Birkeland Scott Lee Edwards Grant Jonah Gordon Max Peterman Joles Maxton Daniel Coates with distinction Jacob John Bishop David Esposito Christopher Ryan Graham Jared Nicholas Codina Christa Brittany Jones Willem Raleigh Alexandreya Taylour Travis Gruenler Bloemsma Taylor Leigh Cohen Esquibel Nuvan Ian Gunaratne Israel Nkola Kalombo colorado.edu/economics Department of Economics 2015 | 11 Ian Michael Kamlet Savannah Jane Murtha Kathryn Ann Sprague Dana Alan Kennedy Adam Benjamin Nguyen summa cum laude Alexander Roy Kent Thanh Nguyen Jonathon Royce Stevenson magna cum laude Alex Samson Nunnamaker Natalie Larke Stinson Adrian Macy Keyes Cameron Oliver O’Leary Ian Stuart Jongwan Kim John R. O’Neil Peter Von Stumm Linda Dianne Klouser Kaitlyn Neptune-Benton Claudia Jolanta Tadla John Robert Kramer Matt William Nippes Arthur Taratuta with distinction Michael Patrick O’Shea Kimberly Tarde Laura Marie Kraus La’akea Malina Ma Nicholas T. Taylor Tyler Joseph Krieger Kauanoe Pakele and Cabot David Robert Tegano Thomas Curray Kubancik Shelbey Wilson Palmer Chase D Thacker Scott Andrews Lalli Eric Andreas Pande Grant Aulik Thompson Mark Benjamin Lamb William Jacques Pannetier Nathanael Robert Thompson cum laude Marcos Alberto Peña Owen Jones Toland Thomas James Laugeni Nicole Taylor Pesuti with distinction Alexandra Brooke Silvestre Enrique Tovar D’Agostino Lawrence Stanley Mansour Peterson Nathan E. Treece Louis Christian Lazo Kimberly Katherine Petrick with distinction Steven Michael Trimboli Yiming Le Samuel Phillips Trevor LaVerne Trinkino ByungJin Lee John Anthony Prager Samantha Tara Tucker Michel Lefebvre Zhen Qian Gregory Washburn Tuthill Phillip Wesley Lemmons Yi Qu Trevor Vance Ullman Marshall John Leng Jack Christian Ramirez Axel S. Urie Kristi Leung Guiliana Marie Ranallo magna cum laude Shangqian Li Gregory Austin Randolph Anna Corrine Vallad Ethan Robert Lilly magna cum laude Matthew Christopher Reiser Michael Linscome-Hatfield Haley van Raaphorst Colton Richard Lu Liu Jonathan Grant Villaume Andrew Richtsmeier Yang Liu Nikita Voskoboynik Parker Hayden Robbins Karen Kar-Yee Lu Vivian Thanh-Hien Vu with distinction Patrick J. Rodriguez with distinction Naomi Waibel Matthew Kevin Lynch summa cum laude Trevor Wakeman Robert John Macauley II Adam Ehrich Ross Regan Anthony Walton Daniel John Maccarone Daniel James Rosson Zhongpei Wang Thomas John Magpiong with distinction Aaron James Whitaker Dane Thomas Mailhiot Alexandra Rozgonyi with distinction Ethan Victor Markovitz Alexander Bloch Rugoff Richard James White Stefano Marzano Ashleigh Sall Matthew Wholey Lindsy Caitlin Mattson Matthew Mogan Sanders Jeremy Nicholas Wicker with distinction Natalie Sawicki Michael Wilcox Ana Laura Mazan Jade Iman Scales Ryan Scott Wilding Austin James McCormick Tanner Madison Arch Schenck Alec John Wilkie Alexander Caldwell James Richard Schuetz Jamison Boyd Wilson McDonald Grant Watson Schultz Matthew Colin Wilson Michael McGirk Benjamin Searchinger Kyle Andrew Winje Robert McManus with distinction Jacob Andrew Winn Edward McNally cum laude Christopher David Gemma Kassandra Alexander Davis Sedillo Wittenberg Mendoza Nicholas Andrew Shaffer Adrian Wong Veronica E. Meyers with distinction with distinction magna cum laude Alexander Dougherty Worth Sherman Ralsey Miller Michael Edward Shain Christopher William Worthington Benjamin Gannon Mingo Alexander James Shogan Chenzhu Xu Jennae Rose Monette Joseph Andrew Shrawder Christopher P. Yago Megan Jean Moran Garrett Smith David Brian Yoshida Stefan Alexander Morton George Murray Smith IV Yuan Yuan Matthew Richard Hallie Inga Smith Cyril Zhang Mullersman James Edward Sober III Xi Zhang Michael Mullins David Marshall Solomon Wanni Zheng Andrew Traverse Murdock Heather Renee Spencer Ran Zhuo Maria Gabriela Murillo Roland Mikael Spjeldet Rongjiao Zong ■

12 | Department of Economics 2015 colorado.edu/economics Graduate News

