We address the issue of optimal investment in “preventative capital” to mitigate episodic, mobile-source air pollution events in Utah’s Wasatch Front region. We calibrate Berry et al.'s (2015) endogenous-risk model using a unique dataset related to the region’s "red air day" episodes occurring 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 can be used to fund more aggressive mitigation efforts – meets the standard for PM2.5 concentrations with positive social net benefits. We estimate benefit-cost ratios ranging between 5.1:1 and 8.1:1, depending upon trip-count elasticity with respect to the preventative capital stock. These ratios are larger than those reported in Acharya and Caplan (2019) for northern Utah, but still lower than the range generally estimated for the 1990 Clean Air Act Amendment
Any software that can read or convert CSV format.
Utah Agricultural Experiment Station
Utah State University
Utah Agricultural Experiment Station, UTAO-1334
Data is secondary, compiled in comma-separated values (CSV) format. The data sources are the US Environmental Protection Agency, the Utah Division of Air Quality, the Utah Department of Transportation, and the Weather Underground.
Arthur Caplan and Ramjee Acharya. "Control of Episodic Air Pollution in Utah’s Wasatch Front Region Through Investment in Preventative Capital" (2020) Available at: http://works.bepress.com/arthur_caplan/131/
See the Caplan_Variables_v2.csv file.
This work is licensed under a Creative Commons Attribution 4.0 License.
Caplan, A., & Acharya, R. (2019). Wasatch Front Preventative Capital Study [Data set]. https://doi.org/10.26078/j1mq-9655
Additional FilesREADME.txt (2 kB)
wasatch_newdata.csv (616 kB)
Caplan_Variables_v2.csv (2 kB)