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1.
We evaluate the management of the Northern Stock of Hake during 1986-2001. A stochastic bioeconomic model is calibrated to
match the main features of this fishing ground. We show how catches, biomass stock and profits would have been if the optimal
Common Fisheries Policy (CFP) consistent with the target biomass implied by the Fischler's Recovery Plan had been implemented.
The main findings are: i) an optimal CFP would have generated profits of more than 667 millions euros, ii) if side-payments are allowed (implemented by ITQ's, for example) these profits increase 26%.
JEL Classification:
Q22, Q28
We thank two anonymous referees whose comments and suggestions have substantially improved the paper, and to Javier Pereiro
from Instituto Oceanográfico de Vigo for making available part of data available to us. Financial support from the Instituto de Estudios Económicos de Galicia, Pedro Barrie de la Maza, FEDER, Ministerio de Ciencia y Tecnología, SEC2002-4318-C02-01 (José María Da-Rocha), CICYT 1393-12254/2000 and SEC2003-02510/ECO
(María José Gutiérrez), Fundación BBVA 1/BBVA 00044.321-15466/2002 (María José Gutiérrez) and from Universidad del País Vasco,
9/UPV00035.321-13511/2001 (María José Gutiérrez) is gratefully acknowledged. 相似文献
2.
José C. R. Alcantud Gianni Bosi Carlos R. Palmero Magalì E. Zuanon 《Portuguese Economic Journal》2006,5(3):195-205
The resort to utility-theoretical issues will permit us to propose a constructive procedure for deriving a homogeneous of degree one continuous function that gives raise to a primitive demand function under suitably mild conditions. This constitutes the first self-contained and elementary proof of a necessary and sufficient condition for an integrability problem to have a solution by continuous (subjective utility) functions.The work of José C. R. Alcantud has been supported by FEDER and Ministerio de Educación y Ciencia under the Research Project SEJ2005-0304/ECON, and by Consejería de Educación (Junta de Castilla y León) under the Research Project SA098A05. Carlos R. Palmero acknowledges financial support by FEDER and Ministerio de Educación y Ciencia under the Research Project SEJ2005-08709/ECON, and by Consejería de Educación (Junta de Castilla y León) under the Research Project VA017B05. 相似文献
3.
Rosa Duarte José Julián Escario José Alberto Molina 《International Advances in Economic Research》2005,11(4):399-415
This paper identifies the determinants affecting the adolescent populations' decision regarding whether or not to consume
illegal drugs. The authors estimate a simultaneous Type II Tobit model for each sample substance, including marijuana, LSD,
amphetamines, cocaine, volatile substances, and heroine. The data are drawn from three Spanish Surveys on Drug Use in the
School Population conducted in 1994, 1996, and 1998. The results indicate that illegal drug use among Spanish adolescents
is clearly determined by economic variables. It is similarly determined by other sociodemographic variables, such as personal
habits, family environment, and the receipt of information regarding the negative consequences of drug use.
This paper was partially written while José Alberto Molina was Visiting Researcher at the Fundación de Estudios de Economía
Aplicada-FEDEA (Madrid, Spain), to which he would like to express his thanks for the hospitality and facilities provided.
The authors are grateful to two anonymous referees for their helpful observations on an earlier version of this paper. Similarly,
Namkee Ahn, as well as various participants at the XIX Spanish Health Economics Meeting (Zaragoza, Spain) and at the 2001
Annual Meeting of the Population Association of America (Washington DC), have all offered valuable comments and suggestions.
Finally, the authors would like to express their gratitude for the financial support provided by the Spanish Ministry of Education-CICYT
and the European Commission (Project FEDER 2FD97-2057). The usual disclaimer applies. 相似文献
4.
Abstract. It is well-known that the legal form adopted by a firm determines the type of legal responsibility borne by its owners in
case of bankruptcy. In this paper we argue that a firm under a limited liability status should be characterized by a higher
than average bankruptcy probability, which ultimately captures their risk exposure when output is affected by exogenous shocks.
To test this prediction we extend Lee's (1976) switching regressions model to a panel dataset of 1313 Spanish firms from 1990–1994,
separating them into corporate and entrepreneurial forms (with/without limited liability, respectively). We consider both
random effects and fixed effects panel data models, taking into account the potential endogeneity between risk exposure and
the legal form choice. Our results confirm the hypothesis that firms under limited liability have significant higher risk
exposure than firms under unlimited liability.
