faculty entrepreneurship and economic development the case of the university of calgary abstract the common perception of universities as merely institutions of higher learning is giving way to one where universities are viewed as engines of economic growth and development this study documents the entrepreneurial activities of the faculty of the university of calgary as well as the impact the university has had and the impact its recent budgetary problems might have on such activities results indicate that nearly 100 new ventures with at least one full time employee were started by faculty or were started as a consequence of significant faculty inputs these ventures in turn have generated at least 723 new jobs in alberta furthermore our projections suggest that faculty entrepreneurs will create approximately 14 ventures per year in the near future implications for the role universities and governments should play to encourage faculty entrepreneurship are discussed

assessment of public acceptance and willingness to pay for renewable energy sources in crete abstract the aim of this study is to analyse and to evaluate the citizens public acceptance and willingness to pay wtp for renewable energy sources res in crete for this purpose a contingent valuation study was conducted using a double bound dichotomous choice format to elicit people s wtp and factors affecting it residents of 1440 households all over crete were interviewed face to face major conclusions can be used as a basis for sustainable energy planning for policies and the formulation of awareness campaigns and for res investment programs and projects in order to prepare implementation conditions and enhance public acceptance of renewable energy investments and programmes mean wtp per household was found to be 16 33 to be paid quarterly as an additional charge on the electricity bill larger willingness to pay was reported by those with high family income and residence size those having a higher level of energy information and awareness concerning climatic change those who have invested in some energy saving measures and those who suffer from more electricity shortages than others

academic research underlying industrial innovations there has been no systematic study of the characteristics of the universities and academic researchers that seem to have contributed most to industrial innovation nor do we know how such academic research has been funded this paper based on data obtained from sixty six firms in seven major manufacturing industries and from over two hundred academic researchers sheds new light on the sources characteristics and financing of academic research underlying industrial innovation the findings should be of interest to economists concerned with technological change and to policymakers attempting to increase the economic payoff from the nation s academic research copyright 1995 by mit press

public preferences for investments in renewable energy production and energy efficiency abstract in this paper we investigate the choices citizens make when asked to express willingness to support a proposed energy policy and are then compelled to allocate the program funds to either renewable energy or energy efficiency in a survey study based on a random sample of residents of the state of maine usa we find that citizens have preferences for specific types of renewable energy but these preferences do not yield significantly different allocation of investment funds between renewable energy and energy efficiency we find that preferences are generally consistent regardless of presentation of options i e limited ordering effects our results also indicate that personal characteristics that are understudied in the energy literature including promotion prevention focus and social fiscal leanings influence both willingness to support energy policies and also their allocation of fund choices but in different ways this suggests the importance of including multiple options in energy policy proposals and that targeted messages regarding the components of such policies is key for optimal communication

a target group specific approach to green power retailing students as consumers of renewable energy an extensive body of literature exists on the obstacles that have to be overcome in green power retailing in this article target group specific marketing is evaluated as a strategy to increase the share of residential customers of green power a sample of students in the city of freiburg germany was interviewed in order to assess their awareness of environmental issues their willingness to change to green power products and to better understand individual hindrances in changing the power supplier the analysis shows that students are highly positive towards green power products but for several reasons difficult to reach in marketing campaigns aspects to be considered in addressing this consumer group include the students particular expectations towards green products their living conditions price sensitivity and their perception of the relative effort involved in changing the power provider

policy orientation effects on performance with licensing to start ups and small companies abstract this study empirically tests a model of a university s selectivity and support policy orientation for technology licensing and its interaction with the external environment for entrepreneurship using a sample of 134 us research universities we investigate main two way and three way interaction effects for two measures of technology transfer performance licenses with companies that subsequently go public and product royalties results indicate both main and moderating effects for both measures of performance implications for practice and policy are offered with special attention to public universities

consumer demand for green power and energy efficiency abstract this article examines reported willingness to pay for electric utility investments in renewable energy and energy efficiency resources using the results of deliberative polls conducted by electric utilities in texas 1 age education and salary tend to affect reported willingness to pay for utility investments in these resources intensive exposure to information about energy resource issues led to an increase in the number of respondents interested in paying a modest premium to support investments in both renewable energy resources and energy efficiency however average reported premiums actually declined following the polls as very high outlier responses moved to more reasonable values following the polls these results support the contention that informed dialogue about energy alternatives will result in broader interest in providing a modest level of support for these resources

strategy and the board of directors in venture capital backed firms abstract the results of this research demonstrate that boards of directors in venture capital backed companies are more involved in both strategy formation and evaluation than are boards where members do not have large ownership stakes these same results are demonstrated even when industry board size level of diversification and insider board representation are held constant agency theory and institutional theory are advanced as reasons for this higher level of involvement venture capitalists are generally seen as value added investors who have played a significant role in the development of many entrepreneurial businesses bygrave and timmons 1992 this success has lead students of industrial competitiveness like thurow 1992 to argue that the venture capitalist should serve as an example for directors of all types of organizations one of the most significant value added activities of the venture capitalist is involvement with strategy fried and hisrich 1995 macmillan kulow and khoylian 1988 sapienza 1989 sapienza et al 1996 rosenstein bruno bygrave and taylor 1993 implicit in the writings extolling directors who act like venture capitalists porter 1992a porter 1992b bhide 1994 thurow 1992 is the belief that they will be more active than traditional board members however little empirical work has been done to directly compare the level of strategic involvement of the two types of boards building on the work of judge and zeithaml 1992 this study compares the level of board involvement with strategy by the boards of venture capital backed companies with the boards of other types of organizations after establishing different levels of involvement it then examines why there is a difference finally this study provides additional empirical evidence on the relationship between board involvement and performance zahra and pearce 1989

