the analytics of the pricing of higher education and other services in which the customers are inputs many services provide outputs that depend partially on the customers as inputs the presence of other customers often contributes to the output experienced by each purchaser higher education is the premier example others are legion we provide a simple model that addresses the questions of competitive pricing and allocative efficiency for these types of services prices that charge customers for what they get on net output minus input from the firm both are competitive and support efficient allocations these prices internalize the apparent external effects of customers on each other few examples of such prices exist in the real world

choosing a place to live and a workplace espanolen este trabajo se estudia como la politica fiscal y los costos de transporte determinan la distribucion geografica de los trabajadores y las familias se utiliza un modelo simple de dos regiones con costos de transporte bienes publicos locales e infraestructura local se presenta una breve revision de literatura relacionada que estudia otros factores determinantes de la localizacion de los agentes se argumenta que las cuestiones estudiadas juegan un rol importante en la distribucion geografica de la actividad economica en el area urbana del gran buenos aires englishwe study how fiscal policies and commuting costs determine the geographical distribution of workers and households in an economy we characterize equilibrium outcomes in a simple two region model with commuting costs local public goods and local infrastructure we also provide a short survey of the related economic literature that discusses other important factors driving the localization decisions of agents finally we argue that the issues raise in this paper play a significant role in the geographic distribution of economic activity in the greater buenos aires urban area of argentina

political economy of public education non college bound students my previous research showed that two important changes in the political environment of public schools growing teacher unionization and a shift of funding responsibility to state governments adversely affected the performance of college bound students here i show similar impacts for public school students who do not go to college these effects are found in analyses of 1971 91 changes in a school performance measure derived from individual scores on the armed forces qualifying test comparative analysis of performance trends in different areas of the same state suggests that the adverse performance effects of teacher unionization and spending centralization stem from their impact on state educational policy rather than on the direct operation of schools these adverse effects are also found for students in the lower tail of achievement and for black students they are not plausibly related to broader political and social changes

out of sample comparison of copula specifications in multivariate density forecasts we introduce a statistical test for comparing the predictive accuracy of competing copula specifications in multivariate density forecasts based on the kullback leibler information criterion klic the test is valid under general conditions in particular it allows for parameter estimation uncertainty and for the copulas to be nested or non nested monte carlo simulations demonstrate that the proposed test has satisfactory size and power properties in finite samples applying the test to daily exchange rate returns of several major currencies against the us dollar we find that the student s t copula is favored over gaussian gumbel and clayton copulas this suggests that these exchange rate returns are characterized by symmetric tail dependence

the implications of competition among jurisdictions does tiebout need politics the paper investigates whether compensation among local jurisdiction is by itself sufficient to ensure efficient provision of local public goods jurisdictions have fixed boundaries and each has an entrenched government with the power to tax and supply the public good residents can move costlessly among jurisdictions it is shown that competition among numerous jurisdictions is not sificient to guarantee public sector efficiency though residents can vote with their feet land is immobile hence governments can unsurp some land rents for their own ends increasing the number of jurisdictions limits but cannot completely eliminate the ability to exercise discretionary governmental power

on the political economy of means tested education vouchers abstract we use computational experiments to study the impact of means tested education vouchers on the level and distribution of educational expenditures our benchmark is a regime where public and private schools coexist our means tested voucher regime is one where households with lower incomes receive a larger voucher both the level of funding and the allocation of vouchers by income are endogenously determined by sequential majority voting we examine the effect on educational expenditures of switching from a mixed public private education regime to a means tested voucher regime or to a uniform voucher regime where all households receive the same voucher we find that i under means tested vouchers public funding for education is the smallest but average educational expenditure is the largest ii inequality of educational resources is smaller under means tested than that under uniform vouchers or the mixed regime iii the poor and the rich households prefer means testing to either the mixed or uniform regime

