coping with change a study of local irrigation institutions in taiwan abstract this paper examines how taiwan s local irrigation institutions have evolved and changed amid rapid political economic development in the last decade based upon the literatures of institutional analysis and common pool resource management i discuss and compare how local irrigation institutions in three areas in the country have responded or failed to respond to the changing environment a major finding is that local self governing irrigation institutions are not doomed to fail amid economic development several variables affect the incentives and capacity of farmers to redesign their local institutions to cope with the changes in the macro setting particularly flexible status quo institutions and a conductive governance regime can better facilitate farmers rule crafting efforts

limit order submission strategies under asymmetric information abstract this paper provides evidence that informed traders dominate the response of limit order submissions to shocks in a pure limit order market in the market we study informed traders are highly sensitive to spreads volatility momentum and depth by contrast uninformed traders are relatively insensitive to all these market conditions the dominance of the informed over limit order submissions is magnified by contrasts between them and the uninformed in the use of aggressively priced limit orders

limit order book as a market for liquidity we develop a dynamic model of an order driven market populated by discretionary liquidity traders these traders must trade yet can choose the type of order and are fully strategic in their decision traders differ by their impatience less patient traders demand liquidity more patient traders provide it three equilibrium patterns are obtained the pattern is determined by three parameters the degree of impatience of the patient traders which we model as the cost of execution delay in providing liquidity their proportion in the population which determines the degree of competition among the liquidity providers and the tick size which is the cost of the minimal price improvement despite its simplicity the model generates a rich set of empirical predictions on the relation between market parameters time to execution and spreads we argue that the economic intuition of this model is so basic its main results must be robust in much more general models

china s carbon emissions trading overview challenges and future because china has emerged as the largest greenhouse gas ghg emitter in total annual emissions to accelerate the pace of ghg emission reduction in china is important to the success of global efforts in addressing climate change carbon trading is a market mechanism and key instrument in the mitigation of climate change this paper explores the policy process and development state to date of china s carbon trade market to understand the emergence and development of that market and to understand what barriers are hampering china s carbon trade market development to achieve this goal this paper introduces and analyzes china s status in the international market examines the factors driving carbon market launching by the chinese government and traces the development of mandatory carbon emission trading and voluntary emission trading it is argued that china s carbon trading market is confronted with challenges such as the absence of a functional carbon trading market inaccuracy of the quota allocation an imperfect trading mechanism and lagging legislation at the present stage shortcomings such as having no real time carbon price and dominated spot transactions differentiate china s trade market substantially from a functional system a quick market integration of china s carbon market appears remote it is suggested that specific measures be taken to promote the development of the chinese carbon trading market

option value of gasification technology within an emissions trading scheme investment analysis is mostly implemented with discounted cash flow dcf methods such as the net present value npv the problem in a typical application of these methods is the limited ability to value real options management s ability to adapt to changing market conditions or to revise decisions this paper presents a simulation model in which the investment is regarded as a single firm problem in an operating environment with multiple exogenous and stochastic prices the simulation model is used to explore the impact of emissions trading and in particular the european union emissions trading scheme eu ets on investments in integrated gasification combined cycle igcc plants two real case studies are presented modifications of an existing condensing power plant and a new combined heat and power plant the benefit of the selected approach is that it can take into account the value of multiple simultaneous real options better than a standard dcf analysis the results show that a straightforward application of dcf analysis can lead to biased results in competitive energy markets within an emissions trading scheme where a number of uncertainties potentially combined with several real options can make quantitative investment appraisals very complex

the determinants of an environmentally responsive firm an empirical approach abstract our empirical results indicate that a firm s formulation of an environmental plan is positively influenced by customer pressure shareholder pressure government regulatory pressure and neighborhood and community group pressure but negatively influenced by other lobby group pressure sources and a firm s sales to asset ratio firms which view environmental issues as important in the next 5 years are also more likely to have a plan relative to the manufacturing sector firms in the natural resource sector are more likely to formulate environmental plans while firms in the service sector are less likely to have plans our results provide insight into how firms react to environmental issues they also offer policymakers a list of determinants which can be used either as an alternative or complement to environmental regulation

regional allocation of carbon emission quotas in china evidence from the shapley value method abstract it is an important task for china to allocate carbon emission quotas among regions so as to realize its carbon reduction targets and establish the national cap and trade carbon market meanwhile it is supposed to be cost effective to jointly reduce china s carbon emissions through some collaborative activities among regions then a natural question is how to allocate the quotas among regions in light of the collaboration for this purpose the shapley value method is adopted and the results show that first the regions with higher gdp higher carbon outflow and higher carbon reduction connection should be allocated more carbon quotas moreover when the collaboration is considered the optimal allocation of carbon quotas among regions will change significantly compared to the basic quotas by the entropy method and the central region is allocated the largest proportion of carbon quota among regions which indicates its largest radiation effect besides the collaboration between the central region and northern coast region and that between the central region and the eastern region should be paid close attention these results may provide insightful support for decision makers to promote collaborative carbon reduction and allocate carbon quotas in china

