The impact of age on the ability to perform under pressure: golfers on the PGA tour

This paper is about aging and the ability to perform under pressure on the PGA tour. Performance increases with golfing skill, but may first increase and then decrease with age as experience interacts with changes in physical condition. Similarly, mental fortitude or the ability of a golfer to perform under pressure may first increase and then decrease with age as experience interacts with changes in the ability to concentrate. Net performance on the tour is the result of both physical golfing skill and the ability to perform under pressure. We control for changes in physical skill and focus on the mental side of the game. The role of experience suggests an inverted U shaped relationship between age and mental performance that could vary significantly across golfers. We use Order-m FDH to calculate a measure of performance under pressure, and we confirm an inverted U-shaped curve with age. Along the way, we examine the ability to perform under pressure at the level of the individual golfer.     

Almost random: Evaluating a large-scale randomized nutrition program in the presence of crossover

Large-scale randomized interventions have the potential to uncover the causal effect of programs applying to a large population, thereby improving on the insights gained from currently dominant smaller randomized studies. However, the external validity gained through larger interventions typically risks deviation from the randomization protocol. This paper investigates the impact of the Nutrition Enhancement Program, which aims to improve child nutrition in Senegal. The analysis deals with deviation from the planned treatment and suggests approaches for combining ex-post adjustments such as propensity score matching with the randomized treatment plan. The authors do not detect a strong overall program impact on the outcome measure of weight-for-age based on planned treatment status, but do find an impact on the youngest children. Moreover, the project impact is clearer when the analysis considers treatment crossover using alternative estimators of two-stage least-squares and propensity score matching. The findings underscore the importance of addressing the shortcomings of large-scale randomization interventions in a systematic manner to guide further implementation of such projects, as well as to expose the true causal effect of such programs.     

Social Costs and the Automobile Industry: A Challenge to National Planning

Neoinstitutional thought is based on an integration of Thorstein Veblen's evolutionary theory of institutional change and John Dewey's theory of instrumental valuation. It offers a coherent methodology that guides both economic analysis and policy formation. Neoinstitutionalist methodology differs from mainstream economic methodology in its rejection of the normative-positive dualism. It denies that "objectivity" requires that science be wertfrie, arguing instead that normative propositions based on instrumental valuation are the foundation of scientific objectivity. The analytical focus of neoinstitutional economics is the process of institutional change which it treats as a change in the value structure of the institution.     

Bribery in international markets: Diagnosis,clarification and remedy

This essay ranges widely, using selected ideas from microeconomics, ethics, and elementary game theory in an effort to gain some understanding of the controversial issue of bribery in international markets. Its goal is partial charification of the issue and increased awareness of alternative remedy strategies. Harold L. Johnson is Professor of Economics at the Emory University. Previously he worked at the Georgia State University. His most important publications are Disclosure of Corporate Social Performance, Praeger Publishers, New York, 1979 and Business in Contemporary Society: Framework and Issues, Wadsworth, New York, 1971. He wrote several articles which appeared in Harvard Business Review, Southern Economic Journal, Journal of Business, Behavioral Science and other journals.     

Rational choice models of crimes by youth

This article presents research findings from three analyses of criminal activity among youth. The data set used in all three is the National Longitudinal Survey of Young Americans, a data set that is particularly appropriate for this type of analysis. The work examined the relationship between criminal behavior and family and moral influences; the impact of legitimate labor market activity on participation in crime; and the effect of school enrollment on criminal activity. The findings confirm the hypothesis that black and white differences in criminal participation partially reflect differences in economic opportunity.     

Financial Regulation—The Underlying Issues

Financial regulation has become a growth industry because of the growth of the financial sector and because regulation itself tends to expand when it is seen not to be able to prevent collapse, fraud or other abuses, 'Public Choice' sheds light here, and on the costs of regulation.