optimal nonparametric estimation of first price auctions this paper proposes a general approach and a computationally convenient estimation procedure for the structural analysis of auctioni data considering first price sealed bid auction models within the independent private value paradigm we show that the underlying distribution of bidders private values is identified from observed bids and the number of actual bidders without any parametric assumptions using the theoiy of minimax we establish the best rate of uniform convergence at which the latent density of private values can be estimated nonparametrically from available data we then propose a two step kernel based estimator that converges at the optimal rate

environmental degradation and real per capita output new evidence at the global level grouping countries by income levels abstract the objective of this research is to examine the relationship between real per capita output and carbon dioxide emissions both globally and by groups of countries we used panel data from 151 countries for the period 1980 2016 the countries are classified according to income levels using the world bank atlas method the argument behind this classification is that the strength of the relationship between the two variables differs according to the income levels of countries based on the theoretical framework of the kuznets environmental curve we found that there is a strong u shaped relationship between the two variables in middle high and low income countries the hypothesis of the kuznets environmental curve holds true in high income and middle high income countries the inclusion of additional covariants shows that urbanization has a positive and significant relationship with carbon dioxide emissions middle high and middle low income countries energy consumption and manufacturing have a positive and statistically significant relationship with carbon dioxide emissions in all the groups of countries a possible implication of economic policy derived from our research is that incentives to production should focus on activities that use environmentally friendly technologies to limit the irreversible damage caused by contamination

pollution and economic growth evidence from central and eastern european countries abstract we investigate the relationships between pollution and growth in eleven central and eastern european cee countries aggregate results robust to different estimators and control variables reveal an increasing nonlinear link between gdp and co2 for the group of cee countries however at a disaggregated country level the relationship between gdp and co2 is characterized by much diversity among cee countries namely n shaped inverted n u shaped inverted u monotonic or no statistical link thus despite an aggregated upward trend some cee countries managed to secure both higher gdp and lower co2 emissions from a policy perspective eu policymakers could pay more attention to these countries and amend the current unique environmental policy to account for country heterogeneities in order to support economic growth without damaging the environment

studying the relationship between economic growth co2 emissions and the environmental kuznets curve in venezuela 1980 2025 abstract this work tries to determine whether it is possible to stabilize co2 emissions under a rapid increase of gross domestic product in a medium term the paper is an effort to study in detail how changes in the driving forces of the economy affect co2 emissions we study the case of venezuela for the period 1980 2025 using the methodology proposed by robalino lopez et al 2014 2013 1 2 which is based on an extension of the kaya identity and on a gdp formation approach that includes the effect of renewable energies we test the environmental kuznets curve ekc 3 hypothesis in a coming future under different economic scenarios considering therefore not only past data but also projections for the coming years we use cointegration techniques 4 and the jaunky 2011 5 specification to test the fulfillment of the ekc hypothesis in venezuela our predictions show that venezuela does not fulfill the ekc hypothesis but however the country could be on the way to achieve environmental stabilization in the medium term this stabilization could be accomplished combining economic growth with increasing use of renewable energy appropriated changes in the energy matrix and in the productive sectoral structure

first price sealed bid auctions when bidders exhibit different attitudes toward risk abstract when bidders have different risk aversion levels we determine in a first price auction the asymmetric equilibrium strategies we analyze the impact of asymmetric risk aversion levels on bidders markups and on the expected revenue and allocative efficiency of the auction

energy efficiency and sustainable growth in industrial sectors in european union countries a nonlinear ardl approach abstract it can be said that economic growth providing it ensures a clean and safe environment is one of the main objectives of many countries with this in mind an important question needs to be asked what is the relationship between energy efficiency and economic growth this can only be answered through an empirical analysis by carrying out such an analysis using the energy efficiency of the industrial sector for 11 european union countries for a time span from 1997 to 2015 it should be possible to understand if the energy efficiency measures and investments being made are driving economies towards greater energy efficiency and sustainable growth this paper uses a nonlinear ardl model which allows short and long run relationships to be analysed for the ascending and descending movements of variables the results indicate that investment is increasing energy efficiency while at the same time reducing greenhouse gas emissions economic growth is driving economies to greater energy efficiency the same result is found in the industrial energy price index to verify robustness the environmental kuznets curve was estimated using gross domestic product per capita and as an alternative the industrial production index to ensure increased energy efficiency along with sustainable growth policymakers must adapt their policies and devise new ones to both incentivise investment and control energy pricing alternative ways of electricity generation such as renewable sources could allow the economy to grow in a more sustainable way such mechanisms would let policymakers develop policies for greener and more sustainable growth while at the same time encouraging the efficient use of energy

