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Full-Text Articles in Policy Design, Analysis, and Evaluation

Whither The Regulatory “War On Coal”? Scapegoats, Saviors, And Stock Market Reactions, Cary Coglianese, Daniel E. Walters Oct 2019

Whither The Regulatory “War On Coal”? Scapegoats, Saviors, And Stock Market Reactions, Cary Coglianese, Daniel E. Walters

Faculty Scholarship at Penn Law

Complaints about excessive economic burdens associated with regulation abound in contemporary political and legal rhetoric. In recent years, perhaps nowhere have these complaints been heard as loudly as in the context of U.S. regulations targeting the use of coal to supply power to the nation’s electricity system, as production levels in the coal industry dropped nearly by half between 2008 and 2016. The coal industry and its political supporters, including the President of the United States, have argued that a suite of air pollution regulations imposed by the U.S. Environmental Protection Agency (EPA) during the Obama Administration ...


Fiscal Citizenship: How Can Tax Efficiency And Isonomy Aid In The Promotion Of Economic Rights, Social Participation, Political Accountability, And Cultural Diversity?, Gustavo Voeroes Dénes Oct 2019

Fiscal Citizenship: How Can Tax Efficiency And Isonomy Aid In The Promotion Of Economic Rights, Social Participation, Political Accountability, And Cultural Diversity?, Gustavo Voeroes Dénes

Conference: The Social Practice of Human Rights

According to the World Inequality Report 2018 (WID 2017), Brazil is one of the few countries that has not recently displayed an increase in income inequality, having instead sustained it on persistently very high levels, actually composing the world’s “inequality frontier”. While such levels of inequality may be partly attributed to poor distribution of property rights, human capital endowments, and specificity of labor relations, a significant part of it is undoubtedly due the national fiscal system’s reduced distributive capacity, compromised by one the worst taxation systems in the world. Occupying the 184th position out of 190 countries in ...


Summary: Designing Successful Carbon Markets, Arthur Van Benthem Sep 2019

Summary: Designing Successful Carbon Markets, Arthur Van Benthem

Wharton PPI B-School for Public Policy Seminar Summaries

There are a lot of developments happening right now in carbon markets in different parts of the world—from New Zealand to Canada and many points in between. As policymakers continue to explore cap-and-trade in the United States, there is much to learn about what does and doesn’t work from these carbon markets already in place.


Toward Fair And Sustainable Capitalism: A Comprehensive Proposal To Help American Workers, Restore Fair Gainsharing Between Employees And Shareholders, And Increase American Competitiveness By Reorienting Our Corporate Governance System Toward Sustainable Long-Term Growth And Encouraging Investments In America’S Future, Leo E. Strine Sep 2019

Toward Fair And Sustainable Capitalism: A Comprehensive Proposal To Help American Workers, Restore Fair Gainsharing Between Employees And Shareholders, And Increase American Competitiveness By Reorienting Our Corporate Governance System Toward Sustainable Long-Term Growth And Encouraging Investments In America’S Future, Leo E. Strine

Faculty Scholarship at Penn Law

To promote fair and sustainable capitalism and help business and labor work together to build an American economy that works for all, this paper presents a comprehensive proposal to reform the American corporate governance system by aligning the incentives of those who control large U.S. corporations with the interests of working Americans who must put their hard-earned savings in mutual funds in their 401(k) and 529 plans. The proposal would achieve this through a series of measured, coherent changes to current laws and regulations, including: requiring not just operating companies, but institutional investors, to give appropriate consideration to ...


Summary: The Decline Of U.S. Corporate Investment, Joao F. Gomes Sep 2019

Summary: The Decline Of U.S. Corporate Investment, Joao F. Gomes

Wharton PPI B-School for Public Policy Seminar Summaries

U.S. corporations over the past decade have shied away from making large-scale capital investments. Given their reticence, does it make economic sense for the government to pursue major investments in infrastructure at this time?