The authors gratefully acknowledge valuable suggestions from Maite Martínez-Granado, A. Jorge Padilla, Javier Suárez and two
anonymous referees. Data and financial support provided by the Fundación Empresa Pública (Madrid) and comments from participants
at seminars held at CEMFI, Simposio de Análisis Económico and Universidad de Vigo are also sincerely appreciated. Mr. Campos
particularly acknowledges research funding by the University of Las Palmas. 相似文献
5.
The traditional expected-net-present-value methods cannot properly capture the management flexibility and strategic value
aspects of a fishery, and may understate its value. Instead, this paper develops a Real Options model to conceptualize and
evaluate fishery exploitation flexibility. Specifically, general models to value the opportunity to either exploit or invest
in a fishery are presented. They suffice to determine not only these values, but also the optimal policy for opening, closing,
delaying and setting its harvest rate. The sustainable case in which the harvest rate equals the natural net growth function
is also considered. Concerning the exploitation decision, it is found that, as could be expected, the higher the resource
price the higher the value of this opportunity in both models (general and sustainable). However, the resource stock affects
both models differently. As to the investment opportunity, its value is always lower than the exploitation opportunity because
of investment costs. Finally, numerical simulations are run in order to illustrate the nature of the solution. Sensitivity
analysis concerning the influence of the tax rate, convenience yield, risk-free interest rate and price volatility on the
value of the fishery is also reported.
Earlier versions of this paper have benefited from conference participants at the Young Economists Conference 2000 (Oxford
University), Tenth Biennial Conference of the International Institute of Fisheries Economics and Trade (Oregon State University),
XXV Simposio de Análisis Económico (Universidad Autónoma de Barcelona, Spain) and Seminar at the Dpt. Fundamentos del Análisis
Económico (Universidad del País Vasco, Spain). We especially thank Prof. Ian Bateman and two anonymous referees whose insightful
comments have enabled us to eliminate several errors and to improve the presentation. Murillas gratefully acknowledges doctoral
fellowship from Ministerio de Educación y Ciencia (AP96), and financial support from the Xunta de Galicia (PGIDT01PXI30004PR)
and from the Ministerio de Ciencia y Teconología (SEC 2001-3700). The usual disclaimer applies. 相似文献
6.
Manuel Cantos M. De Los Angeles Gil Jordi Melé Lourdes Viladomiu Mireia Aparicio Jordi Martí 《International Advances in Economic Research》1997,3(1):1-17
The food industry sector has seen major changes in the ways it needs to compete. Spain became linked to the European Community
in the early 1970s by an adherence treaty which regulated food exports to the member countries. Subsequently, when Spain became
a full European Community member in January 1986, both exports and imports to and from countries (Mediterranean or otherwise)
became regulated. There had not previously been a tradition of trade links with most of these countries. After 10 years of
full coexistence with the other European members, it is possible to test the effect of free circulation of goods, the major
presence of community multinationals in the markets, the restructuring of the food industry sector, and the penetration of
Spanish products in European markets. At present, the objectives of economic convergence contemplated in the Maastricht Treaty
call for the control of macroeconomic variables (particularly inflation) which affect the food industry (by virtue of its
special characteristics) far more than the remaining sectors because of its peculiarities.
This paper is a summary and extension of a broader study conducted by Lourdes Viladomiu (Universitat Autònoma de Barcelona),
María de los Angeles Gil Estallo (Universitat Pompeu Fabra), Jordi Melé (Universitat de Barcelona), and Manuel Cantos (Universitat
Pompeu Fabra) financed by the Fundació Empresa i Ciència of the Universitat Autònoma de Barcelona. 相似文献
7.
This paper addresses new insights into the predictability of financial returns. In particular, we analyze two aspects of the controversial forecasting literature. On the one hand, we demonstrate a positive and contemporaneous link between aggregate book/market and consumption/wealth ratios. On the other hand, we show that real estate and human capital, as the present value of all future salaries, are key components of the consumption/wealth ratio in Spain. Specifically, we find that the cointegrating residuals of consumption, asset holdings, real estate holdings, and our measure of human capital provide a better forecast of future returns than does the standard proxy of the consumption/wealth ratio. This result is important because it clarifies the importance of country-specific components of wealth for cases in which the consumption/wealth ratio is employed as an instrument in conditional asset pricing models.Belén Nieto: Financial support from the Ministerio de Ciencia y Tecnología grant SEJ2005-09372 is gratefully acknowledged.Rosa Rodríguez: Financial support from the Ministerio de Ciencia y Tecnología grant SEC2003-06457 is gratefully acknowledged. 相似文献
8.
