Driving restriction programs have been implemented in many cities around the world to alleviate pollution and congestion problems. Enforcement of such programs is costly and can potentially displace policing resources used for crime prevention and crime detection. Hence, driving restrictions may...

When consumption of water and other utilities is measured collectively and payment for such services is equally shared among members of the group, individuals may use more than what is socially optimal. In this paper, we evaluate how installation of individual meters affects water consumption....

How costly is the misallocation of production that we might expect to result from distortions such as market power, incomplete contracts, taxes, regulations, or corruption? This paper develops new tools for the study of misallocation that place minimal assumptions on firms’ underlying...

This paper demonstrates theoretically and empirically the conditions under which estimated implicit prices from hedonic equations using house value reflect implicit willingness to pay for housing attributes. Implicit prices obtained from rental hedonics, consistent with theory, reveal the...

How costly is the misallocation of production that we might expect to result from distortions such as market power, incomplete contracts, taxes, regulations, or corruption? This paper develops new tools for the study of misallocation that place minimal assumptions on firms' underlying...