the impact of endowment framing on market prices an experimental analysis framing effects are well known in individual decision making using experimental markets we investigated whether similar effects could be found in a market environment two series of experiments showed that negative framing can give different market prices than a positively framed endowment we also found that volume may be affected by the framing of the endowment 2000 elsevier science b v all rights reserved

examining the link between energy consumption carbon dioxide emission and economic growth in latin america and the caribbean abstract this study aims at exploring the bi directional long run relationship between energy consumption carbon dioxide emission and economic growth in the latin american and caribbean countries the canonical cointegrating regression ccr is used to achieve the goal of this study taking the period of 1980 2008 the study arrived at different results while 60 of the countries have a positive bi directional long run relationship between energy consumption carbon dioxide emission and economic growth the others have mixed results the results of the study motivated the researcher to recommend that these countries should increase their energy efficiency increase the share of green energy from their total energy use and increase energy conservation in order to reduce unnecessary waste of energy

modeling the global relationships among economic growth energy consumption and co2 emissions abstract the relationships among economic growth energy consumption and greenhouse gas emissions needs to be paid attention since the characteristics of global warming is from economy and greenhouse gas emissions this study employs a panel cointegration and vector error correction model to discuss the dynamic economy energy environment nexus for 188 countries for the periods of 1993 2010 the empirical results indicate that there exist long run relationships between economic growth energy consumption and carbon dioxide emissions for all countries it is worth noting that energy consumption negatively affects gdp in the world as a whole and developing countries but not in developed countries and the unidirectional causality from energy consumption to carbon dioxide emissions exists both on developing and developed countries that means the developed countries should take more responsibility on the energy efficiency and mitigating greenhouse gas emissions ghge on other hand environmental regulations related to the prevention of environmental degradation as the economy grows need to be adopted by all countries

a multivariate cointegrated modelling approach in testing temporal causality between energy consumption real income and prices with an application to two asian ldcs unlike previous studies on the casual relationship between energy consumption and economic growth this paper illustrates how the finding of cointegration i e long term equilibrium relationship between these variables may be used in testing granger causality based on the most recent johansen s multiple cointegration tests preceded by various unit root or nonstationarity tests we test for cointegration between total energy consumption real income and price level of two asian ldcs thailand and sri lanka nonrejection of cointegration between variables rules out granger noncausality and implies at least one way of granger causality either unidirectional or bidirectional secondly by using a dynamic vector error correction model we then analyse the direction of granger causation and hence the within sample grangerexogeneity or endogeneity of each of the variables thirdly the relative strength of the causality is gauged through the dynamic variance decomposition technique by decomposing the total

the impacts of transport energy consumption foreign direct investment and income on co2 emissions in asean 5 economies abstract in this study we incorporate new variables and assess the impact of transportation sector s energy consumption and foreign direct investment on co2 emissions for asean 5 economies using the cointegration and granger causality methods this study also attempts to validate the environmental kuznets curve ekc hypothesis our results reveal that the co2 emissions and their determinants are co integrated only in indonesia malaysia and thailand the long run elasticity estimation suggests that income and transport energy consumption significantly influence co2 emissions whereas fdi is not significant economic growth plays a greater role in contributing to co2 emission in asean 5 nonetheless we find that the inverted u shape ekc hypothesis is not applicable to the asean 5 economies especially in indonesia malaysia and thailand in the long run the bi directional causality between economic growth and co2 emissions is detected in indonesia and thailand while we find unidirectional causality running from gdp to co2 emissions in malaysia we also observe bi directional causality between transport energy consumption fdi and co2 emissions in thailand and malaysia as an immediate policy option controlling energy consumption in transportation sector may result in a significant reduction in co2 emissions however this may slow the process of economic growth in malaysia and indonesia alternatively we suggest policymakers to place more emphasis on energy efficient transportation system and policies to minimise fossil fuel consumption thus the quality of environment can be improved with less deleterious impact on economic growth

limited rationality and strategic interaction the impact of the strategic environment on nominal inertia much evidence suggests that people are heterogeneous with regard to their abilities to make rational forward looking decisions this raises the question as to when the rational types are decisive for aggregate outcomes and when the boundedly rational types shape aggregate results we examine this question in the context of a long standing and important economic problem the adjustment of nominal prices after an anticipated monetary shock our experiments suggest that two types of bounded rationality money illusion and anchoring are important behavioral forces behind nominal inertia however depending on the strategic environment bounded rationality has vastly different effects on aggregate price adjustment if agents actions are strategic substitutes adjustment to the new equilibrium is extremely quick whereas under strategic complementarity adjustment is both very slow and associated with relatively large real effects this adjustment difference is driven by price expectations which are very flexible and forward looking under substitutability but adaptive and sticky under complementarity moreover subjects expectations are also considerably more rational under substitutability

the relationship between gdp and electricity consumption in 10 asian countries the purpose of this study is to estimate the relationships between gdp and electricity consumption in 10 newly industrializing and developing asian countries using both single data sets and panel data procedures the empirical results from single data set indicate that the causality directions in the 10 asian countries are mixed while there is a uni directional short run causality running from economic growth to electricity consumption and a bi directional long run causality between electricity consumption and economic growth if the panel data procedure is implemented these empirical findings imply that electricity conservation policies through both rationalizing the electricity supply efficiency improvement to avoid the wastage of electricity and managing demand side to reduce the electricity consumption without affecting the end user benefits could be initiated without adverse effect on economic growth the findings on the long run relationship indicate that a sufficiently large supply of electricity can ensure that a higher level of economic growth

the ostrich effect and the relationship between the liquidity and the yields of financial assets this article documents that government t bills provided a higher yield to maturity than an equally risky illiquid asset bank deposits in israel the difference between the return on the liquid asset relative to the illiquid asset is higher in periods of greater uncertainty this cannot be attributed to taxes risk or transaction costs we suggest that the observed puzzle is due to the positive correlation between liquidity and the flow of market information we use the term ostrich effect to describe investor behavior since ostriches are believed to treat apparently risky situations by pretending they do not exist

risk and rationality the effects of mood and decision rules on probability weighting empirical research has shown that people tend to overweight small probabilities and underweight large probabilities when valuing risky prospects but little is known about factors influencing the shape of the probability weighting curve based on a laboratory experiment with monetary incentives we demonstrate that pre existing good mood is significantly associated with women s probability weights women in a better than normal mood tend to weight probabilities relatively more optimistically many men however seem to be immunized against effects of incidental mood by applying a mechanical decision criterion such as maximization of expected value

causality relationship between electricity consumption and gdp in bangladesh in this paper we examine the causal relationship between the per capita electricity consumption and the per capita gdp for bangladesh using cointegration and vector error correction model our results show that there is unidirectional causality from per capita gdp to per capita electricity consumption however the per capita electricity consumption does not cause per capita gdp in case of bangladesh the finding has significant implications from the point of view of energy conservation emission reduction and economic development

