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71.
72.
Ben?GroomEmail author Cameron?Hepburn Phoebe?Koundouri David?Pearce 《Environmental and Resource Economics》2005,32(4):445-493
The last few years have witnessed important advances in our understanding of time preference and social discounting. In particular, several rationales for the use of time-varying social discount rates have emerged. These rationales range from the ad hoc to the formal, with some founded solely in economic theory while others reflect principles of intergenerational equity. While these advances are to be applauded, the practitioner is left with a confusing array of rationales and the sense that almost any discount rate can be justified. This paper draws together these different strands and provides a critical review of past and present contributions to this literature. In addition to this we highlight some of the problems with employing DDRs in the decision-making process, the most pressing of which may be time inconsistency. We clarify their practical implications, and potential pitfalls, of the more credible rationales and argue that some approaches popular in environmental economics literature are ill-conceived. Finally, we illustrate the impact of different approaches by examining global warming and nuclear power investment. This includes an application and extension of Newell and Pizer [‘Discounting the benefits of climate change mitigation : how much do uncertain rates increase valuations?’ Journal of Environmental Economics and Management 46 (2003) 52] to UK interest rate data. 相似文献
73.
In this paper I analyze the impact of regulatory policy on prices and demand for mobile telecommunications services across the European Union. I estimate a reduced form model of the mobile industry using panel data for the EU countries from 1998 to 2002. Among others, I find the following effects: liberalization of fixed telephone lines has a negative impact on prices and a positive impact on the demand for mobile services, and the introduction of mobile number portability has a negative impact on prices.*I am grateful to Toker Doganoglu, Gerd Hansen, Eric Kodjo Ralph, Guido Friebel, participants at the 30th EARIE Conference 2003, the 2nd International Industrial Organization Conference 2004 and the 19th Annual Congress of the EEA 2004, and anonymous referees for valuable comments. I would like to acknowledge the generous financial support from the Volkswagen Stiftung and the Munich Graduate School of Economics which made this research possible. All errors are mine.1 Source: European Commission (1994). 相似文献
74.
Learning by doing,spillovers and shakeouts 总被引:1,自引:0,他引:1
Jim?Y.?Jin Juan?Perote-Pe?a Michael?TroegeEmail author 《Journal of Evolutionary Economics》2004,14(1):85-98
This paper studies industry evolution driven by non strategic learning by doing and spillovers. We characterize a dynamic process of cost and output changes and its effect on welfare and industry profits. The paper gives conditions for shakeouts to occur and analyzes the key factors affecting these conditions. Since shakeouts could lead to a long-run social loss due to higher market concentration, there is a role for a government to play in limiting unnecessary shakeouts. The most effective way to do so is to enhance spillovers.JEL Classification:
L11, L13, O31Correspondence to: Michael TroegeWe would like to thank Hans Mewis, Christophe Moussu and an anonymous referee for valuable comments and suggestions. We also benefited from comments of seminar participants at WZB, Humboldt University, Northwestern University and the EEA/ESEM 1999 meetings. Part of the research was carried out while Michael Tröge was visiting Northwestern University. Financial support by the German Research Council (DFG) is gratefully acknowledged. 相似文献
75.
The computer revolution took very long to pay off in productivity growth in the computer-using sectors. The relative wage of skilled workers, however, has risen sharply from the early days of the computer revolution onward. As skilled workers wages reflect their productivity, the two observations together pose a puzzle.This paper provides a micro-based explanation for the long diffusion period of the computer revolution. The general equilibrium model of growth zooms in on the research process and provides an explanation for sluggish growth with booming relative wages of the skilled. Technological progress in firms is driven by research aimed at improving the production technology (innovation) and by assimilation of ideas or principles present outside the firm (learning). A new General Purpose Technology (GPT) like the computer revolution generates an initial slowdown in economic growth and an increase in the skill premium.Acknowledgement I am indebted to Theo van de Klundert for suggestions and encouragement. Suggestions by Jan Boone, Bas Jacobs, Patrick Francois, Henri de Groot, Lex Meijdam, Niek Nahuis Sjak Smulders, Harald Uhlig and anonymous referees have contributed to the paper. 相似文献
76.