an econometric study of co2 emissions energy consumption income and foreign trade in turkey abstract this study attempts to empirically examine the dynamic causal relationships between carbon emissions energy consumption income and foreign trade in the case of turkey using the time series data for the period 1960 2005 this research tests the interrelationship between the variables using the bounds testing to cointegration procedure the bounds test results indicate that there exist two forms of long run relationships between the variables in the case of first form of long run relationship carbon emissions are determined by energy consumption income and foreign trade in the case of second long run relationship income is determined by carbon emissions energy consumption and foreign trade an augmented form of granger causality analysis is conducted amongst the variables the long run relationship of co2 emissions energy consumption income and foreign trade equation is also checked for the parameter stability the empirical results suggest that income is the most significant variable in explaining the carbon emissions in turkey which is followed by energy consumption and foreign trade moreover there exists a stable carbon emissions function the results also provide important policy recommendations

estimation of turkey s ghg emissions from electricity generation by fuel types as a result of fossil fuel combustion in electricity generation significant amounts of co2 is emitted and the amount of emission differs based on fuel type in turkey a considerable amount of greenhouse gas ghg emission is related to electricity generation and co2 has the highest share among those a number of technical economic and social factors such as economic growth energy consumption types of energy sources seasonality employment and increase in population affect the changes in the emission rates an energy system based on fossil fuels is mainly responsible for high ghg emissions and there are some measures to reduce the emission of ghgs development of renewable energy sources and improvements in energy efficiency are among the most important measures market based mechanisms are among other measures that directly target ghgs considering the fossil fuels in the energy mix using fossil fuels with high heating values and efficient energy conversion technologies means less ghgs organizing training and information programs for raising people s energy awareness encouraging conservation and increasing energy efficiency would have a significant role in reducing ghgs as well this study attempts to estimate the annual co2 emission from electricity generation according to fuel types for the period between 2013 and 2017 electricity generation data according to fuel types were obtained from turkish electricity transmission co teia s 5 year electricity generation capacity projection 2013 2017 according to the estimations turkey s co2 emission values are expected to increase in the forthcoming years additionally estimated revenues from the carbon tax imposed on the electricity generated by fossil fuels were calculated for each year of the projection period this revenue creates a significant economic resource results of this study are expected to guide policy makers in developing energy and environmental policies and contribute to energy diversity studies

transfers in cash and in kind theory meets the data we review theoretical explanations for in kind transfers in light of the limited empirical evidence after reviewing the traditional paternalistic arguments we consider explanations based on imperfect information and self targeting we then discuss the large literature on in kind programs as a way of improving the efficiency of the tax system and a range of other possible explanations including the samaritan s dilemma pecuniary effects credit constraints asymmetric information amongst agents and political economy considerations our reading of the evidence suggests that paternalism and interdependent preferences are leading overall explanations for the existence of in kind transfer programs but that some of the other arguments may apply to specific cases political economy considerations must also be part of the story

what do we know about carbon taxes an inquiry into their impacts on competitiveness and distribution of income abstract the kyoto protocol to the united nations framework convention on climate change unfccc has set legally binding emissions targets for a basket of six greenhouse gases and timetables for industrialised countries it has also incorporated three international flexibility mechanisms however the articles defining the flexibility mechanisms carry wording that their use must be supplemental to domestic actions this has led to the open debates on interpretations of these supplementarity provisions such debates ended at the resumed sixth conference of the parties cop to the unfccc held in bonn july 2001 and at the subsequent cop 7 in marrakesh november 2001 the final wording in the bonn agreement reaffirmed in the marrakesh accords at least indicates that domestic policies will have an important role to play in meeting annex b countries emissions commitments carbon taxes have long been advocated because of their cost effectiveness in achieving a given emissions reduction in this paper the main economic impacts of carbon taxes are assessed based on a review of empirical studies on existing carbon energy taxes it is concluded that competitive losses and distributive impacts are generally not significant and definitely less than often perceived however given the ultimate objective of the framework convention future carbon taxes could have higher rates than those already imposed and thus the resulting economic impacts could be more acute in this context it has been shown that how to use the generated fiscal revenues will be of fundamental importance in determining the final economic impacts of carbon taxes finally we briefly discuss carbon taxes in combination with other domestic and international instruments