technological change and the rebound effect in the stirpat model a critical view abstract technological change is key to understand the explanatory variables behind environmental impacts in the context of the stirpat stochastic impacts by regression on population affluence and technology model an adequate representation and analysis of the significance of the technology variable t in the stirpat model becomes crucial even more if one aims to better understand underlying processes such as the environmental rebound effect e re a critical review of the application of the stirpat model has been conducted to understand the diversity and value of the variables scopes assumptions statistical approaches and the environmental impacts commonly studied the findings highlight that despite the multiple applications and the high potential of the stirpat model inconclusive results and or knowledge gaps remain notably 1 a geographical imbalance in the scope of studies 2 the almost exclusive focus on carbon emissions 3 a lack of agreement on the choice of data additional explanatory variables and regression models 4 a lack of consensus on how to approximate t and 5 a lack of explicit analyses of the e re our findings are useful to both policymakers and academics for method design further research and policy evaluation

carbon dioxide emissions and economic growth panel data evidence from developing countries in this paper we test the environment kuznet s curve ekc hypothesis for 43 developing countries we suggest examining the ekc hypothesis based on the short and long run income elasticities that is if the long run income elasticity is smaller than the short run income elasticity then it is evident that a country has reduced carbon dioxide emissions as its income has increased our empirical analysis based on individual countries suggests that jordan iraq kuwait yemen qatar the uae argentina mexico venezuela algeria kenya nigeria congo ghana and south africa approximately 35 per cent of the sample carbon dioxide emissions have fallen over the long run that is as these economies have grown emissions have fallen since the long run income elasticity is smaller than the short run elasticity we also examine the ekc hypothesis for panels of countries constructed on the basis of regional location using the panel cointegration and the panel long run estimation techniques we find that only for the middle eastern and south asian panels the income elasticity in the long run is smaller than the short run implying that carbon dioxide emission has fallen with a rise in income

economic development and co2 emissions a nonparametric panel approach we examine the empirical relation between co2 emissions per capita and gdp per capita during the period 1960 1996 using a panel of 100 countries relying on the nonparametric poolability test of baltagi et al baltagi b h hidalgo j li q 1996 a nonparametric test for poolability using panel data journal of econometrics 75 345 367 we find evidence of structural stability of the relationship we then specify a nonparametric panel data model with country specific effects estimation results show that this relationship is upward sloping nonparametric specification tests do not reject monotonicity but do reject the polynomial functional form which leads to the environmental kuznets curve in several studies

deceleration of economic growth the main course seeking sustainability in developed countries abstract deceleration of economic growth is a characteristic feature of developed countries percentage gross domestic product gdp growth rate in the old organization for economic co operation and development oecd countries has decreased approximately 2 3 times over the last 50 years and countries have managed successfully to adopt this trend the largest reduction of gdp growth rate was observed in countries such as japan where the biocapacity exceedance was the largest in addition the analysis of long term changes of gdp and self reported life satisfaction in developed countries supports easterlin s paradox indicating that richer people do not feel more satisfied with their lives however people from countries with higher per capita gdp feel more satisfied at the same time a statistically insignificant correlation was detected between gdp growth rate and life satisfaction supporting a conclusion that in the developed countries further economic growth does not increase people s well being this suggests that decelerating the rate of economic growth gradually approaching the zero growth steady state phase is the natural way towards sustainability and it does not contradict the well being objective in developed countries especially ones with high biocapacity exceedance

how economic growth affects emissions an investigation of the environmental kuznets curve in portuguese and spanish economic activity sectors abstract it is a disquieting reality that increased economic growth for many years now in the western world is at odds with environmental degradation in this paper the relationship between economic growth and environmental variables is analyzed under two non linear specifications a quadratic and a cubic specification the study is conducted for portugal and spain in the period 1975 2012 using data for 13 sectors gva is used as proxy for income while energy use and carbon dioxide account for environmental degradation there is evidence for an inverted u shaped ekc however there are also other inverted n shaped functions that explain the relationship between economic growth and emissions altogether empirical results do indicate particular differences between portuguese and spanish sectors the results are of interest not only for researchers but also for policy makers political mitigation measures are also analyzed

