FDA approval times have declined significantly since the enactment of the Prescription Drug User Fee Act (PDUFA) in 1992. As a result, present value expected returns to pharmaceutical R&D have likely increased. In the current paper we employ a unique survey dataset, one which includes data from...

Federal regulatory policy and the evaluation of regulations using benefit-cost analysis continue to be quite contentious. Advocates for more regulation claim that benefit-cost analysis loses information and impedes our understanding of the real beneficial consequences of regulatory action....

In their recent paper, Efficient Pollution Regulation: Getting the Prices Right (henceforth, EPR), Muller and Mendelsohn describe a broader, more appealing concept of efficiency that incorporates information on damages caused by emissions from specific sources: “The science and economics...

We use information from the National Longitudinal Survey of Youth 1979 (NLSY79) and supplementary data sources to examine how cognitive performance, measured at approximately the end of secondary schooling, is related to the labor market outcomes of 20 through 50 year olds. Our estimates control...

Policymakers considering interventions that improve cognitive performance (IQ) need estimates of the value of IQ improvements. Using the classical model of structured expert judgment, we develop estimates of the percentage increase in earned income from interventions to increase IQ in India. Our...

Congress is considering two bills that would require the Environmental Protection Agency (EPA) to make publicly available all data from studies that it relies on as it develops regulations. The Congressional Budget Office estimates that it would cost $250 million per year for the EPA to comply...