Graduate Student Placement Kenton White: Corporate Economist Un Jung Whang: Research Fellow at at NIKE in Beaverton, Oregon. Korea Institute for International Economic 2013 Policy in Seoul, South Korea. Luis Castro Penarrieta: Assistant Profes- 2014 sor at Universidad Privada Boliviana in Yongho Choi: Research Fellow at 2015 La Paz, Bolivia. Korea Rural Economic Institute in Yucheng Ding: Assistant Professor at Seoul, South Korea. Wuhan University in Wuhan, China. Jieun Chang: Visiting Assistant Professor at Southwestern Oklahoma State Univer- Priti Kalsi: Assistant Professor at Dustin Frye: Assistant Professor at Vassar sity in Weatherford, Oklahoma. California State University Chico College in Poughkeepsie, New York. Subsequent: Assistant Professor at South- in Chico, California. Xin Geng: Associate Research Fellow at western Oklahoma State University Jongheuk Kim: Research Fellow at the International Food Policy Research Randall Hiller: Assistant Professor at Financial Supervisory Service in Seoul, Institute in Washington DC. Fairfield University in Fairfield, Connecticut. South Korea. Gisella Kagy: Assistant Professor at Catherine Massey: Economist at the US Ross Knippenberg: Economic Analyst Vassar College in Poughkeepsie, New York. Census Bureau in Suitland, Maryland. at the American Veterinary Medical Edward Kosack: Assistant Professor at Association in Schaumburg, Illinois. Christopher McMahan: Associate at Price- Xavier University in Cincinnati, Ohio. waterhouseCoopers in Miami, Florida. Yibei Liu: Assistant Professor at Yale Timothy Larsen: Senior Lecturer at NUS College in Singapore. Soojae Moon: Visiting Assistant Professor, Vanderbilt University in Nashville, University of Colorado, Denver, Colorado. Sheena Murray: Assistant Professor at Tennessee. Curry College in Milton, Massachusetts. Kyungsoo Oh: Research Fellow at Korea Na Kyeong Lee: Assistant Professor at Energy Economics Institute in Uiwang, Yuchen Shao: Assistant Professor at Hanyang University in Seoul, South Korea. South Korea. Nanjing University in Nanjing, China. Jose Ivan Rodriguez Sanchez: Research Wooyoung Park: Research Fellow at Steven Smith: Postdoctoral Fellow in Associate Economist at the University of Korea Energy Economics Institute in Economics and Environmental Studies Texas in El Paso, Texas. Uiwang, South Korea. at Haverford College in Haverford, Paulo Saraiva: Consultant at EconOne Pennsylvania. Molly Sandt Podolefsky: Managing in Berkeley, California. Consultant, Energy Practice, at Navigant Zachary Ward: Lecturer in Economics Austin Smith: Assistant Professor at Consulting in Boulder, Colorado at the Australian National University in Miami University of Ohio in Oxford, Ohio. Canberra, Australia Song Bo Sim: Research Fellow at Korean Weisi Xie: Assistant Professor at Jiao Tong Information Society Development Insti- University in Shanghai, China. tute in Gwacheon, South Korea. ■

Undergraduate News

Phi Beta Kappa Congratulations to Economics majors who were candidates for Phi Beta Kappa, the nation’s oldest and best known academic honorary: Fall 2012 Thomas Walton Fall 2013 Patrick Rodriguez Grant Aulik Thompson Evin Berg Cheng Wu Lauren Beegle Dana Schnee Patrick Tyler Toman Ethan Brown Michael Zoppa Kevin Bashor Jessica Yanker Hayley Davis Monica Glicken Spring 2015 Morgan Flynn Spring 2013 Ian Langer Fall 2014 Beckett Butterfield Kyle Huelsman Kelly Brown Paige Leuschner Brandon James Calano Alexandra Eagle Pawel Janas Kevin Dageforde Natasha Kosik Molly Graber Darius Ebrahimi Alexander Matthew Elmer Jeff McMillan Robert Gordon Ericson Harry Green Lauderbaugh William Hauptman Jie He Jake Jeronimus Henry Laurion Nicholas Lind Spring 2014 Veronica E. Meyers Shu Lee Zishen Li Tatyana Malinina Christopher Anderson Harry Sherman Ganghua Mei Zachariah Milby Melissa Pohutsky Gina Armijo Pascarella Laura Meyer Dustin Slagle Mark Velemirovich Phillip Lemmons Kimberly Katherine Eli Mogel Willy Stewart Xiaoxiao Wang Joshua Catalano Petrick Galen Moore Ryan Streit Jin Zhang Natasha Kosik Floyd Joseph Pierce David Nguyen Samantha Lee Nicholas Andrew Shaffer Varoom Theplertboon ■ colorado.edu/economics Department of Economics 2015 | 13 Faculty Notes Visit www.colorado.edu/economics/fnotes to submit your items of interest.