optimal bidding in auctions from a game theory perspective abstract the game theoretic perspective in auction bidding has provided a powerful normative framework for the analysis of auctions and it has generated an impressive volume of research contributions tracing this research we review key recent advances which have greatly expanded our understanding of the operation of auctions and produced a more accurate analysis of mechanism design and optimal bidding we follow various experimental studies which have shown that the predictive power of auction theory remains in many cases limited for this reason we concentrate on research themes which enhance the applicability of auction theory leading to more realistic descriptions of bidding behaviors we identify important innovations which expand the environment of auction bidding and carry us beyond rational decision making we conclude providing directions of future research and discussing their implications

are oil shocks permanent or temporary panel data evidence from crude oil and ngl production in 60 countries this paper examines the unit root properties of crude oil production for 60 countries employing a range of panel data unit root tests for the period 1971 to 2003 the study first employs a number of panel data tests that do not accommodate structural breaks and then proceeds to apply the lagrange multiplier lm panel unit root test with one structural break the results of the panel data tests without a structural break are inconclusive with at best mixed support for joint stationarity the findings from the lm panel unit root test with a structural break however are conclusive suggesting that for a world panel and smaller regional based panels crude oil and ngl production are jointly stationary

consumer supplier government triangular relations rethinking the uk policy path for carbon emissions reduction from the uk residential sector abstract the uk residential household sector is responsible for approximately 30 of total carbon dioxide emissions and is often seen as the most promising in terms of early reductions as most direct household emissions come from only two fuel sources this paper critically examines how existing emissions reduction policies for the sector shape and are shaped by relations between the three main groups of actor in this policy domain central government gas and electricity suppliers and energy users focusing on relations between three dyads government suppliers suppliers consumers and consumers government enables us to examine aspects of demand reduction that have often been overlooked to date by relations we refer to services power relationships and flows of capital and information as well as less easily defined elements such as loyalty trust and accountability the paper argues that the chosen government policy path to deliver demand reduction which heavily emphasises the suppliers role suffers from principal agent problems fails to align consumers and supplier interests toward emissions reduction and does not yet portray a lower carbon future in positive terms it suggests that more attention should be paid to government consumer relations recognising that energy consumers are also citizens

economic growth and emissions reconsidering the empirical basis of environmental kuznets curves abstract recent empirical research indicates that certain types of emissions follow an inverted u or environmental kuznets curve ekc as income grows this regularity has been interpreted as a possible de linking of economic growth and patterns of certain pollutants for developed economies in this paper the empirical basis of this result is investigated by considering some statistical particularities of the various ekc studies performed it is argued that the inverted u relationship between income and emissions estimated from panel data need not hold for specific individual countries over time based on insights from intensity of use analysis in resource economics an alternative growth model is specified and estimated for three types of emissions co2 nox and so2 in four countries netherlands uk usa and western germany it is found that the time patterns of these emissions correlate positively with economic growth and that emission reductions may have been achieved as a result of structural and technological changes in the economy sustainable growth is defined as the rate of economic growth that does not lead to growth in emissions its rate is calculated for each type of emission and country based on estimated parameter values the resulting indicators reflect a balance between the positive influence of growth and negative influence of structural change and technological progress on emission levels

determinants of co2 emissions in a small open economy abstract the aim of the paper is to explore the relationship between economic development and carbon dioxide co2 emissions for a small open and industrialized country austria we test whether an environmental kuznets curve relationship also holds for a single country rather than concentrating on panel or cross section data for a set of countries a cubic i e n shaped relationship between gdp and co2 emissions is found to fit the data most appropriately for the period 1960 1999 and a structural break is identified in the mid seventies due to the oil price shock furthermore two variables are additionally significant import shares reflecting the well known pollution haven hypothesis and the share of the tertiary service sector of total production gdp accounting for structural changes in the economy emission projections derived from this single country specification support the widely held opinion that significant policy changes are asked for when implementing the kyoto protocol in order to bring about a downturn in future carbon emissions

asset prices and trading volume in a beauty contest speculators buy an asset hoping to sell it later to investors with higher private valuations if agents are uncertain about the distribution of private valuations and about the beliefs of others about this distribution a beauty contest with an infinite hierarchy of beliefs arises under harsanyi s assumption of a common prior the infinite beliefs hierarchy is readily solved using bayes law this paper shows that common knowledge of the beliefs formation rule mapping the private valuation of each agent into his first order belief also simplifies the beliefs hierarchy while allowing for disagreement among agents we analyse the resulting speculation in a stylized asset market several statistics computed only from readily observable quote return and volume data are evaluated in terms of their power to discriminate between genuine disagreement and the harsanyian case only statistics that relate volume and volatility or volume and changes in best offers have the necessary discriminatory power

the value of information in efficient risk sharing arrangements suppose that agents share risks in competitive markets we show that better information makes everyone worse off if the economy has a representative agent that is the economy s demand for state contingent consumption equals the demand of a hypothetical agent who owns all the economy s wealth the representative agent moreover is normatively unrepresentative although each agent dislikes information the representative agent is indifferent although we emphasize pure exchange our results imply that a representative agent model might seriously misstate the welfare effects of improved information in an economy with production and risk sharing even if it performs well otherwise

the timing of information in a general equilibrium framework abstract traditional multiperiod models of asset markets assume that traders take the information filtration as given this paper explores the effect of endogenizing the arrival of information on the dynamic completeness of markets it is shown that if an agent is allowed to release information at a sufficiently small cost which prevents traders from dynamically completing the market she might choose to do so furthermore we show that in economies with enough heterogeneity it is always possible to find an agent who would choose to release information thus with endogenous timing of information markets are unlikely to be dynamically complete journal of economic literature classification numbers d52 d82 g14

the effects of electricity consumption economic growth financial development and foreign direct investment on co2 emissions in kuwait abstract this study examined the empirical effects of economic growth electricity consumption foreign direct investment fdi and financial development on carbon dioxide co2 emissions in kuwait using time series data for the period 1980 2013 to achieve this goal we applied the autoregressive distributed lag ardl bounds testing approach and found that cointegration exists among the series findings indicate that economic growth electricity consumption and fdi stimulate co2 emissions in both the short and long run the vecm granger causality analysis revealed that fdi economic growth and electricity consumption strongly granger cause co2 emissions based on these findings the study recommends that kuwait reduce emissions by expanding its existing carbon capture utilization and storage plants capitalizing on its vast solar and wind energy reducing high subsidies of the residential electricity scheme and aggressively investing in energy research to build expertise for achieving electricity generation efficiency

energy innovations ghg emissions nexus fresh empirical evidence from oecd countries abstract this study explores the impact of improvements in energy research development erd on greenhouse gas ghg emissions using environmental kuznets curve hypothesis for 28 oecd countries over the period of 1990 2014 in doing so we have employed a panel data where public budget in energy research development and demonstration erd d has transformed into a finite inverted v lag distribution model developed by de leeuw 1962 this model considers that energy innovation accumulates in time and presents empirical evidence how energy innovation contributes in reducing energy intensity and environmental pollution as well our results indicate that energy innovation measures require lapses of time to reach their full effect i e innovation applied to measures for environmental correction does not reach its whole effect immediately requiring instead a certain amount of time to pass innovation policies have recommended for improving environmental quality

energy intensity co2 emissions and the environmental kuznets curve the spanish case this article analyses the role of energy intensity and the relationship between co2 emissions and primary energy in order to explain the evolution of co2 emissions by unit of real gdp it also distinguishes two different meanings of co2 emissions kuznets curve hypothesis the weak and the strong sense it considers the case of spain in the period 1972 1997 as an example in which there is not any evidence supporting this hypothesis in either sense

semiparametric bayesian inference of the kuznets hypothesis abstract in contrast to the parametric quadratic specification used for examining the kuznets hypothesis this study relies on the semiparametric bayesian inference of the partially linear regression to re assess the validity of an inverted u shape of the kuznets curve the simple framework permits us to perform estimation and model comparison in a unified way empirical results using cross sectional data on 75 countries indicate that there exists an approximately inverted hence asymmetric relation between inequality and per capita gdp moreover judged by the bayes factor overwhelming evidence is found in favor of our semiparametric specification finally robustness check using alternative measure of inequality and pool data confirms our findings

economic growth and atmospheric pollution in spain discussing the environmental kuznets curve hypothesis abstract the environmental kuznets curve ekc hypothesis posits an inverted u relationship between environmental pressure and per capita income recent research has examined this hypothesis for different pollutants in different countries despite certain empirical evidence showing that some specific environmental pressures have diminished in developed countries the hypothesis could not be generalized to the global relationship between economy and environment at all in this article we contribute to this debate analyzing the trends of annual emission flux of six atmospheric pollutants in spain the study presents evidence that there is not any correlation between higher income level and smaller emissions except for so2 whose evolution might be compatible with the ekc hypothesis the authors argue that the relationship between income level and diverse types of emissions depends on many factors thus it cannot be thought that economic growth by itself will solve environmental problems

the environmental kuznets curve semi parametrically revisited this paper re examines the existence of an environmental kuznets curve ekc across countries using a semi parametric regression estimator which places no restrictions on the functional form our results using cross country panel data on sulfur and carbon dioxide strongly suggest that the relationship between wealth and environmental degradation is not bell shaped as suggested by an ekc rather that there is a positive link for the very poorest countries and no clear relationship for richer countries

valuation adverse selection and market collapses we study a market for funding real investment where valuation meaning investors devoting resources to acquiring information about future payoffs creates an adverse selection problem unlike previous models more valuation is associated with lower market prices and so greater returns to valuation this strategic complementarity in the capacity to do valuation generates multiple equilibria with multiple equilibria the equilibrium without valuation is most efficient despite funding some unprofitable investments switches to valuation equilibria valuation runs look like credit crunches a large investor can ensure the efficient equilibrium only if it can precommit to a price and potentially only if subsidized

the nexus between carbon emissions energy consumption and economic growth in middle east countries a panel data analysis abstract the environmental kuznets curve ekc hypothesis assumes that there is an inverted u shaped relationship between environmental degradation and income per capita in other words as a country grows it is assumed that its environmental quality improves in this study we aim to test the ekc hypothesis for 12 middle east countries during the period 1990 2008 by employing recently developed panel data methods our results provide evidence contrary to the ekc hypothesis we found evidence favorable to the u shaped ekc for 5 middle east countries whereas an inverted u shaped curve was identified for only 3 middle east countries furthermore there appear to be no causal links between income and co 2 emissions for the other 4 countries regarding the direction of causality there appears to be a unidirectional causality from economic growth to energy consumption in the short run in the long run however the unidirectional causality chain runs from energy consumption and economic growth to co 2 emissions we also suggest some crucial policy implications depending on these results

investigating environmental kuznets curve in china aggregation bias and policy implications abstract aggregation bias may lead to a wrongly estimated environmental kuznets curve ekc and misguide the policy makers this paper aims to test the existence of aggregation bias in the environmental kuznets curve with the sulfur dioxide so2 emission the empirical methods robust to cross sectional dependence and slope heterogeneity reveals that the estimation of so2 ekc in china suffers from aggregation bias the results with the disaggregate data cannot support the ekc estimated at the aggregate level the finding of aggregation bias has several policy implications first the government should not be misled by the false relationship between the pollutant emission and the real gdp per capita at the aggregate level second the local governments should play more important roles in making environmental protection policies since the more disaggregate data can mitigate the aggregation bias to provide enough incentives to the local government the chinese national government should align the interests of the local governments with those of the national government on the other hand the findings indicate that china can stick to the policy of encouraging foreign direct investment openness and financial development since they have not influenced the so2 emission in china

carbon intensity and economic development 1962 1991 a brief exploration of the environmental kuznets curve the relationship between national carbon dioxide emissions intensity co2 emitted per unit of gross domestic product and level of economic development has changed from essentially linear in 1962 to strongly curvilinear in 1991 the inverted u curve reached statistical significance briefly in the early 1970s and increasingly since 1982 this is the result not of groups of countries passing through stages of development but of efficiency improvements in a small number of wealthy countries combined with worse performance in poor and middle income countries the curvilinear relation is deepening and is likely to persist due to constraints on poorer countries in the world economy

