The article below tells an interesting story about option value in real estate. In Las Vegas, developers sell condos in buildings that do not exist yet.
Highways are durable goods. Many highways were built in the 1950s. Out near denver the amount of driving has soared since then and now the roads are clogged. This article below provides details about a public policy fight over whether road expansion is "good public policy".
Do economists get enough popular media attention? I'm not talking about Sachs, Barro, Stiglitz, Krugman or Summers. These guys generate buzz. But, there are many economists, especially at the University of Chicago, who somehow don't get their share.
Yale's ESI index is a useful tool for starting a discussion about how we measure environmental sustainability (http://www.yale.edu/esi/).
The new environmental sustainability index (ESI) has been put out by yale and columbia researchers. The U.S is ranked 28th out of 133 nations. This article below is missing a key fact. One key component of this ESI index is carbon dioxide production per-capita.
The Mayor of New York City is a very rich man. Paul Allen is shadow governing Seattle. He is also a very rich Microsoft man.
As climate change takes place, some nations will be better able to cope and adapt than others. This article below tells a sad story about how cow herders in Kenya are migrating far in search of rainy areas so that their cows can eat some grass.
Recently urban economists such as Ed Glaeser and Joe Gyourko have been examining the intended and unintended consequences of zoning and other land use controls. In a recent blog entry, I talked about the consumer price index for "healthy foods" such as fruit and veggies in the inner-city.
The rise of Wi-Fi networks in cities would appear to be a classic free rider issue.
The only thing missing in this article below is a celebrity such as Meryl Streep worrying that these things cause cancer.
The only thing missing in this article below is a celebrity such as Meryl Streep worrying that these things cause cancer.
Superstores have only slowly entered major cities. A number of economists are now hard at work documenting the consumer surplus gains when Walmart enters a local market.
The wealthy new governor of New Jersey talks a good game. As the Times quotes from his lofty inaugural speech, he wants to fight corruption in state government. The interesting piece of economics in his speech refers to how public contracts are awarded. Moving forward, Gov.
The big intuitive idea behind "Moral Hazard" is that when we know we have ex-post insurance then we take more risks ex-ante. So, we are more likely to smoke in bed if we own home insurance.
Paul Krugman has written an intriguing editorial about diabetes and health insurance in the 1/16/2006 New York Times. "Insurance companies will often refuse to pay $150 for a diabetic to see a podiatrist, who can help preven foot ailments associated with the disease.
While economists celebrate comparative advantage, the New York Times would like us to return to energy autarky. This editorial from the Sunday Times makes a number of game theoretic points. It claims that Iran's energy endowments make it unlikely to be a "victim" of foreign sanctions.
What is the optimal spatial distribution of Homeland Security money? Mr. Spock on Star Trek would adopt a utilitarian approach and probably allocate most of it to big cities protecting bridges, nuclear plants etc.
Every January a few thousand economists gather for a great AEA conference. While I know it's not nice, I hope we never return to New Orleans for another of these conferences.
I know that it is bad form for Chicago Economist to think about behavioral economic puzzles but I was at the pharmacy the other day and I found a brochure called "Why Must I take my Medicine?" It listed a number of puzzles concerning weird health choices made by people especially by senior citizens:
