We propose a new instrument for estimating the price elasticity of gasoline demand that exploits systematic differences … response to an aggregate oil price shock. Time-varying estimates do not support the view that the gasoline demand elasticity … rose to about -0.2 in 2015-16, but has remained stable since 2016. Gasoline demand is more responsive in states with lower …

factor intensities and factor endowments. Here I move away from this structure to focus on demand, preferences, and … environmental externality such as carbon emissions, and I assume a high income elasticity of demand for environmental quality. I …

While the global economy continues to grow, ecosystem services tend to stagnate or decline. Economic theory has shown … empirical evidence has been sparse to put theory into practice. To estimate the relative price change in ecosystem services that …

While the global economy continues to grow, ecosystem services tend to stagnate or decline. Economic theory has shown … been sparse to put theory into practice. To estimate relative price changes in ecosystem services to be used for making …

It is widely understood that the real price of globally traded commodities is determined by the forces of demand and … supply. One of the main determinants of the real price of commodities is shifts in the demand for commodities associated with …

Uncertainty about the level of demand is thought to influence irreversible capacity decisions. This paper examines some … implications of the theory literature on this topic in an empirical study of the US cement industry between 1994 and 2006. Firms in … capacity sufficient to supply positive local demand shocks. In the presence of uncertain demand, firms may choose to serve …

In a large-scale online experiment with U.S. Democrats, we examine how the demand for a newsletter about an economic … relief plan changes when the newsletter content is fact-checked. We first document an overall muted demand for fact …-checking reduces demand among Democrats with strong ideological views and increases demand among ideologically moderate Democrats …

steel, the trade flows result more from short-term regional disequilibria between supply and demand than from international …

We present a new partial equilibrium theory of price adjustment, based on consumer loss aversion. In line with prospect … theory, the consumers' perceived utility losses from price increases are weighted more heavily than the perceived utility … depends on the consumers' rational price expectations from the recent past. By implication, demand responses are more elastic …