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This article provides a theoretical framework to advance the understanding of collaborative organization through integrating extant theories of political economy. Eight propositions are advanced from theories of rent seeking, commodification, administrative capture, cartelization, transparency, risk, institutional logic, and transaction cost. These propositions are applied to a recent multisectoral collaborative, the Regional Greenhouse Gas Initiative. Because of the innate diversity that exists among institutions, collaborative organization constitutes a hybrid organizational form through which regulatory penumbras, or gray areas, emerge. Political economic conditions can arise in these penumbral areas, as they offer organizations the opportunity to operate within diminished regulatory environments.

AbstractThe efficient use of market-based policy instruments is an area of increasing importance as scholars and policymakers work to balance effective climate policy with economic growth. Carbon allowances and carbon offsets, despite being statutorily substitutable, behave in practice like imperfect substitutes. This paper provides a synthesis of extant work, market data and the regulatory frameworks of the world's major carbon markets, and provides a comprehensive assessment of the drivers of demand for carbon offsets. It also provides a detailed assessment of the process through which international carbon offsets are produced, the UN's Clean Development Mechanism. Demand for carbon offsets is heavily influenced by key programme design parameters that are specific to carbon market design and its implementation. These design parameters heavily influence the degree to which transaction costs, regulatory uncertainty and risk factor into the decisions of firms operating within the carbon trading programme. This paper also identifies key extra-statutory drivers that are outside of the policymaker's control, which should be considered in both the policy design and the implementation process. This paper provides an instructive set of guiding criteria for policymakers and scholars for the design of future market-based environmental policy.

This article provides a methodology for the economic analysis of the potential consequences of a simulated anthrax terrorism attack on real estate within the Seattle metropolitan area. We estimate spatially disaggregated impacts on median sales price of residential housing within the Seattle metro area following an attack on the central business district (CBD). Using a combination of longitudinal panel regression and GIS analysis, we find that the median sales price in the CBD could decline by as much as $280,000, and by nearly $100,000 in nearby communities. These results indicate that total residential property values could decrease by over $50 billion for Seattle, or a 33% overall decline. We combine these estimates with HUD's 2009 American Housing Survey (AHS) to further predict 70,000 foreclosures in Seattle spatial zones following the terrorism event.

AbstractThe Pennsylvania Climate Action Plan (CAP) is the culmination of a formal stakeholder process to specify policies and measures to mitigate emissions of greenhouse gases (GHGs). The implementation of technical and behavioural mitigation options will require changes in the way businesses and government operate, and the way households conduct their daily lives. An important question is whether the sum of all of these microeconomic changes and their interactions will be a stimulus to or a drain on the economy as whole. We apply the Regional Economic Models, Inc. Policy Insight Plus (REMI PI+) model in an innovative manner to analyse the impacts of major GHG mitigation options at the macroeconomic level in Pennsylvania for the policy horizon of 2009–2020. Our results indicate that the net impacts on the state's economy will be significantly positive. We also develop a reduced form econometric model based on the results and subject it to rigorous statistical testing. This is the first time an independent validation of this kind has been applied to the REMI Model in order to verify its simulation results.Resumen.El Plan de Acción sobre el Clima, en Pensilvania, es la culminación de un proceso formal de partes interesadas para definir políticas y medidas para mitigar las emisiones de gases de efecto invernadero (GEI). La implementación de opciones de mitigación técnicas y de comportamiento requerirán cambios en el modo de operar de las empresas y el gobierno, y en que los hogares actúan de manera cotidiana. Una pregunta importante es si la suma de todos estos cambios microeconómicos y sus interacciones serán un estímulo o una carga para la economía en su conjunto. Aplicamos el modelo REMIPolicy Insight Plus(Regional Economic Models, Inc. PI+) de manera innovadora para analizar los impactos de las principales opciones de mitigación de GEI a nivel macroeconómico en Pensilvania para el horizonte de políticas 2009‐2020. Nuestros resultados indican que los impactos netos en la economía de este estado serán significativamente positivos. Desarrollamos asimismo un modelo econométrico de formato reducido basado en los resultados y lo sometimos a pruebas estadísticas rigurosas. Ésta es la primera vez que se realiza una validación independiente de este tipo al Modelo REMI para verificar los resultados de su simulación.