Penny Liao


Postdoctoral Research Fellow, Wharton Risk Center

Contact information


Address: 3819 Chestnut Street, Ste. 130
Philadelphia, PA 19104

Personal website:

Dr. Yanjun (Penny) Liao is a Postdoctoral Research Fellow at the Wharton Risk Center. She is primarily interested in behavioral and market responses to extreme weather events and environmental risks, and how policies can be designed to facilitate efficient adaptation. In a related research agenda, she studies consumer behavior regarding energy-efficient technologies and renewables. Dr. Liao received her Ph.D. in Economics at the University of California, San Diego in 2019. Previously she earned her B.A. in Economics from the University of Hong Kong. During her time in Hong Kong, she has also worked as an independent consultant at Civic Exchange, a public-policy think tank focusing on environmental issues.

Working Papers

“Weather and the Decision to Go Solar: Evidence on Costly Cancellations” [Accepted, Journal of the Association of Environmental and Resource Economists] pdf, online appendix

“How Hurricanes Sweep Up Housing Markets: Evidence from Florida” (with Yann Panassié) pdf

“Extreme Weather and the Politics of Climate Change: a Study of Campaign Contributions and Elections” (with Pablo Ruiz Junco) pdf

Research in Progress

“Negative Rebound: Fuel Economy Standards and Miles Traveled” (with Mark Jacobsen)

“Sea Level Rise and the Social Cost of Flood Insurance Subsidies” (with Terrence Iverson and Niko Jaakkola)