decision support for retirement portfolio management overcoming myopic loss aversion via technology design as firms continue to abandon pensions in favor of employee managed retirement plans tremendous demands are being placed on the decision making proficiency of future retirees as reflected in the equity premium puzzle individual investors tend to hold overly conservative portfolios that provide meager payoffs over time consequently there is growing concern that the vast majority of retirement accounts might be insufficiently funded when employees reach retirement given that most retirement plans can now be managed online a potential solution lies in designing a web based decision support system dss that helps future retirees make more profitable portfolio management decisions this paper reports the results of a study in which 159 retirement plan participants were asked to use an experimental website to manage a portfolio of retirement investments over a simulated 30 year period using a psychological approach toward designing the dss myopic loss aversion is put forth as a theoretical explanation for the psychological mechanisms that encourage investors to hold overly conservative portfolios armed with this knowledge three design features information horizon system restrictiveness and decisional guidance are implemented as part of an overarching design strategy targeted at increasing investors willingness to take calculated risks the results indicate that investor conservatism diminishes when the dss presents prospective probabilities and payoffs over long time horizons in contrast short term information horizons constitute a major stumbling block for investors however when confronted with short term information horizons risk aversion can be successfully counteracted by configuring a dss to either restrict the frequency of decisions or to suggest a relatively aggressive portfolio allocation these findings carry important implications for theory and practice

payoff based belief distortion heterogeneous beliefs often arise among people with the same information but different personally experienced payoffs to explain this i propose a mechanism in which experienced payoffs distort beliefs gains lead an agent to relatively underweight negative new signals and thus to become overoptimistic whereas losses do the opposite i experimentally test this mechanism and find behaviour consistent with its predictions the experiment created a setting where payoffs carried no informational value for bayesian updating and thus offered a strong test for the effect of payoffs on beliefs the findings were robust and distinct from alternative mechanisms in important ways

can china meet its 2020 economic growth and carbon emissions reduction targets abstract as a developing country china faces the dual challenges of economic development and environment protection this study analyzes whether the chinese government will be able to implement this win win goal and how to achieve it in 2020 the results show that 1 the annual contribution rates to gdp of comprehensive factors human capital fixed capital fossil energy and non fossil energy during 1991 2013 were 33 97 14 17 15 47 14 91 and 21 47 respectively china s economic growth mainly depends on fixed capital investment and the output elasticity of human capital to gdp is the highest 2 fossil energy consumption could be reduced by increasing human capital investment based on the substitution elasticity of human capital for fossil energy simultaneously the technological progress of fixed capital and fossil energy is slower than that of non fossil energy which is conducive to the dual goals of economic growth and carbon emissions reduction 3 to reach these goals in 2020 the inputs of human capital fixed capital fossil energy and non fossil energy must increase by 12 05 16 89 1 29 times and 74 67 of the 2013 levels by 2020 4 this study analyzes the means and conditions for china to meet their goal in terms of these constraints and finds that technological progress is the key to meeting the economic growth and carbon emissions goals in 2020

a machine learning analysis of the relationship among iron and steel industries air pollution and economic growth in china abstract the aim of this paper is to analyze the relationship among iron and steel industries air pollution and economic growth in china using monthly time series from 2000 to 2017 we adopt a long short term memory lstm approach the empirical results show that the relationship between economic growth and steel production is very strong in the first stage furthermore in our model we can see that the reduction of polluting emissions is linked to the principle of sustainable development in particular this phenomenon lies in the economic growth model responsible for the future generation

electricity consumption and economic growth a time series experience for 17 african countries abstract while the availability of electricity by itself is not a panacea for the economic and social problems facing africa the supply of electricity is nevertheless believed to be a necessary requirement for africa s economic and social development this paper tests the long run and causal relationship between electricity consumption per capita and real gross domestic product gdp per capita for 17 african countries for the period 1971 2001 using a newly developed cointegration test proposed by pesaran et al 2001 and using a modified version of the granger causality test due to toda and yamamoto 1995 the advantage of using these two approaches is that they both avoid the pre testing bias associated with conventional unit root and cointegration tests the empirical evidence shows that there was a long run relationship between electricity consumption per capita and real gdp per capita for only 9 countries and granger causality for only 12 countries for 6 countries there was a positive uni directional causality running from real gdp per capita to electricity consumption per capita an opposite causality for 3 countries and bi directional causality for the remaining 3 countries the result should however be interpreted with care as electricity consumption accounts for less than 4 of total energy consumption in africa and only grid supplied electricity is taken into account

can foreign direct investment harness energy consumption in china a time series investigation abstract this study assesses the long run relationship and short run dynamics between foreign direct investment fdi and energy consumption in china applying the bounds testing approach to annual data from 1982 to 2012 we find that a stable fdi energy nexus exists in the long run and a 1 increase in fdi reduces energy consumption by 0 21 however this study shows a positive association between fdi and energy consumption in the short run attributing to the dominance of the scale effect our results remain robust to different measurements and estimators it is suggested that the chinese government shall support the inward fdi in the tertiary and energy sectors and strengthen local absorptive capacities to fully internalize fdi related knowledge spillovers in energy conservation

energy and economic growth in the usa a multivariate approach abstract this paper examines the causal relationship between gdp and energy use for the period 1947 90 in the usa the relationship between energy use and economic growth has been examined by both biophysical and neoclassical economists in particular several studies have tested for the presence of a causal relationship in the granger sense between energy use and economic growth however these tests do not allow a direct test of the relative explanatory powers of the neoclassical and biophysical models a multivariate adaptation of the test vector autoregression var does allow such a test a var of gdp energy use capital stock and employment is estimated and granger tests for causal relationships between the variables are carried out although there is no evidence that gross energy use granger causes gdp a measure of final energy use adjusted for changing fuel composition does granger cause gdp

the influence of low fare airlines on vacation choices of students results of a stated portfolio choice experiment this paper reports the results of a portfolio model of vacation choices of students the portfolio model concerns the combined choice of destination type transport mode duration accommodation and travel party for vacations in addition to usual transport modes such as airline train bus and car a distinction was made between low fare airlines as these may be especially appealing to students and regular airlines stated choice data were used to estimate the model the attributes of the transport modes were systematically varied in the experiment while respondents were faced with free options for the other choice facets estimation results indicated that the developed model of portfolio choice performs satisfactory in substantive terms it seems that transport mode predominantly influences the portfolio choices the attributes that are significant tend to amplify the specific role of transport modes in general and low fare airlines in particular

market microstructure and securities values evidence from the tel aviv stock exchange abstract this paper examines the value effects of improvements in the trading mechanism selected stocks on the tel aviv stock exchange were transferred gradually from a daily call auction to a mechanism where the call auction was followed by iterated continuous trading sessions this event was associated with a positive and permanent price appreciation the cumulative average market adjusted return over a period that started five days prior to the announcement and ended 30 days after the stocks started trading by the new method was approximately 5 5 in addition we find positive liquidity externalities spillovers across related stocks and improvements in the value discovery process due to the improved trading method finally there was a positive association between liquidity gains and price appreciation

