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Optimal Investment To Control “Red Air Day” Episodes: Lessons From Northern Utah, Usa, Arthur Caplan, Ramjee Acharya 2020 Utah State University

Optimal Investment To Control “Red Air Day” Episodes: Lessons From Northern Utah, Usa, Arthur Caplan, Ramjee Acharya

Arthur J. Caplan

We address the issue of optimal investment in “preventative capital” to mitigate episodic, mobile-source air pollution events by calibrating an endogenous-risk model with parameter estimates obtained from a unique dataset related to "red air day" episodes occurring during the winter months in Northern Utah. Our analysis demonstrates that, under a wide range of circumstances, the optimal steady-state level of preventative capital stock – raised through the issuance of a municipal “clean air bond” that provides foundational funding for more aggressive mitigation efforts – can meet the standard for PM2.5 concentrations with positive social net benefits. We estimate benefit-cost ratios ranging between ...


Control Of Episodic Air Pollution In Utah’S Wasatch Front Region Through Investment In Preventative Capital, Arthur Caplan, Ramjee Acharya 2019 Utah State University

Control Of Episodic Air Pollution In Utah’S Wasatch Front Region Through Investment In Preventative Capital, Arthur Caplan, Ramjee Acharya

Arthur J. Caplan

We address the issue of optimal investment in “preventative capital” to mitigate episodic, mobile-source air pollution events in Utah’s Wasatch Front region. We calibrate Berry et al.'s (2015) endogenous-risk model using a unique dataset related to the region’s "red air day" episodes occurring over the past decade. Our analysis demonstrates that, under a wide range of circumstances, the optimal steady-state level of preventative capital stock – raised through the issuance of a municipal “clean air bond” that can be used to fund more aggressive mitigation efforts – meets the standard for PM2.5 concentrations with positive social net benefits ...


Summary: Service Exports And The Us Trade Deficit, Joao F. Gomes 2019 University of Pennsylvania

Summary: Service Exports And The Us Trade Deficit, Joao F. Gomes

Wharton PPI B-School for Public Policy Seminar Summaries

A trade deficit is defined by the amount by which a country’s imports exceeds the value of its exports. The US has consistently held a trade deficit since the 1970s; as of the end of 2016, the deficit had risen to $502 billion. This trade deficit has been a “political hot potato,” particularly with respect to China, on the assumption that a sustained deficit weakens the overall economy. But is that accurate? In this B-School for Public Policy Seminar Summary, Professor Gomes takes a closer look at the economics of boosting service exports as a means of rebalancing the ...


Give Me A Challenge Or Give Me A Raise, Aleksandr Alekseev 2019 Chapman University

Give Me A Challenge Or Give Me A Raise, Aleksandr Alekseev

ESI Working Papers

I study the effect of task difficulty on workers' effort and compare it to the effect of monetary rewards in an incentivized lab experiment. I find that task difficulty has an inverse-U effect on effort, and that this effect is quantitatively large when compared to the effect of conditional monetary rewards. Difficulty acts as a mediator of monetary rewards: conditional rewards are most effective at the intermediate or high levels of difficulty. I show that the inverse-U pattern of effort response to difficulty is not consistent with the Expected Utility model but is consistent with the Rank-Dependent Utility model that ...


An Analysis Of The Effects Of Financial Education On Financial Literacy And Financial Behaviors, Jamie Wagner 2019 University of Nebraska-Lincoln

An Analysis Of The Effects Of Financial Education On Financial Literacy And Financial Behaviors, Jamie Wagner

Jamie Wagner

This study estimates how financial education affects a person’s financial literacy score, short-term financial behaviors, and long-term financial behaviors using data from the 2012 National Financial Capability Study (NFCS). There are seven categories of financial education—high school, college, employer, high school and college, high school and employer, college and employer, and combinations of all three courses—to estimate the effectiveness of financial education. This course detail has not been studied in previous literature about financial education.

Financial education has a positive relationship with a person’s financial literacy score. Splitting the sample into groups based on education and ...


An Experimental Investigation Of Income, Insurance, And Investments In Health Over The Life Course, J. Dustin Tracy, Hillard Kaplan, Kevin A. James, Stephen Rassenti 2019 Chapman University

An Experimental Investigation Of Income, Insurance, And Investments In Health Over The Life Course, J. Dustin Tracy, Hillard Kaplan, Kevin A. James, Stephen Rassenti

ESI Working Papers

We examine the impacts of age, income and insurance plan on behavior in a virtual environment with cash-motivated subjects, who live multi-period lives in which they earn income and spend on enjoyment, insurance, and investments in health. Health shocks increase simulating aging. The 2x2 experimental has high and low income subjects, and offers employer-based or actuarial insurance. We find: 1) subject behavior approximated optimal responses; 2) in all treatments, subjects under-invested in health early in life and over-invested in health late in life; 3) subjects in the employer-based plan purchased insurance at higher rates; 4) the employer-based plan reduced differences ...