local public goods risk sharing and private information in federal systems abstract we examine the implications of information asymmetries for the optimal design of interregional insurance schemes and the allocation of local public goods we have good and bad news the good news is that the presence of informational asymmetries is not in itself sufficient to deny federations the attainment of either efficiency or egalitarian goals the bad news is that not only the first best may not be incentive compatible but also the incentive compatible optimum may violate participation constraints federations may have to content themselves with fourth best allocations as a result of strategic manipulation of information by privately informed jurisdictions

jurisdictional homogeneity and the tiebout hypothesis abstract in this paper an alternative to the capitalization approach to testing the tiebout model is presented the tiebout foot voting mechanism suggests that households will sort and stratify into approximately homogeneous local public goods jurisdictions at a point in time the efficiency of the sort will be positively related to the number of existing jurisdictions using a measure of homogeneity introduced by theil the relationship between stratification homogeneity within jurisdiction and number of jurisdictions is tested for a sample of school districts within 33 smsas the tiebout stratification hypothesis is confirmed

joint price and volumetric risk in wind power trading a copula approach abstract this paper examines the dependence between wind power production and electricity prices and discusses its implications for the pricing and the risk distributions associated with contracts that are exposed to joint price and volumetric risk we propose a copula model for the joint behavior of prices and wind power production which is estimated to data from the danish power market we find that the marginal behavior of the individual variables is best described by arma garch models with non gaussian error distributions and the preferred copula model is a time varying gaussian copula as an application of our joint model we consider the case of an energy trading company entering into longer term agreements with wind power producers where the fluctuating future wind power production is bought at a predetermined fixed price we find that assuming independence between prices and wind power production leads to an underestimation of risk as the profit distribution becomes left skewed when the negative dependence that we find in the data is accounted for by performing a simple static hedge in the forward market we show that the risk can be significantly reduced furthermore an out of sample study shows that the choice of copula influences the price of correlation risk and that time varying copulas are superior to the constant ones when comparing actual profits generated with different models

the effects of school spending on educational and economic outcomes evidence from school finance reforms since the coleman report many have questioned whether public school spending affects student outcomes the school finance reforms that began in the early 1970s and accelerated in the 1980s caused dramatic changes to the structure of k 12 education spending in the united states to study the effect of these school finance reform induced changes in public school spending on long run adult outcomes we link school spending and school finance reform data to detailed nationally representative data on children born between 1955 and 1985 and followed through 2011 we use the timing of the passage of court mandated reforms and their associated type of funding formula change as exogenous shifters of school spending and we compare the adult outcomes of cohorts that were differentially exposed to school finance reforms depending on place and year of birth event study and instrumental variable models reveal that a 10 increase in per pupil spending each year for all 12 years of public school leads to 0 31 more completed years of education about 7 higher wages and a 3 2 percentage point reduction in the annual incidence of adult poverty effects are much more pronounced for children from low income families exogenous spending increases were associated with notable improvements in measured school inputs including reductions in student to teacher ratios increases in teacher salaries and longer school years jel codes j10 i20 h7

does competition among public schools benefit students and taxpayers tiebout choice among districts is the most powerful market force in american public education naive estimates of its effects are biased by endogenous district formation i derive instruments from the natural boundaries in a metropolitan area my results suggest that metropolitan areas with greater tiebout choice have more productive public schools and less private schooling little of the effect of tiebout choice works through its effect on household sorting this finding may be explained by another finding students are equally segregated by school in metropolitan areas with greater and lesser degrees of tiebout choice among districts

the decline in the number of school districts in the u s 1950 1980 between 1950 and 1980 the number of school districts fell from 83 642 to 15 987 data for the fifty states for 1950 1960 1970 and 1980 are used to identify the factors that contributed to this decline the focus is on the tradeoff between cost savings through scale economies a few large districts and a diverse population s demand for choice in public schooling many small districts we find that much of the decline in the number of school districts has resulted from 1 the decline in the farm population and increase in population density which has made it easier to take advantage of scale economies 2 the growing importance of state aid which reduces quality variation among districts within a state and 3 the increase in the fraction of teachers that belong to the national education association teacher s union which may reflect increased political influence used to lower the costs of organizing

property value maximization and public sector efficiency abstract this paper analyses the efficiency implications of property value maximization communities are open so that utilities are parametric to housing producers and the local government each local government chooses its public good output to maximize aggregate property value in the community ignoring feedback effects on the composition of the housing stock it is shown that this type of government behavior generates an equilibrium in which all communities are internally pareto efficient

co2 emissions energy consumption and economic growth in turkey abstract this paper examines the long run and causal relationship issues between economic growth carbon emissions energy consumption and employment ratio in turkey by using autoregressive distributed lag bounds testing approach of cointegration empirical results for turkey over the period 1968 2005 suggest an evidence of a long run relationship between the variables at 5 significance level in turkey the estimated income elasticity of carbon emissions per capita is 0 606 and the income elasticity of energy consumption per capita is 1 375 results for the existence and direction of granger causality show that neither carbon emissions per capita nor energy consumption per capita cause real gdp per capita but employment ratio causes real gdp per capita in the short run in addition ekc hypothesis at causal framework by using a linear logarithmic model is not valid in turkish case the overall results indicates that energy conservation policies such as rationing energy consumption and controlling carbon dioxide emissions are likely to have no adverse effect on the real output growth of turkey

the impact of proposition 13 on house prices in northern california a test of the interjurisdictional capitalization hypothesis it wen institute of business and university of california economic research berkeley center for real estate and urban economics wobkingipaper series these papers are preliminary ature their purpose 39 limul discussion comme h re they are not to be 39 or quoted ny publication without express permission of the author working paper no 80 11 the impact of proposition 13 on house prices in northern california a test of the interjurisdictional capitalization hypothesis by kenneth t rosen

the copula garch model of conditional dependencies an international stock market application abstract modeling the dependency between stock market returns is a difficult task when returns follow a complicated dynamics when returns are non normal it is often simply impossible to specify the multivariate distribution relating two or more return series in this context we propose a new methodology based on copula functions which consists in estimating first the univariate distributions and then the joining distribution in such a context the dependency parameter can easily be rendered conditional and time varying we apply this methodology to the daily returns of four major stock markets our results suggest that conditional dependency depends on past realizations for european market pairs only for these markets dependency is found to be more widely affected when returns move in the same direction than when they move in opposite directions modeling the dynamics of the dependency parameter also suggests that dependency is higher and more persistent between european stock markets

school heterogeneity human capital accumulation and standards abstract this paper examines the effects of heterogeneity in school quality on high school wages college enrolment rates and social surplus greater heterogeneity in school quality combined with pooling on the labor market for high school graduates is shown to result in lower average high school wages inefficient college going decisions and in some cases lower social surplus these effects of heterogeneity tend to be reinforced by technical change which raises the return to human capital technical change leads to bigger increases in the college high school wage ratio when there is more underlying heterogeneity in the school system performance standards implemented through the mandatory testing of all high school graduates are shown to raise average high school wages and social surplus by reducing the distortion in college going incentives

does parents money matter abstract this paper asks whether parents income per se has a positive impact on children s abilities previous research has established that income is positively correlated across generations this does not prove that parents money matters however since income is presumably correlated with ability this paper estimates the impact of parents income by focusing on income variation due to factors union industry and job loss that arguably represent luck i find that changes in parents income due to luck have a negligible impact on children s human capital for most families although parents money does matter for families whose father has low education