Francisca Antman published “Spousal lanta, GA; and Population Association of Chrystie Burr published “Discrete Time Employment and Intra-Household Bar- America Annual Meeting, New Orleans, Dynamic Oligopolies with Adjustment gaining Power,” Applied Economics Letters, LA (2 presentations). She also presented Constraints,” (with L. Gardini, and F. 21(8): 560-63, 2014; “Incentives to Iden- in 2014: the International Conference on Szidarovszky), Journal of Dynamics and tify: Racial Identity in the Age of Affirma- Aging in the Americas, Boulder, Colo- Games 2: 65-87, 2015; and “Corruption tive Action,” (with Brian Duncan), Review rado; and the Western Economic Associa- and Socially Optimal Entry,” (with Amir, of Economics and Statistics, 97(3): 710-13, tion International Meeting in Denver. She R.), Journal of Public Economics, 123: July 2015; and “Gender Discrimination was also a 2014 Organizer of CSMGEP 30-41, 2015. She also had a data grant, in the Allocation of Migrant Household Dissertation Session, 2015 AEA Annual CoreLogic Academic Research Council Resources,” Journal of Population Eco- Meeting; Chair, ASHE/CSMGEP/NEA (CLARC) in September 2014. nomics, 28(3): 565-92, July 2015. In 2013 Joint Committee to select articles for the she received the University of Colorado American Economic Review 2015 Papers Brian Cadena published “Can Self-Con- Population Center Small Grant ($2,500): & Proceedings; a 2015 CU Boulder rep- trol Explain Avoiding Free Money? Evi- “Incentives to Identify: Racial Identifica- resentative to the Undergraduate Women dence from Interest-Free Student Loans,” tion in the Age of Affirmative Action.” in Economics (UWE) Challenge; and a (with Ben Keys), Review of Economics She also received in 2013 the Implemen- 2014-15 Organizer and Chair, by invita- and Statistics 95(4), October 2013; “Na- tation of Multicultural Perspectives and tion, for 2015 Population Association tive Competition and Low-Skilled Im- Approaches in Research and Teaching of America session on “Migration and migrant Inflows,” The Journal of Human (IMPART) Award ($2,000): “Incentives to Families” and session on “Migration Resources, 48(4) pp. 910-944, Fall 2013; Identify: Ethnic Identification in the Age and Intermarriage.” “Recent Immigrants as Labor Market of Affirmative Action.” In 2012 she was Arbitrageurs: Evidence from the Mini- appointed to the American Economic As- Oleg Baranov published “Market Design mum Wage,” Journal of Urban Economics sociation (AEA) Committee on the Status and the Evolution of the Combinatorial 80, pp. 1-12, March 2014; “Immigrants of Minority Groups in the Economics Clock Auction,” (with Lawrence Ausub- Equilibrate Local Labor Markets: Evi- Profession (CSMGEP). Her presenta- el), American Economic Review: Papers & dence from the Great Recession,” (with tions in 2015 include: National Bureau Proceedings, 104(5): 446-451, 2014. Brian K. Kovak) forthcoming January of Economic Research Summer Institute, 2016 in American Economic Journal: Ap- Development of the American Economy; Tania Barham published “Staying for plied Economics; “Human Capital and the Society of Labor Economists/European Benefits? The Effect of a Health and Fam- Lifetime Costs of Impatience,” (with Ben Association of Labor Economists Meet- ily Planning Program on Out-Migration Keys), American Economic Journal: Eco- ing, Montreal; University of California Patterns in Bangladesh,” (with Randall nomic Policy, 7(3), pp. 126-153, August Santa Barbara, Broom Center for Demog- Kuhn), Journal of Human Resources. 2015; and “The Labor Market Integration raphy Workshop; The Ohio State Uni- 49(4), 982-1013, 2014; “Living Longer: and Impacts of US Immigrants,” (with versity, Department of Economics; Case The Effect of the Mexican Conditional Brian Duncan and Steven J. Trejo), in Western Reserve University, Department Cash Transfer Program on Elderly Mor- Handbook of the Economics of Interna- of Economics; and Pacific Conference for tality,” (with Jacob Rowberry), Journal of tional Migration, Barry R. Chiswick and Development Economics (PACDEV at Development Economics, 105 (November Paul W. Miller eds., Vol. 1B, pp. 1197- UCSD). Her 2013 presentations include: 2013) 226-236; “Boys’ Cognitive Skill 1259, Elsevier, 2015. He gave seminars Tufts University, Fletcher School, Med- Formation and Physical Growth: Long- at the University of Western Ontario, the ford, MA; Northeast Universities Devel- term Experimental Evidence on Critical NBER, the Federal Reserve Board, and opment Consortium (NEUDC) Confer- Ages and Early Childhood Interventions,” the Institute for Research on Poverty at ence at Harvard University; University of (with Karen Macours and John Maluc- the University of Wisconsin. He made Arizona, Department of Economics, Tuc- cio), American Economic Review: Papers presentations at the University of Michi- son, AZ; Arizona State University, Center and Proceedings, 103(3), 467-71, 2013; gan’s Ford School of Public Policy, a for Population Research, Tempe, AZ; and “Development Effects of Electrifica- meeting of the National Academy of Sci- University of New Mexico, Department of