This paper examines the migration response to a millionaire tax in New Jersey, which raised its income tax rate on top earners by 2.6 percentage points to 8.97 percent, one of the highest tax rates in the country. Drawing on unique state tax micro-data, we estimate the migration response of millionaires to the rate increase, using a difference-in-differences estimation strategy. The results ind...

Conley and Wilkie (1993) introduced and axiomatized the Nash extension bargaining solution, defined on a domain of comprehensive but not necessarily convex problems. In this paper we present a non-cooperative game that implements the Nash extension solution in subgame perfect equilibria in the limit as the discount rate applied between rounds of play vanishes. Journal of Economic Literature Cla...

Building design following the energy efficiency standards may not achieve the optimal performance in terms of investment cost, energy consumption and thermal comfort. In this paper, an improved multi-objective genetic algorithm (NSGA-II) is combined with building simulation to assist building design optimization for five selected cities located in the hot summer and cold winter region in China....

The purpose of the paper is to present a concept of energy efficiency and financial evaluation of counterflow dryer. Energy efficiency and many other efficiency indexes of the dryer and all additional devices like heater, heat exchangers, tubing and fans are calculated. Expert system provides also the financial evaluation of the investment. Many investments could be considered. The system provi...

DC loads (such as computers, data centres, electric vehicle chargers, and LED lamps) and dc distributed energy resources (such as fuel cells, solar photovoltaics, and energy storages) are rapidly growing in electric power systems, so dc systems are being introduced as emerging practical investment solutions compared to traditional ac options. DC microgrids offer several advantages such as the e...

The reality bites for ‘green energy’ when the economic assessment shows it as not a viable investment. Economic assessment for projects normally uses Return on Investment (ROI), Payback Period (PBP), Life Cycle Assessment (LCA), Life Cycle Cost (LCC) and Cost Benefit Analysis (CBA). Several studies have argued against these tools; but they are common due to lack of alternatives. To demonstrate ...

Recently, there has been a growing interest in the production of electricity from renewable energy sources (RES). The RES investment is characterized by uncertainty, which is long-term, costly, depend on feed-in-tariff and support schemes. In this paper, we address the real option valuation (ROV) of a solar power plant investment. The real option framework is investigated. This framework consid...

We investigate how uncertainty surrounding possible comprehensive regulatory restructuring affect the investment behavior of firms operating in the industry. We argue that such regulatory uncertainty can create a substantial option value that leads to firms delaying their investment decision in order to gather more information and assurances regarding future regulatory changes. We empirically e...