| May 2012 - Present | Professor, Department of Economics, University of Miami. |
| May 2003 - May 2012 | Associate Professor, Department of Economics, University of Miami. |
| August 2005 - August 2008 | Chair, Department of Economics, University of Miami. |
| August 1998 - May 2003 | Assistant Professor, Department of Economics, University of Miami. |
| July 1996 - July 1998 | Visiting Assistant Professor, University of California at Santa Barbara. |
| May 1995 - July 1998 | Postdoctoral Researcher. Department of Economics, University of California at Santa Barbara. |
| July 1996 - July 1997 | Visiting Assistant Professor. Department of Environmental Science and Management, University of California at Santa Barbara. |
| August 1994-May 1995 | Visiting Assistant Professor of Economics. Graduate School of Industrial Administration, Carnegie Mellon University. |
M.S., Economics.
Graduate School of Industrial
Administration, Carnegie Mellon University, 1991.
B.S., Honors in Mathematical Economics.
Wake Forest University,
1989.
Kelly, David L. and Renato Molina, "
Adaptation Infrastructure and its Effects on Property Values in the Face of Climate Impacts," Journal
of the Association of Environmental and Resource Economists 10(6):1405-1438 (November 2023).
Editor's choice. Journal Press Release
Boleslavsky, Raphael, Christopher Hennessy, and David L. Kelly, "Markets vs. Mechanisms," Review of Financial Studies , 35(7):3139-3174 (2022).
Conte, Marc N. and David L. Kelly, "Understanding the Improbable: A Survey of Fat Tails in Environmental Economics," Annual Review of Resource Economics, 13:289-310 (2021).
Marc N. Conte and David L. Kelly, "An Imperfect Storm: Fat-Tailed Hurricane Damages, Insurance, and Climate Policy," Journal of Environmental Economics and Management, 92:677-706 (November 2018).
Fitzpatrick, Luke and David L. Kelly, "Probabilistic Stabilization Targets," Journal of the Association of Environmental and Resource Economists, 4(3):611-57 (June 2017).
Raphael Boleslavsky, David L. Kelly, and Curtis R. Taylor, "Selloffs, Bailouts, and Feedback: Can Asset Markets Inform Policy?", Journal of Economic Theory, 169:294-343 (May 2017).
M. Burke, M. Craxton, C. D. Kolstad, C. Onda, H. Allcott, E. Baker, L. Barrage, R. Carson, K. Gillingham, J. Graff-Zivin, M. Greenstone, S. Hallegatte, W. M. Hanemann, G. Heal, S Hsiang, B. Jones, David L. Kelly, R. Kopp, M. Kotchen, R. Mendelsohn, K. Meng, G. Metcalf, J. Moreno-Cruz, R. Pindyck, S. Rose, I. Rudik, J. Stock, R. S. J. Tol, " Opportunities for Advances in Climate Change Economics," Science, 352(6283):292-293 (15 April 2016).
Garth Heutel and David L. Kelly, "Incidence and Environmental Effects of Distortionary Subsidies," Journal of the Association of Environmental and Resource Economists, 3(2):361-415 (June 2016).
David L. Kelly and Zhuo Tan, "Learning and Climate Feedbacks: Optimal Climate Insurance and Fat Tails ," Journal of Environmental Economics and Management, 72:98-122 (2015).
Raphael Boleslavsky and David L. Kelly, "Dynamic Regulation Without Payments: The Importance of Timing," Journal of Public Economics, 120:169-180 (December 2014).
Luca Bossi, Pere Gomis-Porqueras, and David L. Kelly, "Optimal Second Best Taxation of Addictive Goods," B.E. Journal of Macroeconomics (Advances), 14(1):75-118 (2014).
Claustre Bajona and David L. Kelly, "Trade and the Environment With Pre-Existing Subsidies: A Dynamic General Equilibrium Analysis," Journal of Environmental Economics and Management, 64(2):253-78 (2012).
David L. Kelly, David Letson, Forrest Nelson, David Nolan, and Daniel Solis, "Evolution of Subjective Hurricane Risk Perceptions: A Bayesian Approach," Journal of Economic Behavior and Organization, 81(2):644-63 (2012).
Sherry Bartz and David L. Kelly, "Economic Growth and the Environment: Theory and Facts," Resource and Energy Economics, 30:115-49 (2008).
Kelly, David L. and Stephen F. LeRoy, "Liquidity and Liquidation," Economic Theory, 31(3):553-572 (2007).
Kelly, David L., Charles D. Kolstad, and Glenn T. Mitchell, "Adjustment Costs From Environmental Change," Journal of Environmental Economics and Management, 50(3):468-495 (2005).
