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In 1987 the federal government permitted states to raise the speed limit on their rural interstate roads, but not on their urban interstate roads, from 55 mph to 65 mph for the first time in over a decade. Since the states that adopted the higher speed limit must have valued the travel hours they saved more than the fatalities incurred, this experiment(More)
We are grateful to two anonymous referees, and the Conference on " The Impact of Technological Change on Firm and Industry Performance " at Erasmus University for helpful comments and suggestions. This is a revised version of NBER working paper 6235. ABSTRACT High rates of firm entry and exit have accompanied the rapid and sustained growth of output in(More)
This essay reviews the implementation experience with three main applications of tradable permit systems: air pollution control, water supply and fisheries management. Opening with a brief summary of the theory behind these programs and both the economic and environmental consequences anticipated by this theory, it proceeds with a description of the common(More)
Ordinally single-peaked preferences are distinguished from cardinally single-peaked preferences, in which all players have a similar perception of distances in some one-dimensional ordering. While ordinal single-peakedness can lead to disconnected coalitions that have a " hole " in the ordering, cardinal single-peakedness precludes this possibility, based(More)
In recent years, an intensive debate on the economic valuation of biodiversity has entered the environmental economics literature. The present paper seeks to offer first a critical review of key concepts that are essential for a proper understanding of such evaluation issues. Particular attention is given here to various monetary valuation approaches and to(More)
The European Commission (2001a) has recently presented a directive proposal to the Parliament and the Council in order to implement a tradable permits scheme. However, as stressed by the positive political economy, due to the influence of various interest groups, very few environmental policies are implemented in their textbook forms. A close look at(More)
This paper considers the question under what conditions domestic markets of emission permits would and should merge to become an international market. Emission permits are licenses, and so governments would need to recognize other countries' permits. In a two-county model, we find that it is in both countries' interests to form an international market, and(More)
OBJECTIVE To describe and compare two extracorporeal shock wave therapy techniques for the treatment of painful subcalcaneal spur. DESIGN Random assignment to two groups of treatment with two and eight months follow-up. SETTING The data were collected in outpatients. SUBJECTS Forty-five subjects with a history of at least six months of heel pain were(More)