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81.
Joakim Gullstrand Rembert De Blander Staffan Waldo 《Journal of Agricultural Economics》2014,65(1):87-111
Multi‐functionality and the provision of eco‐system services are politically highly prioritised aspects of farming. This study uses a Symmetric Generalised McFadden cost function to analyze the relationship between costs of production and the provision of biodiversity for Swedish milk farms. Biodiversity indicators are based on the number of valuable plant species present at the farm and are modeled as an output in the cost function. The results show that the marginal cost of biodiversity increases with higher provision, and that an increased provision of biodiversity also increases the costs of market commodities such as milk and beef. The upward slope of the marginal cost of biodiversity and its competitive relationship with market goods questions the efficiency of support schemes based on voluntary programmes with a flat‐rate per hectare compensation. Instead, the results support targeted environmental policy schemes with zonings and/or the use of biodiversity indicators. 相似文献
82.
This paper analyses the adjustment process within the Swedish textile and wearing apparel sector and finds results that support the notion of Schumpeters creative destruction. The turnover of plants and jobs seems to improve the industries from within due to an exit (entry) of less (more) productive plants, exit (entry) of old (new) incumbents, a destruction (creation) of less (more) human-capital intensive jobs, and a supply of new products on the world market. The econometric analysis of the probability of exit with plant, firm and industry characteristics supports the idea of a rationalisation from within. 相似文献
83.
We augment the Stokey (1998) model by allowingagents to differ with respect to environmentalquality and income in order to analyze theimpact of income and environmental inequality,and of democratization on aggregate pollution.We find that the impact of a more equal incomedistribution depends on the degree ofdemocracy. In a complete democracy a more equalincome distribution generates, ceterisparibus, less pollution, which is consistentwith indirect empirical evidence, whereas theopposite is the case if democratic rights arehighly restricted. Furthermore, ademocratization is argued to typically lowerboth the income and the environmental qualityof the median voter. In this case, if, inutility terms, the fall in environmentalquality is worse than the fall in consumptionthe median voter decides to tightenenvironmental legislation so that aggregatepollution decreases. 相似文献
84.
Designing a congestion pricing scheme involves a number of complex decisions. Focusing on the quantitative parts of a congestion
pricing system with link tolls, the problem involves finding the number of toll links, the link toll locations and their corresponding
toll level and schedule. In this paper, we develop and evaluate methods for finding the most efficient design for a congestion
pricing scheme in a road network model with elastic demand. The design efficiency is measured by the net social surplus, which
is computed as the difference between the social surplus and the collection costs (i.e. setup and operational costs) of the
congestion pricing system. The problem of finding such a scheme is stated as a combinatorial bi-level optimization problem.
At the upper level, we maximize the net social surplus and at the lower level we solve a user equilibrium problem with elastic
demand, given the toll locations and toll levels, to simulate the user response. We modify a known heuristic procedure for
finding the optimal locations and toll levels given a fixed number of tolls to locate, to find the optimal number of toll
facilities as well. A new heuristic procedure, based on repeated solutions of a continuous approximation of the combinatorial
problem is also presented. Numerical results for two small test networks are presented. Both methods perform satisfactorily
on the two networks. Comparing the two methods, we find that the continuous approximation procedure is the one which shows
the best results. 相似文献
85.
The linearity of nine long Swedish macroeconomic time series, whose business cycle properties were discussed by Englund, Persson, and Svensson (1992), is tested and rejected for all but two. Non-linear (STAR) models are estimated, and their properties are investigated. Business cycle frequency variation does not seem to be constant over time for all series; it is difficult to find a ‘Swedish business cycle’. Pairwise Granger non-causality tests are adapted to the STAR case, and non-causality is tested. The results point at strong temporal interactions and indicate that the functional form (linear or STAR) strongly affects the outcome of these tests. Copyright © 1999 John Wiley & Sons, Ltd. 相似文献
86.
Joakim Westerlund 《Journal of Applied Econometrics》2020,35(6):776-785
Because of the increased availability of large panel data sets, common factor models have become very popular. The workhorse of the literature is the principal components (PC) method, which is based on an eigen-analysis of the sample covariance matrix of the data. Some of its uses are to estimate the factors and their loadings, to determine the number of factors, and to conduct inference when estimated factors are used in panel regression models. The bulk of the underlying theory that justifies these uses is based on the assumption that both the number of time periods, T, and the number of cross-section units, N, tend to infinity. This is a drawback, because in practice T and N are always finite, which means that the asymptotic approximation can be poor, and there are plenty of simulation results that confirm this. In the current paper, we focus on the typical micro panel where only N is large and T is finite and potentially very small—a scenario that has not received much attention in the PC literature. A version of PC is proposed, henceforth referred to as cross-section average-based PC (CPC), whereby the eigen-analysis is performed on the covariance matrix of the cross-section averaged data as opposed to on the covariance matrix of the raw data as in original PC. The averaging attenuates the idiosyncratic noise, and this is the reason why in CPC T can be fixed. Mirroring the development in the PC literature, the new method is used to estimate the factors and their average loadings, to determine the number of factors, and to estimate factor-augmented regressions, leading to a complete CPC-based toolbox. The relevant theory is established, and is evaluated using Monte Carlo simulations. 相似文献
87.
88.
Conducting the first study of momentum impact on households’ exchange-traded fund (ETF) trading behavior, we find that Finnish households are less contrarian when trading benchmark index ETFs than when trading common stocks. Also, their propensity to chase recent positive momentum is higher when purchasing ETFs than when purchasing stocks. As expected, results are stronger for ETF purchases than sales. Our findings are consistent with hypotheses that households are less overconfident trading index ETFs than common stocks, that contrarian behavior is more often rational when trading stocks than when trading ETFs, and that households trade ETFs for the long run. 相似文献
89.
Joakim Gullstrand 《Applied economics letters》2019,26(9):726-730
This article investigates trade effects of the euro focusing on the impact on bystanders. We use data for Swedish firms and examine the impact on exporting firms’ intensive and extensive margins of trade. Our result shows an overall increase in Swedish firms’ exports to the euro area after the introduction of the single currency, indicating that the euro has decreased trade costs also for outsiders. In addition, we find important heterogeneity in the sample, suggesting that it is the large majority of small firms that has increased trade flows with the Eurozone the most. 相似文献
90.
Joakim Westerlund 《Oxford bulletin of economics and statistics》2015,77(1):152-161
First‐differencing is generally taken to imply the loss of one observation, the first, or at least that the effect of ignoring this observation is asymptotically negligible. However, this is not always true, as in the case of generalized least squares (GLS) detrending. In order to illustrate this, the current article considers as an example the use of GLS detrended data when testing for a unit root. The results show that the treatment of the first observation is absolutely crucial for test performance, and that ignorance causes test break‐down. 相似文献