Scholarly Articles
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Item Metadata only A Discrete-Time Model for Daily S&P 500 Returns and Realized Variations: Jumps and Leverage EffectsBollerslev, T; Kretschmer, U; Pigorsch, C; Tauchen, GItem Open Access Are Alcohol Excise Taxes Good for Us? Short and Long-Term Effects on Mortality Rates(2005-02) Cook, PJ; Ostermann, J; Sloan, FAItem Open Access Balancing Cost and Emissions Certainty: An Allowance Reserve for Cap-and-Trade(2008-07-15) Murray, BC; Newell, RG; Pizer, WAItem Open Access Designing Climate Mitigation Policy(2009-06) Aldy, JE; Krupnick, AJ; Newell, RG; Parry, IWH; Pizer, WAItem Open Access Environmental and Technology Policy Options in the Electricity Sector: Interactions and Outcomes(2014-04-14) Fischer, Carolyn; Newell, Richard G; Preonas, LouisItem Open Access Indexed RegulationNewell, RG; Pizer, WASeminal work by Weitzman (1974) revealed prices are preferred to quantities when marginal benefits are relatively flat compared to marginal costs. We extend this comparison to indexed policies, where quantities are proportional to an index, such as output. We find that policy preferences hinge on additional parameters describing the first and second moments of the index and the ex post optimal quantity level. When the ratio of these variables' coefficients of variation divided by their correlation is less than approximately two, indexed quantities are preferred to fixed quantities. A slightly more complex condition determines when indexed quantities are preferred to prices. Applied to climate change policy, we find that the range of variation and correlation in country-level carbon dioxide emissions and GDP suggests the ranking of an emissions intensity cap (indexed to GDP) compared to a fixed emission cap is not uniform across countries; neither policy clearly dominates the other.Item Open Access New Minimum Chi-Square Methods in Empirical Finance(1996-04) Tauchen, GeorgeItem Open Access Specification Analysis of Continuous Time Models in Finance(1995-10) Gallant, A Ronald; Tauchen, GeorgeItem Open Access The Earned Income Tax CreditHotz, V Joseph; Scholz, John KarlSince its inception in 1975, the Earned Income Tax Credit (EITC) has grown into the largest, Federally-funded means-tested cash assistance program in the United States. In this chapter, we review the political history of the EITC, its rules and goals and provide a broad set of program statistics on its growth and coverage. We summarize conceptual underpinnings of much of the recent economic research on the EITC, discussing participation in the credit and compliance with its provisions, and its effects on labor force participation and hours of work, marriage and fertility, skill formation and consumption. We note that participation rates of the credit are high, rates of credit noncompliance are also high, and that there are theoretical reasons to prefer the EITC to other anti-poverty programs if one's objective is to encourage work among the poor. We also note that the predicted effects of the EITC are not all pro-work, especially with respect to hours and its labor market incentives for two-earner couples. We then summarize the existing empirical research on the behavioral effects of the EITC, paying particularly emphasis to the effects of the 1986, 1990 and 1993 expansions of the credit on labor force participation and hours of work. The literature provides consistent evidence, generated from a variety of empirical approaches, that the EITC positively affects labor force participation. The literature also finds smaller, negative effects on hours of work for people already in the labor market and for secondary workers. We conclude the chapter with a discussion of the ongoing EITC-related policy debates and highlight what, if any, critical economic issues underlie these debates.Item Open Access Tom Sawyer and the construction of value(2006-05-01) Ariely, D; Loewenstein, G; Prelec, DThis paper challenges the common assumption that economic agents know their tastes. After reviewing previous research showing that valuation of ordinary products and experiences can be manipulated by non-normative cues, we present three studies showing that in some cases people do not have a pre-existing sense of whether an experience is good or bad-even when they have experienced a sample of it. © 2005 Elsevier B.V. All rights reserved.