energy efficiency assessment of fixed asset investment projects a case study of a shenzhen combined cycle power plant abstract the assessment of fixed asset investment projects of energy conservation is based on a scientific and systematic approach to analyze the energy production consumption and management and helps to analyze whether the use of energy is in line with the national and local industrial policies and whether the project design meets china s energy saving design outlines and industry standards the level of energy consumption is compared to the domestic and international advanced levels regarding the project energy use and process analysis in all aspects of energy production and energy consumption taking technically feasible economically reasonable and environmentally and socially responsible measures and effective and rational use of energy to reduce consumption and losses and to stop waste while investigating if the project has a certain advanced and rational use of energy this study provides a full consideration of whether there is a scientific and rational use of energy to avoid low level repetition construction to avoid blind expansion trends and to promote the upgrading of industrial structure this paper takes as an example a gas turbine power plant in shenzhen as an assessment case study of the potential energy savings the project is expected to have an annual power supply of 37 89 10 8 kw h and an annual heat supply of 5 43 10 4 gj the consumption of power generation in tons of coal equivalent units is expected to reach 208 g per kw h the comprehensive annual average thermal efficiency is 77 16 and the average heat to power ratio is 40 65 these technical indicators are thought to be one of the best compared to similar level projects in the country

local income taxation in an urban area abstract this paper indicates the response of a metropolitan area to the levying of a local income tax the analysis is focused on a central city and its surrounding suburbs but allows for migration to and from the metropolitan area of primary interest are the spatial effects of local income taxation and the associated welfare costs derived from additional transportation expenditures the analysis indicates the forms of compensation to central city high income households for the fiscal deficit they bear changes in wage rates and land rentals are derived and the question of full capitalization is considered

ends against the middle determining public service provision when there are private alternatives abstract public provision of a service coexists with private market provision the quality of public provision is determined by majority vote preferences are not single peaked owing to the presence of private alternatives we identify two cases in one majority voting equilibrium always exists and the median income voter is pivotal in the other a necessary condition for equilibrium indentifies the pivotal voter who must have income below the median when equilibrium exists a coalition of middle income households who consume the public alternative will be opposed by a coalition of rich and poor households with the rich choosing private consumption

economic drivers of greenhouse gas emissions in china abstract for china greenhouse gas emissions increased by 0 075 gigatons gt in the period of 1995 2000 and increased by 4 23 gt from 2000 to 2009 then reached the amount of 8 61 gt in 2009 different from the traditional analysis focused on accounting sectors greenhouse gas emissions under the production based responsibility this paper investigates sectoral ghg emissions in china in the period of 1995 2009 from the perspective of consumption based and income based responsibility we found that different metrics yield very different ghg emission responsibilities the sector of electricity gas and water supply has the highest ghg emissions responsibility based on the production and income metrics while the sector of construction is the largest emitter under the consumption metric in the light of the key driver analysis of ghg emissions from 1995 to 2009 based on the consumption metric the change in the final demand volume is the largest driver of increase in china s consumption based ghg emissions 17 18 gt the changes in the production structure and the final demand structure are other contributors 0 53 gt 1 46 gt the improvement to the intensity of ghg emissions is the main force for ghg emissions mitigation 14 86 gt according to the income metric the contributions of input volume changes input structure changes and ghg intensity changes are similar to the effects of consumption based responsibility 19 11 gt 1 13 gt 14 95 gt the difference is that the change in the production structure is another force that offset ghg increase 0 98 gt results in this paper can give some recommendation on mitigating ghg emissions in china for policy makers from production side demand side and supply side

voluntary emission trading potential of turkey abstract climate change is likely to cause serious market failures and carbon trading as a market instrument can help correct its negative impacts the global carbon markets established to combat climate change include regulatory and voluntary markets turkey cannot utilise regulatory carbon markets under the kyoto protocol as a result of her unique position in the unfccc some offsetting projects in turkey have benefitted only voluntary emission trading for the reduction of ghg emissions due to on going climate change negotiation under the unfccc it seems that turkey will not use the current regulatory carbon markets thus turkey should promote the use of and participation in voluntary carbon markets in this article emission reduction potential via energy efficiency renewable energy and solid waste management and corresponding offsetting of credits with their estimated prices is investigated for the period between 2013 and 2020 the emission reduction potential for energy efficiency renewable energy and solid waste management projects are estimated at 403 312 and 356 million tons of co 2 equivalent emissions respectively totalling 1 071 million tons of co 2 equivalent the total revenue of the carbon certificates are estimated in the range of 19 775 33 386 million us dollars for the same period

