Browsing by Author "Conrad, Robert"

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Open Access
An Economic Evaluation of Fixed Route Bus Service in Jackson County, North Carolina: A Rural Corridor Analysis
(2010-04-30T01:21:51Z) McAuley, Brian
Transportation policy evaluation involves identifying and measuring the benefits and costs of a proposed investment. This paper evaluates the socio-economic impacts of investing in fixed route bus service in Jackson County, NC. Traffic conditions along NC-107, which is the main north-south arterial that runs from downtown Sylva to Cullowhee, have deteriorated substantially over the past two decades. These conditions have been brought on by commercial and residential development and an expanding Western Carolina University student body. Without any significant investment in alternative parallel routes or traffic demand management strategies, many segments of this roadway are currently at or near engineered capacity throughout peak and mid-day hours. This evaluation defines, quantifies, and, where applicable, values the costs and benefits of a fixed route transit investment over the status quo throughout a 10 year time period (2010-2020). The results reveal that several factors influence the success of transit within the region. From an economic perspective, the most critical determinants of success are service consumption levels, optimal route design, and the potential changes in variable costs of travel like the real price of fuel. Recognition of long term social benefits like reduced congestion and air pollution levels and well coordinated land use policies that support sustainable community growth can also have a significant effect on the feasibility of the investment.
Open Access
An Economic Evaluation of Teacher Licensure Programs in North Carolina
(2012-04-20) Bramlett, David
In tight fiscal times, the North Carolina General Assembly and the Department of Public Instruction (DPI) would like to increase the efficiency of their expenditures. With the increased availability of teacher-level education data and more stringent evaluations of both teachers and teacher preparation programs, legislatures want to know if the benefit derived from licensing a teacher who attends a certain program is worth the economic investment. The purpose of this paper is to add to DPI’s analytical framework and help increase the efficiency of their expenditures by developing an initial cost-benefit evaluation of three different teacher licensure programs in North Carolina. This analysis is an incremental analysis of the teachers entering the program and not a private analysis of individual teacher choices. The programs included in this analysis are Western Carolina, UNC Charlotte, and NC Teach at NC State. For this analysis, I obtained both the direct and indirect costs per teacher of each licensure program. I then estimated the added benefits per teacher from each program using program selectivity ratings, SAT scores, and societal cost estimates of student lifetime earnings and teenage birth rates resulting from changes in student achievement. Finally, I discounted all costs and benefits to obtain an estimated net present value for each program. I found that the alternative licensure program, NC Teach, cost less per teacher than the two undergraduate programs. Because the UNC Charlotte and Western Carolina programs were correlated with larger student achievement gains though, these two programs generate greater net present values than NC Teach. When measured relative to the other two programs, the net present value of the NC Teach program is effectively zero. The percentage of NC Teach teachers who are employed is strong evidence though that the program generates marginal benefit to the state. To account for the difficulty in measuring both the costs and benefits, I performed sensitivity analysis assuming that all licensure programs produce the same quality teacher, assuming the program costs were ten percent less and greater than the costs reported, and assuming a lower discount rate. The sensitivity analysis on student achievement was the only calculation to affect the net present value ranking. The NC Teach program would be preferred to Western Carolina and UNC Charlotte if we assumed all licensure programs produced the same quality teacher. This change is a result of the fact that the NC Teach program costs less than the other two programs and is correlated with a positive increase in teacher wages compared to the average North Carolina teacher salary. Because of the student achievement sensitivity analysis findings and the impact this analysis had on the net present value calculations, DPI needs to conduct further research to distinguish the actual value-added estimates for each teacher in the program. I used value-added estimates from other scholars’ research, but DPI should build on this analytical framework and calculate more accurate value-added estimates and benefit calculations for each teacher-training program. When conducting research on teacher licensure programs, one will always need to address the fact that it is difficult to differentiate between the actual value-added of the program and the characteristics of the teachers before entering the program. DPI should therefore also partner with a researcher to examine the value-added of individual components of the teacher licensure programs. This research would be similar to the Boyd, Grossman, Lankford, Loeb, and Wyckoff study (2009) I used in this analysis.
Open Access
Cashing in on Carbon--Land and Offset Project Valuation: Incorporating Climate Legislation and Environmental Incentives in Property and Project Appraisal
(2010-04-30T18:29:50Z) Davis, Nicholas J.
