Residential energy demand analysis: An empirical application of the closure test principle

In this paper a set of ten different single-equation models of residential energy demand is being analyzed, derived by the imposition of linear parameter restrictions on a fairly general autoregressive distributed lag (ADL) model. Residential energy consumption is assumed to be explainable by households' real disposable income, movements in the real price of energy, and the temperature variable ‘heating degree days’. In the empirical application, Austrian annual data for the period 1970 to 1992 are used. The main focus of the paper is on the control of the overall significance level of the tests based on the application of the closure test principle, introduced by Marcus, Peritz, and Gabriel (1976). The application illustrates nicely how one can, by defining a closed system of hypotheses, control the significance level α in supporting the search for a suitable specific model. The wide range of estimated elasticities, however, indicates that the estimation results depend strongly on the choice of the model specification.     

Kriterien des wirtschaftlichen Wachstums

Ohne Zusammenfassung     

Shall the New EU Members Introduce the Euro? Some Macroeconomic Policy Effects

After the EU enlargement in 2004, there is a clear commitment of the EU and the new member states to aim at an enlargement of the euro zone within the European Economic and Monetary Union (EMU) as well. This might have significant effects on the old EMU, the new members, and even on the global economy. The present paper analyzes some macroeconomic effects and particularly the impact on the effects of stabilization policies when switching to an enlarged euro zone under different assumptions about fiscal and monetary policy regimes in Europe and under alternative types of economic shocks. Also, the implications for the US of different European monetary regimes are evaluated. The results suggest that economic benefits for all countries are rather small. For the Central and Eastern European countries (CEECs), even disadvantages may dominate.     

Tax avoidance versus tax evasion: on some determinants of the shadow economy

In this paper we investigate how the possibility of (legal) tax avoidance affects the extent of (illegal) tax evasion and hence the shadow economy. We formulate a theoretical microeconomic model of household behavior in which households can participate in the official and in the shadow economy. Using comparative statics, we show that the complexity of the tax system affects participation in the shadow economy negatively, i.e. a more complex tax system with more possibilities of legal tax avoidance implies, ceteris paribus, a smaller labor supply in the shadow economy. In addition, we show that a reduction in the maximum admissible number of working hours in the official economy increases the labor supply in the shadow economy.     

Creditors' Committees: An Anglo‐German Comparative Study

This article deals with the creditor's committee as a tool to increase the participation of creditors and thereby the transparency and acceptance of the office holder's decisions. For this purpose, the laws of England and Germany, as major and significant jurisdictions, will be analysed to compare the different approaches and results, particularly as regards the establishment, composition, tasks and procedure of the committee as well as the liability and the remuneration of the committee's members. Copyright © 2012 John Wiley & Sons, Ltd.     

Analysis of the effect of charging infrastructure design on electric taxi driving profiles: A case study approach on the example of Singapore

Replacing conventional vehicle taxis with electric vehicles would be an efficient measure to reduce greenhouse gas emissions. Due to the limited range and long charging times of current battery electric vehicles, it is of utmost importance to provide sufficient charging facilities. This article analyses the impact of the placement and charging power of charging stations on potential mileage and revenue of electric taxis on the example of Singapore. Therefore, we developed an agent-based electric taxi simulation model to investigate electric taxis’ driving profiles with respect to different vehicle types and charging infrastructure designs. This model is also capable of simulating conventional taxi driving profiles. The validation of these simulation results with real taxi data showed that the model is reproducing taxi driving profiles with high accuracy in great detail. We found out that electric taxis could reach the same mileage and revenue as conventional taxis if charging with a power of 160?kW is possible. Furthermore, we discovered that waiting times for available charging stations have a stronger effect on revenue than the length of detours to reach charging stations. Based on these findings, we concluded that it is more important to reduce waiting times by placing sufficient numbers of charging stations at each location before expanding the charging network by installing small numbers of charging stations at many locations.     

Some Effects of EU Sugar Reforms on Development in Africa

Intereconomics - The sugar industry is a major provider of jobs and income for sugar-exporting countries in Africa. The lower sugar prices that were caused by the recent liberalisation of the EU...     

Macroeconomic Policy Design in the European Monetary Union: A Numerical Game Approach

Optimal economic reactions of European policy-makers on exogenous shocks are determined by simulating a global macroeconomic model under different institutional arrangements. In particular, it is investigated whether discretionary or rule-based policies and whether non-cooperative or cooperative policies for Europe result in a better performance as measured by intertemporal objective functions. The results show that the answers to these questions depend strongly on the nature of the shock to which European economies are exposed. For a negative supply shock, rule-based policies dominate, whereas for a negative demand shock, cooperative fiscal policy-making within the European Monetary Union gives the best results.     

Estimating the costs and benefits of soil conservation in Europe

Economics is about problems of choice. In erosion control, both public authorities and private land users are faced with such problems. What is the impact of erosion, both on-site and off-site, and to what extent can this impact be quantified? If we conceptualize this impact in terms of sustainability, how can we compare one type of effect against another? The former question can be answered only by natural scientists, the latter by economists and other social scientists. Weighing different aspects of sustainability requires value judgments, and economists are sometimes accused of having a jaundiced view of reality, wrongly supposing that decisions are based on rationality and denying the importance of emotion.However, let us assume that there is some mileage to be gained out of attempting to estimate the cost of erosion in an economic sense—which consists of converting the various effects into a common denominator: euros. If we can predict the impact of erosion control measures on erosion rates, we can know the benefit of these measures. The cost also needs to be calculated, not in terms of money but in terms of resources expended (which could have been used for other purposes) and in terms of possible negative impacts of erosion control (for instance, increased use of herbicides in reduced-tillage systems).There are important other considerations which economists may study. Firstly, there is the comparison of present versus future costs and benefits: how much can we sacrifice today for higher sustainability tomorrow?Secondly, there is the issue of private versus public costs and benefits: how do the goals of private land users differ from (those of?) the public good, how can this help us to predict land users’ behaviour, and what incentives would be appropriate to make them behave in such a way as to maximize the public good? Thirdly, how do we deal with uncertainty and risk?These problems loomed large in a study to support an extended impact assessment for the EU Soil Thematic Strategy, in 2005. Whereas much research has been done on erosion and its impact, much of this is on a small scale. The extent of the problem on a national, let alone a continental or a global scale, is still poorly known. The paper discusses how these problems were faced, which is not the same as saying they were resolved.