Dr. Carol Tallarico

Carol Tallarico received her Ph.D. in Economics from the University of Illinois-Chicago. She was employed at Dominican University in River Forest, Ill. for 10 years. While there she went from adjunct to visiting to tenured Professor, and served as Department Chair of the Brennan School of Business for four years. She joined Carroll University in Fall 2014 as the Executive Director for the Department of Business, Accounting, and Economics. She is now a Professor in the School of Business and teaches courses in Economics. She has published work on economic growth, environmental economics, and global peace through commerce. Some of the highlights of her professional career include presenting her work on the Chicago VOC Trading system at the MIT Energy and Environmental Policy Workshop which was attended by the Energy ministers of many European countries and being selected as the inaugural Exelon Research Fellow at Dominican University and presenting her work on carbon control to Exelon leaders and employees in Chicago.

• Ph.D., Economics - University of Illinois -Chicago
  • Specializations in Time Series and Econometrics, International Econimcs and Finance
• M.A., Economics, DePaul University
  • With Distinction
• B.A., Economics, DePaul University
  • with High Honor, Minor in Italian

Books

Tallarico, C.D. Does Simultaneity Matter? The Relationship between Economic Growth and the Socio-Political Environment.  Saarbrucken Germany: VDM-Verlag, 2009. 

Kosobud, R.F., H.H. Stokes, C.D. Tallarico, and B.L. Scott. Cost-Effective Control of Urban Smog: The Significance of the Chicago Cap-and-Trade Approach.  New York: Routledge, 2006.

Journal Articles

Tallarico, C. D., Johnson, A. C., and Odell, K. 2012.  “Sector-Level Ecological Elasticities for Fossil Fuels in OECD Countries and their Policy Implications.”  International Journal of Business & Economics Perspectives 7 (1): 103-116.   

Scott, B. L., Peck, R. M., Tallarico, C. D., and Kostel, J. 2011.  “Nitrogen Farming in the Mississippi Watershed: A Policy Comparison.”  Journal of Economics 37(2): 1-18.   

Tallarico, C. D.  and B.L. Scott.  2010. “Questions in Baselining: Evidence from the ERMS VOC Market.”  Review of Business Research 10(3): 211-218.

Tallarico, C.D. and A.C. Johnson.  2010. “The Implications of Global Ecological Elasticities for Carbon Control: A STIRPAT Formulation.” Journal of Management Policy and Practice 11(4): 86-94.

Tallarico, C. D. 2010. “The Chicago VOC Trading Program 2000-2007: Hot Spots and Environmental Justice.” Journal of Applied Business and Economics 10(6): 26-39.

Kosobud, R.F., J. Linn, H.H. Stokes, and C.D. Tallarico. 2008. “Regulatory Conflict in the Chicago VOC Control Program.” Journal of Environmental Planning and Management 51(4): 561-579.

Tallarico, C. D.  2007.  “Does Simultaneity Matter?  The Relationship between Economic Growth, Income Inequality, Corruption, and Political Instability.”   Journal of Academy of Business and Economics 7(2): 171-189.

Kosobud, R.F., H.H. Stokes, C.D. Tallarico, and B.L. Scott.  2005.  “Valuing Tradable Private Rights to Pollute the Public’s Air.” Review of Accounting and Finance 4(1): 50-71. 

(2006 Emerald Literati Network Outstanding Paper)

Kosobud, R. F., H.H. Stokes, C.D. Tallarico.  2004. “Does Emissions Trading Lead to Pollution Hot-Spots?  Evidence from the Chicago Area Program.” International Journal of Environmental Technology and Management 4(1/2): 137-156.

Kosobud, R.F., H.H. Stokes, C.D. Tallarico.  2002.  “Tradable Pollution Credits: A New Financial Asset.” Review of Accounting and Finance 1(4): 69-88.

Conference Proceedings

Tallarico, C. D., Johnson, A. C., and Odell, K. 2012. “Sector-Level Ecological Impact Elasticities.”  International Academy of Business and Public Administration Disciplines Conference.   

(The International Academy of Business and Public Administration Disciplines Research Award)

Tallarico, C. D. and  Johnson, A. C. 2011.  “Ecological Impact Elasticities for Fossil Fuels in OECD Countries and Their Policy Implications.”  Midwest Decision Sciences Institute Annual Conference.

Tallarico, C.D., and A.C. Johnson. 2010.  “Carbon Taxes Versus Cap-and-Trade: What Will Really Work?” Proceedings of the Midwest Decision Sciences Institute pp. 81:1-11.

Tallarico, C.D. and B.L. Scott. 2010. “Questions in Baselining: Evidence from the ERMS VOC Market.” 

National Business and Economic Society 2010 Conference Proceedings.

Tallarico, C. D. 2009.  “The Chicago VOC Trading Program 2000-2007: Hot Spots and Environmental Justice.” National Business and Economic Society 2009 Conference Proceedings.

Other Publications

Tallarico, C.D. 2012. “Global Peace through Commerce: A Real Possibility?” published by Dominican University Center for Global Peace through Commerce.