the effects of university rules on spinoff creation the case of academia in italy the economics literature provides rich evidence on the convergence between the institutional factors and individual level characteristics influencing the involvement of academia in knowledge transfer activities and spinoff creation however little is known about the effects of internal university regulations on academic entrepreneurship in the last ten years spinoff activity from academia in italy has been intensive and most academic institutions have policies related to the regulation of academic entrepreneurship practices known as regolamento spinoff this paper investigates the impact of the set of university rules governing the creation of spinoffs on institutional capability to generate new ventures based on panel data analysis using detailed university level data on academic spinoffs we identify three classes of institutionally defined rules that can motivate faculty members to establish a spinoff company these are general rules and procedures rules regulating monetary incentives rules related to the entrepreneurial risk we find that at least some rules pertaining to each of these three classes have some effect on spinoff creation in particular we find that monetary incentives play a significant role in promoting academic spinoff activity and that overly restrictive university rules regarding contract research have a negative effect on spinoff creation

renewables portfolio individual preferences and social values towards res technologies abstract the massive deployment of renewable energy sources represents a high priority for greece in order to comply with the directive 2009 28 ec on the promotion of the use of energy from renewable sources by 2020 in this perspective aegean islands especially lesvos are endowed with a considerable potential of a portfolio of renewables a fact that the entrepreneurial interest has already been targeted however regulatory attempts for a massive penetration of renewables do not take seriously into account preferences and risk perceptions of local communities where the proposed projects are to be installed the aim of this study is to investigate individual preferences and social values towards specific technologies of renewables in lesvos island we apply an open ended contingent valuation survey in order to analyze factors shaping public attitudes towards a portfolio of renewable technologies and estimate the economic welfare willingness to pay of the preferred technologies we argue that such information is relevant for energy policy design and the establishment of effective measures for the promotion of renewable energy sources

do contingent valuation estimates pass a scope test a meta analysis abstract this paper considers the scope test proposed to judge the internal consistency of contingent valuation estimates the test is shown to be quite sensitive to the maintained hypotheses required to derive fairly precise expectations for the properties of wtp functions and therefore a different approach may be needed in gauging the reliability of cv this paper describes an approach that relies on a weight of the evidence criterion and uses meta analysis to develop a systematic appraisal of what the economic values of changes in amenity resources are the approach is illustrated for the case of estimating people s willingness to pay for improving or maintaining visibility at the national parks

market and welfare effects of renewable portfolio standards in united states electricity markets abstract this study analyzes the market and welfare effects of the introduction of renewable portfolio standards rps while considering the empirically relevant a interaction of compliance with voluntary green power markets b differences in consumer preferences and c imperfect competition among electricity suppliers the study accounts for both the supply and demand effects of rps i e increased costs and a higher consumer valuation for regular power our analysis shows that the regular power price always increases after the introduction of rps while the effect of rps on the equilibrium price of green power the quantities of regular and green power the welfare of consumers and suppliers profits is case specific and dependent on the relative magnitude of the cost and utility effects the strength of consumer preference for green power the suppliers costs before rps the impact of rps on green power costs and the degree of competition among power suppliers while the introduction of rps aims at increasing the use of green energy in electricity production our analysis shows that the introduction of the policy can end up reducing the total quantity of green power used intriguingly this adverse policy impact will occur under seemingly optimal conditions for the green power sector i e a high consumer valuation of green energy and or low cost difference between the green power and its conventional counterpart finally the analysis shows that the policy design can play a key role in determining the incidence of rps while the identification of the winners and losers of the policy can provide insights on the political economy of rps and the positions held by different groups in policy negotiations

a critical exploration of sponsorship infrastructure and new organizations this research focuses on the effects of public sponsorship and regional infrastructure on the emergence and survival of new organizations propositions are tested regarding the joint effects of sponsorship and infrastructure on industrial development in a randomly selected sample of fourteen regions the data include six measures of infrastructure sponsorship as measured by the total dollars spent for economic development and their individual and joint effects on the number of firms and employees in high technology industries for the years 1965 1970 1975 1980 and 1984 this preliminary analysis suggests that variation in the infrastructure and level of sponsorship within a region is related to the birth and survival of new organizations

