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receipt of individuals ages 55 to 69 and the income of retirees in their 70s, using data from the march current population survey, census, and american community surveys. we find that workers are more likely to leave the labor force, to collect social security earlier, and to have lower social security income when they face a recession near retirement. the impact is greatest for the less-educated, who are more susceptible to job loss and rely more heavily on social security. 2. title: what explains changes in retirement plans during the great recession? authors: goda, gopi shah; shoven, john b; slavov, sita nataraj. abstract: we examine changes in subjective probabilities regarding retirement between the 2006 and 2008 waves of the health and retirement study. using a first-difference approach to eliminate individual heterogeneity, we find that the steep drop in asset prices in 2008 increased the reported probability of working at age 62 during the great recession. increasing unemployment at least partly attenuated this effect, but subjective probabilities of working did not respond to changes in housing markets. older workers' probabilities of working were more sensitive to fluctuations in the stock market, but less responsive to changes in labor market conditions. 3. title: time to retire? the effect of state fiscal policies on retirement decisions. authors: gurley-calvez, tami; hill, brian. abstract: our research addresses the importance of state fiscal policies on the probability of retirement using a panel of individual tax return data. results indicate that a one percentage point increase in the income or sales tax rate reduces the probability of retirement by about 8.7 percent. the evidence suggests that state spending might also affect retirement decisions but magnitudes are inconclusive. in general, the results suggest that the income effect dominates; that is, higher tax rates at the state-level reduce disposable income and decrease the probability of retiring. results are similar in models examining single and married filers separately. 4. title: crash and wait? the impact of the great recession on the retirement plans of older americans. authors: mcfall, brooke helppie. abstract: this study uses data from pre- and post-crash surveys from the cognitive economics study to examine the impact of recent stock and labor market wealth losses on the planned retirement ages of older americans. regression estimates imply that the average wealth loss between july 2008 and may/june 2009 is associated with an increase in planned retirement age of approximately 2.5 months. furthermore, pessimism about future stock market returns is found to amplify the impact of wealth losses on retirement timing. 5. title: does concentration matter? measurement of petroleum merger price effects. authors: hosken, daniel; silvia, louis; taylor, christopher. abstract: we have estimated the price effects of two changes in market structure resulting from two changes in the ownership of gasoline refineries in the san francisco bay area: tosco's purchase of unocal's rodeo refinery in april 1997 and uds's purchase of tosco's avon refinery in august 2000. these events provide a relatively unique opportunity to test a price concentration relationship. if market concentration is related to price, then we should observe prices increase and then decrease by a similar amount following these transactions. we do not find evidence of a consistent price concentration relationship. 6. title: more evidence on the performance of merger simulations. authors: weinberg, matthew c. abstract: merger simulations are commonly used to simulate the effects of potential mergers. despite the large resources devoted to merger review, little evidence exists on the accuracy of these methods. this paper uses the acquisition of tambrands by proctor and gamble to provide evidence on the efficacy of merger simulation. two simple demand systems are estimated under several identification assumptions and combined with a static model of price competition. simulations predict small price effects of about 1 percent for the merging firms' brands, while direct estimates indicate the merger raised prices by 5--8 percent. 7. title: challenges in merger simulation analysis. authors: knittel, christopher r; metaxoglou, konstantinos. abstract: in this paper, we share our experience with merger simulations using a random coefficient logit model on the demand side and assuming a static bertrand game on the supply side. drawing largely from our work in knittel and metaxoglou (2008), we show that different demand estimates obtained from different combinations of optimization algorithms and starting values lead to substantial differences in post-merger market outcomes using metrics such as industry profits, and change in consumer welfare and prices. 