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Private Investment and Government Protection
Luttmer, Erzo F.P.; Zeckhauser, Richard; Kousky, Carolyn - National Bureau of Economic Research (NBER) - 2006
amount of investment that will accompany any level of protection, further complicating the government%u2019s choice problem …
Persistent link: https://www.econbiz.de/10005084856
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A Markup Interpretation of Optimal Rules for Irreversible Investment
Dixit, Avinash Kamalakar; Pindyck, Robert S.; Sodal, … - National Bureau of Economic Research (NBER) - 1997
We re-examine the basic investment problem of deciding when to incur a sunk cost to obtain a stochastically fluctuating … benefit. The optimal investment rule satisfies a trade-off between a larger versus a later net benefit; we show that this … demand curve. We reinterpret the optimal investment rule as a markup formula involving an elasticity that has exactly the …
Persistent link: https://www.econbiz.de/10005777454
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A Tale of Repetition: Lessons from Florida Restaurant Inspections
Lee, Jungmin; Jin, Ginger Zhe - National Bureau of Economic Research (NBER) - 2014
We examine the role of repetition in government regulation. Using Florida restaurant inspection data from 2003 to 2010, we find that inspectors new to the inspected restaurant report 12.7-17.5% more violations than the second visit of a repeat inspector. This effect is even more pronounced if...
Persistent link: https://www.econbiz.de/10010950881
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Inspection Technology, Detection and Compliance: Evidence from Florida Restaurant Inspections
Lee, Jungmin; Jin, Ginger Zhe - National Bureau of Economic Research (NBER) - 2013
In this article, we show that a small innovation in inspection technology can make substantial differences in inspection outcomes. For restaurant hygiene inspections, the state of Florida has introduced a handheld electronic device, the portable digital assistant (PDA), which reminds inspectors...
Persistent link: https://www.econbiz.de/10010951300
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Uncertainty In Environmental Economics
Pindyck, Robert S. - National Bureau of Economic Research (NBER) - 2006
In a world of certainty, the design of environmental policy is relatively straightforward, and boils down to maximizing the present value of the flow of social benefits minus costs. But the real world is one of considerable uncertainty -- over the physical and ecological impact of pollution,...
Persistent link: https://www.econbiz.de/10005714875
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Prices vs. Quantities vs. Tradable Quantities
Williams, Roberton C. Williams III - National Bureau of Economic Research (NBER) - 2002
efficient instrument. This theory is applied to dynamic pollution problems, and suggests that permit banking should be allowed …
Persistent link: https://www.econbiz.de/10005589000
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Deals versus Rules: Policy Implementation Uncertainty and Why Firms Hate It
Hallward-Driemeier, Mary; Pritchett, Lant; Khun-Jush, Gita - National Bureau of Economic Research (NBER) - 2010
Firms in Africa report "regulatory and economic policy uncertainty" as a top constraint to their growth. We argue that often firms in Africa do not cope with policy rules, rather they face deals; firm-specific policy actions that can be influenced by firm actions (e.g. bribes) and...
Persistent link: https://www.econbiz.de/10008627129
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Tipping Points and Ambiguity in the Economics of Climate Change
Lemoine, Derek M.; Traeger, Christian P. - National Bureau of Economic Research (NBER) - 2012
We model welfare-maximizing policy in an infinite-horizon setting when the probability of a tipping point, the welfare change due to a tipping point, and knowledge about a tipping point's trigger all depend on the policy path. Analytic results demonstrate how optimal policy depends on the...
Persistent link: https://www.econbiz.de/10010969374
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Continuous-Time Methods for Integrated Assessment Models
Judd, Kenneth L.; Lontzek, Thomas S.; Cai, Yongyang - National Bureau of Economic Research (NBER) - 2012
Continuous time is a superior representation of both the economic and climate systems that Integrated Assessment Models (IAM) aim to study. Moreover, continuous-time representations are simple to express. Continuous-time models are usually solved by discretizing time, but the quality of a...
Persistent link: https://www.econbiz.de/10010950988
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Robust Optimal Policy in a Forward-Looking Model with Parameter and Shock Uncertainty
Giannoni, Marc P. - National Bureau of Economic Research (NBER) - 2006
This paper characterizes a robust optimal policy rule in a simple forward-looking model, when the policymaker faces uncertainty about model parameters and shock processes. We show that the robust optimal policy rule is likely to involve a stronger response of the interest rate to fluctuations in...
Persistent link: https://www.econbiz.de/10005084782