Stephen
Wu
Associate
Professor of Economics
Hamilton
Address
Department of Economics Telephone: 315-859-4645
Hamilton College
E-mail: swu@hamilton.edu
Clinton, NY 13323 Office:
Kirner-Johnson 103D
Education
Princeton University, Ph.D., Economics, 2000
Princeton University, M.A., Economics, 1997
Brown University, Sc.B., Applied
Mathematics-Economics, 1995
Research Interests
Health Economics, Labor Economics, Behavioral
Economics
Curriculum Vitae
Publications and Working Papers
Forecasting
Job Placements of Economics Graduate Students (with Alan B. Krueger), Journal
of Economic Education, Winter 2000
Abstract: This article identifies the characteristics of
applicants to graduate school in economics that predict successful job
placement after completion of graduate school. Although there is considerable
uncertainty in predicting the success of prospective Ph.D. students, the
results indicate that GRE scores, reference writers, and admissions committee
ratings are significant predictors of job placement.
Adapting to Heart
Conditions: A Test of the Hedonic Treadmill, Journal of Health Economics, July 2001
Abstract: This paper tests the hypothesis of hedonic
adaptation by analyzing the role that a history of heart problems has on the
ability to deal with future heart conditions.
The results show that those who have had a heart condition in the past
are less likely to report worse self-assessed health and emotional health due
to the onset of a new condition than those who have not previously had exposure
to heart trouble. The results are fairly
supportive of the notion of a hedonic treadmill.
The Effects of
Health Events on the Economic Status of Married Couples, Journal of Human Resources, Winter 2003
Abstract: There is a growing
literature showing the relationship between health and economic status, though
little research has focused on distinguishing between the effects for men and
women. I use measures of exogenous health
“shocks” to identify the different channels through which changes in health
conditions affect income, wealth and consumption behavior of couples. The
results indicate that serious health conditions have strong effects on
household wealth, but that the effects for women are larger and more significant
than the effects for men. The source of
the asymmetry arises from the fact that general living expenses increase when
wives become seriously ill, while for husbands, health shocks do not affect
theses expenditures.
Sickness and
Preventive Medical Behavior, Journal of Health Economics, July 2003
Abstract: Using data from two sources, the Health and
Retirement Study and the Medical Expenditure Panel Survey, I analyze the relationship
between health status and the likelihood of engaging in medical screening and
other preventive behavior. The results
show that individuals who are generally in poorer health are more likely to get
flu shots and cholesterol checks, but less likely to have mammograms, pap
smears, breast exams and prostate checks.
There is some evidence that suggests that psychological factors such as
fear and anxiety may be important reasons why sicker people are less likely to
get cancer screens.
Portfolio
Choice and Health Status (with Harvey S. Rosen), Journal of Financial Economics, June
2004
Abstract: This paper analyzes the role that health status
plays in household portfolio decisions using data from the first wave of the
Health and Retirement Study. The results
indicate that health is a significant predictor of both the probability of
owning different types of financial assets and the share of financial wealth
held in each asset category. Households
in poor health are less likely to hold both safe and risky financial assets,
other things (including the level of total wealth) being the same. Poor health is associated with a smaller
share of financial wealth held in risky assets and a larger share in safe
assets. We find no evidence that the
cross sectional relationship between health status and portfolio allocation is
driven by “third variables” that simultaneously affect health and financial decisions. Further, the relationship between health
status and portfolio choice is robust to the inclusion of a number of variables
relating to individuals’ attitudes toward risk and their planning
horizons.
Where do Faculty Receive their PhDs? A Comparison Across Six Disciplines, Academe, July/August 2005
Abstract: This paper studies the doctoral origins of faculty at
top research universities and liberal arts colleges across six different
disciplines: chemistry, economics, english, history, mathematics and sociology. The results show that in general, a large
proportion of faculty receive their doctorates from a select group of top PhD
granting institutions within their field.
However, these concentration ratios vary significantly across discipline
as well between research universities and liberal arts colleges.
Fatalistic
Tendencies: An Explanation of Why People Don’t Save, Contributions
to Economic Analysis and Policy, September 2005
Abstract: This
paper uses data from the 2001 Survey of Consumer Finances (SCF) and the 2000
World Values Survey (WVS) to analyze the role of fatalism in determining
household savings behavior. SCF
respondents who feel that luck has played an important role in their financial
affairs are more likely to realize their need to save, but are less likely to
actually do so. Cross-country evidence
from the WVS shows that those who believe they have little freedom and control
over their lives are also less likely to save.
