UMBC Economics Department
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Recent Submissions
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Patent Laws and the War on Good Drugs
(EconLib, 2001-11-26) -
The Effect of Regulatory Oversight on Nonbank Mortgage Subsidiaries
(Springer, 2022-07-19)In 2009, the Federal Reserve subjected nonbank mortgage-originating subsidiaries of bank holding companies (BHCs), but not independent nonbank (INB) mortgage originators, to consumer compliance supervision. We examine the ... -
Standing in Cost-Benefit Analysis: Where, Who, What (Counts)?
(Wiley, 2022-05-18)Whose costs and benefits should count in cost-benefit analysis (CBA)? This is an important practical question requiring answers for analysts because most government agencies offer only permissive or vague guidance. Drawing ... -
Modeling the Economic Effects of Increased Drop-out Rates from High School
(Centre of Policy Studies, 2021-09-02)With Covid, high-school students are having difficulty staying in school. We present a dynamic model of the effects of increased drop-out rates. The model accounts for labor productivity, crime costs and high-school ... -
Higher Education and Local Educational Attainment: Evidence from the Establishment of U.S. Colleges
(MIT Press, 2022-06-23)We investigate how the presence of a college affects local educational attainment. As counterfactuals for current college locations, we use historical “runner-up” locations that were strongly considered to become college ... -
An Analysis of the Impact of Introducing Video Lottery Terminals in Maryland
(Maryland Institute for Policy Analysis and Research, 2008-10-14) -
Using Environmental Benefit-Cost Analysis to Improve Government Performance
(Resources for the Future, 1998-12)In this paper we first describe the legal and administrative basis of mandates that variously require and eschew economic measures for environmental management. We then summarize the steps involved in benefit-cost analysis ... -
Assessing the health benefits of air pollution reduction for children
(Environmental Health Perspectives, 2004-02-01)Benefit-cost analyses of environmental regulations are increasingly mandated in the United States. Evaluations of criteria air pollutants have focused on benefits and costs associated with adverse health effects. Children ... -
The Benefit-Cost Analysis of Security Focused Regulations
(De Gruyter, 2009-04-18)Security focused regulations have been largely exempt from the benefit-cost type of analysis required for major Federal regulations and done routinely in areas such as transportation, environment and safety. Among the ... -
Comparing multistate expected damages, option price and cumulative prospect measures for valuing flood protection
(American Geophysical Union, 2013-04-02)Floods are risky events ranging from small to catastrophic. Although expected flood damages are frequently used for economic policy analysis, alternative measures such as option price (OP) and cumulative prospect value ... -
How (Not) to Lie with Benefit-Cost Analysis
(De Gruyter, 2013-11-22)Benefit-cost analysis is the applied side of welfare economics. Its broad use in support of public decisions draws both detractors and defenders. This tongue-in-cheek piece demonstrates that knowing how ... -
Slot Machine Payback Percentages: The Devil is in the Moment
(University of Buckingham Press, 2014-07-08)The average payback percentage from slot machines is important to gamblers, casinos and governments. While apparently simple to define several complications can exist, among them which measure to average and potentially ... -
Residual Risk Accounting: A Pilot Study
(Wiley Online Library, 2015-04-15)Risks such as flooding, oil spills, deaths, and unemployment continue despite numerous policies to prevent and mitigate their effects. Such policies are typically analyzed in their natural units such as jobs making comparison ... -
State Water Pollution Control Policy Insights from a Reduced-Form Model
(American Society of Civil Engineers, 2004-02-19)Regulatory policy analyses are often based on the results of computer-intensive models that have limitations resulting from their complexity, size, and run-time requirements. This paper describes and applies a reduced-form ... -
Pollution Trading in Water Quality Limited Areas: Use of Benefits Assessment and Cost-Effective Trading Ratios
(University of Wisconsin Press, 2005-05-01)This paper proposes a water quality trading design that addresses common implementation problems. Trading ratios, which are calculated from damages integrated over each source’s spatial zone of influence, drive the system ... -
Cybersecurity Investment Guidance: Extensions of the Gordon and Loeb Model
(Scientific Research Publishing, 2016-03-16)Extensions of the Gordon-Loeb [1] and the Gordon-Loeb-Lucyshyn-Zhou [2] models are presented based on mathematical equivalency with a generalized homeland security model. The extensions include limitations on changes in ... -
Cybersecurity: Integrating Information into the Microeconomics of the Consumer and the Firm
(Scientific Research Publishing, 2016-08-30)The connectivity of information has changed many things but not the way economists model consumers, firms and government. Information is here newly modeled as a fundamental element of microeconomic choices and utility, ... -
Welfare Analysis: Bridging the Partial and General Equilibrium Divide for Policy Analysis
(Cambridge University Press, 2018-03-25)Advances in theoretical and computable general equilibrium modeling brought their conceptual foundations more in line with standard microeconomic constructs. This reduced the theoretical gap between welfare measurements ... -
Historical Happenstance and Local Educational Attainment: Evidence from the Establishment of U.S. Colleges
(2021-06-05)We investigate how establishing a college a ects local educational attainment using historical natural experiments in which runner-up locations were strongly considered to become college sites but ultimately not chosen ... -
150 years of the geography of innovation
(Elsevier, 2021-01-25)Innovation has long been seen as central to long-term regional growth. Due to the absence of comprehensive data on the geography of innovation covering long time periods, quantifying long-term innovation-development linkages ...
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