Department Updates: Articles, Page 8 | Business and Economics

Department Updates

The Omicron Delta Epsilon International Honor Society for Economics inducts new members for 2021

By Beth Ryan May 13th 2021

The Omicron Delta Epsilon International Honor Society for Economics, Alpha Psi Chapter met both virtually and on campus to induct new members, celebrate scholarship in economics and honor outgoing faculty advisor, Professor John Golden on March 30, 2021.

The incoming advisor, Professor Michael Michaelides was the Master of Ceremony for the annual event with welcoming remarks by Rachel Tobler ‘21, Center for Business & Economics Fellow.

“One of the most interesting aspects of economics is the wide diversity in the interests and backgrounds of its members,” cited Golden. “Many come to the field with a desire for a career in policy that can improve the way people live and work. The problems they tackle are many,” he added. “Our ODE chapter will be in excellent hands with Dr. Michaelides as faculty advisor,” he continued, “I welcome you all to Omicron Delta Epsilon and wish you success now and always.”

Congratulations to the new members for 2021:

Angel (Alyssa) Astaria	Olivia Brophy	Ian Craycroft
Ryan Dayton	Matthew Del Rosso	Morgan Douglas
Brett Heckert	Emily Jones	David Kraus
Grace Lengauer	Christian Lussier	Harley O’Brochta
Jack Parker	Megan Powell	Joseph Silvester
Nicholas Taliani	Noah Tart	Molly Tarvin
Dakchyata Thapa	Thomas Uranga	Victoria Vradenburg

Omicron Delta Epsilon, the International Economics Honor Society, is one of the world’s largest academic honor societies. The objectives of Omicron Delta Epsilon are recognition of scholastic attainment and the honoring of outstanding achievements in economics; the establishment of closer ties between students and faculty in economics within colleges and universities, and among colleges and universities; the publication of its official journal, The American Economist ; and sponsoring of panels at professional meetings as well as the Irving Fisher and Frank W. Taussig competitions.

Allegheny Students Rock the 2021 Econ Games!

By Beth Ryan May 11th 2021

Allegheny College joined 18 colleges and universities participating in the 2021 Econ Games on March 12, 2021. The Econ Games are an experiential learning experience frequently referred to as “an internship in a day” for participating students. This year, the competition was held virtually the first week in March with additional networking and development opportunities throughout February. Assistant Professor of Economics and Faculty Advisor, Dr. Kathryn Bender led the way recruiting students from all majors to participate in this data analytics and research event designed to help students solve real-world problems.

Students were challenged by a corporate sponsor to help them solve a business problem. This year’s data collaborator was the Federal Reserve Bank of Cleveland and the theme was “Public Policy.” The event sponsors included StataCorp, Northern Kentucky University Center for Economic Education, and the University of Kentucky Institute for the Study of Free Enterprise. At the end of the final day, the students presented their results. Students also heard presentations from industry leaders about how they use economics and data analysis at their firm. The event included opportunities for students to build lasting personal and professional connections with peers and businesses in the region.

Dr. Bender commented, “I think the important lesson from this experience is that students learned what professional economists do in the real world. They had to not only analyze a complex data set, but they needed to draw conclusions from the data, then link the conclusions to policy implications. This effort required students to draw from all of the classes they have taken while at Allegheny to compete.”

Three Allegheny teams took on the challenge:

Quigleys	StataGators	Investigators
Sarah Schmidt George Ackerman Megan Dennis Clarissa Miller Wonjoon Cho	Morgan Douglas Kyrie Doniz Kaleel Van Voorhees	Adriana Solis Zachary Ioli Kevin Lee Noah Tart Maya Ginter-Frankovitch

For more information or to express interest in future participation or sponsorship, email Professor Kathryn Bender, faculty advisor, kbender@allegheny.edu.

The Wealth Management Club provides a clear understanding of personalized finance

By Beth Ryan April 22nd 2021

During the 2020-2021 school year, the Allegheny College Wealth Management Club was focused on gaining new members. Due to the COVID-19 pandemic and travel restrictions in place, the club was unable to participate in many events, and instead turned to planning for the 2021-2022 school year. Current President Rachel Tobler ‘21 and Vice President Alex Abadi ‘21 worked on spreading the news about the club, whose purpose is to provide a simple and clearer understanding of personalized finance and the instruments that it uses.