The CBO, EIA, and EPA predict carbon offset prices will rise to $15-30/ton CO2e in the next decade (ACESA). The creation of carbon offsets markets provides landholders with an alternative means of income generation on suitable tracts. Relevant businesses might recognize what carbon and offset prices mean for their companies, but little information exists for prospective suppliers of offsets like land owners, farmers, land trusts, etc. This project presents a customizable tool based on assumptions including but not limited to offset price forecasts, expected sequestration rates, and tax data (State, Federal). Users can tailor inputs like acreage availability, forest type, and start-up costs to yield rough estimates of project and property value based on planting-for-carbon initiatives. This paper demonstrates sample outputs produced by the model, conducts sensitivity analyses to evaluate project variability, and runs financial forecasts using Oracle’s Crystal Ball to predict outcome probabilities. It is important to note that at the current stage, this tool predicts carbon sequestration and financial outcomes for tree planting projects, not existing forest tracts.
Open Access
City of Cincinnati Streetcar Project: Financial Outlook and Funding Recommendations
(2014-04-22) Trame, P. Blair
In 2016, the City of Cincinnati will begin operating its 3.6-mile urban circulator streetcar system. This report analyzes the financial impact to the city and is based on the attached Flow of Funds Statement. Though the city is receiving $45 million in federal grants to fund the project, the capital costs burden falls largely on the city. After including private contributions and other external inflows, the city is responsible for $82 million of the capital costs, and has set aside an additional $15 million should it have to pay for utilities relocation. Projected revenues from the system include: fare revenue, pavement maintenance savings, liquidation of the system, and incremental property tax revenue. Baseline fare revenue projections, assuming a $1.00 fare and initial daily demand of 3,700 riders, predict that the system will recover 42% of operational and maintenance (O&M) costs in the first full year of operation. However, as O&M costs rise at a higher rate than ridership, this ratio is expected to decline to 27% by 2035. This translates to a $1.8 million deficit and $5.4 million deficit in 2017 and 2035, respectively. The financial viability of the system depends on the city’s ability to decrease the rate of O&M cost growth and/or increase ridership. Fare revenue should only be expected to account for a portion of O&M costs. Sensitivity analysis was conducted to show the effects of a range of variables on fare revenue and incremental property tax revenue. These ranges provide a range of estimates of the operating shortfall and should be used to guide decisions on how to fund the shortfall. It is highly unlikely that the system will be self-sustaining. A combination of advertising revenue, tax increment financing, private contributions, along-the-line assessments, and special improvement district revenue should be used to account for the remaining costs. Use of city general fund revenue should be avoided at all costs, so as to not disrupt current city service delivery.
Open Access
Crop Insurance and Climate Change: Balancing structure and flexibility to improve on-farm management of climate risk
(2014-04-18) Morse, Nora
EXECUTIVE SUMMARY: INTRODUCTION Crop insurance has become an important tool for managing economic and environmental risk in the agricultural sector, and one of the largest sources of Federal subsidies to agricultural producers. This research examines the near- and long-term risks to agricultural producers, and seeks to identify and evaluate potential policy opportunities within the federal crop insurance program to improve the climate adaptation capacity of insured farms. The crop insurance program contains several structural barriers to sustainable, adaptive management practices, including a lack of soil and water conservation requirements common to other farm support programs (remedied in the Agricultural Act of 2014), and stringent planting date requirements which discourage farmers from using cover crops to protect their soil from erosion and enhance fertility, as well as diversify their farms (both economically and biologically) and increase climate resiliency. POLICY RECOMMENDATIONS 1. Reinstate conservation compliance requirements for eligibility to receive federal subsidies towards crop insurance coverage (successfully passed in the Agricultural Act of 2014). 2. Provide farmers who plant cover crops with an additional “buffer” period after their policy’s final planting date to allow appropriate termination of the cover crop without jeopardizing the insurance coverage on their primary crop. ANALYSIS & METHODS To evaluate the economic impacts of requiring conservation compliance for eligibility to receive crop insurance subsidies, I constructed a cost benefit analysis at the national scale, including cash flows for the economy as a whole, the government, and affected farmers. My analysis focuses on the marginal impact of the program, quantifying only the marginal costs and benefits of implementing the program on farms which are not currently participating in any other Farm Bill programs requiring conservation compliance, and which will be coming under the compliance requirement for the first time due to their use of subsidized crop insurance. This eliminates all farms which would be subject to