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Multiple Pollutants, Co-Benefits, And Suboptimal Environmental Policies, Don Fullerton, Daniel Karney 2017 University of Illinois at Urbana-Champaign

Multiple Pollutants, Co-Benefits, And Suboptimal Environmental Policies, Don Fullerton, Daniel Karney

Don Fullerton

In our analytical general equilibrium model, polluting inputs can be substitutes or complements. We study a tax increase on one pollutant where the other faces a tax or permit policy. Our solutions highlight key parameters and welfare effects with gains from abatement plus positive or negative co-benefits from other pollutants in the covered and uncovered sectors. We demonstrate several ways taxes and permits differ. First, the change in taxed pollutant depends on whether the other pollutant faces a tax or permit policy. Also, only with a tax on the other pollutant can a co-benefit arise. The sign of co-benefits depends ...


Contingent Judicial Deference: Theory And Application To Usury Laws, Bernardo Guimarães, Bruno Meyerhof Salama 2017 FGV Law School in Sao Paulo

Contingent Judicial Deference: Theory And Application To Usury Laws, Bernardo Guimarães, Bruno Meyerhof Salama

Bruno Meyerhof Salama

Legislation is less likely to be enforced when courts disagree with it. Building on this premise, we propose a model of Bayesian adjudicators that use their own prior knowledge to evaluate the appropriateness of legislation. The model yields a non-monotonic relation between written rules and effectively enforced rules. Hence the enactment of legislation prohibiting something raises the probability that courts will allow related things not expressly forbidden. Moreover, legal uncertainty is greater with legislation that commands little deference from courts than with legislation that commands none. We discuss examples of e§ects of legislated prohibitions (and, in particular, usury laws ...


Dynamic Poverty Decomposition Analysis: An Application To The Philippines, Tomoki FUJII 2017 Singapore Management University

Dynamic Poverty Decomposition Analysis: An Application To The Philippines, Tomoki Fujii

Research Collection School Of Economics

In this paper, we propose a new method of poverty decomposition. Our method remedies the shortcomings of existing methods and has some desirable properties such as time-revision consistency and subperiod additivity. It integrates the existing methods of growth-redistribution decomposition and sector based decomposition, because it allows us to decompose poverty change into growth and redistribution components for each group (e.g., regions or sectors) in the economy. We extend out method to have six components and provide empirical application to the Philippines for the period of 1985 to 2009.


Reaping Richer Returns : Public Spending Priorities For African Agriculture Productivity Growth, Aparajita Goyal, John Nash 2017 World Bank

Reaping Richer Returns : Public Spending Priorities For African Agriculture Productivity Growth, Aparajita Goyal, John Nash

Aparajita Goyal

Enhancing the productivity of agriculture is vital for Sub-Saharan Africa's economic future and is one of the most important tools to end extreme poverty and boost shared prosperity in the region. How governments elect to spend public resources has significant development impact in this regard. Choosing to catalyze a shift toward more effective, efficient, and climate-resilient public spending in agriculture can accelerate change and unleash growth. Not only does agricultural public spending in Sub-Saharan Africa lag behind other developing regions but its impact is vitiated by subsidy programs and transfers that tend to benefit elites to the detriment of ...


Ceo Compensation And Risk-Taking At Financial Firms: Evidence From U.S. Federal Loan Assistance, Amar Gande, Swami Kalpathy 2017 Southern Methodist University

Ceo Compensation And Risk-Taking At Financial Firms: Evidence From U.S. Federal Loan Assistance, Amar Gande, Swami Kalpathy

Amar Gande

We examine whether risk-taking among the largest financial firms in the U.S. is related to CEO equity incentives before the 2008 financial crisis.  Using data on U.S. Federal Reserve emergency loans provided to these firms, we find that the amount of emergency loans and total days the loans are outstanding are increasing in pre-crisis CEO risk-taking incentives – “vega”.  Our results are robust to accounting for endogeneity in CEO equity incentives and selection of financial firms into emergency loan programs.  We also rule out the possibility that our results are driven by a bank’s funding base, bank complexity ...