economic growth trade and energy implications for the environmental kuznets curve abstract the environmental kuznets curve ekc hypothesis asserts that pollution follows an inverted u path with respect to economic growth the ekc has been explained in terms of structural changes in the composition of economic output and increased environmental regulation at higher income levels while some authors have incorporated the impact of trade policy orientation on the ekc the impact of the actual movement between countries of goods that embody pollution has not been considered this paper attempts to econometrically quantify the effect using pooled cross country and time series data the ekc hypothesis is examined with respect to commercial energy consumption the source of many serious environmental problems it was found that while both industrializing and industrialized countries have added to their energy requirements by exporting manufactured goods the growth has been substantially higher in the former at the same time industrialized countries have been able to reduce their energy requirements by importing manufactured goods exports of manufactured goods by industrialized countries has thus been an important factor in generating the upward sloping portion of the ekc and imports by industrialized countries have contributed to the downward slope

using the environmental kuznets curve to evaluate energy policy some practical considerations abstract the environmental kuznets curve ekc is a widely applied empirical model that is used to assess the effect of country s increased income on its emissions such as co 2 typical estimation is of a reduced form model relating per capita emissions to per capita gdp and sometimes to energy consumption with an eye toward determining whether a country s per capita emissions increase or decrease with per capita gdp in this article we consider a number of practical issues in estimating and using the ekc for energy policy analysis proper estimation procedures should be used if the empirical work is to provide valid estimates of the ekc s shape in addition policymakers should proceed with caution when crafting policy on the basis of reduced form estimates of the ekc because the reduced form model provides limited insight into the policy implications of the relationship between income energy consumption and emissions

environmental kuznets curve and financial development in pakistan abstract in this study we analyzed the effects of financial development per capita real income the square of per capita real income per capita energy consumption and openness on per capita co 2 emissions for pakistan during 1972 2013 the bound f test for cointegration yielded evidence of a long term relationship among these variables the results confirm the existence of an environmental kuznets curve in pakistan for both the short and long term this finding indicates that at the initial stage of development the level of co 2 increases with income and after some threshold level of income this relationship may change from positive to negative as more efficient infrastructure and energy efficient technology are implemented during the development process of the country the findings of this study also reveal a significantly positive sign for the coefficient of financial development suggesting that financial development has occurred at the expense of environmental quality the results further indicate that the key contributing factors to carbon emissions in pakistan are income energy consumption and financial development in addition the openness variable has no significant influence on carbon emission in either the short or long term

a new environmental kuznets curve relationship between direct material input and income per capita evidence from industrialised countries abstract many studies have focused on the quantification of the input of materials into the economy however the insights provided by those studies have generally been limited this paper attempts to bring analytical value to the discussion on dematerialization considering direct material input dmi per capita as the dependent variable in a test of the environmental kuznets curve ekc the explanatory variable is as usual gross domestic product per capita the quadratic and cubic versions of the ekc are tested econometrically using panel data ranging from 1960 to 1998 for 16 industrialised countries the results indicate a strong and robust support for both the quadratic and cubic ekc relationships between material input and income in industrialised economies while the statistical support to both types of evolution may seem contradictory it suggests that as industrialised economies grow the intensity of material consumption first increases but eventually starts exhibiting a decreasing trend after a certain income threshold is reached the inverted u or quadratic relationship is confirmed even though for the ranges of income considered in this study the trend is mostly on the increasing part of the inverted u curve however the statistical support to the cubic specification suggests that these results need to be regarded with caution overall the statistically stronger models are the quadratic and cubic models with country random effects and the cubic model with country and year fixed effects

impact of urbanization growth on malaysia co2 emissions evidence from the dynamic relationship abstract urbanization is a phenomenon of economic and social modernization investigating the link between urbanization growth and co2 emissions is necessary and helpful for malaysia to achieve its pollution reduction targets ecological modernization and augmented cobb douglas production theories are used in order to gain the best understanding of interaction between co2 emissions and urbanization for the 1971 2015 period this study aims to examine the relationships among co2 emissions urbanization growth energy consumption gdp domestic investment and financial development the f bounds test and vecm granger causality are utilized the dynamic relationship among variables and the inverted u shaped relationship between co2 emissions and urbanization in the long run are examined the elasticity of co2 urbanization is found positive elastic in the early stage of urbanization but it turns to negative inelastic at the higher urbanization stage furthermore the unidirectional causality from urbanization to co2 emissions in the short run are at a 1 percent level of significance and the bidirectional causality between co2 emissions and urbanization is at a 5 percent level of significance in the long run also we captured bidirectional causality among energy consumption domestic investment gdp co2 emissions and unidirectional causality from financial development to co2 emissions at least at a 5 percent level of significance these findings could support policymakers in managing urbanization development and considering clean investment and other green aspects for urban sustainable development which can save many people from natural disaster