Lying And Shirking Under Oath, Nicolas Jacquemet, Alexander James, Stéphane Luchini, James J. Murphy, Jason F. Shogren 2019 Université de Lorraine

Lying And Shirking Under Oath, Nicolas Jacquemet, Alexander James, Stéphane Luchini, James J. Murphy, Jason F. Shogren

ESI Working Papers

This study explores whether an oath to honesty can reduce both shirking and lying among crowd-sourced internet workers. Using a classic coin-flip experiment, we first show that a substantial majority of Mechanical Turk workers both shirk and lie when reporting the number of heads flipped. We then demonstrate lying can be reduced by first asking each worker to swear voluntarily on his or her honor to tell the truth in subsequent economic decisions. The oath, however, did not reduce shirking as measured by time- at-coin-flip-task, although it did increase the time they spent answering a demographic survey. Conditional on response ...


Adding Tournament To Tournament: Combining Between-Team And Within-Team Incentives, Michael Majerczyk, Roman Sheremeta, Yu Tian 2019 Georgia State University

Adding Tournament To Tournament: Combining Between-Team And Within-Team Incentives, Michael Majerczyk, Roman Sheremeta, Yu Tian

ESI Working Papers

We examine theoretically and experimentally how combining between-team and within-team incentives affects behavior in team tournaments. Theory predicts that free-riding will occur when there are only between-team incentives, and offering within-team incentives may solve this problem. However, if individuals collude, then within-team incentives may not be as effective at reducing free-riding. Consistent with the theoretical predictions, the results of our experiment indicate that although between-team incentives are effective at increasing individual effort, there is substantial free-riding and declining effort over time. Importantly, a combination of between-team and within-team incentives is effective not only at generating effort but also at sustaining ...


Establishing An “Injury-In-Fact” Through Valuations Of Ecosystem Services: Putting It In Terms Federal Courts Understand, Allie Jo Mitchell 2019 University of Minnesota Law School

Establishing An “Injury-In-Fact” Through Valuations Of Ecosystem Services: Putting It In Terms Federal Courts Understand, Allie Jo Mitchell

Minnesota Journal of Law, Science & Technology

No abstract provided.


Ostromian Lessons For Post-Disaster Resilience: Evidence From The 2015 Earthquake In Nepal, Veeshan Rayamajhee 2019 Doctoral Student, Economics

Ostromian Lessons For Post-Disaster Resilience: Evidence From The 2015 Earthquake In Nepal, Veeshan Rayamajhee

Economics ETDs

The dissertation is organized in six chapters. The first chapter provides a synopsis of the four research articles that are comprised in this manuscript. It outlines the goals of each article and connects them to specific Ostromian insights to shed light on the empirical findings. Chapters 2, 3, and 5 are based on a field study that I conducted in Sindhupalchowk, Nepal following the devastating earthquake in 2015. Chapter 4 uses case studies from Chicago, New Orleans, Nepal, and Indonesia. The final chapter summarizes major lessons from the four papers.

The second chapter investigates household-level coping responses to the 7 ...


Co-Enforcement Of Common Pool Resources: Experimental Evidence From Turfs In Chile, Carlos A. Chávez, James J. Murphy, John K. Stranlund 2019 Universidad de Talca

Co-Enforcement Of Common Pool Resources: Experimental Evidence From Turfs In Chile, Carlos A. Chávez, James J. Murphy, John K. Stranlund

ESI Working Papers

This work presents the results of framed field experiments designed to study the co-enforcement of access to common pool resources. The experiments were conducted in the field with participants in the territorial use rights in fisheries (TURFs) management scheme that regulates access to nearshore fisheries along the coast of Chile. In the experiments, TURF members not only decided on harvest but also invested in monitoring to deter poaching by outsiders. Treatments varied whether the monitoring investment was an individual decision or determined by a group vote. Per-unit sanctions for poaching were exogenous as if provided by a government authority, and ...


The Effect Of Social Information In The Dictator Game With A Taking Option, Tanya O'Garra, Valerio Capraro, Praveen Kujal 2019 Middlesex University

The Effect Of Social Information In The Dictator Game With A Taking Option, Tanya O'Garra, Valerio Capraro, Praveen Kujal

ESI Working Papers

We experimentally study how redistribution choices are affected by positive and negative information regarding the behaviour of a previous participant in a dictator game with a taking option. We use the strategy method to identify behavioural ‘types’, and thus distinguish ‘conformists’ from ‘counter-conformists’, and unconditional choosers. Unconditional choosers make up the greatest proportion of types (about 80%) while only about 20% of subjects condition their responses to social information. We find that both conformity and counter-conformity are driven by a desire to be seen as moral (the ‘symbolization’ dimension of moral identity). The main difference is that, conformity is also ...


Classical Economics: Lost And Found, Sabiou M. Inoua, Vernon Smith 2019 Chapman University

Classical Economics: Lost And Found, Sabiou M. Inoua, Vernon Smith

ESI Working Papers

"We argue that neoclassical value theory suffers from a more basic and serious logical indeterminacy, which is inherent in the axiom of price-taking behavior, and which renders price dynamics indeterminate before inquiring as to its stability. If everyone in the economy takes price as given, whence come these prices? Who is giving these prices? Jevons avoided the indeterminacy by assuming that people must have complete information on supply and demand, and the consequent equilibrium prices—‘perfect competition.’ Walras in effect imported an external agent who found the prices by trial-and-error-correction (the Walrasian Auctioneer). Paradoxically, both approaches had the potential better ...