the requirement whether or not it was added to the crop insurance program, and thus more accurately quantifies the impact of the policy change within the context of other interrelated farm support programs. Due to the lack of data from the field regarding the dynamics of planting date restrictions and cover cropping decisions, I could not construct a national-scale cost benefit analysis to evaluate my second policy recommendation. I instead created a farm-scale cost benefit model to compare the performance of a commodity mono-crop with a dual, cover crop and commodity crop system. The model takes into account the unique economic, social, and biological attributes of the farm using yield, acreage, crop selection, planting dates, management practices, and insurance parameters to produce estimates of the costs and benefits at the farm level. RESULTS The results of my analysis show that conservation compliance, even under the most conservative scenario, provides a net benefit to farmers and to the economy as a whole for a comparatively modest initial investment on the part of farmers and the government. In my moderately conservative cost benefit analysis scenario, reinstating the conservation compliance requirements in association with crop insurance provides an incremental net benefit of at least $4,411 per acre in present value terms, with over $780 per acre of those benefits accruing to the farmer. The cover crop analysis did not provide any generalizable results, however it does suggest that a buffer period within the planting date restrictions for farmers growing cover crops may help mitigate the risk of cover crops interfering with the profitability of farmers’ primary commodity crop, and thus remove one of the barriers to adoption. I recommend a pilot test of this policy change, with rigorous measurement and evaluation of the impacts on farm revenue, insurance and subsidy payments, and environmental outcomes. CONCLUSIONS With impending near- and long-term threats of climate change, the crop insurance program should balance the need for rigid management requirements to ensure an appropriate baseline level of risk mitigation and management with the flexibility to allow farmers to experiment with new management practices to find what works best in their new climate context. The benefits of the conservation compliance requirement vastly outweigh the costs, and provide a cost-effective mechanism for improving adaptive capacity on already vulnerable agricultural lands. While the planting date buffer period is a promising mechanism for increasing the use of cover crops and improving farmers’ capacity to develop new adaptive risk management strategies at the local level, additional research and field testing is needed to determine the impact of relaxing the constraint on actual adoption rates in the field.
Open Access
Duke Carbon Offsets Initiative: Forestry Carbon Financial Risk Analysis
(2011-04-27) Hodgson, Wyley
In 2007, Duke University signed the American College & University Presidents’ Climate Commitment, committing the University to develop an institutional plan to achieve carbon neutrality by 2024. Achieving this goal will require Duke University to offset approximately 183,000 tons of carbon dioxide equivalent (CO2e) in 2024. To address this challenge, the University established the Duke Carbon Offsets Initiative in 2009 to procure carbon offsets that prioritize investment in local and regional carbon offset projects that yield significant environmental, social and economic benefits beyond greenhouse gas emission reductions. The Offsets Initiative is currently assessing the feasibility of purchasing or developing forestry-based carbon offset projects in North Carolina and the Southeast region. From the perspective of Duke University, this report assesses the financial implications of forestry carbon offset procurement. Specifically, this report analyzes two potential investment opportunities: an existing afforestation project and a hypothetical avoided conversion project. Each project analysis begins with a project overview and identifies key players to understand incentive structures and assess qualitative project risks. Following this qualitative description, a quantitative analysis is performed to determine the levelized cost per offset (LCO) in present value terms to Duke University and to further assess additional risks and mitigation strategies. The analyses do not attempt to quantify intangible benefits such as educational, research, or ecosystem co-benefit values. Rather the financial analyses are intended to compliment the Offsets Initiative’s larger feasibility study on forestry carbon offsets. The analyses show both projects as potential candidates for long-term investments. The afforestation project has low project risk and provides sufficient offset supply to meet the University’s need. Additionally, the LCO is low relative to substitute over-the-counter forestry offsets. However, the project requires high upfront investment and exposes Duke University to price risk. This risk may be mitigated through the purchase of a real option from the project developer. The avoided conversion project is found to require little upfront investment and may produce a large offset supply if scaled up. However, sensitivity analysis performed on key parameters derived from the tax equity project finance structure produces a wide range of possible LCOs. Duke University can better understand its LCO by first performing an assessment on the tax equity value to determine if the project is financially feasible.
