Defensive Investments and the Demand for Air Quality: Evidence from the Nox Budget Program and Ozone Reductions
Defensive Investments and the Demand for Air Quality: Evidence from the Nox Budget Program and Ozone Reductions
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DOI：
10.2139/ssrn.2933641
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发表时间：
2012-08
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对空气质量的需求取决于健康影响和防御投资，但很少有研究评估防御的经验重要性。一个丰富的准实验表明，氮氧化物（NOx）预算计划（NBP），总量管制和交易市场，减少氮氧化物的排放量，环境臭氧浓度，药品支出和死亡率。每年减少的药品采购（一项关键的防御性投资）和死亡率分别约为8亿美元和11亿美元，这表明防御措施占减少氮氧化物排放的三分之一以上。此外，估计表明，NBP的好处很容易超过其成本，减少NOx有很大的好处。
The demand for air quality depends on health impacts and defensive investments, but little research assesses the empirical importance of defenses. A rich quasi-experiment suggests that the Nitrogen Oxides (NOx) Budget Program (NBP), a cap-and-trade market, decreased NOx emissions, ambient ozone concentrations, pharmaceutical expenditures, and mortality rates. The annual reductions in pharmaceutical purchases, a key defensive investment, and mortality are valued at about $800 million and $1.1 billion, respectively, suggesting that defenses are over one-third of willingness-to-pay for reductions in NOx emissions. Further, estimates indicate that the NBP’s benefits easily exceed its costs and that NOx reductions have substantial benefits.