mapping the university technology transfer process abstract transfer of technologies from the universities to the private sector is increasingly regarded as playing a significant role in new business starts growth of existing businesses and new job creation further there are monerous models describing the process of technology transfer some of the existing models represent this process as a linear progression of steps from idea generation and technology development at the university to patenting the technology and then establishing a university private firm link through a formal search process the process culminates in patent rights transfer other models describe technology transfer in terms of networking arrangements and emphasize not so much formal search as the role of long term relationships between the two parties still other studies indicate that it is possible to combine the two approaches formal search and informal networking arrangements to ensure successful transfer business firms involved in transfer also may be classified into several groups transfer could occur between the university and an established firm between the university and a recently created new venture or transfer could result in the creation of a new company technology for example could be transferred to a large company that uses the transferred technology as a basis for just one of many product lines or to a small firm that makes the transferred technology a cornerstone of its product strategy are there any differences among the transfer processes used when large or small firms are involved or when technology is transferred to an existing company or results in the creation of a new firm to address these questions we mapped the technology transfer processes of 23 different technologies developed at the university of minnesota from 1983 to 1993 more than half of the technologies studied went to large companies and were used either to upgrade existing products or to extend existing product lines in eight cases technologies were transferred to small firms in three cases technologies were transferred to venture capital firms or intermediaries and had not been commercialized at the time the study was completed in the rest of the cases new firms were created by the inventors university scientists themselves and served as vehicles for marketing their inventions none of the firms of the latter group have grown beyond a part time employment opportunity for the inventors and only one firm provided evidence that additional hiring would be necessary in the near future only four cases involved transfers of technologies that have been developed and patented by the university to firms that did not have any relationships with the university prior to the transfer in these four cases the firms used some form of search strategy to find a needed technology however there is no evidence that any of the firms had a well developed formal search procedure in the overwhelming majority of cases some form of relationship existed between the university or individual inventors and the private firm prior to the transfer these relationships ranged from long term friendships and or cooperation to such less involved forms as interaction at research seminars and university sponsored events further in four cases the technologies were initially developed by private companies whereas the university s role was to assist in refinement or testing of the technology the research yielded a number of additional findings that deserve further investigation and discussion specifically the study did not provide any evidence that the successfully completed technology transfers made any substantial contribution to either new business creation or the generation of new jobs this finding suggests that scholars and policy makers should proceed with caution before accepting a notion that new or high technology firms will have any direct economic impact the study findings hold specific implications for entrepreneurial behavior and public policy the formal search and shopping for a technology model suggests that both business and academic government laboratories publicize respectively their requirements and offerings and that opportunities for creative brokerage ought to exist we found that in the majority of cases technology was transferred not through formal search but through some prior relationships among individuals this observation suggests that the ability to build extended networks of relationships not only within the business world but also with the university community is an important skill that owners and managers of the technology based businesses need to possess entrepreneurs seeking to start businesses based on new technologies may need to reevaluate how much of their limited time to allocate to build and maintain networks and cooperative relationships and how much time to shop for new technologies through formal channels further public policy and the efforts of the university transfer agencies intended to facilitate transfer may need to shift their emphasis from facilitating shopping by organizing and or paying for publicity which is currently the major emphasis to providing assistance in network building and relationship marketing efforts

information bias in contingent valuation effects of personal relevance quality of information and motivational orientation abstract a laboratory experiment examined the potential for information bias in contingent valuation cv consistent with the view that information about a public or private good can function as a persuasive communication willingness to pay wtp was found to increase with the quality of arguments used to describe the good especially under conditions of high personal relevance under low personal relevance wtp for a public but not for a private good was higher when an altruistic as opposed to an individualistic orientation was activated it is concluded that the nature of the information provided in cv surveys can profoundly affect wtp estimates and that subtle contextual cues can seriously bias these estimates under conditions of low personal relevance

university revenues from technology transfer abstract this paper analyzes the financial return of universities taking equity in their spin off companies and the prevailing attitudes toward taking equity the reasons for taking equity include the flexibility it gives licensing managers in structuring deals the possibility that the university will still hold something of value if their technology is replaced and the reduced time required to generate revenue compared to a traditional license a traditional license is preferred when the technology is not suitable for a spin off company or when the technology is one of the rare jackpot licenses that bring in millions of dollars every year the financial reward of taking equity was determined by comparing the value of equity sold in public spin off companies to the return on an average license a traditional license consists of a license issue fee between 10 000 and 250 000 and an annual royalty on sales in 1996 the average annual income from a traditional license was 63 832 the average value of equity sold in 16 university spin off companies is 1 384 242 if one assumes that half the spin offs fail before they go public the average value of equity is 692 121 this is more than 10 times the average annual income from a traditional license and is significantly higher than the amount usually received as a license issue fee the high average value of equity depends on the presence of a few million dollar equity sales if those sales are excluded the average value of equity is 139 722 which is within the range that can be received as a license issue fee there is a high correlation between million dollar equity sales and the amount of venture capital spending in the region the million dollar sales in this study all occurred in the top 11 states in the country in terms of venture capital spending in 1997 from a financial viewpoint it makes sense for licensing managers to take equity in their start up companies our data show that even if none of the start ups produces a million dollar equity sale the financial return of equity will be within the range normally received as a license issue fee taking equity leaves the door open for the occasional jackpot which will bring in significantly more money than a standard license when combined with a strong program of traditional licensing taking equity in start up companies maximizes the financial return that universities realize from their intellectual property

leveraging knowledge as a competitive asset the intensity performance and structure of universities entrepreneurial knowledge exchange activities at a regional level universities are no longer considered to be isolated islands of knowledge but as institutions increasingly engaged with a range of external partners through entrepreneurial activities this paper examines the associations between the intensity and performance of knowledge exchange activities undertaken in uk universities with non academic actors drawing on data concerning the structural factors of interactions of universities in the uk with external partners the paper sheds further light on the nature of these activities through a prism of competitive and uncompetitive regions in order to better understand how universities may be able to leverage both their knowledge and partnerships more effectively as competitive assets on the one hand it is found that academics in uncompetitive regions are more intensively engaged in entrepreneurial activities but generate less income from them than their counterparts in competitive regions suggesting that there are differences in the income generating capacity of academics across regions on the other hand academic knowledge is found to be more strongly bounded within a certain distance in uncompetitive regions whilst geographical distance seems less of a hindrance to academics in competitive regions

wind farm externalities and public preferences for community consultation in ireland a discrete choice experiments approach abstract in ireland the deployment of onshore wind turbines has become progressively more difficult in some areas because of the potential negative externalities associated with their operation using a discrete choice experiment dce we employ a willingness to accept framework to estimate the external effects of wind turbines on local residents with the inclusion of community consultation and to quantify the compensation required to permit wind farms to be built in ireland our findings reveal that the majority of respondents are willing to make monetary tradeoffs to allow for wind power initiatives and we find that respondents require less compensation if provision is made for a community representative and setback distance is increased

are researchers deliberately bypassing the technology transfer office an analysis of tto awareness most universities committed to the commercialization of academic research have established technology transfer offices ttos nonetheless many researchers bypass these ttos and take their inventions directly to the marketplace while tto bypassing has typically been portrayed as deliberate and undesirable behavior we argue that it could be unintentional as many researchers may simply be unaware of the tto s existence taking an information processing perspective and using data on 3250 researchers in 24 european universities we examine researcher attributes associated with tto awareness our evidence confirms that only a minority of researchers are aware of the existence of a tto at their university tto awareness is greater among researchers who possess experience as entrepreneurs closed many research and consulting contracts with industry partners conduct research in medicine engineering or life sciences or occupy postdoctoral positions policy implications of these findings are discussed

technology strategy and software new ventures performance exploring the moderating effect of the competitive environment abstract technology strategy ts is one of the most important aspects of any firm s strategic posture especially in dynamic environments such as the computer software industry not only do new ventures face the pressures that accompany all young companies e g shortages of capital but they also have to keep up with a rapid rate of technological change consequently ts the sum of a firm s choices on how to develop and exploit its technological resources can profoundly affect a venture s performance and survival this empirical study examines the relationships between ts and new venture performance nvp by focusing on ts variables and analyzing their performance outcomes the study offers insights into the factors that can influence the success of new ventures in a fast paced environment this study also examines key environmental moderators those external environmental forces which can significantly impact the strength or direction of the relationship between a firm s ts and nvp the study examines five tss that can enhance npv the first is radicality which means developing and introducing new products ahead of competitors the second is the intensity of product upgrades which refers to a venture s commitment to introducing more refinements and extensions of its products than its competition the third is the level of r d spending which indicates a venture s strong investment in internal research and development activities the fourth is the use of external technology sources e g strategic alliances and licenses to augment a firm s own r d efforts the final dimension is the use of

university start up formation and technology licensing with firms that go public a resource based view of academic entrepreneurship abstract although academic entrepreneurship is a topic receiving some attention in the literature higher education s appetite for expanding technology transfer activities suggests that more research is needed to inform practice this study investigates the effects of particular resource sets on two university commercialization activities the number of start up companies formed and the number of initial public offering ipo firms to which a university had previously licensed a technology utilizing multisource data on 120 universities and a resource based view of the firm framework a set of university financial human capital and organizational resources were found to be significant predictors of one or both outcomes

determinants of entrepreneurial activities in china abstract the institutional environment including protection of private properties and contract enforcement has been rather unfavorable for the emergence and development of china s private enterprises this is in sharp contrast to the case of the developed economies where the institutional environment is conductive to the entrepreneurial activities and only the personal attributes of would be entrepreneurs determine their entrepreneurship decision we thus propose a theoretical framework for the entrepreneurship decision in china with a focus on the role of the institutional environment using a life histories survey data of 2854 respondents from twenty cities in china we find strong support for the impacts of the institutional environment and its interactions with other determinants of entrepreneurship decision

households willingness to pay for safeguarding security of natural gas supply in electricity generation abstract security of energy supply is a major issue for all eu member states due to europe s increasing dependence on imported fossil fuel sources and the continuous rise in energy demand the latter is of particular importance in electricity sector given the continuously increasing use of gas for electricity generation in order to properly tackle with the problem concerted actions are required by the eu member states in several levels i e legislative political etc nevertheless these actions will come at an additional cost paid by the society either through increased electricity bills or through public financing for energy security investments thus such policies should be justified on the basis of cost benefit analysis towards this direction it may be necessary to take into account non market costs and benefits i e the value that consumers place on interruptions avoided in order to explore households perceptions and willingness to pay for securing gas supply for electricity production an empirical study was conducted by means of the contingent valuation method the results indicate that consumers are willing to pay a premium on their electricity bills in order to internalize the external costs of electricity production in terms of energy security which are caused from imported fuels

price setting in indian industry abstract price setting models with variable mark up rates are specified and estimated for four sectors of indian industry it is found that capacity utilisation has a significant effect on mark up rates implying a phillips curve type trade off between output and prices international prices do not appear to be as important in the price setting behaviour of firms

electricity restructuring greenhouse gas emissions efficiency and employment reallocation abstract this paper focuses on demonstrating the feedback relationships between greenhouse gas emissions efficiency in the electricity sector and employment reallocation with a consideration of the effects of electricity restructuring and socio demographic factors we postulate the construction information manufacturing utilities and mining sectors as a group of emissions efficiency related industries and identify the mutual relationships the emissions efficiency positively influences the job shares of these industries except mining whereas increased employment in these industries has a negative effect on the emissions efficiency electricity restructuring has a positive effect on overall employment however it does not have a statistically significant effect on the emissions efficiency additionally population aging and educational attainment have positive effects on the emissions efficiency and a higher proportion of rental households has a negative influence on it increases in renewable energy and nuclear energy generation have elastic effects on enhancing emissions efficiency

