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Antibiotic effectiveness, forests, and climate stability are three of the most endangered public and common goods of the twenty-first century. All three are threatened by individuals ignoring the negative consequences of their actions on society: spreading antibiotic resistance, increasing forest degradation, and accelerating climate change. All these effects are likely to have long-lasting impacts on global health and economic development. This dissertation seeks to understand these human–environment interactions better while evaluating policies promoting sustainable behaviors or improving economic resilience. The first chapter considers the trade-off in prescribing antibiotics: they cure bacterial infections, but they spur antibiotic resistance. I estimate two essential parameters to calibrate any model of antibiotic resistance: the causal impact of prescriptions on antibiotic resistance and the elasticity of demand for an antibiotic. After developing and calibrating a dynamic bio-economic model of the issue, I show that it can be welfare-improving to increase out-of-pocket expenditure on antibiotics used to tackle spreading infections. The second chapter calculates the geographical distribution of people at risk of falling into poverty in the aftermath of droughts and floods in Malawi. Its methods can be expanded to identify the beneficiaries of scalable social safety nets or ex-ante climate insurance. Such programs would increase the resilience of the poor to climate change. The third chapter investigates the potential double dividend of internal migration in terms of poverty alleviation and forest regeneration in Central India. It relies on an innovative index of forest degradation created from high-resolution remote sensing imagery and unique data on internal migration and forest pressure based on a survey of 5,000 households.

The study of macroeconomics and finance has evolved tremendously over the last few decades---significant advancements have taken place in both gaining access to an increasing scale and scope of observational, policy and private data, as well as empirical methods to derive novel economic insights from such data. In this dissertation, I attempt to shed light on three problems broadly across macroeconomics and asset pricing, taking a data-driven approach to answer them. For the first essay, we construct a novel dataset which captures the geographic incidence of government revenues and expenditures. Government revenues and expenditures revenues and expenditures occur on three different levels in the United States: local, state, and federal. At all levels, government revenues and expenditures add and subtract resources from the private sector. The dataset encompasses all revenues and expenditures at the county-level and thus allows to see the net resource allocation through the government. We use this dataset to document several new facts about the relationship between economic activity and the resource allocation by the government. The governments' resource allocation is generally redistributive. That is, levels and changes of median income are associated with the level and changes of net resources. Second, we evaluate response of governmental revenues and spending in response to the China shock. We find a decline in total governmental receipts in counties that are hardest hit, while a muted response of total governmental spending. The aggregate response conceals a lot of heterogeneity: a decomposition at the governmental level shows an increase in expenditures and lower receipts at the federal level; at the local and state level we find a simultaneous reduction of receipts and spending. The latter is a consequence of the balanced budget constraint. Overall, total government spending is approximately constant while total receipts are falling. As a result, the insurance function of the federal government is offset by a reduction at the state and local level which renders total government spending neutral to the China shock. This stands in contrast to prior research which has focused on the federal response. In our second essay, we attempt to answer the question---how should an investor value financial data? The answer is complicated because it depends on the characteristics of all investors. We develop a sufficient statistics approach that uses equilibrium asset return moments to summarize all relevant information about others' characteristics. It can value data that is public or private, about one or many assets, relevant for dividends or for sentiment. While different data types, of course, have different valuations, heterogeneous investors also value the same data very differently, which suggests a low price elasticity for data demand. Heterogeneous investors' data valuations are also affected very differentially by market illiquidity. Lastly, in the third essay, we examine the economic impact of droughts on asset markets, specifically on land valuation. Specifically, we focus on farmland valuations in California---one of the most productive farmlands in the world. The semi-arid climate makes its valuation particularly sensitive to the amount of surface and groundwater water available for irrigation. The detailed administrative transaction data from the counties' assessor offices allows us to estimate repeat sales indices as opposed to a hedonic model which make our results less likely to be affected by omitted variables. We find that parcels with better access to freshwater see a larger appreciation in land values from 2011 to 2020; whereas we find no statistical significant differential price change between 2000-2011. The differential change in land values points towards large economic effects of water scarcity with beliefs about future climatic conditions being updated due to two severe episodes of drought and signals of legislative willingness to curb groundwater overdraft.

This thesis seeks to explore and examine the application and use of indigenous knowledge systems (IKS) in the management of drought through a case study of Msinga village communities in the northern parts of KwaZulu-Natal Province, paying specific attention to droughts that have been recorded and that prevail in the area. Government's policy aimed at mitigating and the effect of drought on communities and its effectiveness is examined as well. The question is whether government policy measures supplement rural communities' drought management strategies. The findings demonstrated that droughts are endemic in the study area and that drought-management strategies are as intrinsic to local livelihood systems as are seasonal-adjustment strategies. The findings also indicated that communities in Msinga have knowledge of drought management. However, this knowledge contributes very little to the management of drought. The findings also demonstrated that there is poor capacity in government to deal with disasters and this has serious repercussions for poor rural communities in Msinga. Disaster management requires disaster reduction, planning, and capacity to reduce the losses borne by impoverished households. This process will be more effective if there is efficient mobilization of resources, rapid responses, and a long-term strategy to prevent drought and reduce the risks of vulnerable groups, rather than transferring risks. The new legislation, the Disaster Management Act of 2002, should ensure that any form of financial and bureaucratic bottlenecks are eliminated so that assistance reaches people more quickly and is based on developing a long-term programme targeting the reduction of risks from the drought prevailing in Msinga. It is also important that NGOs in the area are empowered and involved in disaster management and are able to play their full role. / Thesis (Ph.D.)-University of KwaZulu-Natal, Durban, 2010.