JOSHUA H. HESS

Ph.D. Economics, Colorado State University  2017 (expected)

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M.A. Economics, Colorado State University  2013
 M.S. Physics, University of Arkansas  2007
B.S. Physics, University of Arkansas  2005; B.S.Mathematics, University of Arkansas  2005

I am an applied theorist whose research fields are public policy and environmental economics. Broadly, I am interested in the policy problems that arise from inconsistencies in decision-making under risk and uncertainty. Currently, I am modeling fracking policy as a risky and uncertain investment-timing problem using numerical methods to find an empirically grounded solution. Previously, I was an astrophysicist who worked on ground-based, extra-solar planet searches.

In my dissertation, A Numerical Approach to Option Values  I explore a class of investment-timing problems by juxtaposing an empirically grounded computable general equilibrium (CGE) model, a finite horizon dynamic programming framework, and Bayesian learning. This allows for the data-driven monetary estimates of the economic benefits and option values of a public project whose effects span many sectors and is irreversible with uncertainty that resolves over time.