共查询到20条相似文献,搜索用时 15 毫秒
1.
J.K. Horowitz 《Environmental and Resource Economics》2002,21(3):241-258
Environmental economics has been much occupied with the discount rate, which is the value of future costs and benefits relative to present costsor benefits. But at least as important is the question of whatshould be discounted, that is, what the value of those future environmentalbenefits is to future generations. This paper analyzes the role for futurepreferences and discusses the state of knowledge. I argue that theappropriate discount rate is the market one, and that the real problemis determining future willingness-to-pay. This approach makes clearerthe connection between discounting and the valuation debate.This paper focuses on two features that have been prominent in that debate:existence value and reference dependence. I argue that thereis a vital connection between the two constructs and that this link yieldsimportant implications for future willingness-to-pay. 相似文献
2.
Peter J. Stemp 《Journal of Economics》1998,67(3):265-285
This paper considers a closed macroeconomy where the monetary authority pursues an inflation target and policy outcomes are the consequence of a Nash game between fiscal and monetary authorities. The specification of the macroeconomic framework is characterized by nonlinearities which lead to multiple equilibria with differing stability properties. Employing a calibrated model and simulations derived using the Mathematica package, the stability properties of the economy and the likely choice of equilibrium are examined. Within this framework, the dynamic consequences of different time discount rates for the fiscal authority are investigated, both in a world of certainty and also in a world of uncertainty. It is shown that, in a world of certainty, it will be optimal to choose the fiscal authority's time discount rate equal to the market rate of interest. However, depending on the degree of uncertainty in evaluating the time discount rates of consumers and of the fiscal authority, it may be appropriate to bias the fiscal authority's discount rate above or below the expected interest rate. 相似文献
3.
Andrew Torre Darren Wraith 《Economic Papers: A journal of applied economics and policy》2012,31(2):192-201
The conventional wisdom is that offenders have very high discount rates not only with respect to income and fines but also with respect to time incarcerated. These rates are difficult to measure objectively and the usual approach is to ask subjects hypothetical questions and infer time preference from their answers. In this article, we propose estimating rates at which offenders discount time incarcerated by specifying their equilibrium plea, defined as the discount rate, which equates the time and expected time spent in jail following a guilty plea and a trial. Offenders are assumed to exhibit positive time preference and discount time spent in jail at a constant rate. Our choice of sample is interesting because the offenders are not on bail, punishment is not delayed and the offences are planned therefore conforming to Becker’s model of the decision to commit a crime. Contrary to the discussion in the literature, we do not find evidence of consistently high time discount rates, and therefore cannot unequivocally infer that the prison experience always results in low levels of specific deterrence. 相似文献
4.
This paper proposes a geometric delineation of distributional preference types and a non-parametric approach for their identification in a two-person context. It starts with a small set of assumptions on preferences and shows that this set (i) naturally results in a taxonomy of distributional archetypes that nests all empirically relevant types considered in previous work; and (ii) gives rise to a clean experimental identification procedure – the Equality Equivalence Test – that discriminates between archetypes according to core features of preferences rather than properties of specific modeling variants. As a by-product the test yields a two-dimensional index of preference intensity. 相似文献
5.
6.
王月欣 《生态经济(学术版)》2012,(2):56-58
低碳经济发展模式是浙江产业结构优化和发展方式转变的战略取向,也是当前浙江临港产业提升的主流方向。浙江临港产业升级的关键在于充分利用其资源禀赋条件和比较优势,促使以高投入、高能耗、高排放和低技术为特征的传统制造业、贸易加工业和低端港航物流业,向高技术加工业和中高端港航现代服务业转变和延伸。 相似文献
7.
Patrick Gourley 《Applied economics letters》2018,25(14):1019-1023
After Barack Obama’s 2008 election to the presidency of the United States, many predicted that the first Black president would inspire a generation of Black Americans, especially students. While stories of Obama inspiring individuals to overachieve are common, it remains to be seen if there was a systemic shift in Black student achievement after Obama’s election. Given the persistent racial score gap between Blacks and Whites on standardized tests, it is important to know if an inspirational figure could have a significant impact. Using ACT data from Chicago Public Schools, I find there is no evidence that Obama’s election had an impact on Black test scores. The racial ACT gap has been increasing since the beginning of the 21st century, and that trend continued after Obama was elected. 相似文献
8.