The results hold after controlling for a number of demographic and
behavioral factors, and are consistent across income and wealth levels.
Recent
Publishing Trends at the AER, JPE and QJE, Applied
Economics Letters, January 2007
Abstract: This note summarizes recent trends in institutional
affiliation of authors who publish in three leading general interest journals, American Economic Review, Journal of
Political Economy, and Quarterly
Journal of Economics. The statistics
show that well over forty percent of the pages published in the QJE between
2000 and 2003 are by authors affiliated with one of four institutions. This represents a significant increase from
analogous figures during the 1980s and earlier periods. The concentrations of affiliations are not as
high at the AER or JPE, but they still show a reversal of the declining trend
in concentration that occurred from 1950-1989.
The
Search for Economics Talent: Doctoral Completion and Research Productivity (with Wayne A. Grove), American Economic Review, May 2007
Abstract: The search for talent is of particular interest to
economists; in fact, nothing unites academic economists’ interest like
speculation about the causes of two key measures of success in their
profession: completion of the doctorate and success in publishing. We assess both outcomes by using a rich set
of pre-graduate school characteristics to forecast both success in the Ph.D. program
and professional achievement. Using
information contained in application files to a top 5 economics Ph.D. program
in 1989, we predict the determinants of doctoral degree completion and research
productivity 17 years later. The results
suggest that several variables
consistently predict degree completion and long run research productivity:
quantitative GRE scores, having a foreign undergraduate degree, and the quality
of the individuals who write letters of reference.
Is Trade Good for
Your Health? (with
Ann L. Owen), Review of International
Economics, September 2007
Abstract: We
use a panel of 219 countries to examine the relationship between a country’s openness
to international trade and several health outcomes and find that, in general,
increased openness is associated with lower rates of infant mortality and
higher life expectancies, especially in developing countries. We find evidence suggesting that some of the
positive correlation between trade and health can be attributed to knowledge
spillovers. In addition, openness is
associated with sound economic policies which themselves are related to better
health outcomes.
Financial
Shocks and Worry about the Future
(with Ann L. Owen), Empirical Economics,
November 2007
Abstract:
Using data from the Health and Retirement Study and the Survey of Consumer Finances,
we show that households that experience adverse financial shocks worry more
about the adequacy of their financial resources in retirement, even after
controlling for the effects of these shocks on overall wealth. We find supporting evidence that suggests
that at least part of the increased worry about retirement is due to general
pessimism rather than changes in an individual’s own circumstances. Specifically, experiencing idiosyncratic
financial shocks is also associated with greater pessimism about the general
future of the economy. Finally, we
present some suggestive evidence that links the increased level of worry to
reduced consumption.
Out
of (their) Control: Fatalists, Effort and Savings Behavior (with Joel Shapiro)
Abstract: We develop a model that examines the impact of
fatalism, the belief that one has little or no control over future events, on
the decision of whether or not to save. The theory predicts that fatalism
decreases effort in learning about the best terms for investment and savings
options and decreases savings for moderately risk averse individuals. We use
data from the 2004 Survey of Consumer Finances (SCF) and the 2000 World Values
Survey (WVS) and find general support for the theoretical predictions of the
model. SCF respondents who feel that luck has played an important role in their
financial affairs are less likely to to shop around when making major financial
decisions about saving, investing, or borrowing. The effect of fatalism on actual savings
rates depends on risk preferences, as predicted by the model. For survey respondents in both the SCF and
the WVS, there is no relationship between fatalism and saving for risk loving
and risk neutral individuals, but fatalism is negatively related to saving for
risk averse individuals. The results are robust to the inclusion of a number of
additional control variables.
More Information Isn’t
Always Better: The Case of Voluntary Provision of Environmental Quality (with Ann L. Owen and Julio Videras)
Abstract: This paper adds to our understanding of voluntary public goods contributions by modifying the warm glow motive to allow individuals to gain utility from the perceived relative effectiveness of contributions, regardless of whether or not these perceptions are correct. When misinformed individuals overestimate the impact of their efforts in producing the public good, levels of the public good closer to a social optimum result. We find evidence for the main ideas of the model using a new survey on pro-environment behaviors, attitude, and knowledge. People more frequently engage in activities that have higher perceived impacts on environmental quality. Interestingly, this effect exists even if individuals do not consider themselves strong environmentalists.
Courses
ECON 101: Issues
in Microeconomics
ECON 275:
Microeconomic Theory
Photos
Piano Playing
Piano
Conversations: Solo Piano