tion: Evidence from the Topographic ences panel on the Economic and Fiscal Economics, Albuquerque, NM; Western Placement of Hydropower Plants in Bra- Consequences of Immigration, the Uni- Economic Association International zil,” (with Molly Lipscomb and Mushfiq versity of Pittsburgh in December 2014, Meeting, Seattle, WA; 12th IZA/SOLE Mobarak), American Economic Journal: the CEMIR and UC Davis Workshop on Transatlantic Meeting of Labor Econo- Applied Economics, 5(2), 200-231, 2013. Advances in Migration Research in May mists, Germany; University of Connecti- 2015, and the WEAI Annual Conference cut, Department of Economics, Storrs, Martin Boileau was promoted to full in June 2015. He also served as Research CT; Society of Labor Economists Annual professor and “Corporate Cash Holdings Group Co-Leader for Immigration Policy Meeting, Boston, MA; Emory University, and Credit Line Usage,” (with Nathalie as part of a grant initiative on Poverty, Department of Economics, Atlanta, GA; Moyen), was accepted for publication at Inequality, and Mobility among Hispan- Federal Reserve Bank of Atlanta, At- the International Economic Review. ics for the Stanford University Center for

14 | Department of Economics 2015 colorado.edu/economics Poverty Research. His working paper, Sexton), Journal of Economics and Finance ences and the Pacific Trade Triangle. It “Immigrants Equilibrate Local Labor Education, Vol. 13, no. 2 (Winter 2014) is mostly a collection of papers they Markets: Evidence from the Great Reces- pp. 81-89; “A Note on Monitoring Costs have published between 1989 and 2002. sion,” (with Brian Kovak), funded by a and Voter Fraud,” (with G. Galles, R. Sex- The book is in Volume 9 of the series of grant from the Russell Sage Foundation, ton), The American Economist, Vol. LIX, “Advanced Research in Asian Economic was released as an NBER working paper no. 2 (Fall, 2014); “Spatial Equilibrium in Studies” published by World Scientific and received media coverage in several the Labor Market,” Chapter 2, Volume I Publishing (and the Imperial College news outlets including: The Washington of the Handbook of Regional Science, Peter Press) at the end of 2014. They are also Post, The Wall Street Journal, The Los An- Nijkamp and Manfred Fisher (eds), sec- working on the sequel of the book, geles Times, Slate, and the NBER Digest. tion editors Alessandra Faggian and Mark Economic Analysis of East and Southeast He has a new working paper “Investment Partridge, Springer, New York, pp. 17-33, Asia—Trade, GDP and FDI. Frank is con- over the Business Cycle: Insights from 2014; “The Hedonic Method of Valuing tinuing serving as an Associate Editor of College Major Choice,” (with Erica Blom Environmental Policies and Quality,” the Journal of Asian Economics published and Ben Keys) that has been featured in Chapter 50, Volume VI of the Handbook by the American Committee on Asian multiple media outlets also including: of Regional Science, Peter Nijkamp and Economic Studies (ACAES). Wall Street Journal, MarketWatch, Chica- Manfred Fisher (eds), section editor, go Tribune, Inside Higher Ed, IZA News- Amit Batabyal, Springer, New York, pp. Jonathan Hughes published “Unin- room, Vox, Reuters, and Boulder Daily 993-1008, 2014; and a new environmen- tended Consequences of Transportation Camera. He was appointed as Associate tal economics textbook: Environmental Carbon Policies,” (with Stephen Holland, Editor at Journal of Human Resources and Economics: An Integrated Approach. Boca Christopher Knittel and Nathan Parker), as a Research Fellow at IZA. Raton/London/New York: CRC Press, Energy Journal, 36(3), July 2015; “Some Taylor & Francis Group, 2014, 264 pp. Inconvenient Truths About Climate Ann Carlos took over as the co-editor of Change Policy: The Distributional Im- the Journal of Economic History on July 1, Chuck Howe and Robert McNown have pacts of Transportation Policies,” (with 2014 and published “Share Portfolios and completed a water demand forecasting Stephen Holland), Christopher Knit- Risk Management in the Age of Financial study for the Mecca Region of Saudi tel and Nathan Parker, forthcoming at Capitalism: London 1690-1730,” (with Arabia. The unique issue in this study is The Review of Economics and Statistics; Erin Fletcher and Larry Neal), Economic the strong seasonal pattern of water use “Carpooling and Driver Responses to History Review, vol. 68, no. 2, May 2015, occasioned by the great Hajj pilgrim- Fuel Price Changes: Evidence from Traf- pp. 574-599. She also presented seminars age that brings millions of pilgrims to fic Flows in Los Angeles,” (with Antonio at California Institute of Technology and Mecca and other holy places during the Bento and Daniel Kaffine), Journal of Fudan University. last month of the Islamic calendar year. Urban Economics, 77, September 2013; That month shifts annually relative to the and “Getting Green with Solar Subsidies: Phil Graves published “The Educational Georgian calendar, since it is based on Evidence from the California Solar Ini- Choice Anomaly for Principles Students: the lunar calendar. As the month of the tiative,” (with Molly