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Turner College Research Update ― February 10, 2026

A September 2025 post here at Turner Business reported on new research by Center for Economic Education Director Frank Mixon and the University of New Haven's Kamal Upadhyaya that offers the first examination of why some U.S. states have established sovereign wealth funds while others have not. In doing so Mixon and Upadhyaya find that various demographic and economic variables explain this choice. More specifically, linear probability, probit and Bayesian maximum likelihood analyses indicate that less populated, high-income and land-and oil-rich states are more likely than their more populated, lower-income and resource-poor counterparts to currently possess a sovereign wealth fund. Additionally, spending on K-12 education per pupil in a state is negatively related to the likelihood the state owns a sovereign wealth fund, perhaps because states that spend more heavily on education have limited absorptive capacities relative to the scale of their resource revenues. Lastly, public finance innovations, such as the presence of lottery systems, are also negatively related to the probability of observing a sovereign wealth fund as both tend to be used to finance similar public projects. We are happy to report that this study is now set to appear in a future issue of the Journal of Mathematical Finance. The journal publishes studies on the latest developments in pure and applied financial mathematics, including important theoretical, empirical and review papers. Topics covered by studies in appearing in the journal include, but are not limited to, financial engineering, financial statistics, pricing theory of securities and portfolio, quantitative economics, solutions to PDEs, stochastic optimization and control, and stochastic processes.
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