can renewable energy be financed with higher electricity prices evidence from a spanish region abstract in this paper we estimate the willingness to pay for mix of renewable sources of electric power by means of a discrete choice experiment survey conducted in spain in 2010 two main categories of power supply attributes are explored source of renewable power wind solar and biomass and the origin of such power the findings suggest that most consumers are not willing to pay a premium for increases in the shares of renewable in their electricity mix for two of the three renewable sources considered wind and biomass an increase of the renewable mix would require a discount instead we record positive willing to pay for increases in the share of both solar power and locally generated power however preferences for types of renewable solar and wind are found to be heterogeneous by classifying respondents in two groups according to the implied importance of the share of renewable sources in their power mix we identify a market segment consisting of 20 of respondents that could promote renewable energy in the absence of subsidies this is because such a segment shows willingness to pay higher than the current feed in tariffs

propensity of green consumption behaviors in representative cities in china abstract green consumption behaviors are based on consumers attitude however there is a gap between them improving green consumption attitude will to a large extent affect the acceptance of green consumption the study interviewed consumers in four representative cities in china through questionnaires which was to search for a solution that affect consumers willingness to pay for green products by employing a multivariate logistic regression furthermore an empirical analysis was made to study their green consumption behaviors it is shown that chinese consumers have already been aware of green consumption to a certain extent and that green consumption willingness is influenced by age location sources of information and a host of other factors at present nearly half of the consumers are willing to pay an extra of no more than 5 for green products which is lower than the premium price for green products relative to non green ones however the actual premium price of green products in china exceeds this level in general rendering green products a less advantageous position in markets approaches including multiple marketing channels trade in services and green branding can effectively raise consumers reserve price for green products

us consumers willingness to pay for green electricity abstract we analyze us consumers demand for environmental attributes of deregulated residential electricity services using results from a survey designed to elicit consumers willingness to pay for such attributes and using results from a hedonic analysis of actual price premiums charged for green electricity in several deregulated markets survey results suggest that many population segments are willing to pay for decreased air emissions even if there is no alteration in fuel source furthermore several groups are willing to pay significantly more when emissions reductions stem from increased reliance upon renewable fuels the hedonic analysis suggests that several product features not considered in the survey help explain real price premiums including fuel mix from newly created renewable generation capacity green e certification brand name and state of offer while survey and hedonic results are not easily compared due to limitations of the survey both point to similar values for key environmental attributes though the survey results are likely to overstate actual willingness to pay in sum the results suggest that consumer driven purchases can in part support the future of renewable generation capacity in the united states though reliance upon other policy alternatives may be needed if energy prices spike

valuing a wind farm construction a contingent valuation study in greece abstract our analysis is based on data from a double bounded dichotomous choice contingent valuation study implemented to elicit public attitudes towards renewable energy generation and their willingness to pay for the construction of a wind farm in the area of messanagros in the island of rhodes greece results indicate that there are significant positive values deriving from the proposed project respondents report a mean willingness to pay a premium in their bi monthly electric bills of 8 86 for the sole purpose of the construction of the wind farm the estimated economic benefits to the local population are weighed against the investment cost in a cost benefit analysis to inform policy making and implications for eu energy policy are provided

the public s value for developing ocean energy technology in the republic of korea a contingent valuation study abstract ocean energy is a type of renewable energies and is considered as having a potential power of providing a substantial amount of energy although some forms of ocean energy are developed there is a need for further technological advances to better utilize ocean energy government should take observable actions to compensate for the costs of developing the technology this paper attempts to apply a contingent valuation cv method to obtaining at least a preliminary evaluation of the benefits that ensue from the development of the technology that commercializes ocean energy in the republic of korea overall the cv survey was successfully carried out to elicit the willingness to pay wtp for ocean energy the wtp was statistically significantly estimated from one and one half bounded spike model and the monthly mean wtp estimates was krw 1003 usd 0 9 per household the estimates of the annual benefits to relevant residents amounted to krw 206 4 billion usd 183 8 million

economic evaluation of environmental externalities in china s coal fired power generation abstract serious environmental externalities exist in china s power industry environmental economics theory suggests that the evaluation of environmental externality is the basis of designing an efficient regulation the purposes of this study are 1 to identify chinese respondents preferences for green development of electric power industry and the socio economic characteristics behind them 2 to investigate the different attitudes of the respondents towards pollution and co2 reduction 3 to quantitatively evaluate the environmental cost of china s coal fired power generation based on the method of choice experiments ce and the 411 questionnaires with 2466 data points we found that chinese respondents prefer pm2 5 so2 and nox reduction to co2 reduction and that the environment cost of coal fired power plants in china is 0 30 yuan per kwh in addition we found that the socio economic characteristics of income education gender and environmental awareness have significant impacts on respondents choices these findings indicate that the environmental cost of coal fired power generation is a significant factor that requires great consideration in the formulation of electric power development policies in addition importance should also be attached to the implementation of green power price policy and enhancement of environmental protection awareness

stuck between a roc and a hard place barriers to the take up of green energy in the uk abstract this paper examines the uk mechanisms for ensuring future investment in renewable energy through consumer adoption of green energy tariffs and the renewable obligation certificate roc system using a national survey and focus groups the stated willingness by uk customers to pay a premium for renewable or green energy and actual take up of such tariffs is assessed substantial differences between willingness to pay for and the adoption of green energy tariffs are reported this disparity is linked to a range of factors including consumer confusion lack of supply complexities of constructing green source tariffs under the roc system and a lack of customer trust it is concluded that the re definition of the green energy market in favour of green source tariffs greater direct compliance with the renewable obligation by addressing supply constraints and efforts in providing clearer information and choices for consumers via a compulsory green energy accreditation scheme are required if willing consumers are to contribute to investment in renewable energy