the effect of short selling on bubbles and crashes in experimental spot asset markets a series of experiments illustrate that relaxing short selling constraints lowers prices in experimental asset markets but does not induce prices to track fundamentals we argue that prices in experimental asset markets are influenced by restrictions on short selling capacity and limits on the cash available for purchases restrictions on short sales in the form of cash reserve requirements and quantity limits on short positions behave in a similar manner a simulation model based on delong et al 1990 generates average price patterns that are similar to the observed data asset market bubbles are persistent deviations of prices from fundamentals to the extent that bubbles exist they can influence investment levels and the allocation of capital and thereby have considerable economic effects in recognition of their potential importance the question of the existence and pervasiveness of bubbles has been a focus of extensive empirical investigation see e g shiller 1981 blanchard and watson 1982 diba and grossman 1988 and west 1988 these studies yield mixed results regarding the empirical relevance of bubble phenomena one source of the differences in conclusions may be that because the fundamental value of the assets cannot be observed tests of the presence of bubbles are joint tests with the particular specification of the process guiding the evolution of fundamentals also being tested the availability of short selling is widely believed to make bubble formation less likely one rationale for such a belief is the notion that the cause of asset market bubbles is a constraint on the ability of traders to speculate on future downward price movements see e g miller 1977 jarrow 1980 diamond and verrecchia 1987 or figlewski and webb 1993 in the absence of short sales traders may sell only the shares in their portfolios the availability of short sales relaxes this constraint in this paper we study empirically the effect of allowing short sales on both the incidence and magnitude of market bubbles we choose a setting in which the fundamental value of the asset is clearly and unambiguously defined and known at all times and bubbles typically occur namely we use the experimental environment that smith suchanek and williams 1988 introduce while

electricity consumption and economic growth evidence from korea abstract this paper investigates the short and long run causality issues between electricity consumption and economic growth in korea by using the co integration and error correction models it employs annual data covering the period 1970 2002 the overall results show that there exists bi directional causality between electricity consumption and economic growth this means that an increase in electricity consumption directly affects economic growth and that economic growth also stimulates further electricity consumption

portfolio choice and risk attitudes an experiment i introduction suppose an investor is faced with a decision concerning how to allocate financial resources between a risky lottery asset with a higher expected return and an asset with a fixed and guaranteed lower return is the choice of portfolio independent of preferences outside the standard neoclassical model in experiments with financial incentives we study how portfolio choice depends on three well documented behavioral phenomena ambiguity aversion the illusion of control and myopic loss aversion we also investigate whether participants are willing to explicitly pay a small sum of money to indulge such preferences pay for more perceived control less ambiguity or more frequent opportunities to change the portfolio based on feedback about its performance while standard finance theory presumes that investors successfully identify and process information relevant to reaching optimal decisions in recent years a body of empirical evidence suggests that there are systematic departures from this behavior behavioral finance is concerned with psychological influences in financial decision making and markets investors make decisions while trying to stay afloat in a sea of uncertainty when predictability is low people may be prone to unjustified beliefs that may survive and even flourish in such an environment 1 people may resort to rules of thumb on a conscious or subconscious level to the extent that psychological influences are present it is economically important to consider which of these actually affect risk attitudes and portfolio choice a key issue is whether any such influences disappear when monetary incentives are present we pursue a systematic experimental comparison of three of the most prominent behavioral phenomena documented in the literature the illusion of control langer 1975 is concerned with greater confidence in one s predictive ability or in a favorable outcome when one has a higher degree of personal involvement even when one s involvement is not actually relevant ambiguity aversion ellsberg 1961 is the desire to avoid unclear circumstances even when this will not increase the expected utility myopic loss aversion benartzi and thaler 1995 combines loss aversion kahneman and tversky 1979 tversky and kahneman 1992 and a tendency to evaluate outcomes frequently this combination leads investors to be more willing to invest a greater proportion of their portfolio in risky assets if they evaluate their investments less frequently we show that these phenomena are present with monetary incentives and also investigate whether people are willing to pay money to accommodate such preferences or whether they are closer to the rational model when incentives are present with the procedure we chose the willingness to actually pa for such preferences depends on the preference the great majority of investors pay for less ambiguity or more frequent feedback investment opportunities but fewer than 10 pay to roll a determinative die themselves 2 we then examine how the preferences between lotteries in the different treatments affect portfolio choice we have participants allocate their investment capital between an asset with a sure return and a risky asset with a higher expected rate of return in fact there is very little variation in investment behavior across any of the illusion of control or ambiguity aversion treatments in contrast the results found in previous experimental studies of myopic loss aversion suggest that participants invest less in their preferred option the main conclusion we draw from these findings is that the relation between which procedure or lottery people prefer and how much they are willing to actually invest in this lottery is not trivial at all people are generally unwilling to pay even small amounts of money to indulge the illusion of control and it does not influence their portfolio choice people are generally willing to pay money for less ambiguity but having less ambiguity does not influence their portfolio choice finally in some cases people are willing to pay money for more frequent feedback and opportunities to change their portfolio but again previous studies have shown that people invest less with this additional information and greater flexibility

energy consumption in china past trends and future directions abstract in 2003 china s energy consumption amounted to 1678 million tonnes coal equivalent mtce making china the world s second largest consumer behind only the united states china is now also one of the largest oil importers in the world with an economy that is expected to maintain a rate of growth of 7 8 for decades china s role in the world energy market becomes increasingly influential this makes it important to predict china s future demand for energy the objective of this paper is to apply the bayesian vector autoregressive methodology to forecast china s energy consumption and to discuss potential implications the results of this paper suggest that total energy consumption should increase to 2173 mtce in 2010 an annual growth rate of 3 8 which is slightly slower than the average rate in the past decade the slower growth reflects expected slower economic growth and a decline in energy consumption due to structural changes in the chinese economy

co2 emissions energy consumption economic and population growth in malaysia abstract this study investigates the dynamic impacts of gdp growth energy consumption and population growth on co2 emissions using econometric approaches for malaysia empirical results from ardl bounds testing approach show that over the period of 1970 1980 per capita co2 emissions decreased with increasing per capita gdp economic growth however from 1980 to 2009 per capita co2 emissions increased sharply with a further increase of per capita gdp this is also supported by the dynamic ordinary least squared dols and the sasabuchi lind mehlum u slm u test tests consequently the hypothesis of the ekc is not valid in malaysia during the study period the results also demonstrate that both per capita energy consumption and per capita gdp has a long term positive impacts with per capita carbon emissions but population growth rate has no significant impacts on per capita co2 emission however the study suggests that in the long run economic growth may have an adverse effect on the co2 emissions in malaysia thus significant transformation of low carbon technologies such as renewable energy and energy efficiency could contribute to reduce the emissions and sustain the long run economic growth

investment flexibility and the acceptance of risk abstract the hypothesis examined in this paper is that the greater the investor s flexibility the easier it is for him to change his portfolio depending on his results the more willing he will be to accept risks when the investor has no control on the size of the risky investment but can choose between one risky and one riskless asset this conjecture is shown to be correct however if there is more than one risky asset each period counterexamples demonstrate that flexibility rarely ensures greater risk taking for the standard portfolio problem in which investors are free to determine the size of their investment in a risky asset flexibility always raises the demand for the risky asset if constant relative risk aversion is less than unity but counterexamples can always be found when the constant relative risk aversion is larger than unity journal of economic literatureclassification numbers g11 d81 d84