This involves attending CFA Society events, workshops on personal finance, and any other events members want to see involving investment and personal budgeting. At the end of the spring semester, the officers have been working with incoming President Morgan Libell ‘22 and Vice President Kevin Lee ‘23 to further increase membership and restart regular club meetings and events in the fall. Promotional campaigns, expansion of the board, and event planning have been the focus this year to get the Wealth Management Club running and successful in the fall of 2021!

Interested students can contact Morgan Libell or Kevin Lee.

The Bruce R. Thompson Center for Business & Economics attracts Allegheny’s next generation of business innovators and entrepreneurs by providing a host of co-curricular activities that connect with and deepen their classroom experiences. The Wealth Management Club is designed to give students a collaborative environment in which they can openly discuss and learn about topics relating to personal finance. The club will invite guest speakers, use simulations, and perform individual research in order to educate members about personal finance topics and learn how to get a head start on managing their own money.

Marketing Monday: Storytelling in Marketing

By Beth Ryan April 15th 2021

The Bruce R. Thompsons Center for Business and Economics will present another Marketing Monday on the practical use and benefits of Storytelling in Marketing. This event is open to the Allegheny community via Zoom, please email Beth Ryan at bryan@allegheny.edu for a link to this session, to be held on Monday April 19, at 12:15 pm.

Our speaker is Prof. Payal Trivedi, Assistant Professor of Marketing at the Jagdish Sheth School of Management (JAGSOM), in Bengaluru, India. At JAGSOM, she teaches Marketing Management and Consumer Behavior. Her research interests include consumer behavior and digital marketing. She has published and presented her research at various national and international symposiums.

Dr. Trivedi completed her Bachelor and Masters degrees in the field of management from the state university system of India. Her doctoral studies focused on the field of consumer behavior from MICA, Ahmedabad, India. She is a visiting scholar at the State University of New York (SUNY) Buffalo. Previously, she worked as an Assistant Professor (Marketing) at the Pune Institute of Business Management (Pune) and as an Academic Associate (Marketing) at the Indian Institute of Management, Ahmedabad (IIM-A). In addition to her academic experience, she served as an inbound sales executive with Jindal RHM Interactive Private Ltd., Ahmedabad.

Students Explore International Business Opportunities with the German American Chamber of Commerce

By Beth Ryan March 8th 2021

With the generous support of the Max Kade Foundation, Allegheny World Language & Cultures has partnered with the Bruce R. Thompson Center for Business and Economics to present a virtual tour of the Pittsburgh Chapter of the German American Chamber of Commerce featuring chapter President, Rachel Mauer on March 2, 2021.

The German American Chamber of Commerce, Pittsburgh Chapter (GACC PIT) was founded in 2015 to promote and support bilateral trade between Germany and the U.S. It is a private, non-profit organization and serves as the official representative of German trade in Western Pennsylvania. The Pittsburgh Chapter is part of an international network composed of 140 German foreign chambers of commerce and government offices in 92 countries.

Rachel Mauer is the Co-founder and President of the Pittsburgh Chapter of the German American Chamber of Commerce (AHK Pittsburgh Chapter) with the mission to foster trade with Germany and to grow the regional economy. The German American Chamber of Commerce provides educational and network opportunities, hosts international delegations, and formal events. Rachel and her team also launched the German Dual Apprenticeship program. The registered apprenticeship programs are industry-led programs, including Mechatronics, Mechanic in Polymer Technology (plastics), Sales Engineering (technical sales), and (upcoming) CAD Programming. Rachel’s professional history includes serving as the Co-Director of the American Council on Germany’s Pittsburgh Warburg Chapter, Vice Chairman on the Board of Global Pittsburgh, Pittsburgh 40 Under 40 in 2017. Rachel is a graduate from Cornell University with a degree in International Government and has a Leadership Certificate from Leadership Pittsburgh.