8. title: the effect of bottle laws on income: new empirical results. authors: ashenmiller, bevin. abstract: eleven us states have ''bottle laws,'' deposit-refund programs that combine a consumption tax with a recycling rebate. when states set the bottle deposit low enough it becomes a tax on high wage earners, for whom the opportunity cost of their time prevents them from returning containers for their deposit. however, this bottle deposit will still be high enough that harvesting recyclables provides employment for low wage earners. using individual data on observed cash recycling behavior, this paper shows that an unintended consequence of bottle laws is that they have the potential to increase the incomes of very low wage workers. 9. title: promoting recycling: private values, social norms, and economic incentives. authors: viscusi, w. kip; huber, joel; bell, jason. abstract: evidence from a nationally representative sample of households illuminates the determinants of recycling behavior for plastic water bottles. private values of the environment are influential in promoting recycling, as are personal norms for pro-environmental behavior. however, social norms with respect to the assessment of the household's recycling behaviors by others have little independent effect. particularly influential are policies that create economic incentives to promote recycling either through state recycling laws that reduce the time and inconvenience costs of recycling or through bottle deposits. effective policies can have a discontinuous effect at the individual level, transforming non-recyclers into avid recyclers. 10. title: the environmental consequences of global reuse. authors: kinnaman, thomas; yokoo, hide-fumi. abstract: this paper summarizes a two-country model that solves for optimal tax rates to achieve efficiency in an economy with international trade in used consumer electronics. if only the developed nation can tax the disposal of e-waste, then the global pareto optimum can be obtained by either imposing an import tariff on used consumer electronics or subsidizing the return of e-waste for disposal in the developed country. the global pareto optimum can also be obtained by reducing the disposal tax in the developed country to a level below the external marginal cost of disposal should no other policy option be available. 11. title: the diffusion of energy efficiency in building. authors: kok, nils; mcgraw, marquise; quigley, john m. abstract: we analyze the diffusion of buildings certified for energy efficiency across us property markets. using a panel of 48 metropolitan areas (msas) observed over the last 15 years, we model the geographic patterns and dynamics of building certification, relating industry composition, changes in economic conditions, characteristics of the local commercial property market, and the presence of human capital, to the cross-sectional variation in energy-efficient building technologies and the diffusion of those technologies over time. understanding the determinants and the rate at which energy-efficient building practices diffuse is important for designing policies to affect resource consumption in the built environment. 12. title: do residential customers respond to hourly prices?? evidence from a dynamic pricing experiment. authors: wolak, frank a. abstract: this paper uses the results of a dynamic pricing experiment for households in the district of columbia to determine whether the reduction in demand associated with an hourly price signal is economically different from the demand reduction associated with an equivalent price signal that is four times longer in duration. for both regular and all-electric customers, the percentage demand reduction associated with a given percentage increase in the hourly price is approximately equal to the percentage demand reduction associated with the same percentage price increase of a much longer duration. 13. title: electricity consumption and durable housing: understanding cohort effects. authors: costa, dora l; kahn, matthew e. abstract: we find that households living in california homes built in the 1960s and 1970s had high electricity consumption in 2000 relative to houses of more recent vintages because the price of electricity at the time of home construction was low. homes built in the early 1990s had lower electricity consumption than homes of earlier vintages because the price of electricity was higher. the elasticity of the price of electricity at the time of construction was -0.22. as homes built between 1960 and 1989 become a smaller share of the housing stock, average household electricity purchases will fall. 14. title: is an automaker's road to bankruptcy paved with customers' beliefs? authors: horta��su, ali; matvos, gregor; shin, chaehee; syverson, chad; venkataraman, sriram. abstract: we explore the role the feedback loop between firms' financial health and consumers' demand for their products plays in the auto market. we construct a simple model of an automaker making pricing and debt service (continuation) decisions while recognizing that consumers are sensitive to whether it stays in business. we show that multiple equilibria can exist in such a model, and calibrate it to match stylized facts surrounding gm's recent bankruptcy. the results suggest that while the impact of financial distress on demand substantially reduced gm's profit, bank-run-like multiple equilibria do not appear likely in this market. 