The political economy of environmental policy favors the use of quantity-based instruments over price-based instruments (e.g., tradable permits over green taxes), at least in the United States. With cost uncertainty, however, there are clear efficiency advantages to prices in cases where the marginal damages of emissions are relatively flat, such as with… (More)
Recent studies find that environmental tax swaps typically exacerbate the costs of the tax system and therefore do not produce a " double dividend ". We extend previous models by incorporating tax-favored consumption goods (e.g. housing, medical care). In this setting, the efficiency gains from recycling environmental tax revenues are larger because… (More)
In 2007, the Centers for Medicaid and Medicare Services (CMS) created a novel payment program to create incentives for physician's to focus on quality of care measures and report quality performance for the first time. Initially termed "The Physician Voluntary Reporting Program," various Congressional actions, including the Tax Relief and Health Care Act of… (More)
Small island economies are almost entirely dependent on petroleum-based products as the fuel stock for power generation. This dependency places a significant burden on economic growth with up to 30% of GDP attributable to importing oil along with accompanying environmental concerns. This paper focuses on the U.S. Virgin Islands (USVI) and considers… (More)
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It is often noted that energy prices are quite volatile, reflecting market participants' adjustments to new information from physical energy markets and/or markets in energy-related financial derivatives. Price volatility is an indication of the level of uncertainty, or risk, in the market. This paper describes how markets price risk and how the… (More)