institutional design of public agencies and coproduction a study of irrigation associations in taiwan abstract the provision and production of many public goods and services involve the joint effort of government officials and citizen users this paper examines the successful experience of irrigation governance and management in taiwan as a means of understanding how joint efforts can be established and sustained through institutional arrangements several principles for institutional design including a careful definition of the scope of farmers participation complementarity of interests between individuals reduction of asymmetries involved in the use of authority and the existence of domains of autonomy are identified as instrumental to the success in taiwan

legal standards enforcement and corruption stricter laws require more incisive and costlier enforcement because enforcement activity depends both on available tax revenue and the honesty of officials the optimal legal standard of a benevolent government is increasing in per capita income and decreasing in officials corruption in contrast to the tollbooth view of regulation the standard chosen by a self interested government is a non monotonic function of officials corruption and can be either lower or higher than that chosen by a benevolent regulator international evidence on environmental regulation shows that standards correlate positively with per capita income and negatively with corruption consistent with the model s predictions for benevolent governments jel d73 k42 l51

what can we learn from the grand policy experiment lessons from so2 allowance trading stable url http links jstor org sici sici 0895 3309 28199822 2912 3a3 3c69 3awcwlft 3e2 0 co 3b2 tthe journal of economic perspectives is currently published by american economic association your use of the jstor archive indicates your acceptance of jstor s terms and conditions of use available athttp www jstor org about terms html jstor s terms and conditions of use provides in part that unless you have obtainedprior permission you may not download an entire issue of a journal or multiple copies of articles and you may use content inthe jstor archive only for your personal non commercial use please contact the publisher regarding any further use of this work publisher contact information may be obtained athttp www jstor org journals aea html each copy of any part of a jstor transmission must contain the same copyright notice that appears on the screen or printedpage of such transmission the jstor archive is a trusted digital repository providing for long term preservation and access to leading academicjournals and scholarly literature from around the world the archive is supported by libraries scholarly societies publishers and foundations it is an initiative of jstor a not for profit organization with a mission to help the scholarly community takeadvantage of advances in technology for more information regarding jstor please contact support jstor org http www jstor orgtue jun 26 16 25 17 2007

so what orders do informed traders use we present a simple glosten milgrom type equilibrium model to analyze the decision of informed traders on whether to use limit or market orders we show that even after incorporating an order s price impact not only may informed traders prefer to use limit orders but the probability that they submit limit orders can be so high that limit orders convey more information than market orders we further show that the horizon of the private information is critical for this decision and is positively related to the use of limit orders our empirical analysis using torq suggests that informed traders do prefer limit orders to market orders and that limit orders are indeed more informative our model is in contrast to the literature that assumes that informed traders use market orders only and the literature that examines the limit order versus the market order decision of uninformed traders

the impact of china s carbon allowance allocation rules on the product prices and emission reduction behaviors of ets covered enterprises abstract it is an important task for china to allocate carbon emission allowance to realize its carbon reduction target and establish carbon trading market china has designed several allocation rules within seven pilot regions what influence those rules may cause is closely related with the enthusiasm of emission trading scheme ets covered enterprises participation in carbon market and more importantly with the mechanism design and sustainable development of carbon market for this purpose the multi stage profit model is developed to analyze the ets covered enterprises product prices and emission reduction behaviors under different allocation rules the results show that first under the rules of grandfathering self declaration and auctioning when deciding the optimal product price and optimal carbon emission reduction those enterprises may focus on maximizing current stage profit however under the rule of benchmarking those enterprises may care more about the impact of current decisions on the profit in next stage second the optimal product price policy is positively correlated with the price of the same kind products consumers low carbon awareness and government subsidy finally along with the increase of carbon price consumers low carbon awareness and government subsidy and the decrease of carbon emission cap those enterprises tend to reduce carbon emissions

limit order revisions abstract this paper empirically examines limit order revisions and cancellations which contribute to a significant portion of the order activity in many order driven markets we document that limit orders are more likely to be revised or cancelled if they are large and near the bid ask quote we show that order revisions generate net economic benefits to traders our evidence shows strong links between these activities and limit order submission risk using bid ask spread volatility and post event return as proxies we also find that these activities are less intense when the opportunity cost to monitor a stock is high such as during lunch hours or when stock volume relative to the entire market is low

investment risks under uncertain climate change policy abstract this paper describes results from a model of decision making under uncertainty using a real options methodology developed by the international energy agency iea the model represents investment decisions in power generation from the perspective of a private company the investments are subject to uncertain future climate policy which is treated as an external risk factor over which the company has no control the aims of this paper are to i quantify these regulatory risks in order to improve understanding of how policy uncertainty may affect investment behaviour by private companies and ii illustrate the effectiveness of the real options approach as a policy analysis tool the study analysed firms investment options of coal and gas fired power plants and carbon capture and storage ccs technologies policy uncertainty is represented as an exogenous event that creates uncertainty in the carbon price our findings indicate that climate policy uncertainty creates a risk premium for power generation investments in the case of gas and coal fired power generation the risk premium would lead to an increase in electricity prices of 5 10 in order to stimulate investment in the case of ccs the risk premium would increase the carbon price required to stimulate investment by 16 37 compared to a situation of perfect certainty the option to retrofit ccs acts as a hedge against high future carbon prices and could accelerate investment in coal plant this paper concludes that to minimise investment risks in low carbon technologies policy makers should aim to provide some long term regulatory certainty