This article carries out an empirical examination of the origin of the differences between immigrant and native-born wage
structures in the Spanish labour market. Special attention is given in the analysis to the role played by occupational and
workplace segregation of immigrants. Legal immigrants from developing countries exhibit lower mean wages and a more compressed
wage structure than native-born workers. By contrast, immigrants from developed countries display higher mean wages and a
more dispersed wage structure. The main empirical finding is that the disparities in the wage distributions for the native-born
and both groups of immigrants are largely explained by their different observed characteristics, with a particularly important
influence in this context of workplace and, specially, occupational segregation.
Hipólito Simón, Esteban Sanromá and Raúl Ramos wish to thank the support received from the Ministerio de Fomento and the Ministerio
de Educación y Ciencia through the projects T 75/2006 (Plan Nacional de Investigación, Desarrollo e Innovación Científica), SEJ2004-05860/ECON and SEJ2005-04348/ECON, respectively. A previous version of this paper was published as an IVIE Working
Paper (WP-EC 2007-03). 相似文献
9.
Guadalupe Fugarolas-Alvarez-Ude Carlos Hervés-Beloso Emma Moreno-García Juan Pablo Torres-Martínez 《Economic Theory》2009,38(2):321-330
In this paper we recast a differential information economy as a strategic game in which players propose net trades and prices.
Pure strategy Nash equilibria are strong and determine both consumption plans and commodity prices that coincide with the
Walrasian Expectations equilibria of the underlying economy.
The authors acknowledge support by research grants BEC2003-09067-C04-01 (Ministerio de Educación y Ciencia and FEDER), PGIDT04XIC30001PN
(Xunta de Galicia) and SA070A05 (Junta de Castilla y León). JP Torres-Martínez is also grateful to CNPq-Brazil and University
of Vigo for financial support. We are indebted to N.C. Yannelis for helpful comments and insights. 相似文献
10.
Abstract. This paper proposes a semiparametric option pricing model with liquidity, as proxied by the relative bid-ask spread. A nonparametric
volatility function with liquidity costs as an explanatory variable is estimated using the Symmetrized Nearest Neighbors (SNN)
estimator rather than the traditional kernel estimator. The SNN estimator is particularly suitable for the characteristics
of option data in financial markets. Moreover, we propose a natural extension of the univariate bandwidth parameter optimal
estimation to the multivariate case. A statistical design to test competing option pricing models which takes into account
the lack of independence between them is also presented. The in-sample performance of the model turns out to be statistically
favorable relative to the competing model without liquidity. Also, an additional experiment is performed within sample, but
with just a subsample of options not employed in the nonparametric estimation of the implied volatility function being priced.
The results are also favorable to our semiparametic theoretical option pricing model with liquidity. However, the out-of-sample
performance is quite disappointing regardless of what option pricing model is employed in the estimation.
Eva Ferreira and Gonzalo Rubio acknowledge the financial support provided by Dirección Interministerial Científica y Técnica
(DGICYT) grants PB98-0149 and PB97-0621 respectively. All three authors aknowledge the financial support provided by Universidad
del País Vasco (UPV/EHU) grant UPV 038.321-HA129/99, and the BSI Gamma Foundation. We appreciate the helpful comments of two
anonymous referees, ángel León, José M. Campa, Fernando Tusell and Javier Fernández Navas, seminar participants at the Bank
of Spain and the European Financial Management Association (Athens), and the computational assistance of Gregorio Serna. We
thank Juan Ayuso and MEFF for providing the data used in this article. The contents of this paper are the sole responsability
of the authors. 相似文献
11.
Antonio Cutanda Tarín 《Spanish Economic Review》2003,5(1):63-84
Abstract. This work analyses the relevance of borrowing constraints on the intertemporal behaviour of Spanish non-durable consumption.
We estimate Euler equations with cohort data extracted from the “Encuesta Continua de Presupuestos Familiares” (ECPF) for
the period 1985–1993. The results are robust to the use of different estimators to eliminate fixed individual effects, to
different specifications of the model, to the effect of uncertainty and to the presence of habits in consumption. Our results
allow us to conclude that non-durable consumption of a considerable fraction of the Spanish population is affected by borrowing
constraints. At the same time, and in accordance with similar results for other countries, we confirm that borrowing constraints
are especially important for the young.
