EARLY EVIDENCE ON RECREATIONAL MARIJUANA LEGALIZATION AND TRAFFIC FATALITIES

Over the last few years, marijuana has become legally available for recreational use to roughly a quarter of Americans. Policy makers have long expressed concerns about the substantial external costs of alcohol, and similar costs could come with the liberalization of marijuana policy. Indeed, the fraction of fatal accidents in which at least one driver tested positive for tetrahydrocannabinol has increased nationwide by an average of 10% from 2013 to 2016. For Colorado and Washington, both of which legalized marijuana in 2014, these increases were 92% and 28%, respectively. However, identifying a causal effect is difficult due to the presence of significant confounding factors. We test for a causal effect of marijuana legalization on traffic fatalities in Colorado and Washington with a synthetic control approach using records on fatal traffic accidents from 2000 to 2016. We find the synthetic control groups saw similar changes in marijuana-related, alcohol-related, and overall traffic fatality rates despite not legalizing recreational marijuana. (JEL K42, I12, I18)     

ENVIRONMENTALISM,STIMULUS, AND INEQUALITY REDUCTION THROUGH INDUSTRIAL POLICY: DID CASH FOR CLUNKERS ACHIEVE THE TRIFECTA?

The 2009 American Cash for Clunkers program, which subsidized consumers who scrapped old vehicles and purchased new vehicles, was promoted by appealing to multiple constituencies. We evaluate the policy and alternatives according to its stated goals: emissions reductions, economic stimulus, and reducing inequality. We calibrate a dynamic partial equilibrium portfolio model to match consumer expenditure data from 1998 to 2011 focusing on heterogeneity across cars and trucks. We find the program generated $0.17 in environmental benefits, $0.28 in consumer surplus, and $0.31 in net discounted additional spending per subsidy dollar. Since subsidies largely went to middle-income infra-marginal consumers, the program exacerbated consumption inequality. We evaluate alternative policy designs and find no policy which simultaneously improves all outcomes. (JEL H23, L52, L92, D63)     

Beyond Planning:: Strategies for Successfully Implementing Strategic Decisions

This article brings strategy back to managers and their organizations. It argues and demonstrates empirically that what managers do, and the kind of organization they lead, matter in terms of achieving stated objectives. Managerial action involves a set of activities from assessing the problem to prioritising action, and takes place within an organizational context which has two important elements for decision-making. First, organizations have an accumulated stock of experience, and the more managers can access and utilise this experience base the better. Secondly, the culture and structure of an organization may exhibit more or less readiness for the changes that decisions bring about, and contexts less ready for change pose problems for managers in the implementation of decisions.This long-term study of 55 decisions in UK firms shows that careful managerial planning does not of itself guarantee successful outcomes: the organizational context is crucial in framing actions and influencing achievement, and decisions may send a firm on a trajectory beyond the point at which it can plan with confidence. Where experience and readiness are strong, decisions achieve stated objectives—where both are lacking, decisions tend to fail. But, as examination of two illustrative cases indicates, strength in either domain may be enough: sound experience may win out in comparatively unreceptive situations, and decisions may still succeed where experience is lacking but the organization is ready for change. The article closes with some implications for managers.     

Turning Three Sides into a Delta at General Motors: Enhancing Partnership Integration on Corporate Ventures

General Motors had enjoyed global operations that were based on exports, acquisitions, joint ventures and strategic alliances throughout the 20th century. Its global-programme strategy appeared assured. However, the carmaker came unstuck when it came to creating a large-scale collaborative effort involving its own internal units. The Delta Small Car Program, involving three fully internal GM units, was terminated after its goals failed to materialise. The carmaker’s long-standing cultural tradition of autonomy for its units was what made collaboration between them difficult. We examine this GM global programme, placing it in its historical context. Our primary database consists of the perceptions and experiences offered to us by a cross-section of programme participants. By examining partner integration at the working level, we identify insights and offer recommendations pertaining to venture structure and dynamics and their role in venture success.     

GIS‐Based Integration of Social Vulnerability and Level 3 Probabilistic Risk Assessment to Advance Emergency Preparedness,Planning, and Response for Severe Nuclear Power Plant Accidents

In the nuclear power industry, Level 3 probabilistic risk assessment (PRA) is used to estimate damage to public health and the environment if a severe accident leads to large radiological release. Current Level 3 PRA does not have an explicit inclusion of social factors and, therefore, it is not possible to perform importance ranking of social factors for risk‐informing emergency preparedness, planning, and response (EPPR). This article offers a methodology for adapting the concept of social vulnerability, commonly used in natural hazard research, in the context of a severe nuclear power plant accident. The methodology has four steps: (1) calculating a hazard‐independent social vulnerability index for the local population; (2) developing a location‐specific representation of the maximum radiological hazard estimated from current Level 3 PRA, in a geographic information system (GIS) environment; (3) developing a GIS‐based socio‐technical risk map by combining the social vulnerability index and the location‐specific radiological hazard; and (4) conducting a risk importance measure analysis to rank the criticality of social factors based on their contribution to the socio‐technical risk. The methodology is applied using results from the 2012 Surry Power Station state‐of‐the‐art reactor consequence analysis. A radiological hazard model is generated from MELCOR accident consequence code system, translated into a GIS environment, and combined with the Center for Disease Control social vulnerability index (SVI). This research creates an opportunity to explicitly consider and rank the criticality of location‐specific SVI themes based on their influence on risk, providing input for EPPR.     

Personality and organizational health: the role of conscientiousness

Organizational health research identifies processes through which the work environment and individual differences combine to influence both individual and organizational outcomes. This study investigated the contribution of conscientiousness to organizational health. Research in the areas of occupational stress, work performance, and organizational climate was used to develop a framework for integrating different elements of organizational health. Within this framework, the work environment was assessed by perceptions of workload and role clarity ; individual well-being was assessed by psychological distress and job satisfaction ; and behaviour important for organizational success was assessed by contextual performance. Conscientiousness was investigated within the framework using self-reports from a sample of 104 Australian employees. Conscientiousness directly influenced contextual performance but did not influence well-being or perceptions of the work environment. Conscientiousness also reduced the impact of role clarity on both psychological distress and job satisfaction. The role of conscientiousness in a comprehensive model of organizational health is discussed.