Kelly, David L., "Price and Quantity Regulation in General Equilibrium," Journal of Economic Theory, 125(1):36-60 (2005).
Kelly, David L. and Stephen F. Leroy, "Liquidity and Fire Sales," in Jon Faust, Athanasios Orphanides and David Reifschneider, eds., Models and Monetary Policy: Research in Tradition of Dale Henderson, Richard Porter, and Peter Tinsley, Board of Governors of the Federal Reserve System, pp. 249-270 (2005).
Kelly, David L. and Douglas G. Steigerwald, "Private Information and High Frequency Stochastic Volatility," Studies in Non-Linear Dynamics and Econometrics, 8(1):1-28 (2004). Lead article.
Kelly, David L. "On Environmental Kuznets Curves Arising From Stock Externalities," Journal of Economic Dynamics and Control, 27(8):1367-90 (2003).
Kelly, David L. and Jamsheed Shorish, "Stability of Functional Rational Expectations Equilibria," Journal of Economic Theory, 95(2):215-250 (December 2000).Kelly, David L. and Charles D. Kolstad, "Solving Infinite Horizon Growth Models With an Environmental Sector," Computational Economics, 18:217-231 (2001).
Kelly, David L. and Charles D. Kolstad, "Malthus and Climate: Betting on a Stable Population," Journal of Environmental Economics and Management, 41:135-161 (2001). Lead article.
Kelly, David L. and Charles D. Kolstad, "Bayesian Learning, Pollution, and Growth," Journal of Economic Dynamics and Control, 23(4):491-518 (February 1999). Lead article.
Goenka, Aditya, David L. Kelly, and Stephen E. Spear, "Endogenous Strategic Business Cycles, " Journal of Economic Theory, 81(1):97-125 (July 1998).
Kelly, David L. and Charles D. Kolstad, "Integrated Assessment Models for Climate Change Control," in Henk Folmer and Tom Tietenberg, Editors International Yearbook of Environmental and Resource Economics 1999/2000: A Survey of Current Issues Cheltenham, UK: Edward Elgar (1999).
Kelly, David L. and Charles D. Kolstad, "The Climate Change Footprint: Will We See it Before it is Upon Us?" In
Nakicenovic, N., W.D. Nordhaus, R. Richels, F.L. Toth Editors, Climate Change: Integrating Science, Economics, and
Policy, WP-96-135, International Institute for Applied Systems Analysis (IIASA), Laxenburg, Austria (1996).
Book Reviews
Kelly, David L., "The United States in a Warming World: The Political Economy of Government, Business, and Public Responses to Climate Change" Journal of Economic Literature, 53(3):685-87 (2015).
Kelly, David L., "Capitalism, Socialism, and the Environment," Nature and Culture, 8(2):226-36 (Summer 2013).
Kelly, David L., "Review: Plowshares and Pork Barrels: The Political Economy of Agriculture," Bulletin of Marine Science, 79(2):425-7 (September 2006).
Other Publications
McCullough, Michael and David L. Kelly, "Reproducibility: A Trading Scheme to Reduce False Results, " Nature, 508:319 (April 17, 2014).
Working Papers
Kelly, David L., Garth Heutel, Juan B. Moreno-Cruz, and Soheil Shayegh, " Solar Geoengineering, Learning, and Experimentation," National Bureau of Economic Rsearch Working Paper Number 28442 (27 February 2023). Forthcoming, Journal of the Association of Environmental and Resource Economists.
Diamantoudi, Effrosyni, Eleftherios Filippiadis and David L. Kelly, 2020, "Pigouvian Taxes and Technology Adoption under Imperfect Competition," University of Miami Working Paper.
David L. Kelly, 2006, "Subsidies to Industry and the Environment," University of Miami Working Paper number 2006-2.
David L. Kelly, 2000, "Unit Roots in the Climate: Is the Recent Warming Due to Persistent Shocks?," University of Miami Working Paper.
David L. Kelly, Charles D. Kolstad, Michael Schlesinger, and Natalia Andronova, 1998, "Learning About Climate Sensitivity From the Instrumental Temperature Record," University of Miami Working Paper.
David L. Kelly, 1994, "Valuing and Hedging American Put Options Using Neural Networks," University of Miami Working Paper.