are efficiency and equity in school finance substitutes or complements this paper analyzes cases made for local and centralized school finance and policies such as vouchers categorical aid and equalization aid an ideal system of school finance would achieve efficiency and equity by ensuring every person invests in the amount of schooling that is socially optimal for him the author evaluates the empirical evidence for and the merit and importance of arguments for each policy she concludes that the theoretical arguments for centralized finance not only exaggerate the efficiency equity tradeoff but actually make better arguments for a system combining local school finance with categorical aid and means tested vouchers

equity and efficiency in human capital investment the local connection a general model of community formation and human capital accumulation with social spillovers and decentralized school funding is used to analyse the causes of economic segregation and its consequences for equity and efficiency significant polarization arises from minor differences in endowments preferences or access to capital markets this makes income inequality more persistent across generations but the same need not be true for wealth equilibrium stratification tends to be excessive resulting in low aggregate surplus whether state equalization of school resources can remedy these problems hinges on how purchased social and family inputs interact in education and in mobility decisions

a future for carbon taxes abstract carbon taxes have been frequently advocated as a cost effective instrument for reducing emissions however in the practice of environmental policies only six countries have implemented taxes based on the carbon content of the energy products in this paper we evaluate carbon taxes with regard to their competitiveness distributional and environmental impacts the evidence shows that carbon taxes may be an interesting policy option and that their main negative impacts may be compensated through the design of the tax and the use of the generated fiscal revenues

managing volumetric risk of long term power purchase agreements abstract a negative dependence between wind power production and electricity spot price exists this is an important fact to consider for risk management of long term power purchase agreements ppas in this study we investigate this dependence by constructing a joint model using constant as well as time varying copulas we propose to use score driven models as marginal model for the spot price of electricity as these are more robust to extreme events compared to arma garch models we apply the new model to pricing and risk management of ppas and benchmark it against the arma garch specification our comparison shows that the score driven model results in a statistically significant improvement of predicting the value at risk var which is of high importance for risk management of long term ppas further comparing constant and time varying copulas we find that all time varying copulas are significantly better than their constant counterparts at predicting the var hence time varying copulas should be used in risk management of ppas

the legacy of serrano the impact of mandated equal spending on private school enrollment 1 introduction the california supreme court decision in serrano v priest in 1971 was the first state supreme court ruling to declare a state s education finance system unconstitutional 1 the suit originally filed by a class of los angeles county public school children and their parents argued that the california public school finance system was unconstitutional because of its reliance on a local property tax system under this system large differences in property wealth created enormous variations in educational resources across the state in its subsequent 1976 serrano h decision the california supreme court found that the state legislature s response to the first serrano decision was insufficient the court ordered the state legislature to follow a trial court s requirement to implement a funding formula that reduces wealth related per pupil expenditure disparities i e property tax revenue exclusive of categorical aid and special needs to 100 across school districts the serrano ii decision resulted in a nearly complete shift of the fiscal responsibility for k 12 education in california from local to state government in the aftermath of the initial serrano decision suits were filed in several other states claiming unconstitutional inequities in the state education system many of these suits were successful between 1973 and 1983 six state supreme courts new jersey 1973 connecticut 1977 washington 1978 west virginia 1979 wyoming 1980 arkansas 1983 found their systems of educational finance unconstitutional similar rulings followed in 1989 in kentucky montana and texas in 1993 in massachusetts and tennessee in 1994 in arizona and in 1997 in new hampshire ohio and vermont a third of the states education finance systems now have been ruled unconstitutional as a result of these rulings and legislative based education reforms in a number of other states education expenditure inequality has been reduced 2 this in turn has left local districts with less latitude in determining spending levels parents in richer districts are expected to be especially frustrated with the limits on spending that accompany equalization changes in state educational finance systems to gain greater equity affected average spending on education in these states the initial research on this issue focused on the california experience where raw expenditure figures reveal the dramatic change in per pupil spending in california since the initial serrano decision in 1971 in academic year ay 1969 1970 per pupil spending in california s public elementary and secondary schools was slightly greater than the national average 106 25 of the national average ranking 14th among all states however by ay 1992 1993 education expenditures in california had fallen to 85 6 of the national average and its rank had dropped to 34th silva and sonstelie 1995 concluded that education spending in california in 1989 1990 was significantly lower than they would have otherwise predicted they attributed about half of the lowered spending to the legislation following serrano ii and the other half to the growth of the student population in california but the california experience of reduced expenditures appears to be atypical manwaring and sheffrin 1997 found spending to be higher in many states as a result of litigation or legislativebased educational finance reform downes and shah 1995 similarly estimated that school finance reform raised spending in some states and lowered spending in other states murray evans and schwab 1998 found state per pupil spending rose with successful state education finance litigation the variation across states in the spending effects of education finance reforms may be due to the source court ordered or legislative and or degree e g weak reform strong reform etc of the reforms in any case there should be greater interest in supplementing what the public schools do or opting out of the public system if reforms cause spending in a state to fall