Kosobud, R.F., H.H. Stokes, C.D. Tallarico, and B.L. Scott.  2004.  “The Chicago VOC Trading System: The Consequences of Market Design for Performance” published by Massachusetts Institute of Technology Center for Energy and Environmental Policy Research, Working Paper #04-019.

Kosobud, R.F., H.H. Stokes, C.D. Tallarico.  2001.  “Modeling the Cost Effectiveness of Reducing Chicago Area Air Pollution by Emissions Trading” published by University of Illinois Institute of Government and Public Affairs, Working Paper #92.

Presentations

“Climate Change: A Critique of Market Based Solutions.”  Presentation to the National Business and Economics Society in Cabo San Lucas on 10 March 2016.

“A Better Way to Teach Principles of Microeconomics? Evidence from the Classroom.”  Presentation to the Academy of Business Education in San Antonio, TX  on 26 September 2015.

“Global Peace through Commerce: A Real Possibility?”  Presentation to Dominican University Brennan School of Business Advisory Council October 2012.  

“Ecological Impact Elasticities for Fossil Fuels in OECD Countries and their Policy Implications.  Presentation to the Midwest Decision Sciences Institute Annual Conference May 2011.

“Carbon Taxes versus Cap-and Trade: A STIRPAT Model.” Co-authored with A. Johnson.  Presentation to the Midwest Economic Association in Evanston, IL on 20 March 2010.

“Questions in Baselining: Evidence from the ERMS VOC Market.” Co-authored with B.L. Scott. Presentation to the National Business and Economic Society in Lihue, HI on 11 March 2010. 

“Tradable Credits, Taxes, or Regulation: What Will Really Work for Carbon Control?” Presentation at the Heartland Workshop on Environmental and Resource Economics in Urbana-Champaign, IL on 26 October 2009.

“Does Athletic Participation affect Academic Performance?”  Co-authored with A. Drougas and A. Frazier.  Presentation to Academy of Business Education in Ft. Lauderdale, FL on 25 September 2009.

Tradable Credits, Taxes, or Regulation: What Will Really Work for Carbon Control?  Exelon Fellow Lecture at Exelon Corporation in Chicago, IL on 8 June 2009. 

“The Chicago VOC Trading Program 2000-2007: Hot Spots and Environmental Justice.”

Presentation to the National Business and Economic Society in St. Kitts on 13 March 2009.

“Country CO2 Emission Responses to Carbon Taxes and Trading.”  Co-authored with R.F. Kosobud and H.H. Stokes. Presentation to Illinois Economics Association in Chicago, IL on 17 October 2008. (Session Organizer)

“Questions in Baselining: Evidence from the ERMS VOC Market.” Co-authored with B.L. Scott. Presentation to Illinois Economics Association in Chicago, IL on 17 October 2008. 

“Carbon Trading versus Carbon Taxes for CO2 Control: Evidence for Asian Countries.”  Co-authored with R.F. Kosobud and H.H. Stokes.  Presentation to the American Committee on Asian Economic Studies in Rimini, Italy on 30 August 2008.

“The Chicago VOC Trading Program 2000-2006: Hot Spots and Environmental Justice.”

Presentation to Illinois Economics Association in Chicago, IL on 19 October 2007. (Session Organizer)

“Does Simultaneity Matter?  The Relationship between Economic Growth, Income Inequality, Corruption, and Political Instability.”   Presentation to the International Academy of Business and Economics in Las Vegas, NV on 15 October 2007.

“The Chicago VOC Trading Program 2000-2006: Hot Spots and Environmental Justice.”

Presentation to Midwest Economics Association in Minneapolis, MN on 24 March 2007.

“Does Athletic Participation affect Academic Performance?”  Co-authored with A. Drougas and A. Frazier.  Presentation to Midwest Economics Association in Chicago, IL on 25 March 2006.

“Does Simultaneity Matter?  The Relationship between Economic Growth, Income Inequality, Corruption, and Political Instability.”  Presentation to Illinois Economics Association in Chicago, IL on 21 October 2005.

“The Chicago VOC Trading System: Explaining Market Dysfunction.”  Co-authored with R.F. Kosobud, H.H. Stokes, and B.L. Scott.  Presentation to Illinois Economics Association 35^th Annual Meeting in Chicago, IL on 21 October 2005. (Session Organizer)

“The Chicago VOC Trading System: The Consequences of Market Design for Performance.”  Co-authored with R.F. Kosobud, H.H. Stokes, and B.L. Scott.  Presentation to MIT Energy and Environmental Policy Workshop at MIT Center for Energy and Environmental Policy Research in Cambridge, MA on 2 December 2004.  

“Dual Environmental Regulation: What Determined Demand in the VOC Cap-and Trade Market.” Co-authored with R.F. Kosobud, H.H. Stokes, and B.L. Scott. Presentation to Illinois EPA in Springfield, Illinois on 25 August 2004.

“Banking of Tradable Credits for Emissions Regulation: Results from the Market and Experimental Design to Reduce Market Failure.”  Co-authored with B.L. Scott.  Presentation to Illinois Economics Association in Chicago, IL on 18 October 2003 (Session Organizer).

