The social costs of pollution and climate change hinge critically on humans’ ability to adapt. Based on transaction records from the world’s largest payment network, this research compiles daily travel flows and documents that China’s rapid expansion of high-speed railways (HSR)...

The social costs of pollution and climate change hinge critically on humans' ability to adapt. Based on transaction records from the world's largest payment network, this research compiles daily travel flows and documents that China's rapid expansion of high-speed railways (HSR) facilitates the...

This paper measures the impact of housing price changes on household consumption at the city level using the universe of credit and debit card transactions in China from 2011 to 2013. In sharp contrast to the literature on the U.S. housing market, our analysis shows a large and negative housing...

Gasoline taxes can be employed to correct externalities from automobile use and to raise government revenue. Our understanding of the optimal gasoline tax and the efficacy of existing taxes is largely based on empirical analysis of consumer responses to gasoline price changes. In this paper, we...