A unilateral carbon tax trades off the distortionary costs of taxation and the future gains from slowing down global warming. Because the cost is local and immediate, whereas the benefit is global and delayed, this tradeoff tends to be unfavorable to unilateral carbon taxes. We show that this...

This paper uses a large language model to develop an ex-ante measure of the commercial potential of scientific findings. In addition to validating the measure against the typical holdout sample, we validate it externally against 1.) the progression of scientific findings through a major...

The resurgence of subsidies and industrial policies has raised concerns about their potential inefficiency and alignment with multilateral principles. Critics warn that such policies may divert resources to less efficient firms and provoke retaliatory measures from other countries, leading to a...

We study migration in the right tail of the talent distribution using a novel dataset of Indian high school students taking the Joint Entrance Exam (JEE), a college entrance exam used for admission to the prestigious Indian Institutes of Technology (IIT). We find a high incidence of migration...

International environment and development agencies increasingly emphasize external cofinancing when selecting projects to fund. This paper considers whether the emphasis on cofinancing helps promote institutional objectives, or creates perverse and inefficient incentives. We present a model of...

Formal rules within organizations are pervasive, but may be interpreted and implemented differently by actors within the organization, impacting organizational outcomes. We consider a delegation reform that changed formal rules within the environmental regulator in an Indian state, by giving...