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Public Economics

Environmental Economics/Public Economics

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Full-Text Articles in Macroeconomics

A Note On The Valuation Of Collective Goods: Overlooked Input Market Free Riding For Non-Individually Incrementable Goods, Philip E. Graves Jan 2009

A Note On The Valuation Of Collective Goods: Overlooked Input Market Free Riding For Non-Individually Incrementable Goods, Philip E. Graves

PHILIP E GRAVES

For at least fifty years economists have argued that vertically-aggregated marginal willingness to pay, when set equal to marginal provision cost, will result in optimal public good provision levels. This methodological approach would be expected to yield an exact analog, in terms of optimal levels of public good provision, to efficient provision of private goods in a perfect market setting. There is, however, a potentially serious flaw in the approach as actually practiced, since initial incomes are implicitly–and wrongly–taken to be optimal. From a given income, the output demand revelation problem has long been recognized–that there will ...


Voodoo Multipliers Revisited: Public Policy For Recessions And Boomtimes, Philip E. Graves Jan 2009

Voodoo Multipliers Revisited: Public Policy For Recessions And Boomtimes, Philip E. Graves

PHILIP E GRAVES

There is no abstract for this brief column.


An Implementable Institutional Reform That Transfers Control Of Government Spending Levels From Politicians To Voters, Philip E. Graves Jan 2009

An Implementable Institutional Reform That Transfers Control Of Government Spending Levels From Politicians To Voters, Philip E. Graves

PHILIP E GRAVES

Elected representatives have little incentive to pursue the interests of those electing them once they are elected. This well-known principle-agent problem leads, in a variety of theories of government, to non-optimally large levels of government expenditure. An implication is that budgetary rules are seen as necessary to constrain politicians' tax and spending behavior. Popular among such constraints are various Balanced Budget Amendment proposals. These approaches, however, are shown here to have serious limitations, including failure to address the central concern of spending level. An alternative approach is advanced here that relies on a Coase-like mechanism that transfers control of government ...


Optimal Public Goods Provision: Implications Of Endogenizing The Labor/Leisure Choice, Nicholas E. Flores, Philip E. Graves Dec 2007

Optimal Public Goods Provision: Implications Of Endogenizing The Labor/Leisure Choice, Nicholas E. Flores, Philip E. Graves

PHILIP E GRAVES

Conventional analysis of public goods provision aggregates individual willingness to pay while treating income as exogenous, ignoring the fact that we generate income to allow us to purchase utility-generating goods. We explore the implications of endogenizing the lahor-leisure decision by explicitly considering leisure demand in a model of public goods provision. We consider benefit analysis of public goods provision and find that increments of the public good will generally be under-valued using conventional analysis while decrements to the public good (rare in public good settings) will be overvalued (JELC91,D61,Q5I)


The Robustness Of Hedonic Price Estimation, Philip E. Graves, James C. Murdoch, Mark A. Thayer, Donald M. Waldman Jan 1988

The Robustness Of Hedonic Price Estimation, Philip E. Graves, James C. Murdoch, Mark A. Thayer, Donald M. Waldman

PHILIP E GRAVES

There is no abstract for this article; it begins with the Introduction.


Morbidity And Pollution, Ronald J. Krumm, Philip E. Graves Jan 1982

Morbidity And Pollution, Ronald J. Krumm, Philip E. Graves

PHILIP E GRAVES

Time-series analysis of effects of pollutants on emergency hospital admissions indicates important synergistic interactions among pollutants and to a lesser degree nonlinearities in effects of single pollutants. Comparisons of alternative econometric specifications are made to determine the appropriateness of incorporating nonuniform pollution impacts. The data substantially support the existence of synergisms among pollutants with high levels of sulfur dioxide, SO, (particulates), increasing the impact of particulates (SO,) on emergency hospital admissions. Marginal effects of either pollutant are, however, small at current ambient air quality levels. These results indicate that damage estimates were likely to be understated during the 1960’s ...