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We ask whether regulation can usefully supplement litigation in a model of optimal social control of harmful externalities. In our model, firms choose activity levels in addition to precautions. In contrast to the usual analysis, we assume that social returns to activity are higher than private...
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In this paper we develop a quantitative model of entrepreneurial activity (risk-taking) and consumer bankruptcy choices and use the model to study the effects of bankruptcy regulations on entrepreneurial activity, bankruptcy rate and welfare. We show that eliminating bankruptcy exemptions leads...
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1. An introduction to the theory of social accounting / Thomas Aronsson and Karl-Gustaf Löfgren -- 2. The money metrics … / Kenneth Backlund and Tomas Sjögren -- 4. Dynamic endogenous risk and social accounting / Ram Ranjan and Jason F. Shogren -- 5 … in practice? / Eva Samakovlis -- 7. The theory of dynamic cost-benefit analysis : some recent advances / Chuan-Zhong Li …
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In this paper we estimate the impact of road development on household welfare in rural Papua New Guinea over the period between 1996 and 2010, using two cross-sectional household surveys and corresponding road maps. To deal with endogenous placement of road infrastructure programs we employ a...
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