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61.
Using a choice experiment, this paper investigates how Swedish citizens value three environmental quality objectives. In addition, a follow-up question is used to investigate whether respondents ignored any attributes when responding. The resulting information is used in model estimation by restricting the individual parameters for the ignored attributes to zero. When taking the shares of respondents who took both the environmental and the cost attributes (52–69% of the respondents) into account, then the WTP for each attribute changes if the respondents who ignored the attributes have a zero WTP. At the same time, we find evidence that not all respondents who claimed to have ignored an attribute really did. However, the most commonly ignored non-monetary attributes always have the lowest rankings in terms of WTP across all three environmental objectives. Thus, our results show that instead of ignoring attributes completely, respondents seem to put less weight on the attributes they claimed to have ignored. 相似文献
62.
We study the channels parents use to make transfers to their children. First, we focus on the relationship between investments in education and property transfers. Second, we turn to how property transfers are divided between inter vivos gifts and bequests. We use a Swedish dataset that is superior to previously used data as it contains information on both gifts and inheritances received from parents. We estimate models for the probabilities of having university education, receiving gifts, and receiving inheritances. In addition, we estimate models for gift and inheritance amounts. We find that the more resources parents have, the higher the likelihood of transfers, and that the correlation between receiving inter vivos gifts and inheritances is very high. Finally, women are more likely to have university education and to receive gifts, and daughters receive gifts of larger amounts than sons, although there are no differences in terms of inheritance. 相似文献
63.
In this article, we propose a model selection approach for testing structural breaks in a semiparametric panel varying coefficient model. Monte Carlo evidence shows that the proposed model selection approach performs well in finite sample settings. Applying the method to an empirical data, we find evidence of structural breaks in Organisation for Economic Co-operation and Development (OECD) health expenditure data by allowing for income elasticity to be state (income)-dependent. The relationship between health expenditure and income is subject to two types of structural changes: smooth changes over income and structural breaks in the time dimension. The findings hold for both foreign exchange rate-converted and Purchasing Power Parity-converted expenditure and GDP. 相似文献
64.
The time-varying natural rate of interest and output and the implied medium-term inflation target for the US economy are estimated over the period 1983–2005. The estimation is conducted within the New Keynesian framework using Bayesian and Kalman-filter estimation techniques. With the model-consistent estimate of the output gap, we get a small weight on the backward-looking component of the New Keynesian Phillips curve—similar to what is obtained in studies which use labor share of income as a driver for inflation (e.g., Galí, Eur Econ Rev 45(7):1237–1270, 2001; Eur Econ Rev 47(4):759–760, 2003). The turning points of the business cycle are nevertheless broadly consistent with those of CBO/NBER. We find considerable variation in the natural rate of interest while the inflation target has been close to 2% over the last decade. 相似文献
65.
We propose a Markov switching cointegration approach to assess long run fiscal sustainability. This method allows us to simultaneously: (1) test for cointegration in the presence of significant fiscal policy changes; (2) assess the type of fiscal regime that a country experienced at a given period and (3) analyse the timing of the transition between the estimated regime types. Given its flexibility, our approach enable us to uncover a richer and more complex dynamics in the analysis of fiscal sustainability, which standard linear cointegration methods fail to capture. 相似文献
66.
In this study, we examine the price process of eBay online auctions. We pool sparse and unevenly spaced bidding histories of individual auctions, resulting in an unbalanced panel of bids. Since the price processes of online auctions are monotonically increasing within individual auctions and exhibit a substantial degree of heterogeneity, we propose a monotone series estimator for panel data with auction-specific slopes for a common relative price growth curve. We generalize Ramsay’s (1998, J R Stat Soc B 60(2):365–375) monotone series estimator to fit our panel model of the price process. We apply the proposed model and estimator to eBay auctions of a popular hand-held device (a Palm PDA). The results are shown to capture closely the overall pattern of observed price dynamics. In particular, the early bidding, mid-auction bidding drought, and end-auction bid sniping are well approximated by the estimated price curve. 相似文献
67.
Invasive animal pests reduce crop and livestock output, require management and control measures, and threaten native plants, animals and their habitat. The agricultural and management costs are often directly measurable. But the costs to protect threatened native plants and animals are harder to assess. The Rural Lands Protection Boards were the government agency in New South Wales that managed invasive animals. An analysis of their decisions provided the opportunity to estimate the costs of protecting native species. The number of native plants and animals threatened by invasive pests was modelled against the expenditure, area, pest abundance, climate and location of 38 Board districts. There was a strong negative relationship between the number of threatened native species and Board expenditure. This relationship was interpreted to estimate the marginal cost of protecting a threatened native species, the downward shift in the supply curve necessary to protect all threatened native species, and the gains from the shift in the form of cost savings in the continued protection of non-threatened native species. These results value some of the costs that invasive animal pests impose on the environment. 相似文献
68.
Stephen Polasky Erik Nelson Derric Pennington Kris A. Johnson 《Environmental and Resource Economics》2011,48(2):219-242
Land-use change has a significant impact on the world’s ecosystems. Changes in the extent and composition of forests, grasslands, wetlands and other ecosystems have large impacts on the provision of ecosystem services, biodiversity conservation and returns to landowners. While the change in private returns to landowners due to land-use change can often be measured, changes in the supply and value of ecosystem services and the provision of biodiversity conservation have been harder to quantify. In this paper we use a spatially explicit integrated modeling tool (InVEST) to quantify the changes in ecosystem services, habitat for biodiversity, and returns to landowners from land-use change in Minnesota from 1992 to 2001. We evaluate the impact of actual land-use change and a suite of alternative land-use change scenarios. We find a lack of concordance in the ranking of baseline and alternative land-use scenarios in terms of generation of private returns to landowners and net social benefits (private returns plus ecosystem service value). Returns to landowners are highest in a scenario with large-scale agricultural expansion. This scenario, however, generated the lowest net social benefits across all scenarios considered because of large losses in stored carbon and negative impacts on water quality. Further, this scenario resulted in the largest decline in habitat quality for general terrestrial biodiversity and forest songbirds. Our results illustrate the importance of taking ecosystem services into account in land-use and land-management decision-making and linking such decisions to incentives that accurately reflect social returns. 相似文献
69.
Rupert Gatti Timo Goeschl Ben Groom Timothy Swanson 《Environmental and Resource Economics》2011,48(4):609-628
We employ cooperative bargaining theory and Nash’s ‘rational threats’ idea to cast light on the biodiversity bargaining problem. The problem of global environmental negotiations is argued to be of the nature of a bargaining problem, in which bargainers must agree on the distribution of cooperative surplus in order to move to the bargaining frontier. We discuss the importance of both efficiency (bargaining frontier) and fairness (recognition of characteristics of bargainers) in the choice of the appropriate contract. We show that the incremental cost contract, used to resolve the biodiversity bargaining problem, is of the form of an extreme point contract that fails to recognise the contributions of the South to the production of cooperative surplus. A rational response to such a contract is the use of threats of biodiversity destruction. Contracts must evince both efficiency and fairness in order to represent lasting solutions. 相似文献
70.
We offer an analysis of the existence of a positive relationship between minimum wages and economic growth in a simple one-sector overlapping generations economy à la Romer (J Polit Econ 94:1002–1037, 1986), in the case of both homogeneous and heterogeneous labour and without considering any growth-sustaining externalities which the minimum wage can generate. Assuming also the existence of unemployment benefits financed with balanced-budget consumption taxes not conditional upon age, we show that the minimum wage can promote economic growth and welfare despite the occurrence of unemployment. There may also exist a growth- and welfare-maximising minimum wage. 相似文献