Allegheny College to Compete in the 2021 Econ Games

By Beth Ryan January 19th 2021

Allegheny College to compete in the 2021 Econ Games Allegheny College will join 22 colleges and universities participating in this year’s Econ Games on March 12, 2021. The Econ Games are an experiential learning experience frequently referred to as “an internship in a day” for participating students. This year, the competition will be held virtually the first week in March with additional networking and development opportunities throughout February. Assistant Professor of Economics and Faculty Advisor, Dr. Kathryn Bender and the Womxn in Business and Economics Club will lead the way recruiting students from all majors to participate in this data analytics and research event designed to help students solve real-world problems.

Students are challenged by a corporate sponsor to help them solve a business problem. This year’s data collaborator is the Federal Reserve Bank of Cleveland and the theme is “Public Policy.” At the end of the final day, students will present their results. Students will also hear presentations from industry leaders about how they use economics and data analysis at their firm. The event will include opportunities for students to build lasting personal and professional connections with peers and businesses in the region. Learn more here

Students who are interested in participating in The Econ Games should fill out the Google Form at https://forms.gle/2htrcRUN9a4Zqb2t8. Dr. Bender will hold a Q&A session on January 27th at 12:30 p.m., eastern standard time.

NOTE: There are no restrictions on who can participate in terms of year or major.

To learn more, follow The Econ Games on your favorite platform:

Twitter https://twitter.com/theecongames
LinkedIn https://www.linkedin.com/company/theecongames/
Instagram https://www.instagram.com/theecongames/
Website https://www.theecongames.com

Dr. A’s Coffee Break YouTube Video https://youtu.be/qI0pHXuc3CY – is available to give students more insight into The Econ Games. Spoiler alert: After viewing this video you might experience a strong craving for coffee!

For more information email Professor Kathryn Bender or CBE Fellow Maya Ginter-Frankovitch, President of the Womxn in Business and Economics Club.

Sixteen Gators Earn Bloomberg Certification

By Beth Ryan December 1st 2020

Quigley Hall is the home to the Bloomberg Lab at Allegheny College

During the fall 2020 semester, sixteen Allegheny College students distinguished themselves by completing BMC Certification in the Bloomberg Lab located in Quigley Hall. By taking the Introduction to Bloomberg Terminals Course, students received an introduction to financial markets, benefiting from faculty guidance and instruction throughout the process. With on-campus course integration, students learned how to use important analytical functions in the terminal, conduct economic research and analysis, and benefit from a wide-range of pre-built analytical models.

Adapting to the “new normal’ while earning certification

According to Assistant Professor Tim Bianco, “The students thrived taking the Bloomberg course during the pandemic, even those attending remotely. Those taking the course in person were able to get the desirable hands-on training in Bloomberg as usual. Even those taking the class remotely thrived. We adapted by using more case studies and discussing current topics regarding the markets and Covid-19. The remote students are eager to get back to campus soon, and when they do, they will already have a new set of skills using Bloomberg.”

Bloomberg certification is a globally recognized credential, giving students a competitive edge when looking for post-graduate opportunities in banking and finance. The Bloomberg Market Concepts (BMC) is a course that provides an interactive introduction to the financial markets. BMC consists of 3 sections — Core Concepts (includes four modules – Economic Indicators, Currencies, Fixed Income, Equities), Getting Started on the Terminal and Portfolio Management.

Students who completed certification in the fall include:

Ariana Clark	Chukuwuebuka Oradubanya	Conner Mastalerz
Kaylin Tang	Harley O’Brochta	Marcus Wolf
Morgan Douglas	Nolan Thompson	Noah Tart
Jacob Dukman	Logan Chisholm	Matthew DelRosso
Maxwell Hammond	Nazareth Greer	Ryan Hiltz
Shawn Stelling

The Bruce R. Thompson Center for Business and Economics is home to the Bloomberg Lab at Allegheny College. When hiring new employees, businesses involved in banking and finance are looking for students skilled in utilizing the Bloomberg terminal to conduct research using the world’s most valuable tool in banking and finance. Allegheny’s Bloomberg terminals teach students to access and analyze real-time data on every market, discover breaking news, perform in-depth research and take advantage of sophisticated communications tools.

Why Economic Dignity should be the North Star for Economic Policy

By Beth Ryan November 19th 2020

On October 29th, the Bruce R. Thompson Center for Business and Economics and Allegheny Law & Policy program welcomed Gene Sperling, Former Director, National Economic Council and Assistant to the President for Economic Policy under Presidents Clinton and Obama. He led a lively discussion of how his call for Economic Dignity has been highlighted by the COVID crisis, and how it should inform progressive policy going forward.