15. title: consumers' perceptions and misperceptions of energy costs. authors: allcott, hunt. abstract: this paper presents three initial stylized facts from the vehicle ownership and alternatives survey (voas), a nationally representative survey that elicits consumers' beliefs about gasoline prices and the relative energy costs of autos with different fuel economy ratings. first, american consumers devote little attention to fuel costs when purchasing autos. second, consistent with a cognitive bias called ''mpg illusion,'' consumers underestimate the fuel cost differences between low-mpg vehicles and overestimate the differences between high-mpg vehicles. third, americans' mean and median expected future gas prices were above current prices and predictions of the futures market at the time of the survey. although it is often argued that misperceived energy costs justify policies to encourage the sale of energy efficient durable goods, these results show that misperceptions and expectations that differ from market information could either increase or decrease energy efficiency. 16. title: fuel economy, car class mix, and safety. authors: jacobsen, mark r. abstract: fuel economy standards change the composition of the vehicle fleet, potentially influencing accident fatality risks. i estimate the direction and magnitude of this impact, introducing a correction for selection on driver behavior. a policy application using my new estimates shows that the present distinction between light trucks and cars in fuel economy rules has very negative consequences for overall safety: each mpg increment to the standard results in an additional 150 fatalities per year in expectation. my correction for selection is pivotal in this finding. i then demonstrate a simple alternative regulation that can produce near-zero changes in accident fatalities. 17. title: forecasting gasoline prices using consumer surveys. authors: anderson, soren t; kellogg, ryan; sallee, james m; curtin, richard t. abstract: this paper analyzes the predictive power of a new data set of consumer gasoline price forecasts taken from the michigan survey of consumers (msc). msc data generally perform as well as a no-change forecast in predicting future gasoline prices, and they substantially out-perform the no-change forecast during the recent economic crisis, during which time they track futures market prices. finally, the cross-respondent dispersion of the msc forecasts increases substantially during the economic crisis, paralleling the large increase in price volatility at this time. 18. title: credit ratings and security prices in the subprime mbs market. authors: ashcraft, adam; goldsmith-pinkham, paul; hull, peter; vickery, james. abstract: we present and discuss preliminary evidence suggesting that credit ratings significantly influenced prices for subprime mortgage-backed securities issued in the period leading up to the recent financial crisis. ratings are closely correlated with prices even controlling for a rich set of security- and loan-level controls. this incremental variation in ratings has much less predictive power for security defaults, however, based on findings to date from our ongoing research, suggesting prices were excessively sensitive to ratings relative to their informational content. 19. title: credit ratings accuracy and analyst incentives. authors: bar-isaac, heski; shapiro, joel. abstract: the financial crisis has brought a new focus on the accuracy of credit rating agencies (cras). in this paper, we highlight the incentives of analysts at the cras to provide accurate ratings. we construct a model in which analysts initially work at a cra and can then either remain or move to a bank. the cra uses incentive contracts to motivate analysts, but does not capture the benefits if the analyst moves. we find that rating agency accuracy increases with cra monitoring, bank profitability (a positive ''revolving door'' effect), and can be non-monotonic in the probability of an analyst leaving. 20. title: did credit rating agencies make unbiased assumptions on cdos?? authors: griffin, john m; tang, dragon yongjun. abstract: we compare key cdo assumptions from two departments within the same rating agency but with different financial incentives. assumptions made by the ratings division are more favorable than those by the surveillance department. the differences are not explained by collateral switching during the ramp-up period, a long time gap between reports, nor the collapse of the cdo market in 2007 additionally, cdos rated with more favorable assumptions by the ratings group were more likely to be subsequently downgraded. as the useful signals from the surveillance group were seemingly ignored, these findings suggest rating agencies bias towards high ratings. 