policy announcements and welfare in the presence of idiosyncratic risk the public revelation of information about uncertain aggregate outcomes such as policy choices can be detrimental to social welfare by announcing informative signals on non insurable aggregate risk the policy maker distorts agents insurance incentives and increases the riskiness of the optimal allocation that is feasible in self enforceable arrangements as an application we consider a monetary authority that may reveal changes in the inflation target and document that the negative effect of distorted insurance incentives can very well dominate conventional effects in favor for the release of better information

environmental degradation in france the effects of fdi financial development and energy innovations abstract this paper explores the determinants of carbon emissions in france by accounting for the significant role played by foreign direct investment fdi financial development economic growth energy consumption and energy research innovations in influencing co 2 emissions function in this endeavour we employ the novel sor shahbaz et al 2017 unit root test on french time series data over the period 1955 2016 to examine the order of integration in the presence of sharp and smooth structural breaks in the variables we also apply the bootstrapping bounds testing approach recently developed by mcnown et al 2018 to investigate the presence of cointegration and the empirical findings underscore the presence of cointegration among the time series moreover we find that fdi has a positive impact while energy research innovations have a negative impact on french carbon emissions financial development lowers carbon emissions thereby improving the french environmental quality fdi degrades the environment and thus supports the pollution haven hypothesis in france similarly financial development suggests that financial stability is a required condition for improving environmental quality so are energy research innovations contrarily energy consumption is positively linked with carbon emissions however the relationship between economic growth and co 2 emissions is an inverted u which is a validation of the environmental kuznets curve ekc

experimental development of sealed bid auction theory calibrating controls for risk aversion we offer a brief survey of bidding theory in high price auctions of experimental studies of behavior in such auctions and of the interplay between the design and results of the experiments and efforts to further develop the theory two new series of experiments are reported the first applies a convex transformation of payoffs in an attempt to induce a lowering of subject bids as if the bidders had become less risk averse the second applies a method for inducing any prespecified utility function for risky choices on an individual we use it to induce as if risk neutral behavior both series use baseline control to calibrate the hypothesized effect of the procedures on riskaverse behavior

air quality and economic growth an empirical study abstract in the present empirical study we have observed an inverse and sometimes u shaped relationship between environmental degradation and per capita real income as opposed to the inverted u shaped environmental kuznets curve ekc found in many earlier studies it was felt that a possible explanation of the observed pattern of relationship might be sought in the dynamics of the process of economic growth experienced by the countries concerned thus e g economic development may strengthen the market mechanism as a result of which the economy may gradually shift from non market to marketed energy resources that are less polluting this phenomenon may show up in the form of an inverse relationship as mentioned above also due to the global technical progress the production techniques available to the countries all over the world are becoming more and more capital intensive and at the same time less polluting this may mean that given the income level the pollution level decreases as the capital intensity of an economy rises in the present study it is indeed observed that as capital intensity increases the level of suspended particulate matter spm in the atmosphere decreases per capita real income is also found to be inversely related to spm partially but the interaction effect of per capita income and capital intensity on spm is observed to be positive this suggests that given the level of per capita income capital intensity a more capital intensive production technique a higher per capita income level would cause less pollution for spm a surprising result is also obtained i e a u turn is observed at a very high level of per capita real income i e us 12 500 at 1985 us prices this is possibly indicative of the fact that there are technological limits to industrial pollution control such that beyond a threshold level of income further rise in income cannot be achieved without environmental degradation

searching for a kuznets curve in environmental efficiency using kernel estimation abstract the paper constructs environmental efficiency indexes for a sample consisting of high and low income countries using nonparametric production frontier techniques and then establishes an environmental kuznets relationship for environmental efficiency by nadaraya watson kernel estimation methodology

