Suchergebnisse

AbstractHow does the presence of maximum‐ and minimum‐level contract restrictions impact (i) superstar compensation and (ii) the distribution of compensation across an industry? Using ticket price and observed player talent data from the National Basketball Association (NBA), I estimate expected salaries for each player as well as their value to the NBA as a whole. I find the ratio of actual to expected salary is 2.8%–56.9% for the most talented players, resulting in subsidization to less talented players. The findings also suggest the most talented players generate significantly more value to the NBA than their actual and expected salaries.

AbstractWe assess the economic and health costs of COVID and policy responses to COVID. Based on initial estimates of health and economic costs, social distancing policies were justified, but these estimates now seem too high because of learning by doing. Significant differences in mortality rates across US states and countries can be explained by population density, climate, exposure, and policy. Regions that were able to contain the disease early have seen fewer deaths and lower economic losses. Some developing countries initially imposed drastic, costly measures, perhaps motivated by political economy. We also find that there has been underinvestment in prevention and mitigation that could have reduced the cost of adaptation and suggest that there is a lesson for climate change policies.

"Modern society is currently facing a cascade of environmental crises. Moving forward, it will be the job of current and future generations to develop sound and creative approaches to addressing them. This book attempts to provide insight into the ways in which society can confront modern agricultural, environmental, and resource challenges. In particular, it provides an economic lens with which to examine and confront these issues. The first part of the book introduces a general economic framework that can be used to analyze these issues. Subsequent chapters rely on this framework to introduce and explain specific concepts in agricultural, environmental, and resource economics, including (but not limited to) non-renewable and renewable resource management, pesticide use, and climate change. The book develops quantitative tools that the readership can use to analyze and better understand the complexities of these challenges. Each chapter includes specific applications, and an accompanying Appendix includes a longer list of practice problems that can be brought into courses as exercises."

AbstractThe introduction and adoption of autonomous vehicles (AVs) will likely reshape the transportation system and many economic activities. The economic literature on technology adoption, based on studies in agriculture and other sectors, provides lessons on the diffusion of AVs and its social and economic impacts. We rely on the threshold model of diffusion, where heterogeneous agents make decisions pursuing their self‐interests. Applications of the threshold model point to case studies of other technologies where one can gain information and make predictions about the future of AVs. We find that private ownership of AVs may prevail after a transition period, as was the case in other technologies like computers, tractors, and conventional vehicles. With technological progress, the cost of privately owning AVs may decline. Further, there will be an increase in vehicle miles traveled (VMT) per capita, there may be more vehicles on the road, and perhaps the transportation user‐base will expand to include those currently facing limited mobility. Congestion is likely to depend on the tradeoff between the expansion of VMT and increased efficiency of AVs to communicate and help regulate traffic. Furthermore, differentiation of vehicles will increase as driving time becomes freed for other activities. These trends may lead to increased greenhouse gas emissions and expansion of the transportation sector. Finally, the technology will evolve and may result in complementary innovations needing to be addressed, including the "last 10 feet" problem. It is evident that the future of the transportation system governed by AVs is most likely not going to be sustainable. This necessitates the importance of developing and enforcing rigorous policies at the metropolitan level and TNC levels to ensure a sustainable evolution of the future of transportation mobility.

AbstractAB2020 established a deposit‐refund system in California, where consumers are reimbursed the California Redemption Value (CRV) upon recycling eligible containers at a recycling center. We study recycling under this policy, focusing on consumer convenience, reported recycling and diversion behavior, and responses to changes in the CRV amount. We find that consumers prefer nearby centers with flexible operating hours and short waiting times. While the CRV induces recycling, an increase in CRV would not lead to major recycling increases, given the limited number of containers entering trash streams. Finally, most diverted containers are taken from trash streams, not curbside recycling bins.