Summary: Insuring High Risks Fairly, Protecting Individuals Against Flood Losses, Howard Kunreuther Sep 2019

Summary: Insuring High Risks Fairly, Protecting Individuals Against Flood Losses, Howard Kunreuther

Wharton PPI B-School for Public Policy Seminar Summaries

The National Flood Insurance Program (NFIP) encompasses issues of risk transparency and fairness. There is general agreement that floodplain residents need to know their risk-based insurance premium-and with that information, how to make their homes safer and thus make flood insurance more affordable. In this B-School Seminar, Professor Howard Kunreuther focused on the importance of accurate mapping of flood risk, how to encourage investment in cost effective mitigation measures, and ways to deal with fairness and affordability in designing a flood insurance program for the future.


Token Representation?: Impact Of Female Reservations In Panchayati Raj Institutions In Elections To State And National Legislatures, Surbhi Bharadwaj Sep 2019

Token Representation?: Impact Of Female Reservations In Panchayati Raj Institutions In Elections To State And National Legislatures, Surbhi Bharadwaj

Dartmouth Undergraduate Journal of Politics, Economics and World Affairs

Reservations have long formed a fundamental tenet of affirmative action in India. Quotas for representation of various disadvantaged groups proliferate across public educational institutions and government jobs. However, elections to public office have largely escaped such quotas, except those that are caste-based. A shift in this status quo occurred in 1992 with the establishment of the Panchayati Raj system of grassroots governance. 34% of all seats under Panchayati Raj Institutions (PRIs) were to be reserved for women under the 73rd amendment. Another constitutional amendment passed in September 2009 increased PRI quotas for women to 50%. This paper seeks to examine ...


Improving Future Policy Responses To Foreseeable Bank Risk-Taking, Joao F. Gomes, Marco Grotteria, Jessica A. Wachter Sep 2019

Improving Future Policy Responses To Foreseeable Bank Risk-Taking, Joao F. Gomes, Marco Grotteria, Jessica A. Wachter

Wharton Public Policy Initiative Issue Briefs

This brief offers new perspectives on the behavior of banks during the financial crisis of 2007-08 and the limited success of unconventional monetary policies in stimulating bank credit to the private sector during the subsequent economic recovery. The common narrative about the financial crisis is that it was caused by a large credit expansion with overly risky loan-granting behavior by banks. We argue, however, that banks actually made optimal financial decisions in the lead-up to the crisis, based on their calculation of their franchise value. The brief explains the mechanics of franchise value—how it led banks to shift their ...


An Integrated Climate Science-Economic Model For Evaluating Adaptations To Sea Level Rise: A Prototype Model For Monterey, California, Charles S. Colgan, Fernando Depaolis, Philip King Aug 2019

An Integrated Climate Science-Economic Model For Evaluating Adaptations To Sea Level Rise: A Prototype Model For Monterey, California, Charles S. Colgan, Fernando Depaolis, Philip King

Journal of Ocean and Coastal Economics

Preparing for flooding that will be exacerbated by climate change and sea level rise must take place in the context of "deep uncertainty". One strategy for dealing with that uncertainty is to convert unknown probabilities into know probabilities using techniques such as Monte Carlo analysis. This paper demonstrates the feasibility of creating a cost-benefit model for sea level rise adaptation options using an integrated climate change/sea level rise-weather-economic model. The model tests the probability of benefits exceeding costs for shoreline protection such as beach nourishment and armoring under multiple iterations of possible climate futures. It uses shoreline segments in ...


Capturing Regulatory Agendas?: An Empirical Study Of Industry Use Of Rulemaking Petitions, Daniel E. Walters Aug 2019

Capturing Regulatory Agendas?: An Empirical Study Of Industry Use Of Rulemaking Petitions, Daniel E. Walters

Daniel Walters

A great deal of skepticism toward administrative agencies stems from the widespread perception that they excessively or even exclusively cater to business interests. From the political right comes the accusation that business interests use regulation to erect barriers to entry that protect profits and stifle competition. From the political left comes the claim that business interests use secretive interactions with agencies to erode and negate beneficial regulatory programs. Regulatory “capture” theory elevates many of these claims to the status of economic law. Despite growing skepticism about capture theory in academic circles, empirical studies of business influence and capture return ambiguous ...


