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  • Regulatory Change and Optimal Transition Relief Cover

    Regulatory Change and Optimal Transition Relief

    Grandfathering has become a common practice in regulating industries like coal power generation. But it is not clear that phasing out polluting plants is beneficial. The costs of retrofitting existing plants to comply with new standard can be higher than the compliance costs for a new plant. Since the costs of shifting to new technology must be borne at some point, (since granfathering can’t be indefinite) it might be best not to grandfather at all so that society can benefit from lower pollution levels earlier. That’s just one of the arguments examined in this working paper.

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  • Climate Change and Future Generations Cover

    Climate Change and Future Generations

    Efforts to reduce greenhouse gases and control climate change implicate a wide range of social, moral, economic, and political issues, none of them simple or clear. But when regulators evaluate the desirability of climate change mitigation through cost-benefit analysis, one factor typically determines whether mitigation is justified: the discount rate or the rate at which future benefits are converted to their present value.

    This working paper evaluates the four principal justifications for intergenerational discounting, which often are conflated in the literature. It shows that none of these justifications supports the prevalent approach of discounting benefits to future generations at the rate of return in financial markets and, more generally, that discounting cannot substitute for a moral theory setting forth our obligations to future generations.

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  • The Value of Open Cover

    The Value of Open

    An Update on Net Neutrality

    An open Internet allows anyone with an idea and a domain name to add content to the web for all to use. It’s a system that most believe works very well, generating billions in economic benefits for the American public every year. This policy brief analyzes the economic uncertainties of weakening our current, open Internet and sees potential trouble ahead if it is not preserved.

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  • More Residual Risks Cover

    More Residual Risks

    An Update on New York City Boilers

    Up to 259 lives could be saved every year if certain large buildings in New York City stopped burning dirty heating oil. Using newly available data, a reworked analysis finds that residual oil has even greater consequences than estimated in an earlier report.

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  • Flooding the Market Cover

    Flooding the Market

    The Distributional Consequences of the NFIP

    The government’s flood insurance program gives discounts to homeowners who build in flood-prone areas, often causing significant environmental damage. In this analysis, the Institute for Policy Integrity finds that this practice can benefit wealthy owners of expensive homes at a cost to the average taxpayer.

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  • CLEAR & The Economy Cover

    CLEAR & The Economy

    Innovation, Equity, and Job Creation

    The CLEAR Act, sponsored in the Senate by Maria Cantwell (D-WA) and Susan Collins (R-ME), would place a price on carbon, auction 100% of the pollution permits, and refund most of the revenue back to consumers. This brief found that pricing carbon would spur investment and innovation in new energy technologies, giving a substantial boost to industries like manufacturing and construction—both hit hard in the recent financial crisis. Relatively well-paying jobs would be generated in these sectors, helping to mop up the slack created by the recession.

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  • Residual Risks Cover

    Residual Risks

    The Unseen Costs of Using Dirty Oil in New York City Boilers

    In about 9,000 big apartment and commercial buildings in Manhattan, Brooklyn, Queens, and the Bronx, boilers burn a dirty fuel to heat their units. “Residual Risks” analyses the health, environmental, and economic benefits of switching away from this dirty fuel to cleaner alternatives like natural gas.

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  • Free To Invest Cover

    Free To Invest

    The Economic Benefits of Preserving Net Neutrality

    It is hard to imagine a future where the value of the Web takes a downward spiral: where less content is created, online access is less useful, and fewer people log on. In Free to Invest, the Institute for Policy Integrity warns of negative economic consequences if net neutrality is weakened. The report arrived at five main findings that describe the trade-offs of revoking net neutrality.

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  • Economists and Climate Change Cover

    Economists and Climate Change

    Consensus and Open Questions

    Economists and Climate Change: Consensus and Open Questions describes and analyzes the results of a survey sent to 289 economic experts on climate change. Over 84% of the respondents to the poll said that the effects of global warming will create significant risks to important sectors of the United States and global economies.

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  • In the Regulatory Weeds of the Garden State Cover

    In the Regulatory Weeds of the Garden State

    Lessons From New Jersey’s Administrative Process

    There is a dearth of studies about the effects of the proceduralization of the rulemaking process on state regulations. In the Regulatory Weeds of the Garden State focuses on regulations promulgated in New Jersey, both prior to and following major procedural changes enacted in the state in 2001.

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