business expenditures on r d and trade performances in australia is there a link this article empirically examines the dynamic causal link between business research and development r d expenditures and trade performance in australia based on cointegration and error correction modelling granger causality tests variance decomposition and impulse response functions are used for this purpose the results show that a long run relationship exists between the trade variables and r d expenditure and a unidirectional causality run from r d expenditure to exports imports and net exports further the variance decomposition and impulse response functions confirm that a significant portion of fluctuations in the trade variables beyond the sample period is explained by r d expenditure therefore government policies that lift expenditures on business r d are shown to contribute to the narrowing of australia s chronic trade deficits

energy consumption and economic growth evidence from china at both aggregated and disaggregated levels using a neo classical aggregate production model where capital labor and energy are treated as separate inputs this paper tests for the existence and direction of causality between output growth and energy use in china at both aggregated total energy and disaggregated levels as coal oil and electricity consumption using the johansen cointegration technique the empirical findings indicate that there exists long run cointegration among output labor capital and energy use in china at both aggregated and all three disaggregated levels then using a vec specification the short run dynamics of the interested variables are tested indicating that there exists granger causality running from electricity and oil consumption to gdp but does not exist granger causality running from coal and total energy consumption to gdp on the other hand short run granger causality exists from gdp to total energy coal and oil consumption but does not exist from gdp to electricity consumption we thus propose policy suggestions to solve the energy and sustainable development dilemma in china as enhancing energy supply security and guaranteeing energy supply especially in the short run to provide adequate electric power supply and set up national strategic oil reserve enhancing energy efficiency to save energy diversifying energy sources energetically exploiting renewable energy and drawing out corresponding policies and measures and finally in the long run transforming development pattern and cut reliance on resource and energy dependent industries

the causal relationship between energy consumption and economic growth in lebanon this paper investigates the dynamic causal relationship between energy consumption and economic growth in lebanon over the period 1980 2009 within a bivariate framework imposed on us due to data limitations and in an effort to increase the robustness of our results we employ a variety of causality tests namely hsiao toda yamamoto and vector error correction based granger causality tests we find strong evidence of a bidirectional relationship both in the short run and in the long run indicating that energy is a limiting factor to economic growth in lebanon from a policy perspective the confirmation of the feedback hypothesis warns against the use of policy instruments geared towards restricting energy consumption as these may lead to adverse effects on economic growth consequently there is a pressing need to revise the current national energy policy that calls for a 5 energy conservation target also to shield the country from external supply shocks given its substantial dependence on energy imports policymakers should emphasize the development of domestic energy resources further the most pertinent implication is that relaxing the present electric capacity shortages should be made a national priority in view of its potential positive effect on the economy

a nonparametric analysis of energy environmental kuznets curve in chinese provinces energy resources are an important material foundation for the survival and development of human society and the relationship between energy and economy is interactive and complementary this paper analyzes the energy consumption economic growth nexus in chinese provinces using novel and recent nonparametric time series as well as panel data empirical approaches the dataset covers 30 provinces over the period of 1980 2018 the empirical analysis indicates the presence of a nonlinear functional form and smooth structural changes in most of the provinces the nonparametric empirical analysis validates the presence of a nonlinear unit root problem in energy consumption and economic growth and nonlinear cointegration between the variables additionally the nonparametric panel cointegration test reports evidence of convergence in energy consumption and economic growth patterns across the provinces the nonparametric regression analysis finds economic growth to have a positive effect on average on energy consumption in all provinces except for beijing further the energy environmental kuznets curve exists between economic growth and energy consumption in 20 out of 30 chinese provinces the granger causality analysis reveals the presence of a mixed causal relationship between economic growth and energy consumption the empirical findings have important implications for chinese authorities in planning for improving energy efficiency decoupling between economic growth and energy consumption and reducing the environmental footprint of provinces

renewable and non renewable energy growth emissions linkages review of emerging trends with policy implications abstract this study is an extension of the previous studies which focused mainly on energy growth nexus but fails to consider the carbon emission implication of this relationship the methodology of the study permits a comprehensive and comparative analysis of existing studies on renewable and non renewable energy growth emission nexus in order to draw some implications for policy and research the survey revealed the extent of the spread of studies across issues time and geographical space countries and regions it also disclosed the range of methodological approaches adopted to analyse the issues over time and the frequency of their use it unravelled the varied findings across countries and regions given the diverse methods employed and specific features of the economies analysed arising from the literature survey this study highlights the existing gaps in the literature and new direction for policy and research the general policy implication of the findings of this study is that pollution effect of energy growth nexus should be taken into consideration in policy formulation for sustainable development further the design of regional and global policies should recognise the fact that energy growth emission linkages varied across countries even in the same region some new direction for research on renewable and non renewable energy growth emission linkages pointed out in this survey includes the following future research on energy growth nexus without considering the pollution impact may not contribute so much to the literature studies should investigate the substitution complementary effects of the energy varieties on growth emission nexus while new methodological contributions are imperative

energy consumption and gdp causality relationship in g 7 countries and emerging markets abstract the causality relationship between energy consumption and income is a well studied topic in energy economics this paper studies the time series properties of energy consumption and gdp and reexamines the causality relationship between the two series in the top 10 emerging markets excluding china due to lack of data and g 7 countries we discover bi directional causality in argentina causality running from gdp to energy consumption in italy and korea and from energy consumption to gdp in turkey france germany and japan hence energy conservation may harm economic growth in the last four countries

how does energy consumption affect china s urbanization new evidence from dynamic threshold panel models abstract energy consumption may play different roles at different stages of urbanization and economic growth given china s rapid economic development and urbanization process this study tries to explore the possible nonlinear relationship between energy consumption and urbanization in china against the background of promoting new type urbanization the level of china s urbanization is evaluated comprehensively using the entropy method a newly developed dynamic threshold panel model is employed to examine the nexus of energy consumption and comprehensive urbanization with full consideration of heterogeneous characteristics the panel data vector autoregression or pvar model is also used to estimate the direct effects of various energy consumption patterns on the urbanization the empirical results indicate that the nexus of energy consumption and urbanization is indeed nonlinear and that energy consumption is conducive to promote china s urbanization at the current stage of development however the positive effect decreases when there is an increase in energy consumption intensity and energy consumption scale whereas the effect increases with the promotion of energy consumption structure

electricity consumption employment and real income in australia evidence from multivariate granger causality tests this paper examines the relationship between electricity consumption employment and real income in australia within a cointegration and causality framework we find that electricity consumption employment and real income are cointegrated and that in the long run employment and real income granger cause electricity consumption while in the short run there is weak unidirectional granger causality running from income to electricity consumption and from income to employment

mapping the evolution of energy growth nexus synergies and trade offs the study explores the intellectual structure development and evolution of energy crisis and economic growth research through bibliometric analysis of research articles on energy growth nexus from 2000 to 2017 by using citespace where gephi is used to analyse the authors collaboration the analysis incorporates 27 152 references cited by 344 authors in 1165 articles and from 330 journals the results of study quantitatively present the most cited articles authors countries institutions and intellectual structure with data visualization in the knowledge domain of energy growth nexus the study categorizes the major research areas in energy growth nexus research as carbon dioxide emission electricity consumption heterogeneous panel real income renewable energy and financial development the study discusses emerging trends which provide the future research fronts and intellectual development within the framework of energy growth nexus