Open Access
Economic Value of Cellulosic Ethanol: Analysis of Advanced Biofuels from Energy Cane in South Florida
(2010-04-29T18:42:50Z) Tullos Anderson, Jada
This study presents a pro forma cash flow analysis of a cellulosic ethanol production facility in Florida, as well as insight about potential air quality impacts of cellulosic ethanol production and use. The economic analysis is based on a real company, Vercipia, which will produce cellulosic ethanol biochemically from a hybrid of sugarcane known as “energy cane”. Overall, the project as modeled is economically beneficial to the economy, governments and company given the assumptions made. Compared to conventional gasoline production and combustion, cellulosic ethanol will decrease greenhouse gas production; however, this benefit may be outweighed by production of air toxics. The impact of ethanol combustion on air toxic production must be determined before a more accurate conclusion of total benefits can be made.
Open Access
Financial and Economic Analyses of Biogas-to-Energy Projects in Brazil
(2011-04-29) Lassner, Karina
The Alegria Wastewater Treatment Plant (WWTP) is one of the largest wastewater treatment plants in Brazil. It is owned by the Companhia Estadual de Aguas e Esgotos, the state agency that manages and treats most of the sewage water in Rio. Sewage at the WWTP is treated through several different processes, including sedimentation tanks and anaerobic reactors. A byproduct of sewage treatment via anaerobic digestion is biogas. After it is processed to required standards of purity, biogas becomes a renewable fuel for electricity generation or a substitute for natural gas. Currently, Alegria WWTP flares the biogas produced in the anaerobic reactors. In doing so, the WWTP is incurring operational costs and wasting a valuable source of energy. However, looking into the future, Alegria WWTP intends to use the energy stored in the biogas to generate electricity or natural gas. This study aimed to analyze what is the best use of the WWTP’s biogas from both the financial and economic perspectives. A discounted cash flow (DCF) analysis was used to compare the net befits of a biogas-to-electricity project (Green Electricity Project) and a biogas-to-renewable natural gas project (RNG Project). Analyses of the CO2 emissions reductions from each project were also performed. The methods used in this study included on-site data collection, literature review and interviews with industry specialists. Results from the study showed that both projects have high and positive net present value. However, the RNG project generated larger benefits for both the private investor and the economy as a whole. With regards to the environmental benefits, the emissions reductions obtained through the implementation of an RNG project were also higher than for a green electricity project. By implementing an RNG project the Alegria WWTP will provide an environmentally and economically sustainable solution for biogas treatment and will serve as a model for other wastewater treatment plants in Brazil.
Open Access
Implementing a Price Support Program for Myanmar's Rice Sector
(2014-04-16) Owen, Russell
Executive Summary This paper will evaluate the costs and benefits of implementing a price support program for Myanmar’s rice sector. I begin with a review of the literature relevant to price support programs for staple crops. From the review, I will present a general framework for evaluating price support programs. This framework will then be applied to select countries in Southeast Asia to provide context for how these experiences might be applied in Myanmar. Next comes a quantitative analysis of a prospective price support program in Myanmar, complete with rough forecasts of government expenditures under each program. The paper concludes by recommending implementation strategies to minimize the costs and maximize the benefits from a price support program. Context: The Rice Industry in Myanmar Agriculture contributes to roughly 45% of Myanmar’s GDP and employs 66% of the labor force. Rice is cultivated on 18.9 million hectares and constitutes 33% of the total crop area sown (Wong 2013). The major production areas are the Ayeyarwady Delta, Bago in lower Myanmar, and Sagaing. Rice and the rice industry are critical to the livelihoods of the people of Myanmar. Roughly 66% of the labor force is employed in agriculture, and a large percentage of these farmers cultivate rice (CSO 2011). There are two main categories of rural farmers: farmers and landless agricultural laborers. In 2009, it was estimated that 30-50% of rural laborers were landless.1 Landless agricultural laborers are paid in monthly wages, and are net buyers of rice (Fujita 2009). Close to 75% of farm household income comes from rice cultivation activities, especially in the main rice-producing regions (Wong 2013). In recent years, the Kyat’s exchange rate has strengthened relative to the dollar. This stronger exchange rate, coupled with rising costs of production, have led to steep drops in the value of rice farmers’ harvests – leading to lower farm productivity and farmer incomes. The Parliament of Myanmar has proposed a price support program as part of its 2013 Farmer Rights Protection Act in order to combat the rising costs of production and decreasing rice prices. A Literature Review of Price Support Implementation Issues Price support programs have two main purposes: (1) to increase the average price of rice; and (2) to decrease price variation via “price bands.” In theory, increasing the average price of rice allows the government greater control over farm-gate prices. In practice, trying to set a specific farm-gate price requires costly implementation and enforcement measures. Using a price-band strategy allows the price to fluctuate within a specified range of prices. Price bands require less frequent government intervention, and are typically less expensive to implement than trying to set a specific price. Most price support programs set official government prices at the farm-gate. However, knowing which gate-price to set is complicated. Setting prices according to farmer production costs can be subjective. For rice in particular, production costs can vary by season, by grower, by region, and by type of rice grown. When prices are tied to production costs, the government is vulnerable to rent-seeking behavior by groups trying to influence the price-setting mechanism. Conversely, setting prices as a function of border prices 1 Landlessness has been increasing in recent years (Fujita 2009; Dapice 2009). 