Collegiate sports programmes have been characterized as the front porch of a university, serving to publicize the institution and draw students to the door. Previous research in this area has indicated a positive correlation between athletic success and the quantity and quality of students attending the university. Conversely, we seek to analyse if athletic malfeasance, as measured by NCAA probations of men’s basketball programmes, negatively affects either the quantity or quality of students at a university. Our findings suggest that while basketball probations do not change the overall quantity of applications nor enrolment at a university, there is a significant adverse impact on the quality of freshman enrolling at the university as measured by Scholastic Aptitude Test scores. Our finding suggests that athletics do indeed serve as a front porch to a university and that athletic sanctions in men’s basketball have a detrimental effect on the average quality of students attending a university. 相似文献
9.
William K. Tabb 《Journal of economic issues》2013,47(1):183-188
America has often been labeled a "throw-away" society due to the large amount of products that could have been reused but are discarded from a typical household on a daily basis. This paper attempts to answer the question of why, when given two consumers with the same income level and socio-economic background, does one consumer choose to replace an older, malfunctioning household product while the other chooses to have the product repaired for further reuse. To help address this question an enhanced replacement model is presented and empirically tested. The replacement model has been around for some time, helping consumers and firms make capital budgeting decisions. This analysis can be extrapolated to the macro level where one economy with a higher societal discount rate might be more strongly characterized as a "throw-away society" than a similar economy with lower societal consumption discount rates. 相似文献
10.
基于随机贴现因子定价理论,采用无套利定价法,推导出人民币与新台币的即期汇率与随机贴现因子、远期汇率之间的关系,并利用人民币和新台币的无本金交割远期外汇作为远期汇率,对人民币与新台币的即期汇率进行定价。实证研究结果显示,人民币与新台币的汇率主要受中国大陆地区和台湾地区的股票市场和债券市场波动的影响。用本文模型定价模拟的即期汇率与真实汇率的变动趋势较为一致,这表明本文模型可为人民币与新台币之间的双向直接兑换提供依据,进而有助于建立两岸货币清算机制。 相似文献
11.
The welfare impacts of electrification are well documented in the literature, including the effects of electricity on school enrolment. However, the spillover effects of electrification on children's achievement levels are scarce. We use three complementary but distinct econometric models to establish a causal relationship between electrification and test scores using nationally representative household panel data from India. We find positive results irrespective of the choice of econometric model, and these results seem to be mediated by changing time-use patterns of children with access to electricity. We first exploit the plausibly exogenous variation in access to electricity due to a universal electrification program in the state of West Bengal in India and we find positive effects of electrification on children's test scores. By age group, we find that younger cohorts benefit more in terms of their reading scores than older cohorts. Then, to ascertain external validity of these results, we replicate them over a nationally representative sample using fixed effects and instrumental variables estimation and find similar results. At the intensive margin, we find that access to more hours of electricity positively affects test scores. We identify an increase in time spent by children on study-related activities as the potential channel for these results. 相似文献
12.
In an economy with consumption externalities, existing studies find that a competitive equilibrium is efficient in the long run and remains efficient in transitions if preferences are homothetic. This paper revisits the efficiency issue in an otherwise standard one-sector growth model where consumption externalities affect a utility via their effects on the time preference. We find that even if preferences are homothetic, the externality changes the marginal rate of substitution between now and future and leads to a disparity in the intertemporal elasticity of substitution between the centrally planned economy and a decentralized economy. As a result, a competitive equilibrium is inefficient in transition dynamics. We characterize an optimal tax/subsidy structure that enables the allocation in a decentralized economy to replicate the social optimum. 相似文献
13.
中国封闭式基金市场基金普遍折价较为严重,并出现"封闭式基金折价之谜"所述的种种特征。通过描述我国上海证券交易所上市的封闭式基金的折价特征,用换手率、大盘指数以及剩余到期时间作为解释变量建立回归模型对基金折价率进行实证分析,表明换手率对基金折价影响显著,说明流动性因素是解释基金折价的重要原因;大盘指数对基金折价无解释能力;剩余到期时间也是影响基金折价的显著性因素。 相似文献
14.