Frand And Antitrust, Herbert J. Hovenkamp Aug 2019

Frand And Antitrust, Herbert J. Hovenkamp

Faculty Scholarship at Penn Law

This paper considers when a patentee’s violation of a FRAND commitment also violates the antitrust laws. It warns against two extremes. First, is thinking that any violation of a FRAND obligation is an antitrust violation as well. FRAND obligations are contractual, and most breaches of contract do not violate antitrust law. The other extreme is thinking that, because a FRAND violation is a breach of contract, it cannot also be an antitrust violation.

Every antitrust case must consider the market environment in which conduct is to be evaluated. SSOs operated by multiple firms are joint ventures. Antitrust’s role ...


Factors In Refugee Resilience Building During Humanitarian Response, Rachel Starner Jul 2019

Factors In Refugee Resilience Building During Humanitarian Response, Rachel Starner

Capstone Collection

If countries hosting refugees want to build resiliency and reduce dependency on foreign relief, humanitarian response and local development need to be addressed simultaneously, and collaboration at all levels of stakeholders needs to take place in planning and decision making. Additionally, innovation and strong leadership are strong factors in creating and leading new ideas as funding and world leadership dynamics change, especially with traditional leaders such as the US and the UN losing influence. Observations made at the Mahama Refugee Camp in Rwanda as well as existing document analysis reflect these traits by active efforts of camp administrators and humanitarian ...


Public Interests And Economic Regulation Of Gambling, Rein Halbersma, Joost Poort May 2019

Public Interests And Economic Regulation Of Gambling, Rein Halbersma, Joost Poort

International Conference on Gambling & Risk Taking

In the Netherlands, the Betting and Gaming Act from 1964 largely determines the current structure of gambling markets. The policy was to channel consumers to a limited number of licensed operators. This led to state-owned monopolies for lotteries, sports betting and casinos, a private monopoly for horse race betting, a limited number of privately owned charity lotteries, and a large number of private slot machines operators.

Pending legislation proposes an online market without a limit on the number of operators. Furthermore, state ownership will be phased out, and introduced legislation to privatizing and expanding the number of casinos. The current ...


What Is A Game Of Chance? An Application To Loot Boxes, Wessel Oomens May 2019

What Is A Game Of Chance? An Application To Loot Boxes, Wessel Oomens

International Conference on Gambling & Risk Taking

The traditional landscape of games of chance such as lotteries, betting, casinos and slots has become intertwined with complex financial products as well as digital games with elements of chance.

The Netherlands Gambling Authority has issued a guidance paper outlining a five-step decision process in order to determine whether a game classifies as gambling:

  • Threshold: is the number of providers, players and the amount money involved considerable enough to warrant spending resources in assessing the game?
  • Overlap: is there potential overlap with other rules and regulations, in particular those governing financial products?
  • Prize: does the game award its winners with ...


Health Care's Market Bureaucracy, Allison K. Hoffman May 2019

Health Care's Market Bureaucracy, Allison K. Hoffman

Faculty Scholarship at Penn Law

The last several decades of health law and policy have been built on a foundation of economic theory. This theory supported the proliferation of market-based policies that promised maximum efficiency and minimal bureaucracy. Neither of these promises has been realized. A mounting body of empirical research discussed in this Article makes clear that leading market-based policies are not efficient — they fail to capture what people want. Even more, this Article describes how the struggle to bolster these policies — through constant regulatory, technocratic tinkering that aims to improve the market and the decision-making of consumers in it — has produced a massive ...