Podolefsky), Journal Using Ordinary Supply and Demand Hajj changes, so do the climatic condi- of the Association of Environmental and Rather than Indifference Curves,” The tions: very high temperatures during the Resource Economists, 2(2), June 2015. Journal of Economic Education, Vol. 42, summer period increase water demand Professor Hughes, together with James no. 3, (July 2011) pp. 310-314 (with R. per capita but reduce the number of Bushnell and Aaron Smith (UC Davis), Sexton, L. Calimeris); “An Implementable pilgrims. Thus, to estimate demand and received a small grant from the Alfred Institutional Reform that Transfers Con- to make forecasts, it was necessary to P. Sloan Foundation and the National trol of Governmental Spending Levels project the numbers of pilgrims and Bureau of Economic Research to study from Politicians to Voters,” The IUP Jour- future climate conditions. Forecasts of energy transportation infrastructure. nal of Governance and Public Policy Vol. these variables were made out to the year VI, no. 4, (December 2011)14 pp.; “Link- 2030. Two articles based on the project Daniel Kaffine published “The Effects ing Regional Science and Urban Econom- are under journal review. The study was of Regulation in the Presence of Mul- ics: Long-Run Interactions Among Pref- sponsored by the Unit for Ain Zubaida tiple Unpriced Externalities: Evidence erences for Amenities and Public Goods,” Rehabilitation & Groundwater Research from the Transportation Sector,” (with Modern Economy, Vol. 3, no. 3 (May of the King Abdulaziz University, in Jed- Antonio Bento, Kevin Roth, and Matt 2012), pp. 253-262; “Benefit-Cost Analy- dah, Kingdom of Saudi Arabia. Profes- Zaragoza-Watkins), in the American sis of Environmental Projects: A Plethora sor Omar Aburizaiza, Director of the Economic Journal: Economic Policy of Biases Understating Net Benefits,” Jour- Research Unit is the Co-PI. 6(3):1-29, 2014; “Did California’s hand- nal of Benefit-Cost Analysis manuscript held cell phone ban reduce accidents?” 1041, August 2012; “Productive Comple- Frank Hsiao and Mei-Chu Hsiao have (with Nicholas Burger and Bob Yu), in ments: Too Often Neglected in the been working on a book, Economic Transportation Research Part A 66(1):162- Principles Course?” (with G. Galles, R. Development of Taiwan—Early Experi- 172, 2014; “Can decentralized planning colorado.edu/economics Department of Economics 2015 | 15 Faculty Notes really achieve first-best in the presence of 292-325, 2013; “Putting Per-Capita Cimoli, Giovanni Dosi, Ruth Okediji, environmental spillovers?” (with Harri- Income back into Trade Theory,” Journal Jerome Reichman, and Joseph Stiglitz); son Fell), in the Journal of Environmental of International Economics 90, 255-265; Globalizing Information: the Econom- Economics and Management 68(1): 46-53, “Outsourcing versus Vertical Integration: ics of International Technology Trade, 2014; “Scrap prices, waste and recycling Ethier-Markusen meets the Property- World Scientific Studies in International policy” in Land Economics 90(1): 169-180, Rights Approach,” (with Yiqing Xie) Economics, Vol. 24 (Singapore: World 2014; and “Community-based tradable International Journal of Economic Theory Scientific Publishing), 2013; Patent Chal- permits for localized pollution,” (with 10, 75-90, 2014; and “International Trade lenges for Standard-Setting in the Global Peifang Yang), forthcoming in Environ- Puzzles: a Solution Linking Production Economy: Lessons from Information and mental and Resource Economics, 2015. He and Preferences,” (with Caron, Justin Communications Technology, Report of presented a paper with Harrison Fell, “A and Thibault Fally), Quarterly Journal of the Committee on Intellectual Property one-two punch: Joint effects of natural gas Economics, August 2014. Management in Standard-Setting Process- abundance and renewables on coal-fired es, Board on Science, Technology and Eco- power plants,” at the 4th Annual AERE Carlos Martins-Filho published “An as- nomic Policy, (Washington DC: National Summer Conference in San Diego, June ymptotic characterization of finite degree Research Council), 2013, with Stephen 3-5, 2015. He was appointed Associate U-statistics with sample size dependent Merrill. He also published “Retailers as Editor of Resource and Energy Economics kernels: applications to nonparametric Agents and the Limits of Parallel Trade,” in July 2015. He also recently received an estimators and test statistics,” (with F. Yao) (with Frank Staehler), European Eco- NSF grant for “Good Neighbors: Legal, Communications in Statistics-Theory and nomic Review, Vol. 70, 2014, 186-196; economic and natural science analyses Methods 44, 3251-3265, 2015; “High or- “China–Raw Materials: A Controversial of wind plant impacts and interactions,” der conditional quantile estimation based Step toward Even-Handed Exploita- (with Julie Lundquist and K. K. Duvivier), on nonparametric models of regression,” tion of Natural Resources,” (with Marco $248,673, 9/1/2014-8/31/2016. (with F. Yao and M. Torero) Econometric Bronckers), World Trade Review, Vol. 12, Reviews 34, 906-957, 