在市场竞争激烈情况下,赊销已成为企业的一种重要的促销手段。有效的赊销政策,不仅能加强企业与各商家及消费者的感情沟通,提升品牌的知名度及销售量,还可以调整市场的供求关系,优化营销网络。如果赊销政策策划不严密,会出现企业资金周转不灵、客户拖欠货款的现象出现。这就要求企业管理部门系统评估赊销决策,要多角度考虑问题,以规范企业赊销活动。文章重点分析了商业折扣和现金折扣的税务处理与筹划,简述了现金折扣的计算与会计核算。 相似文献
15.
徐国红 《哈尔滨市经济管理干部学院学报》2007,(3)
本文通过对某高校英语专业05级学生期末试卷的分析发现:此类教学考试在质量上存在一定问题.大学英语教学考试质量应引起高校英语教师的充分关注,否则,此类教学考试中学生的英语成绩就难于客观和公正. 相似文献
16.
This paper studies the issue of monetary delegation in the case where central banker’s preferences are uncertain. A distinctive feature of the analysis is that it introduces nominal interest rate targets to the monetary delegation scheme in addition to linear contracts, quadratic punishments, and inflation targets. This paper shows that the implementation of interest rate targeting will improve social welfare since it leads the central bank to make smaller interventions, which limits the scope for the central bank’s uncertain preferences to impact the economy. 相似文献
17.
The purpose of this paper is to empirically assess the optimality of the level of public capital in Japan. We use a methodological
approach based on Burgess's (1988) procedure for calculating the public discount rate. This approach involves estimating a
production function, but does not necessarily require utility function estimation. The results indicate that, although the
Japanese economy experienced a public capital deficiency over the period 1960–1982, public capital moved toward optimal levels
throughout the period.
First version received: March 1997/final version received: June 1998 相似文献
18.
Are there environmental limits to cost benefit analysis? 总被引:1,自引:4,他引:1
Nick Hanley 《Environmental and Resource Economics》1992,2(1):33-59
This paper considers the problem areas found in applying cost-benefit analysis (CBA) to projects involving environmental costs or benefits. This is particularly relevant given recent moves by the UK government to include environmental valuations in CBA exercises, and in other related appraisal activities, following the publication of the Pearce Report. The paper argues that a major problem lies in placing monetary values on non-market goods. The paper also addresses the problems of (i) differences between citizen and consumer values; (ii) complexity of ecosystems; (iii) irreversibility and uniqueness; and (iv) intergenerational equity and discounting. The extent to which CBA is an institution open to capture is also discussed. 相似文献
19.
Gilbert L. Skillman 《Review of social economy》2019,77(2):184-207
AbstractA variant of John Roemer’s accumulation economy is studied in which agents have identical payoff functions characterized by decreasing marginal impatience (DMI), such that time discount rates are decreasing in individual wealth levels. The implications of DMI for the existence and persistence of positive rates of profit and exploitation in the presence of capital accumulation, as well as for the dynamic redistribution of wealth, are derived. It is demonstrated that with DMI, differential ownership of productive assets is sufficient to ensure ongoing capital scarcity, and thus persistently positive rates of return and exploitation, as well as eventual redistribution of productive assets to the wealthiest agents. 相似文献
20.
This paper studies how the announcements of fiscal law changes affect the real estate market, focusing on the case of Spain. An announcement of a future fiscal law change gives the opportunity to buyers to advance or delay purchases to maximize fiscal benefits. In particular, we study announcements and their posterior effects about the mortgage tax laws in 1998, 2010, 2011, and 2013 plus the VAT law in 2012. The paper is based on contextually rich data from 2004 through 2015 for Spain, provided by a real estate agent with a strong presence across the Spanish territory. We use two dependent variables to best capture the changes: time on market of a dwelling and the price discount of the dwelling. Simultaneity bias is avoided by considering that the degree of overpricing and atypicality affects time on market but not the selling price. The identification strategy is improved by considering the type of properties most affected by the changes versus the rest of properties, using a difference-in-difference estimation. We consider two tax policy announcements: income tax credit on dwelling purchases and VAT rate change on the purchases of new dwellings. In the case of the income tax credit, this fiscal policy affects only primary accommodations. In the case of the VAT tax rate, only new houses are affected. We show that credible fiscal policy announcements distort the housing market by temporarily decreasing dwellings’ time on market and their price discounts, to immediately and long-lastingly increase them just after the tax policy expires. There is a negative causal effect of tax policy announcements on the housing market. 相似文献