21. title: credit ratings and the evolution of the mortgage-backed securities market. authors: he, jie; qian, jun; strahan, philip e. abstract: we compare the structure and performance of private (non-gse) mortgage-backed securities sold by large issuers vs. those sold by small issuers over the period 2000--2006. securities sold by large issuers have less subordination--a greater fraction of the deal receiving aaa rating--than those sold by small issuers. prices for aaa-rated and non-aaa rated tranches sold by large issuers fell more when the market turned down than those sold by small issuers, and this difference was concentrated among tranches issued between 2004 and 2006. these results suggest that rating agencies grant favorable ratings to large issuers, especially during market booms. 22. title: wine retail price dispersion in the united states: searching for expensive wines? authors: jaeger, david a; storchmann, karl. abstract: similar to other markets in which deviations from jevons' ''law of one price'' is the norm rather than the exception, the retail wine market in the united states is characterized by large price dispersions. drawing on a large sample of retail prices from wine-searcher.com we find an average per-wine coefficient of variation of 23 percent. some of this is due to differential market conditions, especially state regulations. our evidence suggests that dispersion also depends positively on price levels, after controlling for consumer, market, and state heterogeneity. 23. title: climate, grapevine phenology, wine production, and prices: pauillac (1800--2009). authors: chevet, jean-michel; lecocq, s��bastien; visser, michael. abstract: this paper analyzes 19th and 20th century data from a well-known ch�teau in bordeaux. the dataset includes information on weather conditions, starting dates of three phenological stages of grapevine, prices, and yields. we discuss how these variables have evolved over the last two centuries. we also study to what extent the impact of climate on yields and prices has changed over time. our regression analysis suggests that the effect of temperature on yields has become weaker since the 19th century. the influence on prices has, on the contrary, become stronger. 24. title: isolating the symbolic implications of employee mobility: price increases after hiring winemakers from prominent wineries. authors: roberts, peter w; khaire, mukti; rider, christopher i. abstract: because wines are aged for several years before they are released, newly hired winemakers arrive as wines made by their predecessors enter the market. an analysis of winemaker hiring events reveals that wines released right after a new winemaker's arrival from a prominent competitor are priced significantly higher than corresponding wines released in the preceding year. however, the wines released before and after the hiring event are indistinguishable in terms of quality. these findings isolate a ''purely symbolic'' effect of employee mobility, which affirm sociological accounts of markets--under conditions of uncertainty, inter-organizational affiliations condition producers' returns to quality demonstrations. 25. title: what is the value of terroir? authors: cross, robin; plantinga, andrew j; stavins, robert n. abstract: we examine the value of terroir--the set of special characteristics of a location that impart unique qualities to the wine produced. we conduct a hedonic analysis of vineyard sales in the willamette valley of oregon to ascertain whether site attributes--such as slope, aspect, elevation, and soil types--or designated appellations are more important determinants of price. we find that prices are strongly determined by appellation designations, but not by specific site attributes. these results indicate that the concept of terroir matters economically, but that the reality of terroir--as proxied by locational attributes--is not significant. 26. title: the restoration of welfare economics. authors: atkinson, anthony b. abstract: this paper argues that welfare economics should be restored to a prominent place on the agenda of economists, and should occupy a central role in the teaching of economics. economists should provide justification for the ethical criteria underlying welfare statements, and these criteria require constant re-evaluation in the light of developments in economic analysis and in moral philosophy. economists need to be more explicit about the relation between welfare criteria and the objectives of governments, policy-makers and individual citizens. moreover, such a restoration of welfare economics should be accompanied by consideration of the adoption of an ethical code for the economics profession. 