prospect theory mental accounting and differences in aggregated and segregated evaluation of lottery portfolios if individuals have to evaluate a sequence of lotteries their judgment is influenced by the presentation mode experimental studies have found significantly higher acceptance rates for a sequence of lotteries if the overall distribution was displayed instead of the set of lotteries itself mental accounting and loss aversion provide an easy and intuitive explanation for this phenomenon in this paper we offer an explanation that incorporates further evaluation concepts of prospect theory our formal analysis of the difference in aggregated and segregated portfolio evaluation demonstrates that the higher attractiveness of the aggregated presentation mode is not a general phenomenon as suggested in the literature but depends on specific parameters of the lotteries the theoretical findings are supported by an experimental study in contrast to the existing evidence and in line with our theoretical results we find for specific types of lotteries an even lower acceptance rate if the overall distribution is displayed

the effect of myopia and loss aversion on risk taking an experimental test myopic loss aversion is the combination of a greater sensitivity to losses than to gains and a tendency to evaluate outcomes frequently two implications of myopic loss aversion are tested experimentally 1 investors who display myopic loss aversion will be more willing to accept risks if they evaluate their investments less often 2 if all payoffs are increased enough to eliminate losses investors will accept more risk in a task in which investors learn from experience both predictions are supported the investors who got the most frequent feedback and thus the most information took the least risk and earned the least money language en

energy gdp relationship revisited an example from gcc countries using panel causality abstract this work investigates the causality relationship between gross domestic product gdp and energy consumption in the six countries of the gulf cooperation council gcc recently developed panel cointegration and causality techniques are used to uncover the direction of energy gdp causality in the gcc empirical results indicate a unidirectional causality running from gdp to energy consumption evidence shows no support for the hypothesis that energy consumption is the source of gdp growth in the gcc countries such results suggest that energy conservation policies may be adopted without much concern about their adverse effects on the growth of gcc economies

interactions among energy consumption economic development and greenhouse gas emissions in japan after world war ii abstract the long term dynamic changes in the triad energy consumption economic development and greenhouse gas ghg emissions in japan after world war ii were quantified and the interactions among them were analyzed based on an integrated suite of energy emergy and economic indices the results quantitatively showed that two different energy strategy periods one before 1973 using new sources of higher quality energy and one after 1973 focused on improving the efficiency of energy generation methods could explain the linear increase in national economic development in japan over the 66 years from 1946 to 2011 japan benefited both ecologically and economically from importing fossil fuels which accounted for 8 7 of the nominal gdp of japan averaged over the entire study period the total environmental impacts of ghg i e co 2 ch 4 and n 2 o emissions measured by emergy decreased after 1997 and since 2009 they have remained lower than 76 of the emissions in 1990 even though no decrease in the global warming impact based on the weight of co 2 was observed emergy methods and energy systems models revealed aspects of the complicated interactions among energy consumption economic development and the potential environmental impact of ghg emissions which formerly had not been recognized

electricity consumption and economic growth in china abstract this paper applies the error correction model to examine the causal relationship between electricity consumption and real gdp for china during 1971 2000 our estimation results indicate that real gdp and electricity consumption for china are cointegrated and there is unidirectional granger causality running from electricity consumption to real gdp but not vice versa in order to overcome the constraints on electricity consumption the chinese government has to speed up the nation wide interconnection of power networks to upgrade urban and rural distribution grids and to accelerate rural electrification

myopic risk taking in tournaments abstract there is a common notion that incentive schemes in the financial industry trigger myopia and risk taking in some sense this contrasts with the concept of myopic loss aversion mla which implies that myopia mitigates risk taking a number of experimental studies support the mla hypothesis by showing that people take less risk the more frequently their investments are evaluated in this paper we show experimentally that if subjects are exposed to tournament incentives the standard mla effect disappears rather there is a tendency towards more risk taking the more frequently investments are evaluated

does commitment or feedback influence myopic loss aversion an experimental analysis empirical research has shown that a lower feedback frequency combined with a longer bind ing period decreases myopia and thereby increases the willingness to invest into a risky asset in an experimental study we disentangle the intertwined manipulation of feedback frequency and binding period to analyze how both variables alone contribute to the change in myopia and how they interact we find a strong effect for the length of commitment a much less pro nounced effect for the feedback frequency and a strong interaction between both variables the results have important implications for real world intertemporal decision making

the effect of market segmentation and illiquidity on asset prices evidence from exchange listings this article documents the effect on share value of listing on the new york stock exchange and reports the results of a joint test of merton s 1987 investor recognition factor and amihud and mendelson s 1986 liquidity factor as explanations of the change in share value we find that during the 1980s stocks earned abnormal returns of 5 percent in response to the listing announcement and that listing is associated with an increase in the number of shareholders and a reduction in bid ask spreads cross sectional regressions provide support for both investor recognition and liquidity as sources of value from exchange listing the effect on share value of listing on the new york stock exchange nyse by over the counter otc stocks has been the focus of empirical investigation by scholars and practitioners for at least 50 years the consensus conclusion is that an nyse listing is or at least has been associated with a significant increase in share price streetlore has historically attributed this increase in value to the increased investor recognition that is believed to accompany listing on a major exchange until recently this investor recognition explanation has lacked a rigorous analytical foundation merton 1987 fills this void with a model of capital market equilibrium with incomplete information to develop his model merton adopts most of the assumptions of the original sharpe lintner mossin capital asset pricing model capm but relaxes the assumption of equal information across investors he further assumes that investors invest only in the those securities of which they are aware 2 with this modification to the original capm framework merton derives a model in which expected returns increase with systematic risk firm specific risk and relative market value and decrease

government control or low carbon lifestyle analysis and application of a novel selective constrained energy saving and emission reduction dynamic evolution system abstract this paper explores a novel selective constrained energy saving and emission reduction eser dynamic evolution system analyzing the impact of cost of conserved energy cce government control low carbon lifestyle and investment in new technology of eser on energy intensity and economic growth based on artificial neural network the quantitative coefficients of the actual system are identified taking the real situation in china for instance an empirical study is undertaken by adjusting the parameters of the actual system the dynamic evolution behavior of energy intensity and economic growth in reality are observed with the results in perfect agreement with actual situation the research shows that the introduction of cce into eser system will have certain restrictive effect on energy intensity in the earlier period however with the further development of the actual system carbon emissions could be better controlled and energy intensity would decline in the long run the impacts of cce on economic growth are positive government control and low carbon lifestyle play a decisive role in controlling eser system and declining energy intensity but the influence of government control on economic growth should be considered at the same time and the controlling effect of low carbon lifestyle on energy intensity should be strengthened gradually while the investment in new technology of eser can be neglected two different cases of eser are proposed after a comprehensive analysis the relations between variables and constraint conditions in the eser system are harmonized remarkably a better solution to carry out eser is put forward at last with numerical simulations being carried out to demonstrate the results

the relationship between energy consumption energy prices and economic growth time series evidence from asian developing countries this paper estimates the causal relationships between energy consumption and income for india indonesia the philippines and thailand using cointegration and error correction modelling techniques the results indicate that in the short run unidirectional granger causality runs from energy to income for india and indonesia while bidirectional granger causality runs from energy to income for thailand and the philippines in the case of thailand and the philippines energy income and prices are mutually causal the study results do not support the view that energy and income are neutral with respect to each other with the exception of indonesia and india where neutrality is observed in the short run c 2000 elsevier science b v all rights reserved jel classifications c22 q43 q48