Cournot Marked The Turn From Classical To Neoclassical Thinking, Vernon L. Smith, Sabiou M. Inoua 2019 Chapman University

Cournot Marked The Turn From Classical To Neoclassical Thinking, Vernon L. Smith, Sabiou M. Inoua

ESI Working Papers

For classical economists, markets served the highest value buyers without anyone in the market needing to know that it was possible to write aggregate buyer reservation prices in the form, D = F (p). Cournot, thereby launched neoclassical economics as modelling and thinking of economic action in terms of their outcome effects, rather than their roots in human experience.


Better Understanding Human Capital In West Virginia, Christiadi, John Deskins 2019 West Virginia University

Better Understanding Human Capital In West Virginia, Christiadi, John Deskins

Bureau of Business & Economic Research

No abstract provided.


Natural Gas Investment In West Virginia, 2010-2016, Eric Bowen 2019 West Virginia University

Natural Gas Investment In West Virginia, 2010-2016, Eric Bowen

Bureau of Business & Economic Research

West Virginia’s natural gas boom began in 2010 as hydraulic fracturing and horizontal drilling techniques began to be applied to the state’s shale formations. Since then, West Virginia has become the nation’s ninth-largest natural gas producer in 2017, with gross withdrawals of more than 1.6 trillion cubic feet. Since the gas boom started, the natural gas industry has made considerable investments in the state to pay for well drilling, mineral royalties, and pipeline infrastructure, among other investment costs. In this report, we estimate these investments in two key areas: upstream costs and midstream infrastructure.


Optimal Vehicle Use In The Presence Of Episodic Mobile-Source Air Pollution, Arthur Caplan, Ramjee Acharya 2019 Utah State University

Optimal Vehicle Use In The Presence Of Episodic Mobile-Source Air Pollution, Arthur Caplan, Ramjee Acharya

Arthur J. Caplan

This paper develops a conceptual model of vehicle trips in a region plagued by weather-dependent, mobilesource
air pollution, and numerically estimates optimal trips for one of the nation’s perennially worst air quality
regions in terms of short-term particulate matter. Based upon data-driven parameters and damage estimates,
our numerical model generates optimal values for region-wide vehicle trips and associated PM2:5 concentrations
along with their corresponding time paths. Our dataset includes a host of pertinent weather variables that determine PM2:5 concentrations both independently as well as interacted with vehicle trips. As a result, our empirical model enables us to ...


A Review Of Emission Trading Systems, Aaron Matthew Gorski 2019 University of Windsor

A Review Of Emission Trading Systems, Aaron Matthew Gorski

Major Papers

This paper serves as a review of emission trading systems as a means to achieve reductions in the level of greenhouse gas emissions and other pollutants around the world. The review begins with the history of emission trading, beginning with early theoretical frameworks developed by economists in the 1960s and 1970s, followed by early implementations of permit markets similar to modern day emission trading systems. International negotiations related to emission reductions such as the Kyoto Protocol and Paris Agreement are discussed. Next, the economic mechanisms of emission trading systems are discussed, including a brief comparison to carbon taxes as an ...


Productivity In Baseball: How Babe Ruth Beats The Benchmark, Peter A. Groothuis, Kurt W. Rotthoff, Mark C. Strazicich 2019 Appalachian State University

Productivity In Baseball: How Babe Ruth Beats The Benchmark, Peter A. Groothuis, Kurt W. Rotthoff, Mark C. Strazicich

The Journal of SPORT

Many statistics are used to measure the productivity of hitters in Major League Baseball, such as the number of home runs and the number of runs batted in a season. However, comparing the talent of individual players across time is difficult as rules and technologies change. In this paper, we propose applying a practice commonly utilized in the finance literature to compare the performance of individual stocks and other assets, namely, we “benchmark” the productivity of each player’s performance to players in the same time period. Applying our benchmarking strategy to annual Major League Baseball data from 1871-2010, we ...


Enabling Electric Storage Participation In Wholesale Markets: An Analysis Of Ferc Order No. 841, Glenn A. Smith 2019 University of San Francisco

Enabling Electric Storage Participation In Wholesale Markets: An Analysis Of Ferc Order No. 841, Glenn A. Smith

Master of Science in Energy Systems Management

This study has been performed to understand the potential impact that the Federal Energy Regulatory Commission’s (FERC) Order No. 841 will have on the adoption of energy storage resources (ESR). This analysis looked at: (1) the Order’s requirements, (2) FERC’s exercise of its authorized jurisdiction within the Order, and (3) actions taken by the Regional Transmission Organizations (RTO), Independent System Operators (ISO) and FERC to demonstrate compliance with the Order’s requirements:

Order No. 841 utilizes a participation model to ensure ESR’s are able to participate in wholesale electricity markets to an extent that is reflective ...


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