This paper gives the results of a semiparametric analysis of pollution effects on housing prices using the Boston Housing Data. The exposition introduces the basic ideas of modeling pollution impacts with hedonic price ...

This paper analyzes short-run interfuel substitution between fossil fuels in West European power generation. The problem is studied within a restricted translog cost model, which is estimated by pooling time-series data ...

Many observers claim that discounted cash-flow methods lead to a neglect of long-term and strategic decision-making. Using modern asset pricing methods, we examine one possible reason for this problem. If the cash-flows ...

Two decades have passed Two decades have passed since the Clean Air Act Amendments of 1990 launched a grand experiment in market-based environmental policy: the SO2 cap-and-trade system. That system performed well but ...

Instead of efficiently pricing greenhouse gases, policy makers have favored measures that implicitly or explicitly subsidize low carbon fuels. We simulate a transportation-sector cap & trade program (CAT) and three policies ...

This paper develops new techniques to assess the expanse of the geographic market under varying supply and demand conditions and applies these techniques to the current wholesale electricity market in the western United ...

Recent environmental regulations have used market incentives to reduce compliance costs and improve efficiency. In most cases, the Environmental Protection Agency (EPA) selects an emissions cap using the predicted costs ...

This dissertation presents a different approach at looking at market power in capacity rights markets that goes beyond the functional aspects of capacity rights markets as access to transportation services. In particular, ...

The standard framework in which economists evaluate environmental policies is cost-benefit analysis, so that policy debates usually focus on expected costs and benefits, or on the choice of discount rate. But this framework ...