co2 emissions energy consumption and output in france abstract this paper examines the dynamic causal relationships between pollutant emissions energy consumption and output for france using cointegration and vector error correction modelling techniques we argue that these variables are strongly inter related and therefore their relationship must be examined using an integrated framework the results provide evidence for the existence of a fairly robust long run relationship between these variables for the period 1960 2000 the causality results support the argument that economic growth exerts a causal influence on growth of energy use and growth of pollution in the long run the results also point to a uni directional causality running from growth of energy use to output growth in the short run

prior consequences and subsequent risk taking new field evidence from the taiwan futures exchange we use a data set from market participants in the taiwan stock exchange capitalization weighted stock index options markets to demonstrate a strong positive relationship between prior trading outcomes and subsequent risk taking in particular investors in this market take above average risks in afternoon trading after morning gains the phenomenon is prevalent in all three types of market makers accounts and across different types of market participants our findings are consistent with the argument that prior outcomes affect subsequent risk taking through a relationship that is sensitive to the model parameters i e expected return trading period and curvature of the value function because prospect theory can predict both increased and decreased levels of subsequent risk taking we provide possible explanations behind the phenomenon and discuss reasons for the variety of findings in the existing literature

energy consumption economic growth relationship and carbon dioxide emissions in china this paper applies the panel unit root heterogeneous panel cointegration and panel based dynamic ols to re investigate the co movement and relationship between energy consumption and economic growth for 30 provinces in mainland china from 1985 to 2007 the empirical results show that there is a positive long run cointegrated relationship between real gdp per capita and energy consumption variables furthermore we investigate two cross regional groups namely the east china and west china groups and get more important results and implications in the long term a 1 increase in real gdp per capita increases the consumption of energy by approximately 0 48 0 50 and accordingly increases the carbon dioxide emissions by about 0 41 0 43 in china the economic growth in east china is energy dependent to a great extent and the income elasticity of energy consumption in east china is over 2 times that of the west china at present china is subject to tremendous pressures for mitigating climate change issues it is possible that the gdp per capita elasticity of carbon dioxide emissions would be controlled in a range from 0 2 to 0 3 by the great effort

a day in the city using conjoint choice experiments to model urban tourists choice of activity packages this paper introduces and tests a conjoint choice experiment approach to modeling urban tourists choice of activity packages the joint logit model is introduced as a tool to model choices between combinations of activities and an experimental design approach is proposed that includes attributes from multiple alternatives as well as interactions between attributes of different alternatives tests for possible differences in parameter values for attributes when introduced in different parts of the day are also supported the proposed approach was implemented and tested in a case study on dutch urban tourists choices of activity packages for a weekend in paris shopping and sightseeing were the activities evaluated most positively a number of significant interactions between choices of activities for different parts of the weekend was observed with a general preference for variation in activities and no significant interactions between choices of evening and daytime activities it was found that respondents in the case study did not evaluate activities differently depending on the period of the weekend in which they were introduced

myopic loss aversion revisited in this paper we reexamine several experimental papers on myopic loss aversion by analyzing individual rather than aggregate choice patterns we find that the behavior of the majority of subjects is inconsistent with the hypothesis of myopic loss aversion

correlation neglect in belief formation many information structures generate correlated rather than mutually independent signals the news media being a prime example this article provides experimental evidence that many people neglect the resulting double counting problem in the updating process in consequence beliefs are too sensitive to the ubiquitous telling and re telling of stories and exhibit excessive swings we identify substantial and systematic heterogeneity in the presence of the bias and investigate the underlying mechanisms the evidence points to the paramount importance of complexity in combination with people s problems in identifying and thinking through the correlation even though most participants in principle have the computational skills that are necessary to develop rational beliefs many approach the problem in a wrong way when the environment is moderately complex thus experimentally nudging people s focus towards the correlation and the underlying independent signals has large effects on beliefs

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

do professional traders exhibit myopic loss aversion an experimental analysis two behavioral concepts loss aversion and mental accounting have been combined to provide a theoretical explanation of the equity premium puzzle recent experimental evidence supports the theory as students behavior has been found to be consistent with myopic loss aversion mla yet much like certain anomalies in the realm of riskless decision making these behavioral tendencies may be attenuated among professionals using traders recruited from the cbot we do indeed find behavioral differences between professionals and students but rather than discovering that the anomaly is muted we find that traders exhibit behavior consistent with mla to a greater extent than students

the impact of electricity supply on economic growth in sri lanka abstract yang energy econ 22 2000 309 has found a bi directional causal relationship between gross domestic product and electricity consumption in taiwan roc this study applies yang s model to examine the impact of electricity supply on economic growth in sri lanka morimoto and hope an extended cba model of hydro projects in sri lanka 2001 have found that the expected increase in economic output due to increased electricity supply parameter eo plays a crucial role in their cost benefit analysis model this study shows that the application of yang s regression analysis is one possible approach to estimate a better range for the parameter eo the estimated figure is that an extra output of rs 88 000 137 000 us1120 1740 for every 1 mw h increase in electricity supply

myopic loss aversion and stock investments an empirical study of private investors abstract myopic loss aversion was suggested by benartzi and thaler 1995 as an explanation for the equity premium puzzle its main prediction is that loss averse investors who evaluate their investment performance too frequently and therefore often observe small losses on their stock portfolios would invest too little in equity we investigate the link between myopic loss aversion and actual investment decisions of individual investors using survey data our results are consistent with the predictions of benartzi and thaler higher myopic loss aversion is associated with lower stock investment as a share of total assets investors tend to evaluate their stock portfolio performance too often which contributes to the prevalence of myopic loss aversion the effect of myopia is most apparent when investors both evaluate their portfolios frequently and trade stocks regularly

the relationship between energy and gnp further results this paper reexamines the casuality between gnp and energy consumption by using updated us data for the period 1947 1979 as a secondary contribution we investigate the causal relationship between energy consumption and employment applying sims technique we find no causal relationship between gnp and energy consumption we find further that there is a slight unidirectional flow running from employment to energy consumption economic interpretations of the empirical results are also presented

evaluation periods and asset prices myopic loss aversion at the financial marketplace abstract examining myopic loss aversion mla benartzi s thaler r 1995 myopic loss aversion and the equity premium puzzle quarterly journal of economics 110 73 92 in real financial markets has several merits in repeated situations investors may learn from each other aggregate market prices may eliminate individual violations of expected utility and individuals may decide differently in real situations than in laboratories we utilize a special feature at the tel aviv stock exchange tase occasional shifts of securities from daily to weekly trading if investors decisions are influenced by trading frequency manipulation then returns should be predictably affected mla results in a negative relation between risk aversion and the length of the evaluation period thus the longer the evaluation period is the lower the expected return is this intuition also suggests reduced sensitivity to economic events in longer evaluation periods we find strong support for mla in the marketplace when testing expected return as well as return sensitivity