the eclipse of the state reflections on stateness in an era of globalization the economic logic of the current international economy does not predict the eclipse of the state economic globalization does restrict state power but transnational capital needs capable states as much or more than does domestically oriented business national success in the current global political economy has been associated not with minimal states but with states that are capable active and engaged pressure for eclipse flows from the conjunction between transnational economic forces and the political hegemony of an anglo american ideology that in j p nettl s words simply leaves no room for any valid notion of the state even this combination of economic and political pressure is unlikely to eclipse the state but it is likely to put public institutions on the defensive eclipsing any possibility of the embedded liberalism described by john ruggie a leaner meaner state is the likely outcome the possibility of a more progressive alternative outcome would depend in part on whether current zero sum visions of the relation between the state and civil society can be replaced by a more synergistic view

designing an emissions trading scheme for china an up to date climate policy assessment abstract we assess recent chinese climate policy proposals in a multi region multi sector computable general equilibrium model with a chinese carbon emissions trading scheme ets when the emissions intensity per gdp in 2020 is required to be 45 lower than in 2005 the model simulations indicate that the climate policy induced welfare loss in 2020 measured as the level of gdp and welfare in 2020 under climate policy relative to their level under business as usual bau in the same year is about 1 the chinese welfare loss in 2020 slightly increases in the chinese rate of economic growth in 2020 when keeping the emissions target fixed at the 2020 level after 2020 in absolute terms the welfare loss will reach about 2 in 2030 if china s annual economic growth rate is 0 5 percentage points higher lower the climate policy induced welfare loss in 2030 will rise decline by about 0 5 percentage points full auctioning of carbon allowances results in very similar macroeconomic effects as free allocation but full auctioning leads to higher reductions in output than free allocation for ets sectors linking the chinese to the european ets and restricting the transfer volume to one third of the eu s reduction effort creates at best a small benefit for china yet with smaller sectoral output reductions than auctioning these results highlight the importance of designing the chinese ets wisely

institutional development the world bank and india s new agricultural extension programme the new world bank sponsored and funded training and visit system of agricultural extension represents a major attempt by the bank to promote institutional development the very considerable investment has in fact resulted in little change or improvement in the quality of extension the reasons lie in failure to analyse the cause of the weakness of the previous extension systems inherent defects of the training and visit system and the way in which it has been introduced into india these failures in turn can be explained by the interests and the politics underlying the programme

the management of irrigation systems how to evoke trust and avoid prisoner s dilemma abstract the performance of canal irrigation systems depends partly on trust by farmers in the good faith and abilities of irrigation officials in india this trust is typically lacking there is instead a prisoners dilemma type syndrome of anarchy under the canals in which farmers lack the confidence that if they refrain from taking water out of turn they will get water on time and officials lack the confidence that if they work conscientiously to deliver the water on time farmers will refrain from rule breaking in east asia this syndrome of irrigation anarchy scarcely exists the reasons for the difference are partly to do with agro climatic conditions but they are also related to policy relevant variables of physical design and organizational arrangements within the constraints of agro climatic conditions features of east asian design and organization might usefully be transferred to indian conditions including break point reservoirs irrigation scheduling and monitoring separation of construction organization from operations and maintenance organization and catchment based operating agencies with their own revenue base

urban bias a fresh look focusing on non conforming cases the articles in this special issue abandon the method of stylised facts and highlight instead variation over space and time in so doing they detect errors of commission and omission in the earlier literature on urban bias they call for a focus on the economic role of political institutions the political role of markets for assets and the political significance of technical change

a fuzzy stochastic model for carbon price prediction under the effect of demand related policy in china s carbon market abstract the establishment of china s carbon market has an obvious policy oriented feature and the carbon price is easily affected by demand related policies within a compliance period as prior models cannot help with clear simulation of the volatility of carbon price in china this paper develops a fuzzy stochastic model to predict such price under the effect of demand related policy first we quantify corporate final profit obtained from carbon trading based on different free allowance policies to measure the actual allowance demand in the carbon market second based on such demand we add the fuzzy number in each parameter of a stochastic differential equation and then develop a fuzzy stochastic model that can help to analyse the effect of demand related policy on carbon price in the immature carbon market third by analysing the demand related policy formulated in the second developing phase of the shanghai environment and energy exchange from nov 17 in 2016 through our model we predict the price trend after each demand related policy publication experimental results reveal the accurate fitting effect of the developed model that can help to estimate the supply and demand in the carbon market and evaluate the effectiveness of current carbon trading policy as well further our model can provide a robust theoretical implication for both corporate carbon trading strategies and governmental regulations on carbon demand related policy

