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Kay van Berlo: BA in Economics and Sportscar Racing Driver Kay van Berlo is a remarkable student who will earn a BA in Economics in the Spring 2023. In addition to his brilliant academic career, he is an elite sports car racing driver. Kay is an example of perseverance, commitment, and mental strength. He is doing an excellent job making his academic responsibilities compatible with his demanding racing schedule. Kay started karting when he was eight years old. After having a successful karting experience racing European and World championships, he advanced to racing sportscars in 2018. Kay has participated in several endurance series such as the European Le Mans Series (winner of the 4 Hours of Monza LMP3 in 2018 holding the record of youngest ELMS race winner at 17 years of age, and winner of the Imola LMP3 in 2022), Asian Le Mans Series (winner, Fuji LMP3 in 2018), 24 Hours of Nürburgring, Road to Le Mans (winner, LMP3 in 2018), the IMSA Endurance Cup (winner, LMP3 in 2022), and Sahlen 6 Hours of Watkins Glen (winner, LMP3 2022). He has also taken part in selected races in the Porsche Carrera Cup Benelux (winner, Zandvoort in 2019), completed a full season in the Porsche Carrera Cup Germany, and the Rolex 24 Hours of Daytona (winner in 2022). After 13 wins in the Porsche Carrera Cup North America series in 2021 and 2022, Kay has been named a Porsche North America Selected Driver and is now competing in the full-time Imsa WeatherTech Sportscar Championship. As a result of his successful driving career, Kay has earned the opportunity to represent North America in the Porsche Junior Global Shootout in both 2021 and 2022. The Department of Economics at MHBS is very honored of having Kay van Berlo pursuing a BA in Economics. We want to recognize his effort and congratulate him for his outstanding academic and racing achievements.
Our department is excited to introduce some of the innovative research projects that our faculty members have been conducting. This newsletter includes projects that have been presented by our faculty members David Kelly, and Alex Horenstein. Professor David Kelly on David L Kelly and Renato Molina Forthcoming: Journal of the Association of Environmental and Resource Economists Link to paper: http://moya.bus.miami.edu/~dkelly/papers/Adaptation_final.pdf What are the effects of climate adaptation infrastructure investments (sea walls, pumping stations, elevating roads, drainage systems, and other infrastructure) on surrounding property values? This is a question that many property owners in the Miami-Dade region would like to know! Professors David Kelly and Renato Molina highlight their findings below. Renato Molina and I evaluate the effect of climate adaptation infrastructure investments on property transaction prices using data on over four hundred thousand property transactions and 162 infrastructure projects in the Miami-Dade County, an area that is highly vulnerable to flooding and sea level rise due to climate change. Exploiting the timing and sitting of different adaptation projects in Miami-Dade, we find that property values near the projects increase by about 5% more than surrounding areas after the projects are completed. Because property values increase near the projects after completion, we can rule out other factors that affect property values everywhere in Miami, such as the trend towards remote work. These gains are concentrated in areas close to the project, and for projects that are visually identifiable. Our results suggest an aggregate mean benefit net of adaptation cost of about $680,000 per project, and almost $300 million in aggregate net benefits for all projects in our sample. Most projects generated positive net benefits, indicating that most adaptation efforts are being placed in areas that pass a pecuniary benefit-cost test. Contrary to some news reports expressing skepticism of Miami’s ability to adapt to climate change, our results show that policies to city and the county to make Miami more resilient to climate change are working, as evidenced by higher demand for protected properties. The research also shows, however, that a tradeoff exists between affordable housing and making Miami more resilient, and that the city and county should consider the effect of adaptation infrastructure on the supply of affordable housing.
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