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In his famous monograph, Lucas (1987) put forth an argument that the welfare gains from reducing the volatility of aggregate consumption are negligible. Subsequent work that revisited Lucas' calculation continued to find only small benefits from reducing the volatility of consumption, further...
Persistent link: https://www.econbiz.de/10012468727
We construct a model of growth based on endogenous technological change in a small, open economy. Entrepreneurs develop new intermediate products whenever the present value of potential profits exceeds the cost of R&D. Diversity of intermediates contributes to total factor productivity in the...
Persistent link: https://www.econbiz.de/10012476078
A robust body of evidence shows that air pollution exposure is detrimental to health outcomes, often measured as deaths …, performance, and skills. This article reviews the economic research investigating the causal effects of pollution on "non … pollution can be more challenging to observe than formal health care encounters but may be more pervasive if they affect …
Persistent link: https://www.econbiz.de/10013172147
This paper develops an analytical model to quantify the costs and distributional effects of various fiscal options for allocating the (large) rents created under prospective cap-and-trade programs to reduce domestic, energy-related CO2 emissions. The trade-off between cost effectiveness and...
Persistent link: https://www.econbiz.de/10012462171
A pervasive problem in the literature on the health costs of pollution is that optimizing individuals may compensate … for increases in pollution by reducing their exposure to protect their health. This implies that estimates of the health … effects of pollution may vastly understate the full welfare effects of pollution, particularly for individuals most at risk …
Persistent link: https://www.econbiz.de/10012463709
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 …
Persistent link: https://www.econbiz.de/10012464226
The Toxics Release Inventory (TRI) was expected to reduce health risks stemming from emissions of hazardous chemicals by increasing public pressure on polluters. However, it is a massive and complex dataset, requiring significant expertise to interpret in its raw form. State governments have...
Persistent link: https://www.econbiz.de/10012464238
In this paper, we investigate the dynamics of informational regulatory approaches by analyzing the impact of smog alerts issued on consecutive days on discretionary outdoor activities in Southern California. Short-run adjustments to transitory risk entail costs that are likely to influence the...
Persistent link: https://www.econbiz.de/10012464378
pollution regulation. However, these studies have made restrictive assumptions regarding individual preferences and have ignored … key links between pollution, human health, and labor productivity. Together, these assumptions imply that the benefits of … that when the benefits of reduced pollution come in the form of improved health or productivity, the benefits do affect …
Persistent link: https://www.econbiz.de/10012470669
finding, arguing that the health benefits from reduced pollution will also interact with pre-existing taxes, possibly causing … considers health effects. It shows that interactions with health effects from pollution actually will tend to reduce the optimal …
Persistent link: https://www.econbiz.de/10012470683