27. title: markets and morality. authors: bhagwati, jagdish. abstract: the paper addresses two issues. first, economics has evolved both as a positive science and, from moral philosophy, also as a normative discipline. advancing the public good requires that public policy walk on both these legs. second, the criticism has been forcefully made that markets undermine morality. this contention is refuted in several ways. 28. title: economics: a moral inquiry with religious origins. authors: friedman, benjamin m. abstract: in contrast to the standard interpretation of the origins of economics out of the secular european enlightenment of the 18th century, the transition in thinking that we rightly identify with adam smith and his contemporaries and followers, which gave us economics as we now know it, was powerfully influenced by then-controversial changes in religious belief in the english-speaking protestant world in which they lived: in particular, key aspects of the movement away from orthodox calvinism. further, those at-the-outset influences of religious thinking not only fostered the subsequent spread of smithian thinking, especially in america, but shaped the course of its reception. the ultimate result was a variety of fundamental resonances between economic thinking and religious thinking that continue to influence our public discussion of economic issues, and our public debate over economic policy, today. 29. title: economists as worldly philosophers. authors: shiller, robert j; shiller, virginia m. abstract: while leading figures in the early history of economics conceived of it as inseparable from philosophy and other humanities, there has been movement, especially in recent decades, towards its becoming an essentially technical field with narrowly specialized areas of inquiry. certainly, specialization has allowed for great progress in economic science. however, recent events surrounding the financial crisis support the arguments of some that economics needs to develop forums for interdisciplinary interaction and to aspire to broader vision. 30. title: completion rates and time-to-degree in economics phd programs. authors: stock, wendy a; siegfried, john j; finegan, t. aldrich. abstract: this paper describes the progress, eight years after matriculating, of 586 individuals who entered one of 27 economics ph.d. programs in fall 2002. by october 2010, 59 percent of the fall 2002 entering cohort had earned a ph.d. in economics at the university where they initially matriculated, 37 percent had dropped out, and 4 percent were still writing their dissertations. we examine student outcomes by ph.d. program tier and investigate factors associated with completion and time to degree. we document and describe the rise in median time to degree from 5.0 to 5.6 years during the period 1996--2010. 31. title: a bright idea for measuring economic growth. authors: henderson, vernon; storeygard, adam; weil, david n. abstract: the quantity of human-generated light visible from outer space reflects variation in both population density and income per capita. in this paper we explore the usefulness of the change in visible light as a measure of gdp growth. we discuss the data, and then present a statistical framework that uses lights growth to augment existing income growth measures, assuming that measurement errors in the two series are uncorrelated. for some countries with very poor income measurement, we significantly revise estimates of growth. our technique also produces growth estimates for cities or regions where no other data are available. 32. title: does quality adjustment matter for technologically stable products?? an application to the cpi for food. authors: greenlees, john s; mcclelland, robert. abstract: most indexes in the consumer price index (cpi) use a form of the ''matched-model'' approach. it is frequently assumed that this approach accurately reflects inflation for items that have no major trend in quality. in this paper we investigate that hypothesis using cpi data for retail food items. we find that cpi analysts may be correct on average when they decide that new and replacement items are similar in quality. we also find, however, that when sample items are replaced by items of significantly different quality the cpi imputation procedures may underestimate price change and overstate quality change. 33. title: quality adjustment for health care spending on chronic disease: evidence from diabetes treatment, 1999--2009. authors: eggleston, karen n; shah, nilay d; smith, steven a; berndt, ernst r; newhouse, joseph p. abstract: although us health care expenditures reached 17.6 percent of gdp in 2009, quality measurement in this important service sector remains limited. studying quality changes associated with 11 years of health care for patients with diabetes, we find that the value of reduced mortality and avoided treatment spending, net of the increase in annual spending, was $9,094 for the average patient. these results suggest that the unit cost of diabetes treatment, adjusting for the value of health outcomes, has been roughly constant. since input prices have not been declining, our results are consistent with productivity improvement in health care. 34. title: sale rates and price movements in art auctions. authors: ashenfelter, orley; graddy, kathryn. abstract: this paper examines the relationship between sale rates and price shocks in art auctions. using data on contemporary and impressionist art, we show that while sale rates appear to have little relationship to current prices, there exists a strong negative relationship of sale rates to unexpected price shocks, which is reminiscent of a phillips curve. we estimate an empirical model that suggests that the reserve price is set on average at about 70%% of the low estimate. 