The direct sale of emission allowances by auction is an emerging characteristic of cap-and-trade programs. This study is motivated by the observation that all of the major implementations of cap-and-trade regulations for the control of air pollution have started with a generous allocation of...

Econometric analyses of European datasets suggest that income aspirations increase with current income. This finding is consistent with the adaptation hypothesis –the notion that individual aspirations adjust to reflect personal circumstances and living conditions. We add to these existing...

Urban watershed managers frequently must address alternative policy goals; flood control and ecological risk reduction. This study combines hydrologic models of flood control and biotic models of ecologic risk with economic models of willingness-to-pay and psychological models of risk processing...

Although the US airline industry began 2001 with 24 consecutive profitable quarters, including net profits in 2000 totaling $7.9 billion, the impact of the 9/11 event on the industry was substantial. Whereas the recession that began in early 2001 signaled the end of profitability, the 9/11...

Spatial equilibrium models rely on migration to arbitrage away differences in utility across locations net of moving costs, where remaining differences in wages and rents reflect the compensating differentials related to site-specific amenities. Recent refinements to the spatial equilibrium...

The world is evolving from one in which almost all access to the Internet comes from personalcomputers (PCs) to one in which so-called Internet appliances (IAs) will make up a greater shareof end-user equipment. Today's PC is a general-purpose, highly configurable and extensibledevice ? an...

There are a broad range of objectives and opportunities that can be lumped under the heading ofInternet Telephony, or ITel. This paper identifies a number of criteria that can be used toseparate these different ITel applications into classes, including the degree of interoperation withthe...

The proposed 2008 TARP auction was intended to facilitate rapid purchases by the U.S. department of Treasury of a wide array of mortgage-backed securities in order to remove these “toxic assets” from the portfolios of financially stressed banks. The Treasury had selected a Reference Price...

We experimentally study auctions versus grandfathering in the initial assignment of pollution permits that can be traded in a secondary spot market. Low and high emitters compete for permits in the auction, whereas permits are assigned for free under grandfathering. In theory, trading in the...