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SUMMARY:Environment and Energy Economics Weekly Seminar: Kyle Meng
DESCRIPTION:“Forecasting theCost to Firms of Climate Policy using Prediction Markets and Lobbying\nRecords” AbstractForecasting the cost of proposed policies may\nbe difficult when prior experience is limited. This paper develops a novel\nforecasting method that combines prediction market prices with stock returns to\nestimate the expected cost to firms of the Waxman-Markey climate policy bill. I\nfind Waxman-Markey would have reduced the value of listed firms by $150 billion\nwith greater losses for carbon intensive sectors. A regression discontinuity\ndesign finds sectors entitled to free allowances under the bill experienced larger\ngains. Lobbying records are used to estimate a political influence function for\nlisted firms and to partially identify costs for unlisted firms.Link to paperAbout the Speaker:Kyle Meng is an\nenvironmental economist whose\nresearch examines the costs\, benefits\, and political economy of climate policy\nwith applications around the world. His research has been published in Nature and PNAS. Kyle is\ncurrently a Postdoctoral Fellow with joint appointment at the Woodrow Wilson\nSchool of Public and International Affairs at Princeton University and the\nEnvironmental Defense Fund. Beginning in the fall of 2014\, Kyle will be an\nAssistant Professor of Environmental Science and Management and Economics at\nthe University of California\, Santa Barbara.
URL:https://innovation.luskin.ucla.edu/event/environment-and-energy-economics-weekly-seminar-kyle-meng/
ATTACH;FMTTYPE=image/jpeg:https://innovation.luskin.ucla.edu/wp-content/uploads/2018/07/Meng.jpg
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