35. title: rock and roll bands, (in)complete contracts, and creativity. authors: ceulemans, c��dric; ginsburgh, victor; legros, patrick. abstract: members of a rock and roll band are endowed with different amounts of creativity. they match, compose songs, and share credit. the presence of more creative members increases the probability of success, but those more creative members may also claim a larger share of the pie. in our theoretical model, the nature of matching as well as the covariation between the probability of success and the allocation of credit among individual members are a function of the completeness of contracting. the data show that rock bands tend to enter into incomplete contracts and positive assortative matching. 36. title: art and money. authors: goetzmann, william n; renneboog, luc; spaenjers, christophe. abstract: this paper investigates the impact of equity markets and top incomes on art prices. using a newly constructed art market index, we demonstrate that equity market returns have had a significant impact on the price level in the art market over the last two centuries. we also find evidence that an increase in income inequality may lead to higher prices for art. finally, the results of johansen's cointegration tests strongly suggest the existence of a long-run relation between top incomes and art prices. 37. title: optimal learning patterns for creativity generation in a field. authors: feinstein, jonathan s. abstract: i present a model of optimal learning for creativity generation in a field. the field is defined as a knowledge structure. a creative contribution is based on combining two previously unconnected elements, generating a new element. individuals may possess private information/intuition about new combinations. individuals contribute the maximum creative contribution they are able to produce based on the set of elements they have learned. in equilibrium individuals learn different elements, with some degree of overlap, effectively pursuing distinct creative interests. the model illustrates a general approach for analyzing the creative development of fields and, in a broader sense, cultural innovation. 38. title: why can't us airlines make money? authors: borenstein, severin. abstract: us airlines have lost nearly $60 billion ($2009) in domestic markets since the 1978 deregulation, most of it in the last decade. the dismal financial record challenges the economics of deregulation. i examine some of the common explanations among industry participants and researchers--including high taxes and fuel costs, weak demand, and competition from lower-cost airlines. major drivers seem to be the demand downturn after 9/11--demand remains much weaker today than in 2000--and the large cost differential between legacy and low-cost carriers, which has persisted even as the price differential between them has greatly declined. 39. title: comparing the costs of intermittent and dispatchable electricity generating technologies. authors: joskow, paul l. abstract: economic evaluations of alternative electric generating technologies typically rely on comparisons between their expected ''levelized cost'' per mwh supplied. i demonstrate that this metric is inappropriate for comparing intermittent generating technologies like wind and solar with dispatchable generating technologies like nuclear, gas combined cycle, and coal. it overvalues intermittent generating technologies compared to dispatchable base load generating technologies. it also likely overvalues wind generating technologies compared to solar generating technologies. integrating differences in production profiles, the associated variations in wholesale market prices of electricity, and life-cycle costs associated with different generating technologies is necessary to provide meaningful comparisons between them. 40. title: financial regulatory reform: challenges ahead. authors: kroszner, randall s; strahan, philip e. abstract: today's financial system is dominated by markets with institutions connected by short-term financing, securitization, derivatives, and other means. yet regulations have focused on depositories, leaving regulators unprepared for the 2008 crisis. we suggest two key principles for regulatory reform. first, some changes in the financial system came as institutions lowered the burden of regulations through ''regulatory arbitrage.'' reform needs to avoid driving businesses ''into the shadows,'' where risks may accumulate and sow seeds of future crises. second, reform ought to improve transparency to reduce uncertainty and inter-linkages between players. we evaluate some of dodd-frank act in light of these principles. 41. title: measuring the benefits of greater spatial granularity in short-term pricing in wholesale electricity markets. authors: wolak, frank a. abstract: hourly generation unit-level output levels, detailed information on the technological characteristics of generation units, and daily delivered natural gas prices to all generation units for the california wholesale electricity market before and after the implementation of locational marginal pricing are used to measure the impact of introducing greater spatial granularity in short-term energy pricing. the average hourly number of generation unit starts increases, but both the total hourly energy consumed and total hourly operating costs for all natural gas-fired generation units fall by more than 2 percent after the implementation of locational marginal pricing. 42. title: challenges from state-federal interactions in us climate change policy. authors: goulder, lawrence h; stavins, robert n. abstract: with a focus on two sorts of regulation--renewable electricity and clean energy standards, and automobile fuel-economy standards--we analyze problematic interactions that arise when state policies are nested within the domain of federal policy. here state efforts may fail to reduce greenhouse gas emissions nationally, and may compromise cost-effectiveness. difficulties from overlapping regulations are avoidable through price- (as opposed to quantity-) based federal policy. we identify some potentially positive interactions between state and federal policies, and identify rationales for state action when federal and state policies do not overlap. 43. title: the role of trade and competitiveness measures in us climate policy. authors: fischer, carolyn; fox, alan k. abstract: we review the proposed measures for addressing competitiveness and carbon leakage concerns in recent us climate policy legislation. for eligible energy-intensive, trade-exposed sectors, output-based rebates would initially dampen cost increases; later, border adjustments would ensure that imports face comparable cost burdens. both measures can in theory enhance the economic efficiency of carbon reduction efforts, but both pose some interesting economic and practical trade-offs. this paper discusses our recent research into the welfare and carbon leakage effects of using output-based allocation and trade measures in conjunction with climate policies. 44. title: vertical targeting and leakage in carbon policy. authors: bushnell, james b; mansur, erin t. abstract: this paper examines the intersection between two aspects of climate policy design. the first is the point of regulation: should it be placed on pollution sources, carbon-rich inputs, or consumers?? the second aspect concerns the external effects of a local climate policy. leakage occurs when partial regulation results in an increase in emissions in unregulated parts of the economy. our model demonstrates how directly regulating polluters can increase foreign emissions while indirect regulation (either upstream or downstream of the pollution source) will decrease foreign emissions. the net effect on combined domestic and foreign emissions will depend on market elasticities. 45. title: the effect of allowing pollution offsets with imperfect enforcement. authors: sigman, hilary; chang, howard f. abstract: public policies for pollution control, including climate change policies, sometimes allow polluters in one sector subject to an emissions cap to offset excessive emissions with pollution abatement in another sector. the government may find it more costly to verify offset claims than to verify compliance with emissions caps. concerns about such enforcement difficulties may lead regulators to restrict the use of offsets. we demonstrate that allowing offsets may increase pollution abatement and reduce illegal pollution, even if the government has a fixed enforcement budget. we explore circumstances that may make allowing pollution offsets an attractive option when enforcement is costly. 46. title: corrective taxation versus liability. authors: shavell, steven. abstract: taxation and liability are compared as means of controlling harmful externalities, with a view toward explaining why the use of liability predominates over taxation. taxation suffers from a disadvantage in the analysis: because taxes do not reflect all the variables affecting expected harm, inefficiency results, whereas efficiency under liability requires only assessment of actual harm. however, liability also suffers from a disadvantage: incentives are diluted because injurers escape suit. joint use of taxation and liability is examined, and it is shown that liability should be employed fully, with taxation taking up the slack due to escape from suit.     $'/0258:;<=>gr{|����̻̻̻�����scsccsch(�hicy5�ojqj^jajh(�h�t�5�ojqj^jajh(�hu<�5�ojqj^jajh(�h�ud5�ojqj^jajh�ud5�ojqj^jo(h�"�h�"�o(&h�"�h�"�5�cjojqj^jajo(h 2e5�cjojqj^jaj h�t�5�cjojqj^jajo(#h�"�h�"�5�cjojqj^jaj h�e�5�cjojqj^jajo( h�t�5�cjojqj^jajo(;<=s�  _ � 56��st����>{��������������������������gd�psgd)w�gd$?�gdto�gd�l$gd%j,gdu<�gd�"�$a$gd�"��      ^ h � � 45678@����rstuw��ͽ��������~n~�~�~�_�o�h(�hs/�5�ojqj^jajh(�hanojqj^jajh(�h�`�5�ojqj^jajh(�hto�5�ojqj^jajh(�hu<�ojqj^jajh(�h�t�5�ojqj^jajh(�hu<�5�ojqj^jajh(�h�l$5�ojqj^jajh(�h%j,5�ojqj^jajh(�h[rojqj^jaj%h(�h�t�b*ojqj^jajph333w^����������=gz�������)23gr��������̽����ߝ߭̎�~�~n~^߭k��%h(�h 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