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Seminal work by Weitzman (1974) revealed prices are preferred to quantities when marginal benefits are relatively flat compared to marginal costs. We extend this comparison to indexed policies, where quantities are proportional to an index, such as output. We find that policy preferences hinge...
Persistent link: https://www.econbiz.de/10012759315
Tradable performance standards are widely used sectoral regulatory policies. Examples include the US lead phasedown, fuel economy standards for automobiles, renewable portfolio standards, low carbon fuel standards, and—most recently—China’s new national carbon market. At the same time,...
Persistent link: https://www.econbiz.de/10014089541
Quantity-based regulation with banking allows regulated firms to shift obligations across time in response to periods …
Persistent link: https://www.econbiz.de/10013109868
Recent progress in artificial intelligence (AI) – a general purpose technology affecting many industries - has been focused on advances in machine learning, which we recast as a quality-adjusted drop in the price of prediction. How will this sharp drop in price impact society? Policy will...
Persistent link: https://www.econbiz.de/10012916896
Since the passage of the Interstate Commerce Act (1897) and the Sherman Act (1890), regulation and antitrust have … operated as competing mechanisms to control competition. Regulation produced cross-subsidies and favors to special interests … antitrust and regulation. Antitrust and regulation can also be viewed as complements in which regulation and antitrust assign …
Persistent link: https://www.econbiz.de/10012777652
Occupational licensing is among the fastest-growing labor market institutions in the U.S. economy. One of the key features of occupational licensing is that the law determines who gets to do the work. In those cases where universally licensed occupations are both complements to and substitutes...
Persistent link: https://www.econbiz.de/10013135757
The received view pins the adoption of labor regulation before 1914 on domestic forces. Using directed dyad-year event … labor regulation of partners because intraindustry trade was important. The New World exported less differentiated products …
Persistent link: https://www.econbiz.de/10013150840
This paper reviews some recent empirical analyses of the impact of affirmative action and anti-discrimination law on employment and productivity.The major findings are that:1)Affirmative action has some success in improving employment opportunities for minorities and females, particularly for...
Persistent link: https://www.econbiz.de/10013234082
We investigate the regulation of labor markets through employment laws, collective bargaining laws, and social security … generous social security systems. Socialist and French legal origin countries have sharply higher levels of labor regulation …. Heavier regulation of labor is associated with a larger unofficial economy, lower labor force participation, and higher …
Persistent link: https://www.econbiz.de/10013244876
following state-level legislation that ended cost-of-service regulation of electricity generation. I find that deregulated …
Persistent link: https://www.econbiz.de/10013054040