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While the traditional role of insurers is to provide protection against idiosyncratic risks of individuals, insurers themselves face substantial uncertainties due to aggregate shocks. To prevent insurers from passing through aggregate risks to consumers, governments have increasingly adopted...
Persistent link: https://www.econbiz.de/10014226149
Effective and economical expansion of renewable energy is one of the most urgent and important challenges of addressing climate change. However, many countries are facing a problem because existing network infrastructures (i.e., transmission networks) were not originally built to accommodate...
Persistent link: https://www.econbiz.de/10013210044
We characterize optimal urban transportation policies in the presence of congestion and environmental externalities and evaluate their welfare and distributional effects. We present a framework of a municipal government that implements different transportation equilibria through its choice of...
Persistent link: https://www.econbiz.de/10014512039
Currently, most U.S. electricity consumers pay a constant price per kWh consumed that accounts for most of their bill. Ongoing developments in the power system increase efficiency gains that can be made from exposing consumers to widely varying wholesale spot prices. Pure spot pricing is not...
Persistent link: https://www.econbiz.de/10013435122
Germany was divided after World War II, many firms in the machine tool industry fled the Soviet occupied zone to prevent … expropriation. We show that the regional location decisions of these firms upon moving to western Germany were driven by non … effects are due to increased competition for local resources …
Persistent link: https://www.econbiz.de/10012462515
We use newly digitized records from the U.S. Post Office to study how strengthening state capacity affects public service delivery and innovation in over 2,800 cities between 1875-1905. Exploiting the gradual expansion of a major civil service reform, cities with a reformed postal office...
Persistent link: https://www.econbiz.de/10013172151
The spatial mismatch hypothesis posits that employment decentralization isolated urban blacks from work opportunities. This paper focuses on one large employer that has remained in the central city over the twentieth century - the U.S. Postal Service. We find that blacks substitute towards...
Persistent link: https://www.econbiz.de/10012465186
We mailed letters to non-existent business addresses in 159 countries (10 per country), and measured whether they come back to the return address in the US and how long it takes. About 60% of the letters were returned, taking over 6 months, on average. The results provide new objective...
Persistent link: https://www.econbiz.de/10012460391
The United States spends twice as much per person on pharmaceuticals as European countries, in large part because prices are much higher in the US. This fact has led policymakers to consider legislation for price controls. This paper assesses the effects of a US international reference pricing...
Persistent link: https://www.econbiz.de/10013210081
have risen by about 9% by 2017. Instead, it fell by 5%. Falling local employment concentration may intensify competition … for recent market entrants. Simultaneously, rising within industry-by-geography concentration may weaken competition for …
Persistent link: https://www.econbiz.de/10014250148