industrial price behaviour in india abstract this paper investigates industrial pricing rules in the indian economy focusing on the behaviour of the price cost relation over the cycle a price equation for aggregate industry is specified with regard to the possible existence of error correcting mechanisms in the data generating process and a crucial result from the theory of co integrated variables is exploited in the evaluation of the estimates this constitutes a fresh approach to the modelling of price behaviour in the indian economy the results warrant the conclusion that the mark up is a counter cyclical variable

academic spin off s transfer speed analyzing the time from leaving university to venture for academic spin offs i analyze the length of time between the founder s leaving of academia and the establishment of his firm technology transfer can take place even years after leaving the mother institution a duration analysis reveals that a longer time lag is caused by the necessity of assembling complementary skills either by acquisition by a single founder or by searching for suitable team members furthermore new ventures are established earlier if the intensity of technology transfer is high the founders have access to university infrastructure or received informal support by former colleagues

applying threshold models to donations to a green electricity fund this study applies a threshold model proposed by granovetter 1978 to analyze the diffusion process of donating behavior for renewable energy we first use a stated preference survey to estimate the determinants of a decision to support the donation scheme under various predicted participation rates using the estimated coefficients we simulate how herd behavior spreads and the participation rate reaches the equilibrium the participation rate at the equilibrium is estimated as 37 88 when the suggested donation is 500 yen while it is 17 76 when the suggested amount is 1000 yen the influence of environmentalism and altruism is also examined and we find that these motivations increase the participation rate by 31 51 on average

the impact of firmspecific capabilities on the amount of capital raised in an initial public offering evidence from the biotechnology industry abstract going public has a magical sound to most entrepreneurial managers by going public the firm increases its legitimacy in the business community improves access to debt financing and creates a means of exit for major shareholders however by far the most important reason for going public is to infuse a significant amount of investment capital into the firm it is well documented that small businesses frequently fail because of insufficient funding and heavy debt loads issuing an initial public offering ipo allows entrepreneurial firms to overcome these pitfalls clearly if access to capital is the major goal of going public then the success of an offering is measured by the amount of capital raised by the firm this study presents a model of the total amount of capital raised by a firm through an ipo the explanatory variables include several indicators of the scientific capabilities of the firm including the location of the firm the quality of the research staff the number of products under development the number of patents held by the firm and the firm s prior spending on research and development r d the model is empirically tested on a sample of 92 biotechnology ipos the results provide strong support for the hypothesized positive relationship between the total amount of capital raised by a firm s ipo and the scientific capabilities of the firm our results have important implications for entrepreneurs first an entrepreneur needs to develop and send credible signals indicating the value of the firm s intangible assets to the market second the market values as deep a product pipeline as possible given a firm s resource constraints third choice of location is a key strategic decision that should not be overlooked fourth the market values firm specific capabilities and will increase the capital it is willing to invest in a firm accordingly finally the amount of capital a firm raises in its ipo can be influenced by entrepreneurial managers strategic decisions

institutional determinants of university spin off quantity and quality a longitudinal multilevel cross country study the creation of spin off firms from universities is seen as an important mechanism for the commercialization of research and hence the overall contribution from universities to technological development and economic growth governments and universities are seeking to develop framework conditions that are conductive to spin off creation the most prevalent of such initiatives are legislative changes at national level and the establishment of technology transfer offices at university level the effectiveness of such initiatives is debated but empirical evidence is limited in this paper we analyze the full population of universities in italy norway and the uk three countries adopting differing approaches to framework conditions to test whether national and university level initiatives have an influence on the number of spin offs created and the quality of these spin offs building on institutional theory and using multilevel analysis we find that changes in the institutional framework conditions at both national and university levels are conductive to the creation of more spin offs but that the increase in quantity is at the expense of the quality of these firms hence the effect of such top down changes in framework conditions on the economic impact from universities seems to be more symbolic than substantive

did accelerated depreciation result in lower generation efficiencies for wind plants in india an empirical analysis abstract india ranks fifth in wind energy installations in the world with an installed wind capacity is 22 gw at the end of 2014 this has been made possible by a combination of federal financial incentives and state level feed in tariffs the federal policies are accelerated depreciation which allows for higher depreciations in earlier years and generation based incentive which provides a premium for each unit of generation accelerated depreciation appears to be more effective from deployment and cost perspectives whereas generation based incentive is said to be more effective in incentivizing generation in this paper using multivariable linear regressions on a sample of approximately 40 wind plants while controlling for wind regime and wind turbine technology we investigate the incremental impact of generation based incentive compared to accelerated depreciation we find that generation based incentive results in at least 3 percentage points higher plant load factors than accelerated depreciation this indicates that if higher generation is the goal of renewable policies generation based incentive should be preferred to accelerated depreciation this would be similar to the move from investment tax credit to production tax credit in the u s

macro policy in the tropics how sensible people stand abstract a model for macro policy analysis is set out incorporating an inflation theory based on distributional conflict output and current account adjustment mechanisms and the money market classic structuralist results about contractionary devaluation and stagflationary monetary restriction are derived alternative closures of the model are considered monetarism and external strangulation or foreign exchange bonanzas and it is extended to deal with interest rate reform short term stabilization issues are analyzed monetary and fiscal policy import quotas and export subsidies as opposed to devaluation financial market complications food subsidies and public sector pricing and orthodox and heterodox anti inflationary programs finally medium term processes of inflation distribution and growth are described an example of an irreversible contractionary shock which leads the economy from a distributionally favorable to an unfavorable steady state is presented

