Environmental Economics

ASU vs LSU update

From the inbox:

LSU has moved up the kickoff time of its home opener Saturday against Appalachian State because of concerns about Tropical Storm Gustav. A spokesman for the school's board said Gov. Bobby Jindal's office asked for the change from 4 p.m. to 10 a.m. local time.

I was planning to weed my garden around the time of kickoff. I guess weeding must wait.

From the inbox:

Because of the change in the time of the ASU-LSU game, let's move the start time of the cookout to 5:30 to 6:00. Thanks.

What are half a dozen economists going to talk about if the TV isn't tuned to ASU vs. LSU (live)?

Update: LSU 41 - ASU 13, and I was able to get my weeding done on Sunday (missing part of the Governor's Cup game ... UK 27 - UofL 2 ... unforgiveable).

35-14

From the Freakonomics blog:

One of the biggest college-football upsets of last year, and some would say in the history of the sport, was the defeat of Michigan by my hot (hot hot) alma mater Appalachian State University.

A.S.U. has had a phenomenal run, winning three consecutive division championships.

This year, they’re starting things off even more audaciously, playing defending B.C.S. champion Louisiana State University.

Can football lightning possibly strike twice? The game is scheduled for Saturday at 5:00 p.m. E.D.T., though with a storm threatening that may change.

Anyone care to make a prediction on the game’s final score?

Though there’s no official point spread, L.S.U. is at least a three-touchdown favorite. Make your predictions below; the closest guess before kickoff will get a piece of Freakonomics schwag.

My guess from yesterday (Thursday--I have a witness), before I read this post, was 35-14 LSU ... a three-touchdown favorite.

Good economics or bad government?

From the Columbus Dispatch:

State employees who use their personal vehicles for business drove about 5.2 million fewer miles in the past fiscal year than in the previous one, resulting in a $2 million reduction in mileage reimbursements, according to the Ohio Department of Administrative Services, the business arm of state government.

Prices go up, quantity demanded goes down.  So far so good.

This year, employees who drive state-owned vehicles are shifting more to alternative fuels -- ethanol and biodiesel -- and away from regular unleaded gasoline. The state bought 80,000 fewer gallons of unleaded gas in the most recent quarter, a state report showed.

Higher prices increase the demand for substitutes.  Even further, still good.

Not a bad place to get a PhD

From a poster [PDF] that can be found around the B&E building in Lexington, Ky:

A recent national study* finds that, in the category of research citations per faculty member, the Department of Economics [University of Kentucky] attains the following rankings.*

Overall Ranking in Economics

• 19th Among all Public Universities

Public Economics

• 4th Among all Public Universities
• 8th Among all Universities

Urban, Rural, and Regional Economics

• 12th Among all Public Universities
• 17th Among all Universities

Health, Education, and Welfare Economics

• 10th Among all Public Universities
• 26th Among all Universities

Yikes! Only 6 of the 23 current faculty members were  around during, what has become known as, the glory years (1985-1989).

*From Therese C Grijalva and Clifford Nowell, “A Guide to Graduate Study in Economics:  Ranking Economics Departments by Fields of Expertise,” Southern Economic Journal, 74(4), April 2008, pp. 971-996.

An amazing feat of prestidigitation--or something like that

On Tuesday I wrote:

Watch out for higher gas prices later in the week with Gustav...

From CNN.com:

Gasoline prices rose for the first time in more than a month, according to a nationwide survey of gas station credit card swipes Friday.

Please save your applause until after the show.

Picture of the day

The latest issue of Marine Resource Economics 23(2) 2008 arrived in the mail last week. Click on the thumbnail and you might be able to read the Table of Contents:

• Whitehead, John C., et al., "Valuing Beach Access and Width with Revealed and Stated Preference Data," pp. 119-136.
• Haab, Timothy C., et al., "Small Boat Fishing in Hawaii: A Random Utility Model of Ramp and Ocean Destinations," pp. 137-153.
• ETC

It is hard to imagine that the ordering of the articles was NOT based on article quality. Hard to imagine. Very. Hard. To. Imagine.

An estimate of Labor Day gas demand elasticity

Feel free to use this one in your microeconomics courses. I know I will:

Gasoline prices are still dropping, but AAA Carolinas says many North Carolinians will skip the usual Labor Day weekend trip this year.

Triangle drivers were paying an average $3.608 a gallon for regular today, and some Raleigh stations posted pump prices below $3.45. Even though prices have fallen from a local record high $4.054 in mid-July, 2008 brings the most expensive Labor Day gas on record.

Gas for a beach drive this weekend will cost 92 cents a gallon more than in 2007 -- and more even than in 2005, when Hurricane Katrina disrupted the nation's fuel supplies and made Labor Day travel extra pricey.

AAA Carolinas estimated that 720,300 North Carolinians will drive more than 100 miles round trip for the holiday weekend this year, down almost 1 percent from last year's Labor Day motoring.

Let's assume that the percentage change in quantity demanded of gasoline is 1%. This requires assuming that the amount driven over Labor Day (for over 100 mile travelers) is equal between the two years which is very likely a big underestimate. The percentage change in price is 34% [% = 100*0.92/(3.61 - 0.92)]. Therefore, demand elasticity is at least 0.03%.

I voted no to offshore drilling (its lack of effect on prices) twice!

Take the poll at Dump it in the Pump:

Is Offshore Drilling A Realistic Solution To High Gas Prices?
	Yes
	No
	Undecided

Man up

Phil Miller has me beat. His teaching schedule (3-3's are for wimps :-)):

Monday
8 - 9:15 - Micro Princples
9:30 - 10:45 - Micro Principles
11:00 - 12:15 - Micro Principles
6 - 8:45 - Sports Econ

Wed.
8 - 9:15 - Micro Princples
9:30 - 10:45 - Micro Principles
11:00 - 12:15 - Micro Principles

One thing, do we really consider a 3 hour course talking about sports real work?

Where will I be Saturday?

From a local TV station:

Democratic presidential nominee Barack Obama will attend a Saturday evening rally at Dublin Coffman High School, his campaign announced Thursday.

Dublin Coffman High School is about 4 miles from my house.

I won't be there.  I'll be 15 miles away.  Here. 

Go Bucks!