2015; “Semiparamet- No. 2, 2014, 393-408; “Labor Skills and Jane Lillydahl published “Assessing ric stochastic frontier estimation via pro- Foreign Direct Investment in a Dynamic Economic Damages in Personal Injury file likelihood,” (with F. Yao) Econometric Economy: Estimating the Knowledge- and Wrongful Death Litigation: The State Reviews 34, 413-451, 2015; and “On non- Capital Model for Singapore,” Gnanaraj of Colorado,” (with Gilbert Mathis), The parametric estimation: with a focus on ag- Chellaraj and Aaditya Mattoo, World Journal of Forensic Economics, Vol. 24, riculture,” (with R. Fare, S. Grosskopf and Bank Policy Research Working Paper no. No. 2, Sept. 2013. The paper was also C. Pasurka) in Annual Review of Resource 4950, Review of Development Economics, presented at the Southern Economic As- Economics 5, 93-110, 2013. He presented Vol. 17, No. 4, 2013, 627-643; “Doctoral sociation meetings in November 2012 in “Consistency and asymptotic normality Students and U.S. Immigration Policy,” New Orleans. for kernel based nonparametric prediction (with A. Mushfiq Mobarak, and Eric T. under heterogeneous measurement error” Stuen), Science, Vol. 342, 1, November Xiaodong Liu published “Endogenous at the 32nd International Seminar on 2013, 562-563; “The Economic Effects Peer Effects: Local Aggregate or Local Stability Problems for Stochastic Mod- of Counterfeiting and Piracy: A Review,” Average?” (with Eleonora Patacchini and els in Trondheim, Norway, June, 2014; (with Carsten Fink, Keith E. Maskus and Yves Zenou), Journal of Economic Be- “Nonparametric estimation of conditional Yi Qian), World Bank Research Observer, havior & Organization 103, 39-59, 2014; value-at-risk and expected shortfall based forthcoming; and “Preferential Trade “Identification and Efficient Estimation on Extreme Value Theory” at the Austral- Agreements and Intellectual Property of Simultaneous Equations Network asian Meeting of the Econometric Society Rights: Unexplored Issues,” Journal of Models,” Journal of Business & Economic in Sydney, July, 2013; 9th International International Relations, Vol. 13, No. Statistics, forthcoming; and “Endog- Symposium on Econometric Theory and 2, 2015, 95-110. In June 2013, Keith enous Network Production Functions Applications (SETA) in Seoul, July, 2013; stepped down from his position as Asso- with Selectivity,” (with William Horrace Asian Meeting of the Econometric Society ciate Dean for Social Sciences and spent Eleonora Patacchini), Journal of Econo- in Singapore, August, 2013. His invited the academic year 2013-14 on sabbatical metrics, forthcoming. research seminars were at Emory Univer- with stays in Adelaide, Australia (Uni- sity (Economics), University of Wisconsin versity of Adelaide) and Florence Italy James Markusen published “Expansion at Milwaukee (Economics), University of (European University Institute). He was of Trade at the Extensive Margin: A Gen- Bonn (ZEF) and Kazakh National Univer- recently appointed to be a specialized co- eral Gains-from-Trade Result and Illus- sity (Mathematics). editor for the journal Economic Inquiry trative Examples,” Journal of International and was appointed Editor in Chief of Economics 88, 262-270, 2013; “Foreign Keith Maskus edited 3 books, Intellec- World Scientific Series in International Firms, Domestic Wages,” (with Malchow- tual Property Rights: Legal and Economic Economic Studies. His presentations Møller, Nikolaj and Bertel Schjerning), Challenges for Development (Oxford: Ox- include: Workshop on Global Patent Scandinavian Journal of Economics 115, ford University Press), 2014, (with Mario Systems at Harvard Kennedy School of

16 | Department of Economics 2015 colorado.edu/economics Government in January 2015; Univer- methods for econometric research to 34(1), 2013; “Market Structure and Me- sity of Economics Annual Conference faculty of universities across Malaysia. dia Diversity,” Economic Inquiry, 53(2), (Keynote Speaker) in Bratislava, Slovakia These methodologies became the basis 2015, 872-888; and “Instructor Attire in December 2014; the APJAE Sympo- for still ongoing collaborative research and Student Performance: Evidence sium on Economic Development in Asia projects with colleagues at his host from an Undergraduate Industrial (Keynote Speaker) in Kitakyushu, Japan institution, University Sains (Science) Organization Experiment,” (with J. Dean in September 2014; and CESifo Institute, Malaysia. The projects in Malaysia were Craig), International Review of Economics Conference on the Global Economy followed by another workshop on time Education, 17, 2014, 55–65. He received (Keynote Speaker), Munich, May 2014. series econometrics and simulation mod- a Google Research Award, 2013/14 for els at the Bank of Korea in Seoul. Robert “Measuring Broadband Price Indices” On his 2013-14 leave and sabbatical, and Lauri’s time in Asia ended with an and a Fiber-to-the-Home Council Amer- Robert McNown and his wife, Lauri extraordinary visit with the family of icas Research Award, 2014/15 for “Quan- McNown of Political Science, taught Sasiwimon Warunsiri Paweenawat, an- tifying the Impact of Fiber