equilibrium and inefficiency in a community model with peer group effects public service output depends on input expenditures on own personal characteristics and on the characteristics of the other residents in the community the peer group effect in a community model with public expenditures set by voting with migration between communities and with land price differentials capitalization it is shown that communities may become heterogeneous in composition and second best inefficient this equilibrium occurs when the peer group effect is neither too strong nor too weak the inefficiency arises because an externality is created by migration the land price differential does not play the part of the price of the better peer group but of a transfer payment

decomposition of co2 emissions over 1980 2003 in turkey abstract there is a multi dimensional need for studying the energy situation in turkey and to obtain insight into the development of co2 emissions on the one hand recent projections of the oecd show that turkey has a yearly gdp growth potential of over 7 on the other hand recent projections of undp and world bank indicate that the level of co2 emission is going to rise six fold by 2025 with respect to the level of emissions in 1990 it is a great challenge to both meet the growth target and keep the co2 under control thereupon this paper tries to unfold factors that explain co2 emissions by undertaking a complete decomposition analysis for turkey over the period 1980 2003 the analysis shows as is common to relatively fast growing economies that the biggest contributor to the rise in co2 emissions is the expansion of the economy scale effect the carbon intensity and the change in composition of the economy which nearly move in tandem also contribute to the rise in co2 emissions albeit at a slower rate the energy intensity of the economy which is decreasing is responsible for a modest reduction in co2 emissions hence in congruence with the scale effect a decoupling of carbon emissions and economic growth is not found in turkey over the period 1980 2003

sectoral energy consumption by source and economic growth in turkey this paper provides a detailed analysis of the energy consumption in turkey during the last 40 years it investigates the causal relationships between income and energy consumption in two ways first the relationship is studied at the aggregate level then we focus on the industrial sector previous findings suggest that in the case of turkey there is a unidirectional causality running from energy consumption to growth however our findings suggest that in the long run income and energy consumption appear to be neutral with respect to each other both at the aggregate and at the industrial level we also find a strong evidence of instantaneous causality which means that contemporaneous values of energy consumption and income are correlated furthermore a descriptive analysis is conducted in order to reveal the differences in the use of energy resources we conclude that energy conservation policies are necessary for environmental concerns and our empirical results imply that such policies would not impede economic growth in the long term

private versus public schools in post apartheid south african cities theory and policy implications blacks and whites have different incomes decide where to locate in the city and which school to send their children to we show that despite the tuition fees imposed by whites and their remote location some black pupils attend the private school this market solution is shown not to be optimal because whites overprice education in order to limit black attendance at the private school three types of education policies are then considered transportation subsidies private school vouchers and public school spending the efficiency of such policies depends on the fee setting behavior of whites that strongly varies from one policy to another

