Permits as Real Options: Anticipation and Regulatory Leakage -- by Anna French, Nicholas Vreugdenhil

Thank you to Jacob French, Danny Han, Nicolai Kuminoff, Alvin Murphy, Aniket Panjwani, and participants at seminars and conferences, for helpful comments. Enverus and Regrid provided data. This research was completed while Nicholas Vreugdenhil was a Harrington Faculty Fellow at UT Austin. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.