the impact of market competition on ceo salary in the us energy sector1 abstract in this work we examine the impact of market competition on ceos salaries by analyzing a sample of alls p american firms in the energy sector in the 1992 2015 time span and measuring market competition by means of the so called herfindhal hirschman index we divide industries into three sub groups based on small medium and high market concentration and try to expand our research by exploring the impact of the recent financial crisis the paper investigates how ceos salaries are affected by firm level determinants e g firm size returns on assets returns on equity capital expenditure market concentration tobin s q etc as well as by the individual characteristics of each ceo e g ceos age gender based on our findings the market concentration index in the us energy sector has a negative and statistically significant impact on ceo salary for all firms that operate in either a highly monopolistic or a purely competitive environment the results of this empirical work are robust after examining for different alternative high order fixed effects specifications

the economic value of south korea s renewable energy policies rps rfs and rho a contingent valuation study abstract amid growing environmental awareness the diffusion of renewable energy has attracted greater attention from both the public and policymakers to respond to global environmental concerns the korean government implemented a renewable portfolio standard rps in the electric power sector in 2012 it plans to introduce a renewable fuel standard rfs and a renewable heat obligation rho in the transportation and heating sectors in 2015 and 2016 respectively as such this study applies the contingent valuation method to elicit the willingness of korean households to pay more for their energy bills in order to support enforcement of these three policies the analysis considers the economic values of each individual policy as well as the aggregate value at the national level respondents mean willingness to pay for rps rfs and rho are estimated as 3287 5 4432 9 and 3971 1 korean won per month respectively these are equivalent to 5 8 1 5 and 2 0 respectively of current average monthly electricity transportation and heating expenses although all three policies appear highly feasible a cautious approach is necessary given the large proportion of respondents with zero willingness to pay furthermore although the level of willingness to pay for renewable electricity in korea has increased in recent years it remains low when compared to other leading countries such as japan

investment preferences for wood based energy initiatives in the us abstract the forest sector is poised to become a major supplier of wood based energy in the us prospects for growth in energy demand and higher prices can create opportunities for private investments in renewable energy industries a conjoint analysis examined individuals willingness to invest in wood based energies following a random utility model the study design included three investment attributes annual returns on investment type of investment and location of investment three ordinal models that also included demographic and attitudinal characteristics indicate that wood based energy is less preferred among potential investors compared to the stock market and solar wind renewable energy investments expected returns and location of energy investments within the us are also major drivers of investment preferences favorable attitudes towards forestry and wood based energy could enhance prospects for a greater number of potential investors

valuing climate protection through willingness to pay for biomass ethanol abstract this study uses a multi part split sample contingent valuation method cvm and fair share fs survey to better understand the public s valuation of mitigating global climate change through its willingness to pay for biomass or cellulosic ethanol in addition to a basic cvm question a related scenario was developed that asked half of the survey respondents to state their fair share cost to lessen a potential food shortage in the next decade also through the expanded use of cellulosic ethanol three alternative biomass feedstocks were assessed farming residues forestry residues and paper mill wastes and municipal solid wastes overall a slightly larger proportion of respondents were wtp extra for cellulosic ethanol in the basic cvm scenario than in the fs scenario though no significant differences were found in the wtp for the different feedstocks bid curve lognormal regression results for the two models were similar supporting the idea that asking a fs rather than a conventional wtp question may be justifiable in some circumstances such as in cases of a national emergency

social acceptance of renewable energy sources a review of contingent valuation applications abstract this paper presents a literature review addressing the public acceptance of renewable energy as a replacement for fossil fuels in electricity production this review was motivated by the global tendency for a substitution of conventional fuels by renewable energy sources res during the global financial crisis it studies research on the preferences and attitudes of local communities towards investments in renewable energy projects and their perception of the use of new energy technologies in their daily lives through various case studies worldwide an effort is made to identify the parameters that influence consumers energy behaviour together with their interest or lack thereof in the environmental impact of using fossil fuels to produce energy and their willingness to reduce it applications of contingent valuation are examined which are employed to analyse public attitudes towards the use of res for electricity production willingness to pay is observed to be correlated to socioeconomic characteristics including education interest in environmental issues and knowledge of res finally the profile of a typical green energy consumer and appropriate policy paths for the penetration of res into the energy market are outlined

price rigidities and market structure conventional wisdom has it that a large part of the explanation of keynesian unemployment is the observed rigidities of wages and prices what has been lacking however is a satisfactory theory or conjunction of theories which explains how wages and prices can be at non market clearing levels the objective of this paper is to sketch out several alternative theoretical explanations of this phenomenon each in contrast with keynesian theory is consistent with the observation that as the economy goes into a recession real product wages do not increase and may in fact decrease all of the theories assume rational profit maximizing firms and all entail some important departure from the standard competitive paradigm the first three explanations represent minor adaptations of standard models

universities and industrially relevant science towards measurement models and indicators of entrepreneurial orientation abstract which university departments engaged in industrially relevant science are likely candidates to become entrepreneurial at present there are neither measurement models nor leading indicators that can answer such questions at an international comparative level this paper introduces concepts theory and a measurement model for identifying the early stages of a university s enterpreneurial orientation within a quantitative analytical framework this approach focuses specifically on university industry interactions in which the connectivity between academic science and industrial research is captured and measured empirically in terms of 1 public private co authored research articles and 2 references citations within corporate research articles to university research articles the paper examines a range of country level and institutional determinants of industrially relevant science across 18 research areas of significant industrial interest and at two different levels of analysis research systems of oecd countries and large sets of research universities within those countries the results of these large scale analyses along with those of a case study dealing with european universities active in the field of immunology research suggest that many structural factors determine university industry interactions and the potential for entrepreneurial orientation the two connectivity indicators appear to be of minor significance compared to a university s country of location and the magnitude of its research activities in industrially relevant fields of science