reassessing the environmental kuznets curve for co2 emissions a robustness exercise the number of studies seeking to empirically characterize the reduced form relationship between a country economic growth and the quantity of pollutants produced in the process has recently increased significantly in several cases researchers have found evidence pointing to an inverted u benvironmental kuznetsq curve in the case of co2 however the evidence is at best mixed in this paper we reconsider that evidence by assessing how robust it is when the analysis is conducted in a different parametric setup and when using alternative emissions data from the international energy agency relative to the literature our contribution can be viewed as a robustness exercise in these two respects the econometric results lead to two conclusions firstly published evidence on the ekc does not appear to depend upon the source of the data at least as far as carbon dioxide is concerned secondly when an alternative functional form is employed there is evidence of an inverted u pattern for the group of oecd countries with reasonable turning point regardless of the data set employed not so for non oecd countries as the ekc is basically increasing slowly concave according to the iea data and more bellshaped in the case of cdiac data d 2005 elsevier b v all rights reserved

the long run decoupling of emissions and output evidence from the largest emitters abstract for the world s 20 largest emitters we use a simple trend cycle decomposition to provide evidence of decoupling between greenhouse gas emissions and output in richer nations particularly in european countries but not yet in emerging markets if consumption based emissions measures that account for countries net emissions embodied in cross border trade are used the evidence for decoupling in the richer economies gets weaker countries with underlying policy frameworks more supportive of renewable energy and climate change mitigation efforts tend to show greater decoupling between trend emissions and trend gdp and for both production and consumption based emissions the relationship between trend emissions and trend gdp has also become much weaker in the last two decades than in preceding decades

the environmental kuznets curve does one size fit all abstract this paper uses a new panel data set on state level sulfur dioxide and nitrogen oxide emissions from 1929 1994 to test the appropriateness of the one size fits all reduced form regression approach commonly used in the environmental kuznets curve literature empirical results provide initial evidence that an inverted u shape characterizes the relationship between per capita emissions and per capita incomes at the state level parameter estimates suggest however that previous studies which restrict cross sections to undergo identical experiences over time may be presenting statistically biased results

renewable non renewable energy consumption economic growth trade openness and ecological footprint evidence from organisation for economic co operation and development countries the purpose of this study is to examine the validity of environmental kuznets curve hypothesis for ecological footprint with the role of renewable energy use non renewable energy use and trade openness in 24 organisation for economic co operation and development countries for this purpose we investigate the period from 1980 to 2014 using with second generation panel data methodologies which allow to cross sectional dependence among countries the group mean results show that the inverted u shaped environmental kuznets curve hypothesis does not hold in organisation for economic co operation and development countries because we found the u shaped relationship between economic growth and ecological footprint in addition it is concluded that increasing renewable energy consumption reduces ecological footprint and increasing non renewable energy consumption increases environmental degradation

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

is there an environmental kuznets curve for sulfur abstract most existing estimates of the environmental kuznets curve ekc for sulfur which use samples of mainly high income countries indicate a maximum emissions turning point at middle to lower high income levels of gdp per capita we use a larger and more globally representative sample than previous sulfur ekc studies we find that sulfur emissions per capita are a monotonic function of income per capita when we use a global sample and an inverted u shape function of income when we use a sample of high income countries a model estimated in first differences results in a monotonic ekc when estimated with both high income and global samples reductions in emissions are time related rather than income related

energy consumption income and carbon emissions in the united states abstract this paper investigates the effect of energy consumption and output on carbon emissions in the united states earlier research focused on testing the existence and or shape of an environmental kuznets curve without taking energy consumption into account we investigate the granger causality relationship between income energy consumption and carbon emissions including labor and gross fixed capital formation in the model we find that income does not granger cause carbon emissions in the us in the long run but energy use does hence income growth by itself may not become a solution to environmental problems

oil shocks and aggregate macroeconomic behavior the role of monetary policy a recent paper by bernanke gertler and watson 1997 suggests that monetary policy could be used to eliminate any recessionary consequences of an oil price shock this paper challenges this conclusion on two grounds first we question whether the federal reserve actually has the power to implement such a policy for example we consider it unlikely that additional money creation would have succeeded in reducing the fed funds rate by 900 basis points relative to the values seen in 1974 second we point out that the size of the effect that bernanke gertler and watson attribute to oil shocks is substantially smaller than that reported by other researchers primarily due to their choice of a shorter lag length than that used by other researchers we offer evidence in favor of the longer lag length employed by previous research and show that under this specification even the aggressive federal reserve policies proposed would not have succeeded in averting a downturn