Little is known about electric vehicle (EV) demand by low- and middle-income households. In this paper, we exploit a policy that provides exogenous variation in large EV subsidies targeted at the mass market California. Using transaction-level data, estimate three important parameters: rate of subsidy pass-through, impact on adoption, elasticity for EVs among Demand our sample price-elastic (?2...

The dairy industry is a major resource in the Australian economy. In 1995-96 there were 13,888 dairy farms in Australia with 1.924 million dairy cows 2 and a total milk production of 8,716 million litres with a combined value of $AUD3 billion on the wholesale level. The industry’s success is dependent on increased animal productivity through breeding programs and efficient management. One of th...

We study a continuous knapsack problem with separable convex utilities. We show that the problem is NP-hard, and provide two simple algorithms that have worst-case performance guarantees. We consider as an application a novel subsidy allocation problem in the presence of market competition, subject to a budget constraint and upper bounds on the amount allocated to each firm, where the objective...

This paper argues that observed long lags in innovation implementation rationalize Schumpeter’s statement that “wave-like fluctuations in business ... are the form economic development takes in the era of capitalism.” Adding implementation delays to an otherwise standard endogenous growth model with expanding product variety, the equilibrium path admits a Hopf bifurcation where consumption, R&D...

According to the conventional Schumpeterian view, recessions improve resource allocation by driving out less productive producers. We posit that recessions bring an additional scarring e¤ect by impeding the developments of potentially superior producers, which can be destroyed during their infancy and never realize their potential. A model combining creative destruction with learning is develop...