David L. Kelly, 1995, "Training Expectations With Least
Squares Learning in Non-Linear Self-Referential Models," University of Miami Working Paper.
| 2021-22 | University of Miami ULINK grant: "Developing resiliency tools and metrics and co-designing an expert and stakeholder coalition to sustain predictions on the health of South Florida's Biome through a human, urban, and environmental transect" (Co-PI). |
| 2021 | University of Miami Provost's Research Award: "Climate Resilience Infrastructure and Gentrification" (Co-PI). |
| 2019-21 | University of Miami ULINK grant: "Next Generation Coastal Structures" (Co-PI). |
| 2011 | Provost's Research Award: "Dynamic Regulation Without Payments: Timing is Everything". |
| 2010 | US Department of Education, Center for Competitiveness of US Services for Prosperity and Sustainability, International Environmental Sustainability: "Incidence of Bailouts and Subsidies" and "The Impact of Reduced Trade Barriers on the Environment" |
| 2006 | University of Miami School of Business Grant (with David Letson and David Nolan), "Hurricane Event Markets." |
| 2005 | Center For Ecosystem Science and Policy Seed Grant (with David Letson and David Nolan), "Hurricane Event Markets." |
| 2002 | James W. McLamore Summer Award: "Adjustment Costs, Incomplete Information, and Learning." |
| 2001 | James W. McLamore Summer Award: "Dynamic Differences in Price and Quantity Regulation." | 1999 | James W. McLamore Summer Award: "Stochastic Volatility and Asset Prices." |
| 1996-7 | DOE research grant to study uncertainty and learning about damages from climate change (with Charles Kolstad). |
| 1996-7 | USDA research grant to study climate change impacts on US agriculture (with Charles Kolstad and David Schimmelpfennig). |
Excellence in Teaching Award, University of Miami Herbert Business School Full Time Tenured Faculty, May 2022.
Excellence in Teaching Award, University of Miami Herbert Business School MBA, May 2022.
Excellence in Teaching Award, University of Miami Herbert Business School MS-Sustainable Business, May 2021.
Excellence in Teaching Award, University of Miami Herbert Business School MBA, May 2020.
Excellence in Teaching Award, University of Miami Herbert Business School MBA, May 2018.
Excellence in Research Award, University of Miami School of Business, August 2000.
William Larimer Mellon Fellowship, 1989-1992.
| 2023 | Invited Seminar, University of Kentucky: "Climate Gentrification and Adaptation Infrastructure." |
| 2023 | Preparing for a Changing Climate Conference, Stanford GSB: "Climate Gentrification and Adaptation Infrastructure." |
| 2023 | Invited Seminar, University of Wisconsin Madison: "Optimal Experimentation with Solar Geoengineering." |
| 2023 | Workshop on Natural Resource Economics Tbeory, UC Santa Barbara: "Sustainable Banking and Credit Market Segmentation." |
| 2022 | Invited Seminar: Colorado State University: "Optimal Experimentation with Solar Geoengineering." |
| 2021 | Invited Seminar, Florida State Road Scholars Lecture Series: "Climate Adaptation and Resilience" |
| 2021 | Sub-Tropical and Tropical Coastal Resilience Symposium, University of Miami: "Adaptation Infrastructure and its Effects on Property Values in the Face of Climate Impacts" |
| 2021 | CESifo Area Conference, Energy and the Environment: "Optimal Experimentation with Geoengineering" |
| 2020 | AERE Summer Conference: "Adaptation Infrastructure and its Effects on Property Values in the Face of Climate Impacts" |
| 2019 | AERE Summer Conference: "How Beliefs Change Following a Natural Disaster: Evidence from the Wind Insurance Data." |
| 2018 | Seventeenth Occasional Workshop on Environmental and Resource Economics: "Optimal Experimentation with Geoengineering." |
| 2018 | Invited Seminar, Florida International University: "Environmental Policy, Adaptations, and Health Outcomes: Equity Issues" |
| 2017 | Invited Seminar, UC-Santa Barbara: "Markets versus Mechanisms." |
| 2017 | EAERE Annual Conference: "An Imperfect Storm: FEMA, Insurance, and Climate Change." |
| 2016 | AERE Summer Conference: "Distortionary Taxation and Climate Policy in a Regional Model of Climate and the Economy" |
| 2016 | Invited Seminar, Maastricht University: "An Imperfect Storm: FEMA, Insurance, and Climate Change." |
| 2016 | AERE Summer Conference: "Optimal Experimentation with Geo-Engineering" |
| 2015 | Conference on the Research Frontiers in the Economics of Climate Change, Stanford University: "Learning and Uncertainty in Climate Change Economics: What Have we Learned and What is Uncertain?" |