european emission trading scheme and competitiveness a case study on the iron and steel industry abstract we quantify the impact of the european emission trading scheme ets on the two dimensions of competitiveness production and profitability for the iron and steel industry among those covered by the scheme this sector is one of the most exposed since it is both highly co 2 intensive and relatively open to international trade we also examine the robustness of these results to various assumptions marginal abatement cost curve trade and demand elasticities as well as pass through rates and updating of allocation rules of which the latter two are scarcely debated we conclude that for this sector competitiveness losses are small we prove this conclusion to be robust hence arguments against tightening the environmental stringency of the ets in phase ii are not justified on grounds of competitiveness loss our systematic sensitivity analysis allows us to identify the important assumptions for each output variable it turns out that pass through rates and updating rules are significant despite being often implicit and least debated in existing analyses

carbon emissions trading scheme exploration in china a multi agent based model abstract to develop a low carbon economy china launched seven pilot programs for carbon emissions trading cet in 2011 and plans to establish a nationwide cet mechanism in 2015 this paper formulated a multi agent based model to investigate the impacts of different cet designs in order to find the most appropriate one for china the proposed bottom up model includes all main economic agents in a general equilibrium framework the simulation results indicate that 1 cet would effectively reduce carbon emissions with a certain negative impact on the economy 2 as for allowance allocation the grandfathering rule is relatively moderate while the benchmarking rule is more aggressive 3 as for the carbon price when the price level in the secondary cet market is regulated to be around rmb 40 per metric ton a satisfactory emission mitigation effect can be obtained 4 the penalty rate is suggested to be carefully designed to balance the economy development and mitigation effect and 5 subsidy policy for energy technology improvement can effectively reduce carbon emissions without an additional negative impact on the economy the results also indicate that the proposed novel model is a promising tool for cet policy making and analyses

the impact of corruption on investment predictability matters abstract this paper argues that it is not only level of corruption that affects investment but also the nature of corruption corruption regimes that are more predictable in the sense that those seeking favors from government do obtain those favors have less negative impact on investment than those that are less predictable using the data collected by world bank in preparing the world development report of 1997 we provide empirical support for the conjecture

the success of a policy model irrigation management transfer in mexico abstract the mexican policy of irrigation management transfer has been widely propagated as a success and has become a model for other countries seeking to improve the performance of their irrigation systems while also cutting public expenditures this article analyses the process of policy making that has generated the policy model and follows the practices means and events through which it has achieved increasing transnational circulation popularity and support the main argument of this article is that the success of a policy model is only a success within the cultural and ideological understandings of a policy network and given the means practices and events that generate and disseminate it this particular case further suggests that success in policy making rather than being based on straightforward evidence of improved management performance is often part of a cultural performance

the political economy of public goods some evidence from india we are interested in how public goods get allocated by a centralized state we use data on public goods and social structure from parliamentary constituencies in rural india to understand the allocation of these goods over the 1970s and 1980s national policies and political agendas during this period emphasized universal access to basic amenities and financed a rapid expansion in rural infrastructure we find evidence of considerable equalization in many of these facilities reflecting perhaps the importance of these commitments among the historically disadvantaged social groups those that mobilized themselves politically gained relative to the others measures of social heterogeneity that have been emphasized in the recent empirical literature on public goods are relevant but not overwhelming in their importance

ecological tax reform in denmark history and social acceptability abstract despite the long term and positive experience with ecological tax reform etr the petras study indicates that awareness about the principles behind etr is low among both businesses and the general public in denmark as well as the lack of awareness of etr attitudes towards environmental taxation appear negative when explaining the political intentions behind etr attitudes seem to improve somewhat but they still remain overall sceptical based on the history and the results of the petras project the article will describe some of the main impediments for further development of environmental tax and etr policies in denmark the article concludes that the main reason why the etr policy has been met with such apparently low social acceptability in denmark is that the green of the green tax reform has been somewhat oversold on this basis it recommends the pursuit of a courageous government strategy of openly and repeatedly stressing the revenue purposes of environmentally related taxes over the environmental purposes in an effort to redirect public discussions towards relevant issues like the pros and cons of environmentally related taxation compared with other types of taxation and the connection between the overall tax burden and demands for government spending such a bold government confession to the obvious revenue purposes of the environmentally related taxes could make them if not popular then at least a bit more acceptable to businesses and the general public

modules for modernisation colonial irrigation in india and the technological dimension of agrarian change water control is central to the political economy of water distribution in large scale irrigation in india the changes in water distribution irrigation technology and agrarian development through the introduction of the block system technical devices called modules and volumetric water pricing in the nira left bank canal bombay presidency in the period 1900 40 are discussed to show the relationship of the three dimensions of water control technical managerial and socio political this analysis points to the crucial but contradictory role of the state in triggering processes of agricultural modernisation through intervention in water management the debate on the success of the block system continues to the present day but little progress has been made in designing solutions for inequality in water distribution the article suggests that liberalisation policies create political and institutional space for changing accountability relations and agricultural price regimes relevant to wa

an efficiency and welfare classification of rationing by waiting in the presence of bribery abstract governments often allocate commodities at low prices and on a first come first served basis rationing by waiting while bureaucrats who distribute the commodities usually take bribes a model is developed to classify the efficiency implications of bribery and socially optimal pricing schemes in rationing by waiting if the rationed good and individual income spent on other goods other income are complements then bribery may enhance allocative efficiency and a dual pricing scheme can augment social welfare however if the rationed commodity and other income are substitutes then bribery may not improve allocative efficiency and distributing the rationed commodity free is socially optimal