 “Performance of an Urban Cap and Trade Market for VOC Emission Control.” Co-authored with R.F. Kosobud, H.H. Stokes, and B.L. Scott.  Presentation to Illinois Economics Association in Chicago, IL on 17 October 2003.

“An Appraisal of a Market for VOC Emissions Control.”  Co-authored with H.H. Stokes, D.T. McGrath, B.L. Scott, and R.F. Kosobud.  Presentation to UIC Environmental Conference at UIC Institute for Environmental Science and Policy in Chicago, IL on 10 April 2003. 

“Does Emissions Trading Lead to Pollution Hot-Spots?” Co-authored with R.F. Kosobud and H.H. Stokes.  Presentation to Midwest Economics Association Session 53 in Chicago, IL on 15 March 2002.

"Emissions Trading, Heterogeneity of Air Pollutants, and Spatial Environmental Equity, An Analysis of the ERMS Program. Part I." Co-authored with R.F. Kosobud, H.H. Stokes, and A. Kosobud. Presentation to Illinois EPA in Springfield, IL on 6 March 2001.

"Emissions Trading, Heterogeneity of Air Pollutants, and Spatial Environmental Equity, An Analysis of the ERMS Program. Part I." Co-authored with R.F. Kosobud, H.H. Stokes, and A. Kosobud. Presentation to Symposium on Environmental Science and Technology at UIC Department of Civil and Materials Engineering in Chicago, IL on 16 February 2001.

Consulting

2009 Illinois Council of Economic Education: Illinois Economics Challenge Expert Reviewer

2007 Caring Medical & Rehabilitation Services:  Calculated p-values for paired differences using before and after survey data regarding knee pain.

2005-06 Wetlands Initiative: Evaluation of costs and benefits of a nitrogen trading market.  Simulation of market outcomes during various seasons using various penalty and bonus scenarios.

2003 3M Corporation: Monetary estimates of the health benefits and transactions values 3M’s donation of emission reduction credits to the Illinois EPA and City of Chicago.

Carroll University

• Planning and Budget Committee (Fall 2014-Spring 2016)
• CCS 100 Task Force (Fall 2014)
• Academic Advisor Search Committee (Fall 2014)
• HLC Committee (Fall 2015-Present)
• Benefits Committee (Spring 2016-Present)
• Presidential Search Committee (Fall 2016)
• New Directions Task Force (Fall 2015)
• Women’s Basketball Head Coach Search Committee (Spring 2016)

Honors

• Brennan School of Business Exelon Research Fellow, 2008-11

Awards

• Dominican University Faculty Study Abroad Funding, 2013
• Dominican University Faculty Development Summer Research Stipend, 2013
• Int’l. Academy of Business and Public Administration Disciplines Research Award, 2012
• Dominican University Diversity Grant, 2012
• Dominican University Fall Faculty Development Grant, 2010
• Emerald LiteratiNetwork Outstanding Paper Award, 2006
• University of Illinois at Chicago Oscar Miller Award for Teaching Excellence, 2003

After conducting research on student learning in Principles of Microeconomics, I have changed my approach to teaching economics which has led more students to successfully complete the course. Based on this research my approach is focused on constant repetition and assessment. Students in my courses need to read the appropriate chapters and complete a homework assignment on the reading prior to the lecture on the material. The goal of the pre-lecture homework is to ensure that students are familiar with the appropriate terms and already have some idea of the things which need further clarification prior to meeting with me in class. In class, my goal is to engage students by lecturing, working example problems, working problems together as a class, and then dividing students into groups to work together on various problems. Economics is a highly quantitative area and I believe that only through practice can student really begin to confidently understand the material. After covering the material in class, students complete a post-lecture homework on their own which is followed up with an in class quiz. Finally, after a full semester of weekly quizzes, students complete a comprehensive final exam. This repetitive quiz based approach has dramatically increased success in my courses compared to the exam based approach I formerly used.

I do what I do because I LOVE Economics and I want to share my love with others. We all make all sorts of decisions on a daily basis and economics provides a pathway to making those decisions. It helps provide a framework for looking at costs and benefits which can be applied to all decisions from buying a purse to a house, to starting a business, to how much time should be spent studying for a final exam. Concepts of opportunity and sunk costs have applied just as much to my dating life as anything business related. I also think that the “Great Recession” of 2008 was caused by a lot of bad decisions by a lot of people and I hope that by teaching economics I can help students become better decision makers and in some small way help to ensure that another “Great Recession” does not happen.

Students should know that in my courses I do not accept any late work on any homework or any quizzes for any reason. My goal is not to be “mean” but to again ensure that students are making good decisions. Based on the costs and benefits, the best decision may be to miss the quiz in my class, but that does not mean that the costs or consequences of that decision disappear. I believe that part of my role as a Professor is to ensure that our students can successfully transition to the professional world. That world is full of decisions to be made, and all of them have costs and consequences as well as benefits so I hope that by exposing students to decisions and consequences while they are still students they will be better able to handle similar professional situations in the future.