are benefits from oil stocks diversification gone new evidence from a dynamic copula and high frequency data abstract oil is perceived as a good diversification tool for stock markets to fully understand this potential we propose a new empirical methodology that combines generalized autoregressive score copula functions with high frequency data and allows us to capture and forecast the conditional time varying joint distribution of the oil stocks pair accurately our realized garch with time varying copula yields statistically better forecasts of the dependence and quantiles of the distribution relative to competing models employing a recently proposed conditional diversification benefits measure that considers higher order moments and nonlinear dependence from tail events we document decreasing benefits from diversification over the past ten years the diversification benefits implied by our empirical model are moreover strongly varied over time these findings have important implications for asset allocation as the benefits of including oil in stock portfolios may not be as large as perceived

energy consumption economic growth and carbon emissions challenges faced by an eu candidate member abstract this paper investigates the long run granger causality relationship between economic growth carbon dioxide emissions and energy consumption in turkey controlling for gross fixed capital formation and labor the most interesting result is that carbon emissions seem to granger cause energy consumption but the reverse is not true the lack of a long run causal link between income and emissions may be implying that to reduce carbon emissions turkey does not have to forgo economic growth

capitalization of intrajurisdictional differences in local tax prices comment in his recent article in this review bruce hamilton attempted to extend peter mieszkowski s 1969 1972 analysis of property tax incidence he correctly notes that mieszkowski s model does not describe a market equilibrium hamilton s model accounts for the tax and benefit incidence of an intrajurisdictional property tax and it delineates the competitive market adjustments due to capitalization effects he then draws several conclusions regarding fundamental urban economic problems however hamilton s model fails to describe a market equilibrium for the identical reason mieszkowski s fails potential supply adjustments generated by capitalization are neglected the purpose of this comment is to correct the hamilton model by including sufficient conditions to obtain a market equilibrium our reformulation of the model indicates that some of hamilton s urban policy conclusions are utterly incorrect while others are valid only under very restrictive assumptions consider a hamiltonian metropolitan area comprised of three jurisdictions 1 a homogeneous high income housing hih community 2 a homogeneous l w income housing lih community and 3 a mixed community consisting of a percent of units of lih and 1 a units of hih in the initial pretax equilibrium property values reflect only resource costs a public service benefit is then provided equally to each house in every community a proportional property tax is levied in each community based on the value of the average property in the jurisdiction there are no net capitalization effects in the two homogeneous communities because the benefit per household equals the tax however the mixed community is characterized by short run intrajurisdictional net benefit differentials inbd the lih receive a fiscal surplus and the hiii incur fiscal burden due to average cost pricing of the public services hamilton concludes that the net benefit differences are capitalized into property values land is assumed to bear the capitalization effects because capital is mobile p 748 fn 9 hamilton defines this posttax capitalization state as efficient in supply of housing and public service because land value differentials exactly reflect the present value of inbd see pp 748 750 752 for hamilton s conclusion to hold we must assume the relative speeds of adjustment i e mobility of capital renters and land differ in that order with capital exhibiting the greatest degree of mobility this assumption is not inconsistent with hamilton s model and is no doubt generally accepted it is essential to note that capitalization requires at least partial immobility of one or more factors assuming nonzero elasticities of factor substitution 2 furthermore the hamilton efficient state implies land is completely immobile and thus bears the full burden of inbd the immobility of land eliminates substitution possibilities so an intrajurisdictional tax imposes only income effects an

heterogeneity stratification and growth macroeconomic implications of community structure and school finance this paper examines how socioeconomic stratification and alternative systems of education finance affect inequality and growth agents interact through local public goods or externalities school funding neighborhood effects and economywide linkages complementary skills knowledge spillovers sorting families into homogeneous communities often minimizes the costs of existing heterogeneity but mixing reduces heterogeneity faster integration therefore tends to slow down growth in the short run yet raise it in the long run a move to state funding of education presents society with a similar intertemporal trade off local and global complementarities play major roles in determining the efficient social and educational structures copyright 1996 by american economic association