limit orders depth and volatility evidence from the stock exchange of hong kong we investigate the role of limit orders in the liquidity provision in a pure orderdriven market results show that market depth rises subsequent to an increase in transitory volatility and transitory volatility declines subsequent to an increase in market depth we also examine how transitory volatility affects the mix between limit orders and market orders when transitory volatility arises from the ask bid side investors will submit more limit sell buy orders than market sell buy orders this result is consistent with the existence of limit order traders who enter the market and place orders when liquidity is needed

irrigation and imperialism the causes and consequences of a shift from subsistence to cash cropping dependency theorists and others have suggested that villagers in british india were compelled to grow cash crops under canal irrigation and this made them more vulnerable to famines evidence on cropping patterns in western india c 1900 shows that cultivators had good technical reasons for not irrigating subsistence crops in response to fiscal pressures and cultivators choices the government turned from a policy favouring subsistence crop irrigation to one favouring sugarcane paradoxically this new policy also stimulated foodgrain production providing greater subsistence security for the region

the costs and determinants of order aggressiveness abstract this paper examines the costs and determinants of order aggressiveness aggressive orders have larger price impacts but smaller opportunity costs than passive orders price impacts are amplified by large orders small firms and volatile stock prices to minimize the implementation shortfall the optimal strategy is to enter buy sell orders at the bid ask aggressive buy sell orders tend to follow other aggressive buy sell orders and occur when bid ask spreads are narrow and depth on the same opposite side of the limit book is large small aggressive buys are more likely than sells to be motivated by information

the emissions trading paradox abstract this article considers the price history of co2 allowances in the eu emission trading scheme since european emissions trading started in 2005 the prices of allowances have varied between less than one and thirty euro per ton of co2 this previously unpredicted volatility and more notably a significant price crash in may 2005 led to the hypothesis that electricity producers might use their market power to influence the prices of allowances besides market power the combination of information asymmetry and price interdependencies between prices of primary goods especially electricity and allowances plays an important role in explaining the emissions trading paradox the model presented will show that banking can lead to such a price crash if market participators act rationally furthermore in such a scenario banking can be profitable for sellers at the cost of buyers

business perspective to the national greenhouse gases emissions trading scheme a survey of cement companies in china abstract applying data gathered from 105 cement companies this paper gives an analysis of how business views the upcoming national greenhouse gases emissions trading scheme in china despite a good overall understanding the surveyed companies have not been able to prepare properly for the implementation of this policy they still need training to enhance their related capacity probably due to strict competition it is difficult for cement companies to pass the policy cost on to their clients the sampled companies intend to make self mitigation efforts for compliance it is highly likely that cement companies would mitigate emissions themselves if the carbon price is higher than 108 of the self abatement cost the surveyed cement companies anticipate an increase in the carbon price in china from about 35 yuan t co2 in 2020 to 60 yuan t co2 in 2025 and 90 yuan t co2 by 2030 the analysis provides reference for the smooth introduction and effective implementation of national carbon market in china from the business viewpoint

irrigation as a historical determinant of social capital in india a large scale survey analysis summary it is widely understood that the same policy interventions can have different outcomes depending on the social structures they are implemented in much less clear though is what fundamentally determines communities social capital or the way individuals in a society interact this study analyzes how irrigation practices a key feature of agricultural organization in india affect different indicators of social capital to this end an informative household survey is combined with detailed historical agricultural statistics on irrigation and grain cultivation the depth of the datasets allows for fine grained analysis of effects of different kinds of irrigation on groups with varying degrees of involvement in the agricultural production process i show a significant negative influence of specific types of irrigation on the prevalence of conflict and an increased likelihood for attendance of public meetings yet it is not possible to establish a broad and consistent relationship between agricultural indicators and social capital which contradicts previous research furthermore specific groups with varying incentive structures based on their land holding status and agricultural engagement appear to be affected by different kinds of irrigation the results underline the need for a multidimensional analysis of both social capital and agricultural organization as well as their interaction i do not find evidence supporting the rice theory of culture

economic structure and the politics of sectoral bias east asian and other cases governments of poor countries generally practise urban biased policies that penalise the agricultural sector to the advantage of non agriculture conversely governments of rich countries generally practise rural bias as south korea and taiwan have become relatively wealthy over recent decades they have also shifted from urban biased to rural biased policies adherents of the rational choice approach to political analysis claim to provide an explanation of the causes of this pattern this explanation is based on changing patterns of political interests and coalition forming possibilities induced by the changes in economic structure characteristically associated with economic growth an evaluation of this claim in the light of the south korean and taiwanese cases suggests that a it has considerable validity although its explanatory power is easily exaggerated b a satisfactory rational choice approach would encompass a wider range of political actors than has been incorporated in existing analy