Local Food Policy & Consumer Food Cooperatives: Evolutionary Case Studies, Afton Hupper May 2019

Local Food Policy & Consumer Food Cooperatives: Evolutionary Case Studies, Afton Hupper

Electronic Theses and Dissertations

Darwin’s theory of natural selection has played a central role in the development of the biological sciences, but evolution can also explain change in human culture. Institutions, mechanisms that govern behavior and social order, are important subjects of cultural evolution. Institutions can help stabilize cooperation, defined as behavior that benefits others, often at a personal cost. Cooperation is important for solving social dilemmas, scenarios in which the interests of the individual conflict with those of the group. A number of mechanisms by which institutions evolve to support cooperation have been identified, yet theoretical models of institutional change have rarely ...


Centros, California’S “Women On Boards” Statute And The Scope Of Regulatory Competition, Jill E. Fisch, Steven Davidoff Solomon May 2019

Centros, California’S “Women On Boards” Statute And The Scope Of Regulatory Competition, Jill E. Fisch, Steven Davidoff Solomon

Faculty Scholarship at Penn Law

We examine the Centros decision through the lens of SB 826 – the California statute mandating a minimum number of women on boards. SB 826, like the Centros decision, raises questions about the scope of the internal affairs doctrine and its role in encouraging regulatory competition. Despite the claim that US corporate law is characterized by regulatory competition, in the US, the internal affairs doctrine has led to less variation in corporate law than in Europe. We theorize that this is due to the shareholder primacy norm in US corporate law which results in the internal affairs doctrine focusing on matters ...


What’S In Your Wallet (And What Should The Law Do About It?), Natasha Sarin May 2019

What’S In Your Wallet (And What Should The Law Do About It?), Natasha Sarin

Faculty Scholarship at Penn Law

In traditional markets, firms can charge prices that are significantly elevated relative to their costs only if there is a market failure. However, this is not true in a two-sided market (like Amazon, Uber, and Mastercard), where firms often subsidize one side of the market and generate revenue from the other. This means consideration of one side of the market in isolation is problematic. The Court embraced this view in Ohio v. American Express, requiring that anticompetitive harm on one side of a two-sided market be weighed against benefits on the other side.

Legal scholars denounce this decision, which, practically ...


The Controversial F-35 Joint Strike Fighter: America's Most Expensive Weapons System And Its Global Impact, Bert Chapman Apr 2019

The Controversial F-35 Joint Strike Fighter: America's Most Expensive Weapons System And Its Global Impact, Bert Chapman

Libraries Faculty and Staff Creative Materials

Presentation describing my 2019 Palgrave Macmillan book Global Defense Procurement and the F-35 Joint Strike Fighter. It describes this aircraft and places particular emphasis on the government information resources from multiple countries used in writing this book.


The Tcja And The Questionable Incentive To Incorporate, Part 2, Michael S. Knoll Mar 2019

The Tcja And The Questionable Incentive To Incorporate, Part 2, Michael S. Knoll

Faculty Scholarship at Penn Law

The Tax Cuts and Jobs Act (TCJA) has put the question should a business be organized as a passthrough entity or as a corporation at center stage. The TCJA eliminated much of the tax disadvantage from using the corporate form, but did Congress go so far that it advantaged corporations relative to pass-through entities? Some prominent commentators say yes. They argue that the federal income tax now encourages individual owners of pass-through businesses to restructure their business as subchapter C corporations, and they predict that the TCJA will lead to a cascade of incorporations. The principal driver of the shift ...


The Lehman Brothers Bankruptcy H: The Global Contagion, Rosalind Z. Wiggins, Andrew Metrick Mar 2019

The Lehman Brothers Bankruptcy H: The Global Contagion, Rosalind Z. Wiggins, Andrew Metrick

Journal of Financial Crises

When Lehman Brothers filed for bankruptcy on September 15, 2008, it was the largest such filing in U.S. history and a huge shock to the world’s financial markets, which were already stressed from the deflated housing bubble and questions about subprime mortgages. Lehman was the fourth-largest U.S. investment bank with assets of $639 billion and its operations spread across the globe. Lehman’s clients and counterparties began to disclose millions of dollars of potential losses as they accounted for their exposures. But the impact of Lehman’s demise was felt well beyond its counterparties. Concern regarding its ...