The Cost Of Basic Income: Back-Of-The-Envelope Calculations, Karl Widerquist 2017 Georgetown University-Qatar

The Cost Of Basic Income: Back-Of-The-Envelope Calculations, Karl Widerquist

Karl Widerquist

This article shows how the cost of Universal Basic Income (UBI) is often misunderstood and greatly exaggerated. It then presents simple, “back-of-the-envelope” estimates of the net cost of a UBI set at about the official poverty line: $12,000 per adult and $6,000 per child with a 50% “marginal tax rate.” These back-of-the-envelope calculations present a greatly simplified UBI scheme meant not a practical proposal but as a method to obtain a ballpark estimate of the cost of UBI in isolation. Even with simplifying assumptions, these figures are several times more accurate than many common but exaggerated estimates. Key ...


Economic Rights In Catholic Social Teaching, Andrew Beauchamp, Jason Heron 2017 Wright State University

Economic Rights In Catholic Social Teaching, Andrew Beauchamp, Jason Heron

The Social Practice of Human Rights: Charting the Frontiers of Research and Advocacy

Catholic social teaching has a vision of the economy that is very closely aligned with the tradition of civil humanism, dating at least from the Italian Renaissance. In the course of contemporary discussion of economic concerns, Catholic social teaching often asserts human rights in and related to the economic sphere. However, it regards these economic imperatives not in terms of an autonomous, rights-bearing individualism, but rather within the thick web of relationships characterized by civil virtues, including reciprocity and gratuitousness.

Thus the Church conceptualizes the economy as part of a larger social ambit that includes fundamental social virtues. This vision ...


Teaching About Modern Slavery: Highlighting Human Rights Principles In Evaluating Economic Systems, Barbara E. Hopkins 2017 Wright State University

Teaching About Modern Slavery: Highlighting Human Rights Principles In Evaluating Economic Systems, Barbara E. Hopkins

The Social Practice of Human Rights: Charting the Frontiers of Research and Advocacy

Evaluating economic systems relies on several different criteria, but the current public discourse places a great deal of emphasis on efficiency, which students generally understand as producing at lower cost.

By using the extreme example of modern-day slavery, I am able to introduce students to the human rights framework for thinking about freedom and encourage students to question whether producing at the lowest possible cost is good for human beings and the environment.


The Economic Concept Of Exploitation And Economic Justice, Hee-Young Shin 2017 Wright State University

The Economic Concept Of Exploitation And Economic Justice, Hee-Young Shin

The Social Practice of Human Rights: Charting the Frontiers of Research and Advocacy

This paper explores the concept of exploitation — how it has been interpreted and used in different schools of thought in economics and what it means to abolish exploitation in our contemporary capitalist market economies.


Urban Rail Transit Ppps: Lessons From East Asian Cities, Zheng CHANG, Sock Yong PHANG 2017 Singapore Management University

Urban Rail Transit Ppps: Lessons From East Asian Cities, Zheng Chang, Sock Yong Phang

Research Collection School Of Economics

Private sector participation in urban rail transit has proliferated in the past two decades. The large metropolises of East Asia have had decades of experience with private sector participation in the provision of heavy metro services. The design of these public–private partnerships (PPP) are varied. The diverse experiences of Tokyo, Hong Kong, Singapore and Beijing contain valuable lessons for other cities. Using a case study approach, this paper discusses three features of urban rail transitdevelopments in the context of East Asian cities, viz., farebox recovery, land value capture mechanisms, and vertical structure of the industry. Super vertical integration between ...