| 2015 | AERE Summer Conference: "Learning, Fat-Tailed Uncertainty and Irreversible Green Capital Investment." |
| 2015 | AERE Summer Conference: "An Imperfect Storm: FEMA, Insurance, and Climate Change." |
| 2015 | Invited Seminar, Georgia State University: "An Imperfect Storm: How FEMA, Private Hurricane Insurers, and Climate Change Can Create Inefficient Coastal Housing Markets and Impose a Burden on Inland Taxpayers". |
| 2015 | Annual Meeting of the American Economics Association: "An Imperfect Storm: How FEMA, Private Hurricane Insurers, and Climate Change Can Create Inefficient Coastal Housing Markets and Impose a Burden on Inland Taxpayers". |
| 2014 | Invited Seminar, University of California at Davis: "The Welfare Cost of Stabilization Targets". |
| 2014 | Invited Seminar, University of California at Berkeley: "The Welfare Cost of Stabilization Targets". |
| 2013 | Invited Seminar, Fordham University: "The Welfare Cost of Stabilization Targets". |
| 2013 | Fourteenth Occasional Workshop on Environmental and Resource Economics: "Optimal Probabilistic Stabilization Targets". |
| 2013 | Invited Seminar, University of Arizona: "Dynamic Regulation Without Payments: Timing is Everything". |
| 2012 | AERE Summer Conference: "Learning, Growth, and Climate Feedbacks: Does the Fat Tail Wag the Dog?". |
| 2012 | Invited Seminar, University of Stavanger: "Learning, Growth, and Climate Feedbacks: Does the Fat Tail Wag the Dog?". |
| 2012 | Invited Seminar, University of Notre Dame: "Learning, Growth, and Climate Feedbacks: Does the Fat Tail Wag the Dog?". |
| 2012 | Thirteenth Occasional California Workshop on Environmental and Resource Economics: "Learning, Growth, and Climate Feedbacks: Does the Fat Tail Wag the Dog?". |
| 2011 | AERE Summer Conference: "Dynamic Regulation Without Payments: Timing is Everything". |
| 2009 | Conference on Uncertainty and Learning in the Management of Environmental and Resource Economics, University of California at Santa Barbara: "Evolution of Subjective Hurricane Risk Perceptions: A Bayesian Approach". |
| 2009 | Eleventh Occasional California Workshop on Environmental and Resource Economics: "Evolution of Subjective Hurricane Risk Perceptions: A Bayesian Approach". |
| 2009 | Latin American Meeting of the Econometric Society: "Optimal Second Best Taxation of Addictive Goods in Dynamic General Equilibrium". |
| 2008 | Invited Seminar, University of Pennsylvania, Wharton Center for Risk Management: "Evolution of Subjective Hurricane Risk Perceptions: A Bayesian Approach". |
| 2007 | Ninth Occasional California Workshop on Environmental and Natural Resource Economics: "Subsidies to Industry and the Environment". |
| 2007 | National Bureau of Economic Research Summer Institute: "Subsidies to Industry and the Environment". |
| 2007 | Invited Seminar, Concordia University: "Subsidies to Industry and the Environment". |
| 2007 | Invited Seminar, Ryerson University: "Subsidies to Industry and the Environment". |
Refereed Conferences Prior to 2007:
Occasional California Workshop on Environmental and Resource Economics (1996, 2001, 2005), National Bureau of Economic Research Summer Institute (2001), Econometric Society Meetings (1998), Neural Networks in the Capital Markets (1994), Richard M. Cyert Honorary Conference (1993).
Invited Seminars Prior to 2007:
University of Aarhus, Board of Governors of the Federal Reserve, University of California at Santa Barbara, Carnegie
Mellon University, the Electric Power Research Institute, the Energy Modeling Forum, Federal Reserve Bank of St. Louis,
Florida International University, George Mason University, Lehman Brothers, University of Miami, McGill University, North
Carolina State University, Queens University, University of Calgary, University of Central Florida, University of Florida
Tropical Research and Education Center, University of Miami, University of Montreal HEC, University of Tennessee,
University of Texas, University of Wyoming.
Enterprise Risk Management (Eco 617) at Department of Economics, University of Miami, 2020-2023. MS-Sustainable Business course.
Managerial Economics (Eco 691, Eco 685, Eco 693) at Department of Economics, University of Miami, 2004, 2005, 2012-2023. MBA level course.
Game Theory (Eco 694) at Department of Economics, University of Miami, 2022-2023. MBA level course.
Wisdom of Crowds (Eco 698) at Department of Economics, University of Miami, 2018. MBA level course.