determinants of pollution abatement in developing countries evidence from south and southeast asia abstract developing countries pa ticularly those in asia are fast adopting industrial pollution control standards similar to those in developed countries formal regulation has been greatly hampered however by the absence of clear and legally binding regulations limited institutional capacity lack of appropriate equipment and trained personnel and inadequate information on emissions one would predict highly pollution intensive production under such conditions our research however has uncovered strongly contradictory evidence despite weak or nonexistent formal regulation there are many clean plants in the developing countries of south and southeast asia of course there are also many plants which are among the world s most serious polluters what explains such extreme interplant variation this paper reviews evidence drawn from three empirical studies of plant level abatement practices conducted 1992 1994 the analyses test the importance of plant characteristics economic considerations and external pressure in determining environmental performance the results consistently show that pollution intensity is negatively associated with scale productive efficiency and the use of new process technology it is strongly and positively associated with public ownership but foreign ownership has no significant effect once other plant characteristics are taken into account among external sources of pressure community action or informal regulation emerges as a clear source of interplant differences in all three studies the results suggest that local income and education are powerful predictors of the effectiveness of informal regulation they also show that existing formal regulation has measurably beneficial effects even when it is quite weakly developed

general wisdom concerning the factors affecting the adoption of cleaner technologies a survey 1990 2007 abstract cleaner technologies ct have recently received much attention in diverse media and policy agendas this comes out of the clear role they play in environmental protection and sustainability and the large potential to contribute to economic growth and competitiveness the realization of both potentials depends on the level diffusion and exploitation achieved today very low this article presents a selective survey of papers that today represent the general wisdom concerning the factors affecting adoption as a primary condition to diffusion and exploitation of ct the paper helps to clarify the challenges facing diffusion modelers and policy makers when dealing with policy design assessing the levels of diffusion achieved as well as the factors affecting diffusion of a particular technology the paper ends outlining further research need in the field

the system of administrative and political corruption canal irrigation in south india the paper describes how some irrigation engineers raise vast amounts of illicit revenue from the distribution of water and contracts and redistribute part to superior officers and politicians it argues that the corruption system which is centred on control of personnel transfers is an important supply side reason for poor performance of canal irrigated agriculture insofar as the same system operates in other government departments it may be more important for understanding indian politics and the political influences on economic development than has previously been realised

trust in a rent seeking world health and government transformed in northeast brazil abstract this article draws lessons from a set of innovative programs carried out by a state government in brazil now widely acclaimed for excellence in public management key to the high performance was strong worker commitment to the job and what the state did to elicit a topic of little note in the development literature but of central importance in the literature of industrial performance and workplace transformation in the industrialized countries the state created an unusual sense of calling among the program s workers new prestige in the communities where they worked and an informed citizenry that both monitored the workers and trusted them

big is ugly how large scale institutions prevent famines in western india summary for centuries recurrent droughts have caused severe famines in the deccan region of western india by 1920 large scale institutions integrated this region into an industrial and globalizing world ending famines and causing a rapid decline in mortality rates hence a rise in human welfare these results are contrary to the small is beautiful discourse of some anti globalization theorists yet as these theorists suggest big institutions also often make inefficient use of vital resources institutions such as the deccan irrigation canals can be essential to survival yet require careful redesign to ensure future food security

emissions trading in china emerging experiences and international lessons grants by the robert bosch foundation under the program sustainable partners partners for sustainability the australian research council and the australian government supported different parts of the project

dynamic capabilities what are they this paper focuses on dynamic capabilities and more generally the resource based view of the firm we argue that dynamic capabilities are a set of specific and identifiable processes such as product development strategic decision making and alliancing they are neither vague nor tautological although dynamic capabilities are idiosyncratic in their details and path dependent in their emergence they have significant commonalities across firms popularly termed best practice this suggests that they are more homogeneous fungible equifinal and substitutable than is usually assumed in moderately dynamic markets dynamic capabilities resemble the traditional conception of routines they are detailed analytic stable processes with predictable outcomes in contrast in high velocity markets they are simple highly experiential and fragile processes with unpredictable outcomes finally well known learning mechanisms guide the evolution of dynamic capabilities in moderately dynamic markets the evolutionary emphasis is on variation in high velocity markets it is on selection at the level of rbv we conclude that traditional rbv misidentifies the locus of long term competitive advantage in dynamic markets overemphasizes the strategic logic of leverage and reaches a boundary condition in high velocity markets copyright 2000 john wiley sons ltd

stealth trading which traders trades move stock prices usingaudit trail data for a sample of nyse firms we show that medium size trades are associated with a disproportionately large cumulative stock price change relative to their proportion of all trades and volume this result is consistent with the predictions of barclay and warner s 1993 stealth tradinghypothesis we find that the source of this disproportionately large cumulative price impact of medium size trades is trades initiated by institutions this result is robust to various sensitivity checks our findings appear to confirm street lore that institutions are informed traders 2001 elsevier science s a all rights reserved

informed traders and limit order markets abstract we consider a dynamic limit order market in which traders optimally choose whether to acquire information about the asset and the type of order to submit we numerically solve for the equilibrium and demonstrate that the market is a volatility multiplier prices are more volatile than the fundamental value of the asset this effect increases when the fundamental value has high volatility and with asymmetric information across traders changes in the microstructure noise are negatively correlated with changes in the estimated fundamental value implying that asset betas estimated from high frequency data will be incorrect