the meerkat effect personality and market returns affect investors portfolio monitoring behaviour karlsson loewenstein and seppi 2009 found that following market downswings investors are less likely to login to monitor their retirement portfolios they concluded that rather like apocryphal ostriches sticking their heads in the sand investors avoid unpleasant information by reducing portfolio monitoring in response to news of negative market movement we apply generalised non linear mixed effects models to test for this selective information monitoring at an individual level in a new sample of active online investors we see different behaviour in this new sample we find that investors increase their portfolio monitoring following both positive and daily negative market returns behaving more like hyper vigilant meerkats than head in the sand ostriches this pattern persists for logins not resulting in trades and weekend logins when markets are closed moreover an investor personality trait neuroticism moderates the pattern of portfolio monitoring suggesting that market driven variation in portfolio monitoring is attributable to psychological factors

disaggregated industrial energy consumption and gdp the case of shanghai 1952 1999 abstract this paper investigates the causal relationship between various kinds of industrial energy consumption and gdp in shanghai for the period 1952 1999 using a modified version of the granger 1969 causality test proposed by toda and yamamoto j econ 66 1995 225 the empirical evidence from disaggregated energy series seems to suggest that there was a uni directional granger causality running from coal coke electricity and total energy consumption to real gdp but no granger causality running in any direction between oil consumption and real gdp

economic growth energy consumption financial development international trade and co2 emissions in indonesia this study examines the linkages among economic growth energy consumption financial development trade openness and co2 emissions over the period of 1975q1 2011q4 in the case of indonesia the stationary analysis is performed by using zivot andrews structural break unit root test and the ardl bounds testing approach for a long run relationship between the series in the presence of structural breaks the causal relation between the concerned variable is examined by the vecm granger causality technique and robustness of causal analysis is tested by innovative accounting approach iaa our results confirm that the variables are cointegrated it means that the long run relationship exists in the presence of structural break stemming in the series the empirical findings indicate that economic growth and energy consumption increases co2 emissions while financial development and trade openness compact it the vecm causality analysis has shown the feedback hypothesis between energy consumption and co2 emissions economic growth and co2 emissions are also interrelated i e bidirectional causality financial development granger causes co2 emissions the study opens up a new policy insights to control the environment from degradation by using energy efficient technologies financial development and trade openness can also play their role in improving the environmental quality

a multivariate cointegration analysis of the role of energy in the us macroeconomy abstract this paper extends my previous analysis of the causal relationship of gdp and energy use in the usa in the post war period a majority of the relevant variables are integrated justifying a cointegration analysis the results show that cointegration does occur and that energy input cannot be excluded from the cointegration space the results are plausible in terms of macroeconomic dynamics the results are similar to my previous granger causality results and contradict claims in the literature based on bivariate models that there is no cointegration between energy and output

the environmental consequences of domestic and foreign investment evidence from china abstract fixed asset investment fai and foreign indirect investment fdi have important influences on economic development and environmental quality because environmental performance is related with economic development fai and fdi may affect environment indirectly through their impacts on economic growth in this study the direct and indirect effects of both fai and fdi on china s environmental quality are distinguished and separately estimated for the first time with a carefully designed framework of a two equation model because most economic activities and environmental pollutions occur in the urban areas a panel data of 112 chinese cities for the period 2002 2015 is utilized several spatial factors are also introduced to control for the potential spatial correlations in economic development and pollutant emissions the estimation results indicate that there exist apparent differences in the environmental effects of fai and fdi the direct effects of fai on so 2 emissions are significant positive and dominate the negative indirect effects by contrast the direct indirect and total effects of fdi on pollutant emissions are all negative therefore overall speaking well designed and targeted policies should be formulated to reduce the negative environmental impacts of fai and to increase the positive influences of fdi on environment

economic growth and energy consumption revisited evidence from linear and nonlinear granger causality the relationship between energy consumption and economic growth is considered as an imperative issue in energy economics previous studies have ignored the nonlinear behavior which could be caused by structural breaks in this study both linear and nonlinear granger causality tests are applied to examine the causal relationship between energy consumption and economic growth for a sample of asian newly industrialized countries as well as the u s this study finds evidence supporting a neutrality hypothesis for the united states thailand and south korea however empirical evidence on philippines and singapore reveals a unidirectional causality running from economic growth to energy consumption while energy consumption may have affected economic growth for taiwan hong kong malaysia and indonesia policy implications are also discussed

energy consumption carbon emissions and economic growth in china abstract this paper investigates the existence and direction of granger causality between economic growth energy consumption and carbon emissions in china applying a multivariate model of economic growth energy use carbon emissions capital and urban population empirical results for china over the period 1960 2007 suggest a unidirectional granger causality running from gdp to energy consumption and a unidirectional granger causality running from energy consumption to carbon emissions in the long run evidence shows that neither carbon emissions nor energy consumption leads economic growth therefore the government of china can purse conservative energy policy and carbon emissions reduction policy in the long run without impeding economic growth

coal consumption urbanization and trade openness linkage in indonesia abstract this paper explores the effects of economic growth urbanization industry and trade openness on coal consumption in indonesia over the period 1970 2015 to closely adhere to the environmental kuznets curve narratives we consider coal consumption which has been scarcely explored in the ekc debate as a proxy of environmental pressure we estimate the autoregressive distributed lag ardl method and confirm that the variables are cointegrated for long run linkage with the presence of structural breaks the empirical evidence showed that economic growth urbanization and trade openness increase coal consumption while decreasing share of secondary industry reduce it we also verify the existence of environmental kuznets curve having a vital role in the energy mix indonesia needs to restrain excessive coal consumption to enhance environmental quality our results also imply urbanization and trade openness are crucial factors on coal consumption consequently it should be taken into consideration in energy policy making process such as energy conservation policies in the residential sector and prioritize foreign investment which brings cutting edge coal technologies

determinants of renewable energy adoption in china and india a comparative analysis this article examines the dynamic relationships among output carbon emission and renewable energy generation of india and china during the period 1972 to 2011 using a multivariate vector error correction model vecm the results for india reveal unidirectional short run causality from carbon emission to renewable energy generation and from renewable energy generation to output whereas in the long run the variables have bidirectional causality causalities in china give a rather different scenario with a short run unidirectional causality from output to renewable energy and from carbon emission to renewable energy generation in the long run for china unidirectional causality is found from output to renewable energy generation while bidirectional causality is found between carbon emission and renewable energy generation

how do the stock prices of new energy and fossil fuel companies correlate evidence from china abstract this study documents the return and volatility spillover effect between the stock prices of chinese new energy and fossil fuel companies using the asymmetric bekk model based on daily samples taken from august 30 2006 to september 11 2012 the dynamics of new energy fossil fuel stock spillover are found to be significant and asymmetric compared with positive news negative news about new energy and fossil fuel stock returns leads to larger return changes in their counter assets news about both new energy and fossil fuel stock returns spills over into variances of their counter assets and the volatility spillovers depend complexly on the respective signs of the return shocks of each asset the empirical results demonstrate that new energy and fossil fuel stocks are generally viewed as competing assets that positive news about new energy stocks could affect the attractiveness of fossil fuel stocks and that new energy stock investment is more speculative and riskier than fossil fuel stock investment these results have potential implications for asset allocation financial risk management and energy policymaking

