Environmental cost-benefit analysis (ECBA) refers to social evaluation of investment projects and policies that involve significant environmental impacts. Valuation of the environmental impacts in monetary terms forms one of the critical steps in ECBA. We propose a new approach for environmental...

We discuss the nonparametric approach to profit efficiency analysis at the firm and industry levels in the absence of complete price information, and propose two new insights. First, choosing one commodity (whose price is known) as a numeraire good enables us to measure profit inefficiency in...

We exploit a large-scale natural experiment - the rollout of a nationwide electronic prescribing system in Finland - to study how digitization of prescriptions affects pharmaceutical use and health outcomes. We use comprehensive administrative data from patients treated with benzodiazepines,...

We exploit a large-scale natural experiment – the rollout of a nationwide electronic prescribing system in Finland – to study how digitization of prescriptions affects pharmaceutical use and health outcomes. We use comprehensive administrative data from patients treated with benzodiazepines,...

The Flexible System of Global Models (FSGM) is a group of models developed by the Economic Modeling Division of the IMF for policy analysis. A typical module of FSGM is a multi-region, forward-looking semi-structural global model consisting of 24 regions. Using the three core modules focused on...

By international comparison, Finnish pupil achievement is high and school achievement differences small. The Finnish education system is unusual also because there are no national testing programs and information on school quality measures is not publicly disclosed. Is school quality capitalized...

A number of papers have compared the effectiveness of private and public schools in different institutional settings. However, most of these studies are observational and do not utilize experimental or quasi-experimental design to evaluate the value-added or the effectiveness of private schools...

We study the effects of intergovernmental grants on school spending within the Finnish system of high school education funding. The system allocates lump-sum intergovernmental grants to local education organizers using a kinked grant rule. Utilizing the quasi-experimental variation in grants...

The value of statistical life is an essential parameter used in ascribing monetary values to the mortality costs of air pollution in health risk analyses. However, this willingness to pay estimate is virtually non-existent for most developing countries. In the absence of local estimates, two...