This study provides new evidence on the impact of climate physical risk (as measured by the Global Climate Risk Index (CRI) from Germanwatch) on stock market returns. Specifically, a panel model with fixed effects is estimated using annual data from 2007 to 2021 for a set of 65 countries as well...

This paper develops a mechanism design approach to study externalities and re-distribution. The mechanism screens individuals’ social weights to strike a balance among broad distributional objectives, incentives to work, and incentives to reduce externalities. The welfare-optimal allocation...

Very few studies have examined the impacts of both climate change and air pollution on student education outcomes, particularly in a developing country setting. Analyzing a rich database consisting of household and school surveys, test scores, and temperature and air pollution data over the past...