causal relationship between energy consumption and gdp revisited the case of korea 1970 1999 abstract causal relationship between energy consumption and economic growth is investigated applying a multivariate model of capital labor energy and gdp usual btu energy aggregate is substituted with a divisia aggregate in an attempt to mitigate aggregation bias to test for granger causality in the presence of cointegration among the variables we employ a vector error correction model rather than a vector autoregressive model empirical results for korea over the period 1970 1999 suggest a long run bidirectional causal relationship between energy and gdp and short run unidirectional causality running from energy to gdp the source of causation in the long run is found to be the error correction terms in both directions

an experiment on risk taking and evaluation periods does the period over which individuals evaluate outcomes influence their investment in risky assets results from this study show that the more frequently returns are evaluated the more risk averse investors will be the results are in line with the behavioral hypothesis of myopic loss aversion which assumes that people are myopic in evaluating outcomes over time and are more sensitive to losses than to gains the results have relevance for the equity premium puzzle and also for the marketing strategies of fund managers

coal consumption co2 emission and economic growth in china empirical evidence and policy responses this article investigates the relationship between coal consumption and income in china using both supply side and demand side frameworks cointegration and vector error correction modeling show that there is a unidirectional causality running from coal consumption to output in both the short and long run under the supply side analysis while there is also a unidirectional causality running from income to coal consumption in the short and long run under the demand side analysis the results also reveal that there is bi directional causality between coal consumption and pollutant emission both in the short and long run hence it is very difficult for china to pursue a greenhouse gas abatement policy through reducing coal consumption switching to greener energy sources might be a possible alternative in the long run

a discrete choice model of recreational participation site choice and activity valuation when complete trip data are not available abstract a discrete choice model of the demand for site specific recreational activities is developed and estimated it simultaneously predicts both how many trips the individual will take and which site will be chosen on each trip the model is formulated to estimate demand when the data set reports the total number of trips in a given time period but the actual destinations for only a subset of the total the model also includes a correction for sample selectivity bias the application is marine recreational fishing the consumer s surplus associated with any change in supply conditions is derived and used to assess the impact of changes in species availability

energy consumption and economic growth the case of oil exporting countries this paper examines the causal relationship between the per capita energy consumption and the per capita gdp in a panel of 11 selected oil exporting countries by using panel unit root tests and panel cointegration analysis the results show a unidirectional strong causality from economic growth to energy consumption for the oil exporting countries the findings have practical policy implications for decision makers in the area of macroeconomic planning in most major oil exporting countries government policies keep domestic prices bellow free market level resulting in high levels of domestic energy consumption the results imply that the energy conservation through reforming energy price policies has no damaging repercussions on economic growth for this group of countries

the marginal and double threshold effects of regional innovation on energy consumption structure evidence from resource based regions in china abstract innovation driven energy consumption structure optimisation is crucial in developing countries china as a typical developing country has been shifting its economic development model from a traditional approach to innovation driven high quality development we select nine resource based regions in china as our research subject and employ a varying coefficient panel model and a hansen panel threshold model to quantify the marginal and threshold effects of innovation capacity in optimising energy consumption structure the results indicate that the overall energy consumption structure index for the analysed regions is 0 563 revealing that the structure is rather low and regional economic development relies mainly on low ranked energy astonishingly the marginal effect reflects obvious heterogeneity a positive effect in sichuan 0 208 yunnan 0 207 and xinjiang 0 431 nearly no effect in chongqing gansu and qinghai and a negative effect in guangxi 0 104 shaanxi 0 244 and ningxia 1 282 in previous studies such negative effects have been totally ignored further there are double thresholds and a unique driving mechanism namely negative driving strong positive driving weak positive driving interestingly below the first threshold improvement in innovation will lead to energy consumption structure degradation current policies such as introducing extensive talent are not feasible for all resource based regions the concerns of policy making for the three different threshold intervals should be upgrading industrial structures optimising the structure of human resources and preventing brain drain respectively

electricity consumption and economic growth evidence from turkey abstract this study investigates the causal relationship between electricity consumption and real gdp in turkey during the period of 1950 2000 both of the series were found to be a stationary process around a structural break by the zivot and andrews test thus two different methodologies have been employed to test the granger non causality the dolado lutkepohl test using the vars in levels and the standard granger causality test using the detrended data both tests have yielded a strong evidence for unidirectional causality running from the electricity consumption to the income this implies that the supply of electricity is vitally important to meet the growing electricity consumption hence to sustain the economic growth in turkey

how many times again will we examine the energy income nexus using a limited range of traditional econometric tools during the last three decades following closely the developments in econometric theory energy and environmental economists have empirically examined the energy income nexus for different countries and time periods however today in spite of the growing interest in this area the state of knowledge is still controversial and unsettled this viewpoint paper attempts to highlight some of the issues related to the existing literature on the long run relationship and causality between energy consumption and economic growth in particular it discusses how it is difficult to make policy recommendations on the basis of inconsistent and conflicting results in the published literature on the subject in order to do so the paper first illustrates the increasing trend in the number of studies published in this area providing also a brief comparison of the conventional methods used to estimate the energy income nexus it then deals with new directions and different viewpoints on the same issue

literature survey on the relationships between energy environment and economic growth abstract the aim of this study is to exhibit an exhaustive survey which is related to the great flight of the literature of energy environment growth nexus at the individual and regional scale studies covering the period from 1978 to 2014 the survey takes into consideration the sample country region etc periods covering econometric strategies and conclusions our survey is based on the causality direction among i the energy use variables electricity nuclear renewable and non renewable and output growth ii between economic growth and environment and between the three variables at the same time globally these surveys provide paradoxical and not conclusive results which energy consumption can boost economic growth through the productivity enhancement and it can boost also the environmental damages through the enhancement of pollutant emissions our survey sheds more the lights on the energy environment growth literature by giving an extensive listing 1978 2014 of these causal linkages among the energy use variables environment and economic growth for both individual and collective cases there is a unanimous consensus about the importance of dealing with such dynamic relationship which is seems to be a cornerstone element in setting any ambition strategies energy ecological and economics

structural breaks energy consumption and economic growth revisited evidence from taiwan abstract this paper studies the stability between energy consumption and gdp for taiwan during 1954 2003 we use aggregate as well as various disaggregate data of energy consumption including coal oil gas and electricity to employ the unit root tests and the cointegration tests allowing for structural breaks our main findings are first though gas consumption seems to have structural breaks in the 1960s after considering the structural breaks the series is a stationary variable when taiwan adopted its expansionary export trade policy second we find that different directions of causality exist between gdp and various kinds of energy consumption the empirical result shows unanimously in the long run that energy acts as an engine of economic growth and that energy conservation may harm economic growth third the cointegration between energy consumption and gdp is unstable and some economic events may affect the stability overall we do find the structural breakpoints and they look to match clearly with the corresponding critical economic incidents

evaluation periods and asset prices in a market experiment we test whether the frequency of feedback information about the performance of an investment portfolio and the flexibility with which the investor can change it influence her risk attitude in markets in line with the prediction of myopic loss aversion benartzi and thaler 1995 we find that more information and more flexibility result in less risk taking market prices of risky assets are significantly higher if feedback frequency and decision flexibility are reduced this result supports the findings from individual decision making and shows that markets do not eliminate such behavior