This paper examines three points concerning the variances of consumer welfare measures: (1) the size of variance estimates depend on the assumed source of error, (2) the precision of welfare estimates (as measured by the coefficient of variation) generally falls with an increase in the size of...

This paper presents the results of an empirical study of the cost savings associated with a marketable permit system for light-duty vehicles relative to the current system of uniform standards. The sensitivity of cost savings estimates to model specification are examined, including estimation...