investments in eop technologies and emissions trading results from a linear programming approach and sensitivity analysis abstract this paper offers a general approach to valuating investments in end of pipe technologies eop technologies with special regard to an emissions trading scheme since investments of this kind affect production it is necessary to derive the required payments for a financial valuation and the constraints from production theory and production planning on this basis it is possible to develop a valuation model this model considers joint production activity level dependent and independent payments and specifically includes the indivisibility of the investment applying duality theory enables us to examine the determinants of the price ceiling for such an investment sensitivity analysis shows that tradable permits have several effects on an investment and do not always encourage environmentally beneficial investments in particular cases they may even be counterproductive

policies influencing cleaner production the role of prices and regulation abstract low prices of inputs low costs associated with non product outputs and poor regulatory forcing have often not been conducive to diffusion of cleaner production however developments may be noted in the field of taxation subsidies liability and permits that tend to be more favourable to cleaner production extension thereof may favour cleaner production more in the future cleaner production stands to gain much by slashing subsidies and substantial ecotaxation of inputs and non product outputs similarly the regulatory enforcement of best available technologies liability for waste and tradable permits may help the diffusion of cleaner production

chinese companies awareness and perceptions of the emissions trading scheme ets evidence from a national survey in china abstract china announced the launch of a national emissions trading scheme ets in 2017 however companies appear show little enthusiasm for participation in the ets in china this paper identifies the factors affecting companies awareness and perceptions of ets by conducting a national survey based on an online questionnaire from may to november 2015 in seven carbon trading pilots the results indicate that companies attitudes towards the ets are positively influenced by government regulations and policy public relations management and estimated economic benefit of these public relations management is the decisive factor and estimated economic benefit is confirmed to be a relatively weak predictor a company s environmental and energy strategy exerts insignificant effects on its preference for the ets although the sampled companies are very willing to save energy and reduce emissions there exists an inverted u shape relationship between a company s level of mitigation technologies and its attitudes towards the ets the carbon price fails to stimulate companies to upgrade mitigation technologies the majority of companies treat participation in the ets only as a means of improving ties with governments as well as of earning a good social reputation rather than as a cost effective mechanism to mitigate greenhouse gas emissions

urban bias of consequences classes and causality choice theoretic accounts of urban bias ub in ldcs are popular because they also explain rural bias in richer countries such misguided elegance notwithstanding class theoretic not simply marxist productionist accounts are preferable why 1 ub alleges persistently inefficient and or unfair i anti rural outcomes ii intra rurally biases towards rural elites who in return deliver surpluses townwards 2 if ub declines for one outcome it must increase for others unless pro urban classes weaken relative to pro rural thus farm price ub fell in 1975 90 in many ldcs but with urban rural class power balances little changed public expenditure ub rose to compensate 3 yet long term development transforms such balances shifting many outcomes from ub to rural bias 4 explaining 2 and 3 involves understanding urban rural class relations when and to obtain which outcomes do rural elites seek rural rather than urban alliances choice game coalition theories help but only within i

traveling agents political change and bureaucratic turnover in india abstract we develop a framework to empirically examine how politicians with electoral pressures control bureaucrats with career concerns and the consequent implications for bureaucrats career investments unique microlevel data on indian bureaucrats support our key predictions politicians use frequent reassignments transfers across posts of varying importance to control bureaucrats high skilled bureaucrats face less frequent political transfers and lower variability in the importance of their posts we find evidence of two alternative paths to career success officers of higher initial ability are more likely to invest in skill but caste affinity to the politician s party base also helps secure important positions

the fruits and fallacies of neoliberalism the case of irrigation policy abstract neoliberal doctrine provides the analytic basis for a convincing explanation and critique of irrigation policy in the third world there is a strong case for subjecting capital and recurrent decisions to the discipline of scarcity pricing however it is rarely practicable to apply scarcity pricing rigorously because of the economic and technical infeasibility of volumetric water pricing in most third world irrigation schemes the taiwanese experience illustrates that political and institutional mechanisms for promoting managerial performance can be effective where the neoliberal prescription fails

dynamic incentives by environmental policy instruments a survey abstract in this paper i survey and discuss recent developments on the incentives provided by environmental policy instruments for both adoption and development of advanced abatement technology a main conclusion to be drawn from the literature is that under competitive conditions market based instruments usually perform better than command and control moreover taxes may provide stronger long term incentives than tradable permits if the regulator is myopic if the government can anticipate new technology or is able to react on it optimally regulatory policies by virtue of administered prices taxes and policies by setting quantities issuing tradable permits are almost equivalent the literature also shows that under competitive conditions there is no difference between auctioning permits and grandfathering moreover timing and commitment of environmental policy is not crucial for adoption under competitive conditions commitment has positive incentive effects however if an r d sector has market power in the presence of market imperfections the ranking of the different policy instruments is ambiguous

