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General Meeting (11.5.2013)

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General Meeting (11.5.2013)

  1. 1. Undergraduate Economics Association General Meeting (11/5/13)
  2. 2. Announcements Econ Talk  Sunday, Nov. 10th, 12:00pm in GSU Starbucks Writing Committee + STATA Workshop  Sunday, Nov. 10th, 1:00-2:00 pm in CAS 322 Undergraduate Economics Association 2
  3. 3. Articles Public Services Losing Money? Good? L. Rebecchi [Syndicated] The Other Side of Wealth in ‘Wealth of Nations’ J. Sinitsky Undergraduate Economics Association 3
  4. 4. The Economics of Massachusetts Environmental Policy  Carson Robers
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  6. 6. “There is no winning! Only degrees of losing!” - Danny DeVito , The War of the Roses (1989)
  7. 7. P Is Everything
  8. 8. Regional Greenhouse Gas Initiative 310 CMR 7.70 –The MA CO2 Budget Trading Program Launched: 2005 Applies To: Fossil fuel fired electricity generating units 25 megawatts in size or larger. (28 facilities) Is: A regional carbon cap and trade system . A quarterly auction of carbon permits. Results: 10 States 100% Compliance Unprecedented CO2 Reductions
  9. 9. Decrease: 60.7 Million Tons of CO2
  10. 10. Benefits - Reduction of the long term costs of addressing climate change - Capture of Environmental co-Benefits - Development of new technology - Promotion of expanded energy efficiency - Stimulation of economic development
  11. 11. Spring 2013 Amendments The regional emissions cap in 2014 will be 91 million tons of CO2. The cap will be reduced by 2.5 percent per year in the years 2015 through 2020. “Macroeconomic analysis indicated the overall regional economic impacts resulting from the 91 cap were slightly positive” “The average commercial customer monthly electric bill of $455 would increase by less than $4 (less than a 1% increase). MassDEP notes that RGGI auction revenues are used to fund energy efficiency investments throughout the Commonwealth”
  12. 12. Mean High Water + 5’ : Projected to occur by mid- to late-century Equivalent to flooding from Hurricane Sandy if it hit during high tide
  13. 13. Mean High Water + 7.5’: Could occur by latecentury Charles River Dam is over-topped Sandy at mid-century
  14. 14. Key floors above 2085 High Estimate 100year Flood  Mechanical, electrical and emergency services on roof out of harm’s way Operable windows keyed open in event of systems failure Critical patient programs above ground floor Spaulding Rehabilitation Hospital
  15. 15. Top 16 Most Costly World Insurance Losses 1970-2012* (Insured Losses, 2012 Dollars, $ Billions) $60 $48.7 $50 $38.6 $40 $30 $20.0 $20 $10 $23.9 $24.6 $25.6 $11.1 $13.4 $13.4 $13.4 $8.7 $9.2 $9.6 $7.8 $8.1 $8.5 $0 Hugo (1989) Winter Storm Daria (1991) Chile Quake (2010) Ivan Charley Typhoon Wilma Thailand New Ike Sandy Northridge WTC (2004) (2004) Mirielle (2005) Floods Zealand (2008) (2012)** (1994) Terror (1991) (2011) Quake Attack (2011) (2001) *Figures do not include federally insured flood losses Source: Insurance Information Institute Andrew Japan Katrina (1992) Quake, (2005) Tsunami (2011)**
  16. 16. Top 12 Most Costly Hurricanes in U.S. History (Insured Losses, 2012 Dollars, $ Billions) 10 of the 12 most costly hurricanes in insurance history occurred over the past 9 years (2004—2012) $60 $48.7 $50 $40 $30 $25.6 $20.0 $20 $4.4 $5.6 $5.6 $6.7 $7.8 Irene (2011) $10 $8.7 Jeanne (2004) Frances (2004) Rita (2005) Hugo (1989) Ivan (2004) $9.2 Charley (2004) $11.1 $13.4 $0 Wilma (2005) Ike (2008) Sandy* (2012) Andrew (1992) Katrina (2005) *Estimate as of 12/09/12 based on estimates of catastrophe modeling firms and reported losses as of 1/12/13. Estimates range up to $25B. Source: Insurance Information Institute
  17. 17. Transportation  2011: 2,051,961 tons CO2e 2020 reduction goal: 28% Transportation Emissions by Source MBTA 12% Diesel 15% Gasoline 73%
  18. 18. Launched July 2011, 132 stations system wide with 90 in Boston & over 1,000 bikes, 142,000 rides in 1st 4 months and 675,000 since the launch,  Mitigated 230 tons of carbon, 2,400 rides per day in Oct 2012, 9,202 Active Annual Members BIKE SHARE Greenovate Boston
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  20. 20. BU Federal Reserve Challenge Fed Challenge  In-depth analysis of the Federal Reserve’s monetary policy  Fall Semester  Learn about the Federal Reserve, monetary policy and its impacts  Fantastic opportunity to meet some incredibly smart people Michael Clawar mjclawar@bu.edu bufedchal@gmail.com Taper Tiger Consulting Group Undergraduate Economics Association 21

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