2 allows for objective prices that better reflect scarcity values. Such market-based support prices can minimize market distortions and are a lower burden on government resources. The tradeoff is that basing government-support prices on market prices prevents the government from having strict control over prices at the farm-gate – at times, middlemen can capture the benefits of higher prices. Controlling prices at the border via trade taxes or restrictions can be relatively easier to monitor, compared to enforcement at the farm-gate. Using trade taxes is also more straightforward to implement, and allows the government to avoid physically handling the commodity. However, in the ASEAN context, trade taxes may require some political negotiations. Also, controlling prices at the border does not necessarily guarantee a higher farm-gate price if the middlemen are able to capture most of the benefits. Devaluing the exchange rate is a similar way to raise the prices of all imports and exports – potentially to the benefit of rice farmers. Marketing boards and public procurement of rice would lower price uncertainty and allow the government to set both producer and consumer prices of rice. However, the costs of procuring and storing commodities is often expensive for the government and can crowd-out private sector players. Country Case Studies Thailand’s Paddy Pledging Scheme procures rice at prices 30-40% above market rates. The scheme has been credited with increasing production of rice. However, it has proven to be a major strain on government budgets. Rice storage facilities are filled to unsustainably high levels, and the government has been forced to sell much of its rice at a loss. In the late 1960’s/early 1970’s the Government of Indonesia formed a food logistics agency (BULOG). BULOG had three main objectives: (1) heavy investment in rural infrastructure; (2) R&D and dissemination of improved agricultural technology, including high-yielding seeds, fertilizers, pesticides, and farmer extension; and (3) implementation and enforcement of price support to both consumers and farmers (Arifin 2004). The program has increased farmer production, however there is evidence that farmers have not always benefitted from the price support program. For instance, in 2003 over 50% of farmers sold their crops at a price below the government benchmark. In 1973, the Government of Pakistan formed the Pakistan Agricultural Storage and Services Corporation (PASSCO). PASSCO had four main functions: (1) price support for paddy and other crops; (2) price stabilization; (3) construction of storage facilities and marketing infrastructure; and (4) promotion of postharvest processing facilities (Rashid et al 2005). Farmers under this program did not always benefit from the price support system. Often, middlemen were able to buy rice from farmers below the official price, then sell it later at a profit. Procurement was recently transferred to the private sector in select districts. In 1977, the Government of Papua New Guinea stopped basing its cocoa support prices on costs of production – the rationale being that cost of production is a dubious criterion since costs depend on many factors and can vary widely across growers. The government also realized that setting the price too high or two low would make its price support program too expensive to administer. Therefore, the government decided to base the target price on the long-run world price, by setting the official price 10- 20% higher than a 10-year moving average of past world prices. The government widely disseminated price data to farmers to prevent middlemen from exploiting all of the gains of higher prices. The strategy has been relatively successful thus far. 3 Data, Methods, and Analysis Using data from the USDA, FAO, CSO, and MSU, I constructed a basic per-hectare cash flow for a typical rice farmer in Myanmar – this cash flow is otherwise known as the “base case.” Starting from the base case, I then simulated the effects of four price support programs on the farmer cash-flow: (1) fixed prices at the farm-gate; (2) price-bands at the farm-gate; (3) fixed-prices at the border; and (4) price-bands at the border. When evaluating border-price controls, I simulated two extreme scenarios of middlemen market power to show how the benefits to farmers can vary under border-price support programs. The analysis yielded the following results:  Fixed price programs, in theory, produce greater benefits for farmers than price-band programs.  In my model, a fixed-price program cost 4.4 trillion Kyat more than a price-band.  Fixed-price program implementation costs were, on average, 44% of the GoM’s annual budget. Price-bands cost roughly 30% of the budget. Data quality, especially on rice yields, can strongly affect estimated program benefits. Using FAO data on yield produced program benefits over 200% higher than those using USDA data. The sensitivity of estimates to data source underscores the difficulty of setting prices according to production costs, since inaccurate data on production costs and output could lead to dangerously incorrect estimations of program benefits and costs. Also, when supporting prices at the border, there is a risk that middlemen will absorb the benefits of a price-support program at the expense of farmers. Recommendations  Focus on market-based price support mechanisms to avoid physically handling the commodity.  Consider the costs: price bands are generally cheaper to implement, and create less macroeconomic distortions.  Set prices as a function of world market prices: there is not enough data on farmer production costs to make proper estimates of farmer cost structures.  Limit the power of middlemen to capture the programs’ benefits as much as possible.
