Preventative Capital Study (Cache County)

Arthur J. Caplan & Ramjee Acharya
We address the issue of optimal investment in “preventative capital” to mitigate episodic, mobile-source air pollution events. We calibrate Berry et al.'s (2015) endogenous-risk model using a unique dataset related to "red air day" episodes occurring in Northern Utah over the past decade. Our analysis demonstrates that, under a wide range of circumstances, the optimal steady-state level of preventative capital stock – raised through the issuance of a municipal “clean air bond” that funds more...
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