SSRN Electronic Journal

Journal Information
ISSN / EISSN : 1535-3532 / 1556-5068
Published by: Elsevier BV (10.2139)
Total articles ≅ 0
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Binnur Balkan, Felix Schafmeister
Published: 14 May 2022
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.4089940

Abstract:
School shootings and other tragedies involving gun-violence have become commonplace in the United States. While much research has been conducted into the direct effects on affected individuals, less is known about community-level effects. We use data on grocery-store sales at the county-level to test the hypothesis that the exposure to a traumatic event induces short-run changes in purchases of alcohol and tobacco, well-known and highly accessible substances often linked to coping with traumatic events. Leveraging a specification curve design, we find that although some specifications yield statistically significant effects, there is no robust support for the main hypothesis. We close with a discussion of potential explanations and draw some methodological conclusions for future research.
Claudette Bryan
Published: 10 May 2022
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.4098595

Abstract:
Humanity has a unique capacity to strive for incredible innovations and destructions. We developed refrigeration and then air conditioning, which reduced our capacity to handle temperature while simultaneously making our environment volatile. Rates of improper ventilation and increased humidity from air conditioning have produced their effect on occupants known as Sick Building Syndrome. Emerging in the 1970s, this illness is characterized by frequent headaches, exhaustion, and respiratory issues. Spores of mold and debris are spread into the spaces by improperly maintained systems, mostly without the occupant's knowledge. These issues are ironic considering the implementation of air conditioning to make people more productive in the workforce. With a controlled temperature environment, separate from the outdoor environment, 15 to 30 percent of occupants will still never be satisfied because thermal comfort is highly subjective. Comfort levels are influenced by clothing, humidity, airspeed, solar levels, age, and activity range. Historically, people of means ventured into theatres and shopping malls which were some of the first spaces to be air conditioned. They were not paying as much for the products as for the cooling. Soon after, air conditioners made their way into homes of the wealthy as a status symbol. It has remained as a status symbol to this day. The price of air conditioning is not limited to wealth, but detrimental to the environment and vulnerable community members.
Maxime Sauzet, Olivier David Zerbib
Published: 10 May 2022
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.4098124

Abstract:
We bring investors with preferences for green assets to a general equilibrium setting in which they also prefer consuming green goods. Their preferences for green goods induce consumption premia on expected returns that counterbalance the green premium stemming from their preferences for green assets. Because they provide green investors with a financial hedge when green goods become expensive, brown assets command lower consumption premia on average, and green investors allocate a larger share of their wealth towards them. Empirically, the average difference in consumption premia between green and brown assets is 30 to 40 basis points per year and contributes to explaining the limited impact of green investing on polluting firms’ costs of capital.
Michael P. Clements, Robert W. Rich, Joseph S. Tracy
Published: 10 May 2022
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.4105536

Abstract:
This chapter provides an overview of surveys of professional forecasters, with a focus on the U.S. Survey of Professional Forecasters and the European Central Bank Survey of Professional Forecasters. A distinguishing feature of these surveys is that they collect point and density forecasts and make the data publicly available. We discuss their structure, issues involved in using the data, and the construction of measures such as disagreement and uncertainty at the aggregate and individual levels. Our review also summarizes the findings of studies exploring issues such as the alignment of point forecasts with measures of central tendency from associated density forecasts, the coverage of density forecasts, the rounding of point and density forecasts, comparisons of forecast accuracy across respondents, and heterogeneity in forecast behavior and the persistence of these differential features. We conclude with some observations for future work.
Dana Foarta, Massimo Morelli
Published: 10 May 2022
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.4105175

Abstract:
Many recent reform episodes have led to increased policy complexity: laws and regulations that contain more contingencies, exemptions, and carry high bureaucratic implementation costs. Such complexity may be desirable if it better satisfies the needs of diverse political constituencies. It may be inefficient if it is a byproduct of a changing power balance in the reform process itself. This paper uses a formal model to disentangle these two cases and understand how increased bureaucratic participation in the reform process may create inefficient complexity. When policymaking requires more expertise, better informed bureaucrats may draft complex policies to pander to persuade their less informed political principals. We show that this type of inefficient complexity is the equilibrium outcome when politicians are uncertain about the bureaucracy's reform implementation capacity. Institutional changes that give more power to politicians relative to bureaucrats do not reduce inefficient complexity, and they cannot substitute the need for more bureaucratic capacity.
Charles A.E. Goodhart, Donato Masciandaro, Stefano Ugolini
Published: 9 May 2022
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.4104193