Open Access
Private Water Utility Landholdings: Financial and Political Implications
(2014-04-25) Vigliotti, Tabitha
Ecosystem services research has led to policies favoring watershed land protection at the federal, state, local, and private levels, notably at drinking water treatment facilities. A few researchers have connected land use and water utilities by estimating surface water treatment costs through raw water sediment load. However, more comprehensive cost-benefit research of private watershed land ownership is absent. In my research, I develop a distributional cash flow model to estimate the magnitude and timing of costs and benefits to a Connecticut private water company, the local community, and to the economy as a whole using Connecticut Public Utilities Regulatory Authority data, interviews, regulatory landscape, tax regime, and non-market valuation benefits transfer. The base case model predicts positive NPV to all parties in Connecticut: $3,828,432,329 to the economy from 2010 through 2025, where $1,461,824,087 of that is from benefits to the company and $2,366,608,242 is from benefits to the community. Sensitivity analysis implies these findings may be robust to systematic changes (+/- 10% and +/-20%) to input parameters. The distribution of costs and benefits lends itself to political economy considerations and future policy reflections.
Open Access
R&D Tax Incentives: How Does The US Compare?
(2013-04-18) Carwell, Emily; Carwell, Emily
Open Access
Reforming Uganda's Small Business Tax
(2011-04-20) Reiners, Lee
There are many small and medium size businesses operating outside the modern sector in Uganda that meet statutory thresholds for paying taxes but either fail to do so, or fail to pay their full tax liability. Capturing a larger proportion of the tax that should otherwise be paid can help Uganda increase the provision of public goods, provide enhanced public services such as education, reduce the government’s dependence on foreign aid, which was approximately 25% of government revenue in 2010 and reduce the budget deficit. This report seeks to increase tax compliance among Ugandan taxpayers operating small and medium sized business by providing specific recommendations to the Uganda Revenue Authority (URA) for reforming the current small business tax system.
Open Access
SUBSIDIZED LOAN PROGRAM ECONOMIC ASSESSMENT: A Potential Policy Solution for North Carolina's Dry Cleaning Industry
(2012-04-24) Margolis, Jessie
In 1997, the North Carolina (NC) government established the Dry Cleaning Solvent Cleanup Act (DSCA) to minimize the negative health impacts that result from the use of the toxic solvent perchloroethylene (or perc) in the dry cleaning industry (DCI). Since then, the understanding of the long-term risk of DCI perc use to human, environmental and economic health has evolved. The phase out of DCI perc use in NC dry cleaning now has demonstrated value. This study uses discounted cash flow (DCF) analysis to evaluate a subsidized loan program that would encourage the phase out of the use of perc by NC dry cleaners. It incorporates two higher economic value gains of a perc phase out into the analysis, the decrease of real estate and public health costs. In addition, this study takes an interdisciplinary approach – combining research findings and methods from the fields of toxicology, law, finance and economics – to provide further recommendations on how to drive productive DCI regulatory change in North Carolina. The analysis results support two key findings. First, the net benefit of phasing out perc equipment is in North Carolina’s economic interest. Second, the net gain of a phase out is sufficient to finance a program to subsidize dry cleaners to convert to non-perc alternatives. However, the value of a non-perc dry cleaning machine subsidy can only be captured if the implementation process and participation rate are designed and carried out effectively.

Browsing by Author "Conrad, Robert"

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