Deployment on Semester at Sea during the fall 2013 other recent CU Economics PhD. Sasi is on Residential House Prices.” term. One highlight in Africa was the on the faculty at the University of the Thai chance to visit with CU Economics PhD Chamber of Commerce in Bangkok, and Carol Shiue published “Endogenous Said Boakye, who has been working for she and Robert continue to collaborate on Formation of Free Trade Agreements: the Ministry of Finance in Ghana. For research on Thai labor market issues. Evidence from the Zollverein’s Impact the spring 2014 term Robert and Lauri on Market Integration,” (joint with both received Fulbright Specialist Grants Scott Savage published “Network Wolfgang Keller) in the The Journal of to support collaborations and faculty Unbundling and Retail Prices: Evidence Economic History, December 2014. workshops in Penang, Malaysia. Robert from the Telecommunications Act of was hosted by Soo Khoon Goh, who had 1996,” Journal of Law and Economics Bud Udis addressed a session at the West- earned her Masters degree in Economics 56(2), 2013; “Market Restructuring and ern Economic Association International at CU and also visited our department the Efficiency of Electricity Generation: meetings on July 1, 2013 in Seattle, Wash- in 2012 as a Fulbright Scholar. In the Plant Level Evidence From the United ington. The title was “The Fifth-Genera- workshops Robert presented simulation States 1995 to 2006,” The Energy Journal, tion Quandary and International Defense Acquisition Management,” (with Ray- mond Franck, Ira Lewis, and Holden Sim- monds). His sole authored section dealt with the development of the C-17 cargo aircraft with the understanding that it will be published in the Naval Postgraduate School’s Acquisition Research series. He also presented part of a paper, coauthored with Raymond Franck, at two meetings, one at the Naval Postgraduate School’s Acquisition Research Symposium held in Monterey on May 15, 2014 and the other at the Western Economic Association In- ternational’s annual meetings in Denver, Colorado on July 1, 2014. The paper was titled “Quarrelsome Committees in US Defense Acquisition: the KC-X Case,” a case study of the usefulness of Principal/ Agent analysis in understanding defense procurement and was published online, Defence and Peace Economics, August Robert is pictured with former CU graduate students during a reunion dinner in Seoul, South 2015, Taylor & Francis Online, Korea. Pictured from left to right: Youngho Kang, Research Fellow at Samsung Economic Re- www.tandfonline.com. search Institute in Seoul, South Korea; Robert McNown; Namsuk Choi, Research Fellow at Ko- rea Economic Research Institute in Seoul, South Korea; Song Bo Sim, Research Fellow at Korean Jeffrey Zax presented “Housing alloca- Information Society Development Institute in Gwacheon, South Korea; Seoung Chung, Research tions, imputed rents and inequality in Fellow at Ulsan Development Institute in Ulsan, South Korea; Wooyoung Park, Research Fellow urban China” at the Urban Economics at Korea Energy Economics Institute in Uiwang, South Korea; Young Moo Cho, Research Fellow Association European Meeting 2014 in at LG Economic Research Institute in Seoul, South Korea. St. Petersburg, Russia. In April 2014 he colorado.edu/economics Department of Economics 2015 | 17 Faculty Notes testified as an expert witness in federal Economic Reforms, National School of Shuang Zhang presented at the Harvard court on behalf of the State of Colorado Development, Peking University, Beijing, China Economy Seminar, NBER Confer- defending the Colorado State law which China, the Chinese Economists Society ence on the Economics of Environmen- prevents the sale of large-capacity maga- 2015 Annual Conference, Chongqing tal Protection in China, AEA Annual zines for firearms. The decision, issued University, Chongqing, China, the 2015 Meeting (Philadelphia), NEUDC (Har- in June, upheld the law unreservedly. In Henan Symposium on Development and vard), PacDev (UCLA), Stanford Asia June 2015 Jeffrey Zax presented “Provin- Institutional Economics, Henan Uni- Health Policy Seminar, Barcelona GSE cial valuations of human capital in urban versity, Kaifeng, China, the Conference Summer Forum: Workshop “Children’s China, inter-regional inequality and the on Urban Development in China, Xi’an Health,Well-being, and Human Capital” implicit value of a Guangdong hukou” Jiaotong—Liverpool University, Suzhou, and received the Chiang Ching-Kuo at the 4th International Workshop on China, and the 2nd Biennial Conference Foundation Junior Scholar Grant, 2014. ■ Regional, Urban, and Spatial Economics of China Development Studies, Shanghai in China, Tsinghua University, Beijing, Jiaotong University, Shanghai, China. China, the Conference on Deepening