Summary. It is commonly argued that poorly designed banking system safety nets are largely to blame for the frequency and severity of modern banking crises. For example, underpriced deposit insurance and/or low reserve requirements are often viewed as factors that encourage risk-taking by banks. In this paper, we study the effects of three policy variables: deposit insurance premia, reserve requirements and the way in which the costs of bank bailouts are financed. We show that when deposit insurance premia are low, the monetization of bank bailout costs may not be more inflationary than financing these costs out of general revenue. This is because, while monetizing the costs increases the inflation tax rate, higher levels of general taxation reduce savings, deposits, bank reserves, and the inflation tax base. Increasing the inflation tax rate obviously raises inflation, but so does an erosion of the inflation tax base. We also find that low deposit insurance premia or low reserve requirements may not be associated with a high rate of bank failure.Received: 2 January 2002, Revised: 1 March 2003JEL Classification Numbers:
D5, E5, G1.B. D. Smith: Sadly, our co-author, colleague and dear friend, Bruce D. Smith, died on July 9, 2002. 相似文献
77.
Richard?BaronEmail author Jacques?Durieu Hans?Haller Philippe?Solal 《Economic Theory》2004,23(2):445-454 (2004)
Summary. We consider the class of (finite) spatial games. We show that the problem of determining whether there exists a Nash equilibrium in which each player has a payoff of at least k is NP-complete as a function of the number of players.Received: 15 September 2002, Revised: 9 March 2003, JEL Classification Numbers:
C72.Correspondence to: H. HallerWe thank a referee for helpful comments. The hospitality of the Institute of Economics, University of Copenhagen, and the Institute for Advanced Studies, Vienna, is gratefully acknowledged by the third author. 相似文献
78.
Finn?Roar?Aune Rolf?GolombekEmail author Sverre?A.?C.?Kittelsen 《Environmental and Resource Economics》2004,29(4):379-400
Without an international climate agreement, extraction of more natural gas could reduce emissions of CO2 as more clean natural gas may drive out dirty coal and oil. Using a computable equilibrium model for the Western European electricity and natural gas markets, we examine whether increased extraction of natural gas in Norway reduces global emissions of CO2. We find that both in the short run and in the long run total emissions are reduced if the additional quantity of natural gas is used in gas power production in Norway. If instead the additional quantity is exported directly, total emissions increase both in the short run and in the long run. However, if modest CO2-taxes are imposed, increased extraction of natural gas will reduce CO2 emissions also when the additional natural gas is exported directed.earlier version of this paper was presented at the 25th Annual IAEE International Conference in Aberdeen June 2002. 相似文献
79.
Knut?VeistenEmail author Hans?Fredrik?Hoen Jon?Strand 《Environmental and Resource Economics》2004,29(4):419-433
This paper presents tests of the theoretical validity of the contingent valuation (CV) method. The validity of CV is especially a concern when involving environmental goods with a predominant non-use value. One test of theoretical validity is the adding-up property that implies that a specific good should be equally valued irrespectively of it is being valued directly or built-up sequentially. In this CV study four independent sub-samples stated willingness to pay for the same composite good, or package, using different sequences. One sub-sample valued the composite good directly, while two sub-samples faced built-up sequences valuing first subsets of this composite good. A fourth sub-sample valued the composite good from a dividing-out approach, facing first the valuation of a larger multi-package. Theoretically expected sequencing effects were observed; the subset goods obtained higher values earlier in a sequence, and the dividing-out approach decreased the stated value for the composite good. Most importantly, these CV data did pass the tests of the adding-up property. 相似文献
80.
Distribution Dynamics of CO<Subscript>2</Subscript> Emissions 总被引:1,自引:0,他引:1
This paper uses nonparametric methods to examine the convergence in CO2 emissions per capita on a sample of 100 countries for the period 1966–1996. Industrial countries show a convergence pattern.
However, there is little evidence of convergence for the whole sample. 相似文献