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Sufficient Statistics for Imperfect Externality-Correcting Policies
Jacobsen, Mark R. - 2016
Pigouvian taxes can fully correct for market failures due to externalities, but actual policies are commonly forced to deviate from the Pigouvian ideal due to administrative or political constraints. This paper derives sufficient statistics, which require a minimum of market information, that...
Persistent link: https://www.econbiz.de/10012456611
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Regulation Versus Taxation
Alesina, Alberto F. - 2010
We study which policy tool and at what level a majority chooses in order to reduce activities with negative externalities. We consider three instruments: a rule, that sets an upper limit to the activity which produces the negative externality, a quota that forces a proportional reduction of the...
Persistent link: https://www.econbiz.de/10012462243
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Incomplete Environmental Regulation, Imperfect Competition, and Emissions Leakage
Fowlie, Meredith - 2008
For political, jurisdictional and technical reasons, environmental regulation of industrial pollution is often … incomplete: regulations apply to only a subset of facilities contributing to a pollution problem. Policymakers are increasingly … regulated producers are less polluting than their unregulated ounterparts, emissions under incomplete regulation can exceed the …
Persistent link: https://www.econbiz.de/10012464226
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Do Oligopolists Pollute Less? Evidence from a Restructured Electricity Market
Mansur, Erin T. - 2007
market. Air pollution fell substantially during 1999, the year in which both electricity restructuring and new environmental … regulation took effect. I find that strategic firms reduced their emissions by approximately 20% relative to other firms and … pollution reductions. The remaining third can be attributed to firms exercising market power …
Persistent link: https://www.econbiz.de/10012465135
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Regulation of Health, Safety, and Environmental Risks
Viscusi, W. Kip - 2006
regulation. Guided by restrictive legislative mandates, regulatory policies often strike a quite different balance with an … policy efforts. Inadequate regulatory enforcement and behavioral responses to regulation may limit their effectiveness, while …
Persistent link: https://www.econbiz.de/10012466737
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Technology-Skill Complementarity and Labor Displacement : Evidence from Linking Two Centuries of Patents with Occupations
Kogan, Leonid; Papanikolaou, Dimitris; Schmidt, Lawrence; … - National Bureau of Economic Research - 2021
We construct new technology indicators using textual analysis of patent documents and occupation task descriptions that span almost two centuries (1850-2010). At the industry level, improvements in technology are associated with higher labor productivity but a decline in the labor share....
Persistent link: https://www.econbiz.de/10012794580
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Text Selection
Kelly, Bryan T. - 2019
Text data is ultra-high dimensional, which makes machine learning techniques indispensable for textual analysis. Text is often selected--journalists, speechwriters, and others craft messages to target their audiences' limited attention. We develop an economically motivated high dimensional...
Persistent link: https://www.econbiz.de/10012480461
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Text as Data
Gentzkow, Matthew - 2017
An ever increasing share of human interaction, communication, and culture is recorded as digital text. We provide an introduction to the use of text as an input to economic research. We discuss the features that make text different from other forms of data, offer a practical overview of relevant...
Persistent link: https://www.econbiz.de/10012455405
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Which News Moves Stock Prices? A Textual Analysis
Boudoukh, Jacob - 2013
A basic tenet of financial economics is that asset prices change in response to unexpected fundamental information. Since Roll's (1988) provocative presidential address that showed little relation between stock prices and news, however, the finance literature has had limited success reversing...
Persistent link: https://www.econbiz.de/10012459936
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Words in Patents : Research Inputs and the Value of Innovativeness in Invention
Packalen, Mikko - 2012
Intelligently allocating research effort and funds requires deciding whether to build on recent advances or on more established knowledge. When recent advances create superior opportunities for invention, their adoption as research inputs in the invention process promotes technological progress....
Persistent link: https://www.econbiz.de/10012460166