This paper uses a hedonic model for pricing decisions in non-competitive markets to model the relationship between undergraduate tuition and the characteristics of private universities. The model includes measures of externally funded research, the influence of student aid policies, college and...

Hotter countries tend to be poorer. In this paper, we estimate the income-temperature relationship for a cross-section of 97 countries. The relationship is both distinct and powerful. A simple cross-section regression of the log of per capita GDP against the log of average temperature in the...

A higher endowment of some good will typically cause an individual to place a lower value on increases (or decreases) in that endowment. This property, which we call diminishing marginal value, is a pervasive component of economists' beliefs about people's behavior. In ordinary markets "the more...

The disparity between willingness to pay and willingness to accept in experimental and survey settings remains a troubling anomaly. Willingness-to-accept is almost always higher than WTP, often substantially higher. Our interest lies with the neoclassical explanation of Hanemann, who...

One way of gauging how global warming will affect an economy is to look at the economic performance of countries that are warmer. This paper looks at the income-temperature relationship for a cross-section of 156 countries in 1999. As is well known, hotter countries are poorer on average. The...

The difference between willingness to pay (WTP) and willingness to accept (WTA) has been widely studied both through theory and experiments. In a typical experiment, a subject is given some item, like a coffee mug, and offered money to return it to the experimenter. The dollar amount the subject...

The idea that preferences are only revealed by real incentives is deeply embedded in economists' worldview. Consequently, evidence from hypothetical experiments has not readily permeated economic thinking. One method for determining whether hypothetical experiments provide useful information...

This paper uses a hedonic model for pricing decisions in non-competitive markets to model the relationship between undergraduate tuition and the characteristics of private universities. The model includes measures of externally funded research, the influence of student aid policies, college and...

Economists argue that policymakers should take advantage of market principles in designing environmental regulations. Such market-based approaches – environmental taxes and cap-and-trade – use economic incentives to achieve environmental goals at lower costs. Market-based approaches have now...