The author acknowledges the grant received from the Conselleria de Cultura, Educación y Ciencia de la Generalitat Valènciana,
as part of its grant's programme for stays in foreign universities and the financial support by DGICYT grants SEC99-0820 and
SEC 2002-00667. The author also acknowledges the hospitality of the Department of Economics at University College London (UCL)
and of the Departamento de Análisis Económico de la Universidad Nacional de Educación a Distancia. This work has been presented
in the XXV Simposio de Análisis Económico, held in Bellaterra (Spain) in December 2000. Finally, the author acknowledges comments
by J. E. Boscá and two anonymous referees that have contributed to improving the final version of the paper. 相似文献
12.
A new framework is presented for the study of the existence and uniqueness of solutions to the Koopmans’ equation in the unbounded
case, that is based on the contraction mapping approach. In the bounded below case with bounded consumption streams, uniqueness
of the solution in the whole class of weak-star continuous utility functions is obtained. When the aggregator is unbounded
below and/or consumption streams are unbounded, existence of a weak-star continuous solution is shown, and a simple criterium
to check the sufficient conditions for existence is provided.
Juan Pablo Rincón-Zapatero and Carlos Rodríguez-Palmero gratefully acknowledge financial support by the Ministerio de Educación y Ciencia and FEDER funds under Research Projects MTM2005-06534 and SEJ2005-08709/ECON, respectively, and by Consejería de Educación de la Junta de Castilla y León under Research Projects VA99/04 and VA017B05, respectively. This paper has substantially benefited from the comments of an
anonymous referee. Particular and special thanks are due to Robert Becker for his very helpful comments and valuable suggestions. 相似文献
13.
This paper considers the way in which accident compensation is offered as insurance against personal injury due to accidents.
We begin by setting up a simple microeconomic model in which accident compensation schemes can be studied. Using this model,
the accident compensation scheme that maximizes the expected utility
of the insured for a given expected outlay of the scheme (that is, for a budget constraint for the insurer) is characterized.
We show that, in order for the optimal schedule of indemnities to be
increasing (more severe accidents lead to greater compensation) then, contrary to what has been assumed in the literature,
the marginal utility of wealth must be decreasing in health. In particular, if the marginal utility of wealth is non-decreasing
in health, then an optimal indemnity schedule cannot provide full compensation, in the sense that utility in each state is
a constant.
Financial support from Secretaría de Estado de Universidades e Investigación del Ministerio de Educación y Ciencia is gratefully
acknowledged by F. J. Vázquez. 相似文献
14.
We present and estimate a model of short term interest rate dynamics where we incorporate the convergent behavior of interest rates implied by the transition to EMU. We apply this model to data of two EMU countries - Spain and Italy - and compare the performance, in terms of accuracy of bond pricing, of this two-factor convergence model with alternative specifications. Nonparametric techniques are used for the estimation of the processes. The two-factor model which accounts for the convergence with Europe of the domestic economies, obtains better results, especially for short-term assets, than alternative models. The results of the nonparametric specifications are shown to be significantly better than those of parametric alternatives.JEL Classification:
E43, C14We would like to thank Adrian Pagan and Eduardo Schwartz for their invaluable feedback, encouragement and patience. We also would like to thank the editor, two anonymous referees and participants at the Symposium of Economic Analysis (Barcelona, December 1999), the Australasian Meeting of the Econometric Society (Sydney, July 1999), the 2000 European Meeting of the Financial Management Association (Edinburgh, July 2000) and seminars at the Australian National University, Canberra, and at the University of New South Wales, Sydney, for their comments and suggestions. All errors remain our sole responsibility. Financial assistance from the Fundación Ramó n Areces, Madrid, Spain, and the Asociación de Amigos de la Universidad de Navarra, Pamplona, Spain, is gratefully acknowledged. 相似文献
15.
Sybille Lehwald 《Empirica》2013,40(4):655-684
Using a Bayesian dynamic factor model, I examine the comovement of output, investment and consumption growth among Euro area countries before and after the introduction of the Euro. For that purpose, I compare a pre-Euro period (1991–1998) to a Euro period (2000–2010) and identify a common Euro factor for each period separately. I find that the comovement of main macroeconomic variables and the common factor increases for core Eurozone countries from the first to the second period, while it decreases for most peripheral economies. This can be interpreted as a rise in business cycle synchronization for the core and a respective decline for the periphery. Different to the implications made by the endogeneity argument of currency areas (Frankel and Rose in Econ J 108(449):1009–1025, 1998), my evidence suggest that the introduction of the Euro has fostered imbalances between core and peripheral Eurozone countries. 相似文献
16.