Graduate Macroeconomic Theory (Eco 521, 621, 603) at Department of Economics, University of Miami, 1998-2017, at University of California at Santa Barbara, 1997-1998. Ph.D. level courses.
Environmental Economics (Eco 345) at Department of Economics, University of Miami, 2009, 2010, 2011. Undergraduate elective course.
Monetary Theory and Policy (Eco 403) at Department of Economics, University of Miami, 1999-2004, 2007-2012, at Carnegie Mellon University spring 1995. Undergraduate elective course.
Principles of Macroeconomics (Eco 212) at Department of Economics, University of Miami, 1999-2004, 2006, 2010-2013. Undergraduate level courses.
Environmental Cost-Benefit Analysis (ESM 245) at Department of Environmental Science and Management, University of California Santa Barbara, 1996. Masters level elective course.
Environmental Management and Regulation (ESM 204) at Department of Environmental Science and Management, University of California Santa Barbara, 1996. Masters level required course in Environmental Economics.
Graduate Seminar in Environmental Economics (ECON594ER) at Department of Economics, University of California Santa Barbara, 1996; Seminar Ph.D. level course.
Public Finance at Graduate School of Industrial Administration, Carnegie Mellon University, 1995. Undergraduate elective course.
Intermediate Macroeconomics at Graduate School of Industrial Administration, Carnegie Mellon University,
1991-1994. Intermediate level undergraduate course.
Conference Organization
Host, AERE Summer Conference, 2020. Program Committee, AERE Summer Conference, 2011-2013, 2015-2023.
Discussant/Panel Discussant
| 2024 | Discussant, American Economic Association Meetings, 2024 |
| 2023 | Discussant, 19th Occasional Workshop in Environmental and Resource Economics, UC Santa Barbara |
| 2023 | Discussant, Workshop on Natural Resource Economics Theory, UC Santa Barbara |
| 2018 | Discussant, North American Productivity Workshop X, University of Miami. |
| 2017 | Discussant, 16th Occasional Workshop in Environmental and Resource Economics, UC-Santa Barbara. |
| 2017 | Discussant, 23rd Annual EAERE Conference. |
| 2015 | Panel Discussant: Research Frontiers in the Economics of Climate Change, Stanford University. |
| 2013 | Discussant: Fourteenth Occasional Workshop on Environmental and Resource Economics. |
| 2013 | Discussant: National Bureau of Economic Research Summer Institute. |
| 2009 | Discussant: Uncertainty and Learning in the Management of Environmental and Resource Economics, UC-Santa Barbara. |
| 2004 | Panel Discussant: Models and Monetary Policy: Research in the Tradition of Dale Henderson, Richard Porter, and Peter Tinsley, Federal Reserve Board of Governors. |
| 1998 | Discussant: National Bureau of Economic Research Summer Institute. |
Referee
American Economic Journal: Economic Policy, American Economic Journal: Macroeconomics, American Economic Review, Agricultural Economics, Atmosphere, BE Journals in Economic Analysis and Policy, BE Journals in Macroeconomics, BE Journals in Theoretical Economics, Canadian Journal of Agricultural Economics, Climate Change Economics, Climate Change Letters, Climate Policy, Climatic Change, Contemporary Economic Policy, Ecological Economics, Economics Bulletin, Economic Inquiry, Economic Journal, Economic Theory, Economics Letters, Energy Journal, Energy Policy, Environmental and Ecological Statistics, Environmental Research and Public Health, Environmental and Resource Economics, European Economic Review, Geophysical Research Letters, Global Environmental Change, Human and Ecological Risk Assessment, International Economic Review, Journal of Agriculture and Resource Economics, Journal of the Association of Environmental and Resource Economists, Journal of Economic Behavior and Organization, Journal of Economic Dynamics and Control, Journal of Economic Theory, Journal of Environmental Economics and Management, Journal of Environmental Management, Journal of the European Economics Association, Journal of Policy Reform, Journal of Population Economics, Journal of Public Economics, Journal of the Royal Society Interface, Macroeconomic Dynamics, Natural Hazards Review, Nature: Climate Change, Optimal Control Applications and Methods, Resource and Energy Economics, Review of Economic Dynamics, Review of Economic Studies, Scandanavian Journal of Economics, Southern Economic Journal, Weather, Economics, and Society, and National Oceanic and Atmospheric Administration and the National Science Foundation.
Thesis Advisor
Dissertation Committee member
Aijun Besio, Jiangze Bian, Lygia Lobo, Ana Maria Vallina, Yue Xue, Ayeisha Brinson, Zhigang Feng, Liang Zhou, David Bernstein, Kimberly Boswell (current student).