Abstract:
This paper analyses the monetary policy of the Most Serene Republic of Venice in the years of calamities using a modern equivalent of helicopter money, namely an extraordinary issue of (base) money, coupled with capital losses for the issuer. We treat the 1629 famine and the 1630-1631 plague as a unique negative macroeconomic shock, which the government addressed using fiscal monetization, with diverse effects on its citizens. Consolidating the balance sheets of the Treasury and of the State Bank of Issue, we show that the Republic implemented what was, in effect, helicopter money, with such policies most likely driven by political reasons, to limit public disturbances and riots.
Cinnamon Piñon Carlarne
Published: 9 May 2022
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.4104677

Abstract:
Climate change is inevitable. Devastating climate change is not, if we act in time. Potentially catastrophic but manageable challenges such as climate change compel legal responses. It is axiomatic that law evolves in response to change, including ecological change and this is the pattern of legal development that we have witnessed in the climate context. As our understanding of climate change has grown, so too has the body of climate law. As the pace of climate change accelerates, we similarly expect this change to be accompanied by an acceleration in the development of legal responses. Yet, even as we approach a period of legal acceleration, political and legal forces continue to push in the opposite direction. This Article takes up these two competing trends: the steady development of climate-related legal and political measures versus countermoves designed to undercut the emerging rule of law around climate change. The Article suggests that, despite the lack of climate-specific legislation, there is a growing body of law that advances efforts to limit climate change and limits the ability of political actors (here, including the Supreme Court) to undercut legal progress. It proceeds by very briefly introducing how climate laws and policies have been steadily building up over time. Next, this Article turns to recent developments – namely the Green New Deal and the Infrastructure Act– that demonstrate how climate-related law-making is accelerating. Finally, this Article turns to the decision by the Court to hear the West Virginia v. EPA case and suggests that the decision to hear and decide this case is out-of-step with the trajectory of legal development in the United States.
Phoncep Pchumba
Published: 9 May 2022
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.4104194

Abstract:
There have been numerous efforts to counter organized economic crime in the form of legislations and executive actions both nationally and internationally. The law in Kenya is quite developed as it regards this matter. The constitution contains a whole chapter on leadership and integrity. The Proceeds of Crime and Anti-money Laundering Act that entered into force in 2009 is also very detailed. It provides for both confiscation based and non-confiscation based asset recovery mechanisms. Civil forfeiture covers where criminal forfeiture cannot because of its lower standard of proof, it does not require a conviction. The establishment of the Office of the DPP, the DCI and the EACC, are also major steps forward. However, to correctly pinpoint the issues and consequently construe solutions thereof, the theoretical underpinnings must be understood. This paper discusses the theoretical underpinnings of these laws.
Rajeev H. Dehejia
Published: 9 May 2022
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.4104518

Abstract:
Administrative data reveal that Romanian households could choose schools with 1 s.d. worth of additional value added. Why do households leave value added “on the table”? We study two possibilities: households may lack information about value added, or they may have preferences for other school traits. First, we elicit households’ beliefs about the value added of the schools in their town. These beliefs explain less than one fifth of the variation in measured value added. We then inform randomly selected households about schools’ value added. This improves the accuracy of their beliefs and leads them to choose higher value added schools. The effect is stronger for low-achieving students and for students not admitted to their top two choices. Finally, we use a discrete choice model to estimate households’ preferences for school attributes (as they perceive them). Households have strong preferences for peer quality and curriculum in addition to value added. Thus, households would not “max out” on value added even under perfect information: this only eliminates one quarter of the value added households leave unexploited.
Gail L. Heriot
Published: 9 May 2022
SSRN Electronic Journal; https://doi.org/10.2139/ssrn.4104584

Abstract:
Mounting empirical research shows that race-preferential admissions policies are doing more harm than good. Instead of increasing the numbers of African Americans entering high-status careers, these policies reduce those numbers relative to what we would have had if colleges and universities had followed race-neutral policies. We have fewer African-American scientists, physicians, and engineers and likely fewer lawyers and college professors. If, as the evidence indicates, the effects of race-preferential admissions policies are exactly the opposite of what was originally intended, it is difficult to understand why anyone would wish to support them.
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