Urban Rail Transit Ppps: Lessons From East Asian Cities, S Y Phang 2017 Singapore Management University

Urban Rail Transit Ppps: Lessons From East Asian Cities, S Y Phang

PHANG Sock Yong

Private sector participation in urban rail transit has proliferated in the past two decades. The large metropolises of East Asia have had decades of experience with private sector participation in the provision of heavy metro services. The design of these public-private partnerships (PPP) are varied. The diverse experiences of Tokyo, Hong Kong, Singapore and Beijing contain valuable lessons for other cities. Using a case study approach, this paper discusses three features of urban rail transit developments in the context of East Asian cities, viz., farebox recovery, land value capture mechanisms, and vertical structure of the industry. Super vertical integration between ...


Building A Sustainable Society: The Necessity To Change The Term 'Consumer', Sabrina Chakori 2017 Brisbane Tool Library

Building A Sustainable Society: The Necessity To Change The Term 'Consumer', Sabrina Chakori

Interdisciplinary Journal of Partnership Studies

The profit-seeking system leads to many negative environmental impacts. Within this economic system, consumption reflects an important relationship between humans and nature. However, despite the growing international attention to environmental sustainability, our society does not necessarily acknowledge consumerism as the cause of global environmental degradation. Deconstructing the consumption culture and redefining what determines well-being, this paper will attempt to provide a comprehensive overview of the existing definition of people in the economic system. Many authors have defined our role in the economy; however, in terms of customer, citizen-consumer, and socially conscious consumer, most of the literature in this domain remains ...


The Punishment Marketplace: Competing For Capitalized Power In Locally Controlled Immigration Enforcement, Daniel L. Stageman 2017 CUNY John Jay College

The Punishment Marketplace: Competing For Capitalized Power In Locally Controlled Immigration Enforcement, Daniel L. Stageman

Publications and Research

Neoliberal economics play a significant role in US social organization, imposing market logics on public services and driving the cultural valorization of free market ideology. The neoliberal ‘project of inequality’ is upheld by an authoritarian system of punishment built around the social control of the underclass—among them unauthorized immigrants. This work lays out the theory of the punishment marketplace: a conceptualization of how US systems of punishment both enable the neoliberal project of inequality, and are themselves subject to market colonization. The theory describes the rescaling of federal authority to local centers of political power. Criminal justice policy activism ...


The Importance Of Transportation, Broadband, And Intellectual Infrastructure For Entrepreneurship, James E. Prieger, Heng Lu, Habi Zhang 2017 Pepperdine University

The Importance Of Transportation, Broadband, And Intellectual Infrastructure For Entrepreneurship, James E. Prieger, Heng Lu, Habi Zhang

School of Public Policy Working Papers

This empirical study uses a unique panel dataset to investigate the link between regional entrepreneurship and infrastructure. This topic is vital for understanding the factors that facilitate entrepreneurship, yet it receives scant scholarly attention. It is of particular value to policy makers because entrepreneurship is crucial for economic growth. We therefore examine how broadband infrastructure (internet connectivity), intellectual infrastructure (human capital), and transportation infrastructure (roads, bridges, and intermodal facilities) affect the establishment of new businesses in the United States. We primarily focus on broadband infrastructure, which is the least explored of these factors in the literature. We find that all ...


Partial Disability And Labor Market Adjustment: The Case Of Spain, José Ignacio Silva, Judit Vall 2017 Universitat Pompeu Fabra

Partial Disability And Labor Market Adjustment: The Case Of Spain, José Ignacio Silva, Judit Vall

José Ignacio Silva


Although partially disabled individuals in Spain are allowed to combine disability benefits with a job, the empirical evidence shows that the employment rate of this group of individuals is very low because they have a much lower job finding and a higher job separation rates than nondisabled workers. Moreover, a decomposition analysis of the equilibrium employment rate shows that the differences in the job finding rates explain 85 percent of the disabled employment gap. To explain these facts, we construct a labor market model with search intensity and matching frictions to identify the incentives and disincentives to work in Spain ...