This paper tries to review, from a practitioner's point of view, the recent strand of literature on cointegration tests allowing for structural changes or parameter instability. Thus, we apply several tests using as an example the expectations model of the term structure of interest rates. The results are consistent with the existence of cointegration between the long and the short run Spanish interest rates, with a vector (1,−1), as predicted by the theory. However, there is also evidence of structural instability, mainly at the beginning of 1994, that can be attributed to the financial changes that occurred in Spain as a result of its external commitments in the process of the European Monetary Union. 相似文献
17.
Inés Macho-Stadler 《Spanish Economic Review》2008,10(1):1-21
Compliance is an important issue in environmental regulation. We discuss some of the key elements of the problem and analyze
a situation where emissions are not random and firms are risk-neutral. We study the firm’s decision on emissions and compliance
when the environmental regulation is based on standards and the enforcement agency audits the firm with a certain probability.
We compare total emissions when environmental regulation is based on different instruments: standards, taxes, and tradable
permits. We show that when compliance is an issue, environmental taxes are superior to the other instruments, and we analyze
the (static) efficiency of the solution.
This paper originated from the AEE/REE presidential address for the XXX Simposio de Análisis Económico (Murcia 2005). It builds
on the research project on optimal enforcement in environmental problems done in collaboration with David Pérez-Castrillo.
I would like to thank David Pérez-Castrillo and Pau Olivella for their useful comments. I gratefully acknowledge the financial
support from the Ministerio de Ciencia y Tecnología (BEC2003-01132) and the Generalitat de Catalunya (Barcelona Economics
- CREA and 2005SGR-00836). 相似文献
18.
The purpose of this paper is to provide a way for better measuring a country's global income when official statistics fail
to account for the existence of a thriving underground, or black economy. Another purpose of this research is to discuss adequate
ways to perform international comparisons of income, and income per head, and to correct for depreciation. Besides the general
interest of this problem, there are two more specific reasons behind this work. First, the allocation of development funds
by international agencies (for example, the structural funds in the European monetary system) are conditioned on this measure.
Second, the measurement of unemployment may be totally distorted by failing to account for the hidden economy.
This paper has benefitted from comments by the participants at the Forty-Seventh International Atlantic Economic Conference,
Vienna, Austria, March 16–23, 1999, and especially Michael Pickhardt. Financial support is acknowledged from the Dirección
General de Ciencia y Tecnología, under project SEC 98-1112, and the Junta Castilla y León, under project SA 29/99. Comments
by the participants at the 1997 Applied Econometrics Association conference on public deficits are also acknowledged. The
authors are solely responsible for any remaining errors. 相似文献
19.
《Research in Economics》2014,68(1):39-56
We propose a New Keynesian Dynamic Stochastic General Equilibrium (DSGE) model where a risk aversion shock enters a separable utility function. We analyze five periods from 1971 through 2011, each lasting for 20 years, to follow over time the dynamics of several parameters such as the risk aversion parameter; the Taylor rule coefficients; and the role of the risk aversion shock in output, inflation, interest rate, and real money balances in the Eurozone. Our analysis suggests that risk aversion was a more important component of output and real money balance dynamics between 2006 and 2011 than it was between 1971 and 2006, at least in the short run. 相似文献
20.
Hugo Benítez-Silva Debra S. Dwyer Wayne-Roy Gayle Thomas J. Muench 《Empirical Economics》2008,34(2):381-416
An increasing number of longitudinal data sets collect expectations information regarding a variety of future individual level
events and decisions, providing researchers with the opportunity to explore expectations over micro variables in detail. We
present a theoretical framework and an econometric methodology to use that type of information to test the Rational Expectations
(RE) hypothesis in models of individual behavior. This RE assumption at the micro level underlies a majority of the research
in applied fields in economics, and it is the common foundation of most work in dynamic models of individual behavior. We
present tests of three different types of expectations using two different panel data sets that represent two very different
populations. In all three cases we cannot reject the RE hypothesis. Our results support a wide variety of models in economics,
and other disciplines, that assume rational behavior.
We would like to acknowledge outstanding research assistance from Huan Ni. The Michigan Retirement Research Center (MRRC)
and the TIAA-CREF Institute made this research possible through their financial support of two related projects. Benítez-Silva
also acknowledges the financial support from NIH grant AG1298502 on a related project, and also from the Fundación BBVA, and
the Spanish Ministry of Science and Technology through project number SEJ2005-08783-C04-01, and wants to thank the Department
of Economics at the University of Maryland and the Department of Economics at Universitat Pompeu Fabra for their hospitality
during the completion of this paper. Three anonymous referees provided excellent comments and suggestions. Any remaining errors
are the authors’. 相似文献