The Lehman Brothers Bankruptcy G: The Special Case Of Derivatives, Rosalind Z. Wiggins, Andrew Metrick Mar 2019

The Lehman Brothers Bankruptcy G: The Special Case Of Derivatives, Rosalind Z. Wiggins, Andrew Metrick

Journal of Financial Crises

When it filed for bankruptcy protection in September 2008, Lehman Brothers was an active participant in the derivatives market and was party to 906,000 derivative transactions of all types under 6,120 ISDA Master Agreements with an estimated notional value of $35 trillion. The majority of Lehman’s derivatives were bilateral agreements not traded on an exchange but in the over-the-counter (OTC) market. Because derivatives enjoyed an exemption from the automatic stay provisions of the U.S. Bankruptcy Code, parties to Lehman’s derivatives could seek resolution and self-protection without the guidance and restraint of the bankruptcy court. The ...


The Lehman Brothers Bankruptcy E: The Effects On Lehman’S U.S. Broker-Dealer, Rosalind Z. Wiggins, Andrew Metrick Mar 2019

The Lehman Brothers Bankruptcy E: The Effects On Lehman’S U.S. Broker-Dealer, Rosalind Z. Wiggins, Andrew Metrick

Journal of Financial Crises

Lehman’s U.S. broker-dealer, Lehman Brothers Inc. (LBI), was excluded from the parent company’s bankruptcy filing on September 15, 2008, because it was thought that the solvent subsidiary might be able to wind down its affairs in a normal fashion. However, the force of the parent’s demise proved too strong, and within days, LBI and dozens of Lehman subsidiaries around the world were also in liquidation. As a regulated broker-dealer, LBI was required to comply with the Securities and Exchange Commission financial-responsibility rules for broker-dealers, including maintaining customer assets separately. However, the corporate complexity and enterprise integration ...


The Lehman Brothers Bankruptcy D: The Role Of Ernst & Young, Rosalind Z. Wiggins, Rosalind L. Bennett, Andrew Metrick Mar 2019

The Lehman Brothers Bankruptcy D: The Role Of Ernst & Young, Rosalind Z. Wiggins, Rosalind L. Bennett, Andrew Metrick

Journal of Financial Crises

For many years prior to its demise, Lehman Brothers employed Ernst & Young (EY) as the firm’s independent auditors to review its financial statements and express an opinion as to whether they fairly represented the company’s financial position. EY was supposed to try to detect fraud, determine whether a matter should be publicly disclosed, and communicate certain issues to Lehman’s Board audit committee. After Lehman filed for bankruptcy, it was discovered that the firm had employed questionable accounting with regard to an unorthodox financing transaction, Repo 105, which it used to make its results appear better than they ...


The Lehman Brothers Bankruptcy C: Managing The Balance Sheet Through The Use Of Repo 105, Rosalind Z. Wiggins, Andrew Metrick Mar 2019

The Lehman Brothers Bankruptcy C: Managing The Balance Sheet Through The Use Of Repo 105, Rosalind Z. Wiggins, Andrew Metrick

Journal of Financial Crises

The Lehman Brothers court-appointed bankruptcy examiner produced a 2,200-page report detailing possible claims that the estate might pursue. The most surprising revelation of the report was that during its last year Lehman had relied heavily on an unusual financing transaction—Repo 105. The examiner concluded that Lehman’s aggressive use of Repo 105 transactions enabled it to remove up to $50 billion of assets from its balance sheet at quarter-end and to manipulate its leverage ratio so that it could report more favorable results. This case considers in-depth Lehman’s questionable use of Repo 105 transactions and its impact.