His remarks centered around the principles proposed in his book, Economic Dignity. Sperling’s book outlines a profound big-picture vision of why the promotion of dignity should be the singular end goal by which we chart America’s economic future.

Sperling focuses on three pillars, each “essential and interdependent” when considering the economic impact on the lives of everyday Americans:

The ability to care for family without economic deprivation or desperation denying us the most meaningful moments and joys in our most important loving relationships;
The capacity to pursue potential and a sense of purpose and meaning; and
The ability to contribute and participate in the economy with respect, free from domination or humiliation.[i]

Sperling writes, “Amid all the metrics, means, policies, labels and debates over political strategies that bombard us daily, it is this vision of economic dignity that should be the North Star for economic policy that guides us every step of the way.” (Economic Dignity, pg. 297)

Gene Sperling is a Senior Fellow at the Center for American Progress. He was President Clinton’s National Economic Advisor and Director of the National Economic Council from 1997 to 2001 and Deputy National Economic Advisor from 1993 to 1997. Mr. Sperling recently served as a top economic advisor to the Kerry-Edwards presidential campaign. He is a columnist and commentator for Bloomberg Business News and a contributing editor for the DLC’s Blueprint Magazine, serves as director of the Center for Universal Education at the Council of Foreign Relations, and has been a contributing writer and consultant to the television show The West Wing. He has appeared on Meet the Press, Face the Nation, This Week, Good Morning America, Nightline, and CNN’s Late Edition, and is a frequent contributor to NPR. His articles have appeared in The Atlantic, Foreign Affairs, The New York Times, The Washington Post, Inc. magazine, Financial Times, Foreign Policy, and others. of Form

Follow Gene on Twitter: https://twitter.com/genebsperling

[i] Sperling, Gene (2020) Penguin Press, Economic Dignity, p 30

Marketing Monday – Understanding Intuitive Marketing: 8 Mistakes Persuasive Marketing Makes

By Beth Ryan November 19th 2020

The Bruce R. Thompson Center for Business & Economics welcomed Dr. Stephen Genco on Monday, November 9 to discuss persuasive marketing and his ongoing research. You can view his lecture here on YouTube

Stephen Genco is a marketing innovator, entrepreneur, management consultant, and educator. In 2006, he founded one of the first research firms devoted to applying neuroscience, social psychology, and behavioral economics to the study of marketing and consumer choice. Today, he is an active educator and speaker, conducting seminars and workshops around the world. Dr. Genco holds doctoral, master’s, and bachelor’s degrees from Stanford University and a master’s degree from the University of British Columbia. A pioneer in the study of unconscious influences on consumer choice and behavior, he has written two books: Neuromarketing for Dummies (co-author, 2013) and Intuitive Marketing (2019).

Research in Economics: Is Tourism good for Locals? Evidence from Barcelona

By Beth Ryan November 19th 2020

The Bruce R. Thompson Center for Business & Economics welcomed Dr. Rocio Medere, Assistant Professor of Economics, Southern Methodist University on November 4. Dr. Medere is the economist who asked the research question, “Is tourism good for locals?”

According to Dr. Meder, “We embed a Ricardo-Viner framework into a rich urban geography and show that the welfare impact of shocks depends only on (1) the spatial patterns of consumption and income; and (2) the price and wage effects of the shock throughout the city. We use spatially disaggregated consumption and income data to estimate the price and wage effects of Barcelona’s tourist boom.” You can view her lecture here on YouTube.

The research identifies these effects using an identification strategy based on monthly variation in the aggregate composition of tourists’ origin. On average, local workers suffer slightly from tourism, but these average effects mask substantial heterogeneity across space, ranging from a -19 to a +4 percent welfare change between low and high tourist seasons. The inner city residents bear the largest price changes but enjoy the largest income gains, whereas peripheric neighborhoods suffer lower but sizable price changes with none to moderate income benefits.

The Bruce R. Thompson Center for Business and Economics organizes faculty seminars to provide Allegheny College and visiting faculty the opportunities to give presentations based on their research agendas. Students, faculty and staff attend to learn more about cutting-edge research.