the impact of household behavioral changes on ghg emission reduction in lithuania abstract it is commonly understood that households must change their behavior to reduce problems related increased energy consumption and climate change therefore in the search of cheap ghg emission reduction measures households are an important target group because they are responsible for more than 20 of total energy consumption in developed countries in addition waste management and responsible consumption of products are the key issues in ghg emission reduction the aim of the paper is to assess ghg emission reduction potential in households in terms of behavioral changes towards sustainable consumption the review of literature on analysis of households behavioral changes impact on ghg emission reduction was performed the daily survey of household agenda and energy use records were performed in lithuania for two scenarios baseline and ghg emission reduction scenario including energy saving ghg emission reduction potential in household was assessed based on daily survey data and energy consumption records by applying carbon calculator based on modified coefficients evaluated ghg emission reduction potential in households was compared with ghg emission reduction potentials in other sectors of lithuania based on analysis performed in the paper the tools to promote household behavioral changes towards sustainable consumption were proposed

technology transfer and public policy a review of research and theory abstract my purpose is to review synthesize and criticize the voluminous multidisciplinary literature on technology transfer to reduce the literature to manageable proportions i focus chiefly not exclusively on recent literature on domestic technology transfer from universities and government laboratories i begin by examining a set of fundamental conceptual issues especially the ways in which the analytical ambiguities surrounding technology transfer concepts affect research and theory my literature review follows and i emphasize technology transfer s impact and effectiveness i employ a contingent effectiveness model of technology transfer to organize the literature as the model s name implies it assumes that technology effectiveness can take a variety of forms in addition to examining the more traditional effectiveness criteria those rooted in market impacts the model considers a number of alternative effectiveness criteria including political effectiveness capacity building

willingness to pay for green electricity in korea a contingent valuation study abstract green electricity is energy that is generated from renewable energy sources such as solar power wind power small scale hydroelectric power tidal power and biomass power these sources mostly do not produce pollutants and are considered environmentally friendly however considering the current state of technology they are more costly government should take visible actions to compensate for the increased production costs this paper attempts to apply a contingent valuation cv method to obtain at least a preliminary evaluation of the benefits that ensue from the introduction of the policy that raises the percentage of green electricity consumption from 0 2 of the total electricity supply to 7 by 2011 overall the cv survey was successful in eliciting the willingness to pay wtp for green electricity considering that the cv method operated within respondents abilities to answer and the wtp estimates were statistically significant the monthly mean wtp estimates from parametric and non parametric methods were krw 1681 usd 1 8 and krw 2072 usd 2 2 respectively the estimates of the annual benefits to relevant residents amounted to krw 150 5 billion usd 157 5 million and krw 185 6 billion usd 194 2 million respectively

testing the internal consistency of contingent valuation surveys abstract for an internal consistency check one can examine wtp responses to different surveys holding an environmental problem constant concave preferences imply wtpconcavein the success of a remedy the same preferences imply wtpconvexin the magnitude of an environmental problem assuming a successful remedy having opposite signed curvature of these two wtp patterns is general not requiring concave preferences for an adding up test an environmental commodity can be divided then wtp for one part plus wtp for the second part conditional on already having the first part equals wtp for the whole adjusted by an income effect

explaining demand for green electricity using data from all u s utilities abstract green electricity programs enable households to voluntarily contribute to the development of renewable electricity by purchasing green electricity through their local utility using a dataset of all utilities in the united states this paper explores the utility consumer and program characteristics that influence participation levels in green electricity as well as whether a utility chooses to offer a program among other results we find that the key determinants of program participation are the education of the consumer base and the affordability of the green electricity program our results enhance understanding of private provision of environmental public goods and could aid in ex ante evaluations of whether a green electricity program is likely to cover its administrative costs or be a cost effective way of improving environmental quality

decision making governance for purchases of solar photovoltaic systems in japan in this study we analyze the factors that affecting purchasing decision time for solar photovoltaic pv s in japan based on our survey consumers spend about 4 months to make purchase decision also our estimation results show that information and knowledge that consumers obtained from the neighborhood and elsewhere make consumers more careful in their decision making and extend the purchase decision on the other hand experts on the advantages and disadvantages of installation shortened the decision time the situation and environment of each household in terms of income family size and the way of purchase of new homes have influenced on the decision to purchase a pv system in addition the availability of feed in tariffs was highly correlated with purchasing motivation but unexpectedly the capital subsidy programs have either little impacts or even delayed impacts on the purchasing timing

entrepreneurial orientation technology transfer and spinoff performance of u s universities this paper adopts a resource based perspective to understand why some universities are more successful than others at generating technology based spinoff companies in this respect we derive eight hypotheses that link attributes of resources and capabilities institutional financial commercial and human capital to university spinoff outcomes using panel data from 1980 to 2001 our econometric estimators reveal evidence of history dependence for successful technology transfer to occur although faculty quality size and orientation of science and engineering funding and commercial capability were also found to be predictors of university spinoff activity we conclude by drawing implications for policy makers and university heads