evaluating the power investment options with uncertainty in climate policy abstract this paper uses a real options approach roa for analysing the effects of government climate policy uncertainty on private investors decision making in the power sector it presents an analysis undertaken by the international energy agency iea that implements roa within a dynamic programming approach for technology investment choice case studies for gas coal and nuclear power investment are undertaken with the model illustrative results from the model indicate four broad conclusions i climate change policy risks can become large if there is only a short time between a future climate policy event such as post 2012 and the time when the investment decision is being made ii the way in which co 2 and fuel price variations feed through to electricity price variations is an important determinant of the overall investment risk that companies will face iii investment risks vary according to the technology being considered with nuclear power appearing to be particularly exposed to fuel and co 2 price risks under various assumptions and iv the government will be able to reduce investors risks by implementing long term say 10 years rather than short term say 5 years climate change policy frameworks contributions of this study include 1 having created a step function with stochastic volume of jump at a particular time to simulate carbon price shock under a particular climate policy event 2 quantifying the implicit risk premium of carbon price uncertainty to investors in new capacity 3 evaluating carbon price risk alongside energy price risk in investment decision making and 4 demonstrating roa to be a useful tool to quantify the impacts of climate change policy uncertainty on power investment

how to improve the market efficiency of carbon trading a perspective of china abstract emissions trading scheme ets is one of the effective measures to realize energy conservation and emission reduction in order to set up a nationwide carbon emissions trading mechanism seven ets pilots have been launched in china firstly based on empirical investigation and research of seven pilots this paper analyzed the market efficiency of ets pilots from four aspects carbon price trading volume market liquidity and information transparency the result showed that the market efficiency of ets pilots is not satisfactory in spite of the fact that system designs of ets have achieved preliminary result then the reason for low market efficiency of ets pilots was discussed from some factors such as institutional arrangements market participants the supply and demand etc finally this paper puts forward some policy suggestions to improve the market efficiency of china s carbon trading market

government action social capital and development reviewing the evidence on synergy abstract instead of assuming a zero sum relationship between government involvement and private cooperative efforts the five preceding articles argue for the possibility of state society synergy that active government and mobilized communities can enhance each others developmental efforts this article draws on these articles to explore the forms and sources of state society synergy i argue that synergy usually combines complementarity with embeddedness and is most easily fostered in societies characterized by egalitarian social structures ard robust coherent state bureaucracies i also argue however that synergy is constructable even in the more adverse circumstances typical of third world countries

a survey of company s awareness and approval of market based instruments for energy saving in japan abstract the progress in the adoption of market mechanisms for climate change is overall laggard in japan and the related study on business policy perspective is limited aiming to close the research gap this paper measures japanese company s awareness and approval of market based instruments for energy saving including financial subsidies carbon taxes and greenhouse gases emissions trading schemes the relationships between company s policy awareness and approval with pre classified determinants are identified by econometric analyses the data were collected from 230 respondents by a questionnaire survey in hyogo prefecture overall the sampled companies are confirmed to have low awareness and modest approval of market based instruments currently significant and positive relationship exists between a company s size and its policy awareness financial subsidies and tax credit are preferable while carbon pricing policies are barely acceptable for the companies a company s policy approval is significantly determined by the company s characteristics such as organizational size and sector belongings empirical evidences from this analysis facilitate the understanding of business opinions on market based instruments in japan the japanese government is suggested to make efforts in promoting the industrial policy awareness and approval with a focus on specific categories of companies

exploring new ways of assessing the effect of regulation on environmental management abstract studies indicate that while a variety of factors positively influence voluntary environmental management regulatory pressures are among the most important however most research examines samples representing large manufacturers or single industries essentially assuming a level of regulatory constraint using a sample of heterogeneous facilities this study finds that facilities can be classified according to the level of regulatory constraint and that group membership impacts the choice of environmental management strategy when assessed within a utility maximization framework more extensively regulated facilities implement more individual environmental management practices but participate in fewer formal voluntary environmental programs veps compared to other facilities

competition signaling and non walking through the book effects on order choice abstract we investigate the effects of competition and signaling in a pure order driven market and examine the trading patterns of agents when walking through the book is not allowed our results suggest that the variables capturing the cost of a large market order are not informative for an impatient trader under this market mechanism we also document that the competition effect is not present only at the top of the book but persistent beyond the best quotes moreover it dominates the signaling effect for both a limit order and a market order trader finally we show that institutional investors order submission strategies are characterized by only a few pieces of the limit order book information this is consistent with informed traders placing orders based on their own private valuations rather than the state of the book

can analytic narrative inform policy change the political economy of the indian electricity irrigation nexus abstractagricultural electricity subsidisation has led to high electricity demand groundwater depletion and public financial burdens the policy persists although paralleled by fundamental changes in electricity governance how can lock in and policy trajectories be explained theories of institutional public choice and regulation are reviewed two game models are built to analyse narratives based on interviews and secondary historical data the findings reveal path dependencies inherent in the existing action situations resolving the current equilibrium requires changes outside the political or regulatory process such as the electricity distribution level where coordination failure impedes infrastructure improvements contributing to resistance among the agricultural electorate