The Modigliani-Miller Theorem At 60: The Long-Overlooked Legal Applications Of Finance’S Foundational Theorem, Michael S. Knoll 2017 University of Pennsylvania Law School

The Modigliani-Miller Theorem At 60: The Long-Overlooked Legal Applications Of Finance’S Foundational Theorem, Michael S. Knoll

Faculty Scholarship

2018 marks the 60th anniversary of the publication of Franco Modigliani and Merton Miller’s The Cost of Capital, Corporation Finance, and the Theory of Investment. Widely hailed as the foundation of modern finance, their article, which purports to demonstrate that a firm’s value is independent of its capital structure, is little known by lawyers, including legal academics. That is unfortunate because the Modigliani-Miller capital structure irrelevancy proposition (when inverted) provides a framework that can be extremely useful to legal academics, practicing attorneys and judges.


Progressive Antitrust, Herbert J. Hovenkamp 2017 University of Pennsylvania Law School

Progressive Antitrust, Herbert J. Hovenkamp

Faculty Scholarship

Several American political candidates and administrations have both run and served under the “progressive” banner for more than a century, right through the 2016 election season. For the most part these have pursued interventionist antitrust policies, reflecting a belief that markets are fragile and in need of repair, that certain interest groups require greater protection, or in some cases that antitrust policy is an extended arm of regulation. This paper argues that most of this progressive antitrust policy was misconceived, including that reflected in the 2016 antitrust plank of the Democratic Party. The progressive state is best served by a ...


Take Me Out To The Ball Game? The Effect Of Crime On Major League Baseball Game Attendance, Allison Jakubek 2017 University of Mary Washington

Take Me Out To The Ball Game? The Effect Of Crime On Major League Baseball Game Attendance, Allison Jakubek

Undergraduate Economic Review

Major League Baseball attendance has been examined since the league’s establishment in 1869. Winning percentage, opponent quality, and stadium quality have all been deemed significant determinants of increasing attendance, but deterring factors have yet to be closely examined. Since a majority of professional sports stadiums are constructed in economically poor, crime ridden areas, it seems natural to assume that crime could have an impact on people’s desire to attend Major League Baseball games. Panel data collected on twenty-eight teams over the course of ten years was used to determine whether or not crime rates have a significant effect ...


Economic Rights In Catholic Social Teaching, Andrew Beauchamp, Jason Heron 2017 Wright State University

Economic Rights In Catholic Social Teaching, Andrew Beauchamp, Jason Heron

Andrew Beauchamp

Catholic social teaching has a vision of the economy that is very closely aligned with the tradition of civil humanism, dating at least from the Italian Renaissance. In the course of contemporary discussion of economic concerns, Catholic social teaching often asserts human rights in and related to the economic sphere. However, it regards these economic imperatives not in terms of an autonomous, rights-bearing individualism, but rather within the thick web of relationships characterized by civil virtues, including reciprocity and gratuitousness. Thus the Church conceptualizes the economy as part of a larger social ambit that includes fundamental social virtues. This vision ...


Exploring The Racial Divide In Education And The Labor Market Through Evidence From Interracial Families, Peter Arcidiacono, Andrew Beauchamp, Marie Hull, Seth Sanders 2017 Wright State University - Main Campus

Exploring The Racial Divide In Education And The Labor Market Through Evidence From Interracial Families, Peter Arcidiacono, Andrew Beauchamp, Marie Hull, Seth Sanders

Andrew Beauchamp

We examine gaps between minorities and whites in education and labor market outcomes, controlling for many covariates including maternal race. Identification comes from different reported races within the family. Estimates show two distinct patterns. First, there are no significant differences in outcomes between black and white males with white mothers. Second, large differences persist between these groups and black males with black mothers. The patterns are insensitive to alternative measures of own race and school fixed effects. Our results suggest that discrimination is not occurring on the basis of child skin color but through mother-child channels such as dialect or ...


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