Department of Economics Awards 2012-13 2013-14 2014-15 Stanford Calderwood Faculty Stanford Calderwood Faculty Stanford Calderwood Faculty Teaching Award: Robert McNown Teaching Award: Carlos Martins-Filho Teaching Award: Daniel Kaffine Stanford Calderwood Student Stanford Calderwood Student Stanford Calderwood Student Teaching Award: Teaching Award: Dustin Frye Teaching Award: Alexander Cauley Zachary Alexander Ward Graduate Award for Public Graduate Award for Public Graduate Award for Public Policy Research: Gisella Kagy Policy Research: Gregory Madonia Policy Research: Priti Kalsi Reuben A. Zubrow Fellowship Reuben A. Zubrow Fellowship Reuben A. Zubrow Fellowship in Economics: Austin Smith in Economics: Patrick Gourley & in Economics: Dustin Dale Frye & Zachary Ward Joseph Vavrus & Edward Lawrence Kosack Leslie Whittington Endowed Leslie Whittington Endowed Leslie Whittington Endowed Fellowship in Economics: Fellowship in Economics: Fellowship in Economics: Rebecca Jennings Kristina Sargent Gisella Anne Kagy Leslie Whittington Memorial Leslie Whittington Memorial Leslie Whittington Memorial Fellowship in Economics: Fellowship in Economics Fellowship in Economics: Patrick Turner and Prize in Econometrics: Xin Wang Javier Andres Santiago Yordon Prize in Microeconomics: Yordon Prize in Microeconomics: Patrick Turner Yordon Prize in Microeconomics: Nan Xu Doyoung Park Prize in Macroeconomics: Prize in Macroeconomics: Patrick Turner Prize in Macroeconomics: Tianxiao Zheng Samara Mendez Prize in Econometrics: Prize in Econometrics: Patrick Turner & Amit Patel Richard C. Meckley Graduate Xin Wang & Nan Xu Fellowship: Patrick Turner Sieglinde Talbott Haller Richard C. Meckley Graduate Endowed Economics Morris E. Garnsey Fellowship: Nan Xu Fellowship: Steven Michael Smith Scholarship Fund: Harry Pascarella Eric D. Bovet Endowed Allyn O. Lockner Fellowship: Tianxiao Zheng Award: Xavier Gitiaux Val B. and Helen W. Fischer Scholarship for Academic Val B. and Helen W. Fischer Val B. and Helen W. Fischer Superiority in the Social Sciences: Scholarship for Academic Scholarship for Academic Anthropology: Megan Chelsea Barrie Superiority in the Social Sciences Superiority in the Social Sciences Economics: William Hauptman Anthropology: Putri Lydwina Anthropology: John Michael Thomas Fitch Political Science: Kelly Katz Martosudarmo Economics: Kevin Scott Dageforde Sociology: Casey Roark Economics: Patrick Rodriguez Political Science: Mitch Whitus Political Science: Andrew Ormsby Sociology: Megan Morris Sociology: Wisam Alshaibi

18 | Department of Economics 2015 colorado.edu/economics Alumni Notes Visit www.colorado.edu/economics/alumniupdate to submit your items of interest.

Ahmed S. EL-Sharif (MA ‘71) is a profes- Evan Galbraith (MA ‘04), after graduat- Joshua Zorsky (BA ‘07) is a Financial sor teaching economics at the University ing with a BA and an MA in economics, Industry Analyst at the Federal Reserve of Benghazi in Libya and has written sev- his first position in transfer pricing was Bank of Dallas. He earned an Economics eral papers in economics and economic at Analysis Group, Inc., an economic MA at Southern Methodist University in policy with application on Libya. consulting firm. He is currently a Senior spring 2011 and a CFA Level 3 candidate. Economist for the US Department of Merilyn Rovira (BA ‘81) is a Senior Vice Treasury/IRS where his work involves Joel Gheen (BA ‘07) is a Managing Direc- President for Capital Initiatives and valuations of tangible products, services, tor at Core Capital Group, a boutique Strategy at The Community Development intangible assets, and business enterprises investment banking services firm head- Trust, a mission-driven real estate invest- for international tax purposes. In July quartered in Colorado Springs. He runs ment trust, based in New York City. 2012 he was promoted to Senior Econo- institutional investment banking trans- mist in the government’s newly-formed actions. He completed an MBA at the Darius Hatami (BA ‘85) is a Market and Transfer Pricing Practice program. University of Maryland’s Smith School of Financial Consultant for golf courses and Business in 2011 and published a book, resort communities and is currently the Josh Susser (BA ‘02) is the Director, Crux Matters in 2013. Managing Director at HVS Golf Services. Corporate Development & Investments at ECMC Group, Inc., a national nonprofit Alexander F. Rek (BA ‘09) accepted Kate Silz Carson (PhD ‘97) is a profes- organization based in the Twin Cities. He the position of Assistant Vice President sor of economics at the US Air Force manages business development efforts for at American Street Capital, LLC, a real Academy and was awarded a residential acquisitions, as well as, early stage and estate advisory firm headquartered in Lab Fellowship at the Safra Center for alternative investments. He is an MBA Chicago, IL. Previously, he was the Direc- Ethics at Harvard University. She spent candidate in the “XP” (executive) Class of tor of Marketing at Chicago Financial her sabbatical year developing experi- 2015 from Chicago Booth. Services, a mortgage bank located in mental and behavioral economics meth- Chicago, IL. ■ ods to study the causes of and solutions Jeff Young (BA ‘05) works for DeVry’s Med- to institutional corruption. ical and Healthcare Talent Acquisition Group.

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Half Dome at Sunrise. June 2011, photograph by Robert Castellino