The Lehman Brothers Bankruptcy A: Overview, Rosalind Z. Wiggins, Thomas Piontek, Andrew Metrick Mar 2019

The Lehman Brothers Bankruptcy A: Overview, Rosalind Z. Wiggins, Thomas Piontek, Andrew Metrick

Journal of Financial Crises

On September 15, 2008, Lehman Brothers Holdings, Inc., the fourth-largest U.S. investment bank, sought Chapter 11 protection, initiating the largest bankruptcy proceeding in U.S. history. The demise of the 164-year old firm was a seminal event in the global financial crisis. Under the direction of its long-time Chief Executive Officer Richard Fuld, Lehman had been very successful pursuing a high-leverage, high-risk business model that required it to daily raise billions of dollars to fund its operations. Beginning in 2006, Lehman began to invest aggressively in real-estate-related assets and soon had significant exposures to housing and subprime mortgages, just ...


The Tcja And The Questionable Incentive To Incorporate, Michael S. Knoll Mar 2019

The Tcja And The Questionable Incentive To Incorporate, Michael S. Knoll

Faculty Scholarship at Penn Law

The Tax Cuts and Jobs Act (TCJA) has put the question should a business be organized as a passthrough entity or as a corporation at center stage. The TCJA eliminated much of the tax disadvantage from using the corporate form, but did Congress go so far that it advantaged corporations relative to pass-through entities? Some prominent commentators say yes. They argue that the federal income tax now encourages individual owners of pass-through businesses to restructure their business as subchapter C corporations, and they predict that the TCJA will lead to a cascade of incorporations. The principal driver of the shift ...


Analyzing The Interplay Between Public Pension Finances And Government Finances: Lessons From Linking An Economic Model To A Pension Fund Model, Yimeng Yin, Donald Boyd Feb 2019

Analyzing The Interplay Between Public Pension Finances And Government Finances: Lessons From Linking An Economic Model To A Pension Fund Model, Yimeng Yin, Donald Boyd

Public Administration and Policy Faculty Scholarship

Public pension funds invest in stock, bonds, and other assets in an effort to keep the costs to governments of funding pensions low. Researchers have examined the investment-related risks to public pension funds, to the governments that contribute to them, and to stakeholders in pension funds and governments, using stochastic simulation models of pension fund finances.

These models generally use simple investment return assumptions, such as that returns are drawn from a normal distribution, are independent from year to year, and are not correlated with the governmental tax revenue needed to pay pension contributions. Because investment returns and tax revenue ...


The Impact Of The Durbin Amendment On Banks, Merchants, And Consumers, Vladimir Mukharlyamov, Natasha Sarin Jan 2019

The Impact Of The Durbin Amendment On Banks, Merchants, And Consumers, Vladimir Mukharlyamov, Natasha Sarin

Faculty Scholarship at Penn Law

After the Great Recession, new regulatory interventions were introduced to protect consumers and reduce the costs of financial products. Some voiced concern that direct price regulation was unlikely to help consumers, because banks offset losses in one domain by increasing the prices that they charge consumers for other products. This paper studies this issue using the Durbin Amendment, which decreased the interchange fees that banks are allowed to charge merchants for processing debit transactions. Merchant interchange fees, previously averaging 2 percent of transaction value, were capped at $0.22, decreasing bank revenue by $6.5 billion annually. The objective of ...


Slogans Appropriate To The Legacy Of Martin Luther King Jr., Theodore Walker Jan 2019

Slogans Appropriate To The Legacy Of Martin Luther King Jr., Theodore Walker

Perkins Faculty Research and Special Events

For printing signs, banners, posters, tee shirts, and bumper stickers (and for preaching sermons) that are appropriate to the legacy of Rev. Dr. Martin Luther King Jr., please consider the following slogans: ABOLISH WAR, ABOLISH POVERTY, AMEND THE CONSTITUTION, SUPPORT AN ECONOMIC BILL OF RIGHTS, JOBS FOR ALL, GUARANTEED INCOME FOR ALL, SUPPORT UNIVERSAL BASIC INCOME, and GOOD NEWS TO THE POOR - Luke 4:14-19.