comparing approval procedures for new drugs we analyse how drug approval procedures influence the incentives of pharmaceutical firms to commercialise new drugs in the presence of international reference pricing since 1995 the european medicines agency ema coordinates a centralised approval procedure for specific new drugs in the eu with such a centralised procedure the ema grants simultaneous drug approvals for all eu countries alongside non centralised procedures coexist for approvals of other new drugs and approvals can be sequential we focus on the effects of the exogenous timing of drug approvals either simultaneous or sequential and we compare the effects of centralised versus non centralised procedures on the firms incentives to commercialise new drugs in different markets in a context of international reference pricing we show that a centralised procedure limits the number of countries where the firm commercialises new drugs compared to a non centralised procedure we also show in a simplified framework that countries are better off with non centralised procedures while pharmaceutical firms in theory prefer the drug to be approved everywhere as soon as possible as in an early centralised procedure this is in line with the stated objective of the ema to generate savings for the pharmaceutical firms

pharmaceutical cost sharing systems and savings for healthcare systems from parallel trade this paper studies the consequences of parallel trade in a two country model it compares a coinsurance scheme consumers pay a percentage of the drug price and an indemnity insurance scheme reimbursement is independent of the drug price with respect to changes in copayments and public health expenditure in the destination country copayments for patients decrease to a larger extent under indemnity insurance whereas reductions in public health expenditure occur only under coinsurance in the source country copayments increase less under coinsurance whereas health expenditure is reduced more under indemnity insurance in both countries total expenditure under parallel trade is lower

energy policy issues in developing countries lessons from asean s experience abstract this paper reviews the energy policy responses of the five countries originally composing the association of southeast nations asean indonesia malaysia the philippines singapore and thailand following the first price shocks of 1973 1974 it analyses the implications of the demand and supply management policies adopted especially those related to pricing and diversification it calls attention to the implications of these policies for structural changes in industries including the shift away from energy intensive to labour intensive technologies the role that technological change and technology transfer can play the role of the transport sector in conservation and the scope for oil to coal switching it raises policy and research questions on the allocative efficiency of demand and supply management policies

energy metrics for driving competitiveness of countries energy weakness magnitude gdp per barrel and barrels per capita abstract energy metrics is the development of a whole new theoretical framework for the conception and measurement of energy and economic system performances energy efficiency and productivity improvements with important political economy implications consistent with the best use of all natural and economic resources the purpose of this research is to present some vital energy indicators based on magnitude and scale of energy weakness gdp per barrel of oil that is an indicator of energy productivity and barrels of oil per capita that is an indicator of energy efficiency energy metrics can support the monitoring of energy and economic system performances in order to design effective energy strategy and political economy interventions focused on the competitive advantage increase of countries in modern economies

energy needs for morocco 2030 as obtained from gdp energy and gdp energy intensity correlations abstract we present forecasts of the energy consumption of morocco towards 2030 two models have been developed and their results compared one based on the energy intensity ie and another one on a link with the country urbanization rate urb the ie model allowed to segment energy consumption in four posts while the urb model only in two posts for the sensitivity analysis to economic growth three future gdp evolution scenarios are proposed the retrospective correlations of both models are excellent but their future extrapolations finish in slightly different results through their correlation to electricity consumption peak power forecasts are also presented a forecast of the country energy intensity is commented as the average yearly increase of electricity should still be between 4 9 and 7 1 during 2020 2030 the electric equipment program continuation after 2020 must soon be clarified and avoid the former implementation delays as the white combustibles needs should yearly increase between 6 3 and 7 8 in 2020 2030 electrical equipment programs should also make provisions for the case of deployment of electric cars butane subsidies widen the gap with other fuels and must be removed very soon possible to reduce the growth of its consumption and energy intensity

safe assets as commodity money this paper presents a model in which safe assets are systemic because they are the medium of exchange in risky assets it connects the literature from banking and finance on safe assets to the monetary literature on alternative monetary systems involving commodity money interest bearing money and private money creation because safe assets have intrinsic value changes in their supply lead to changes in market efficiency additionally because safe assets are costly to produce there is overproduction of safe assets relative to the social optimum when the model is calibrated to plausible liquidity premiums the resulting inefficiencies are not large

money barter and the optimality of legal restrictions we examine a decentralized monetary economy in which households can use a means of exchange barter or gold other than fiat money the alternative means of exchange may drive out money even if monetary exchange pareto dominates legal restrictions prohibiting other means of exchange may therefore be necessary with stochastic preferences households may use barter to supplement monetary purchases when they have an unexpectedly high demand however this may drive down the value of money in all states so low that households are again better off with fiat money alone the paper provides both stochastic and nonstochastic examples in which eliminating markets for goods or assets that compete with fiat money improves welfare

application of the translog model of energy substitution to developing countries the case of korea abstract while studies exist on the applications of the translog energy model in developed countries little is known about its application in developing countries to this end this paper investigates the long run sensitivities of energy demand to price changes and the degree of interfactor and interfuel substitution in the korean industrial sector we also uniquely disaggregate the industrial sector into nine manufacturing and three non manufacturing subsectors based on time series data obtained from the korea institute of energy and resources an energy demand model has been specified and estimated according to the translog approach the conclusions provide future directions for energy demand management policies in korea

greenhouse gas emission and renewable energy sources for sustainable development in bangladesh abstract bangladesh is an energy starving country the country will be on one of the fast growing power markets with its population and growing energy demand per person its fast growing urbanization and its socio economic development at present the potential demand of power is 5569 mw and the supply is below 4000 mw the country is dependent on the imported petroleum that is big burden on the economy the per capita emission is only 0 2667 tonne per person still much below the world leading countries 19 8 tonne per person for usa however bangladesh is one of the most vulnerable to climate change effect in the world in this regard renewable energy resources appear to be the one of the most efficient and effective solution for clean and sustainable energy development in bangladesh biomass is the dominating source of energy in bangladesh biomass energy is used in a very traditional way biomass conversion to energy in the form of liquid gaseous and solid pellet or briquette could be a viable option to reduce the pressure on the conventional fossil fuel the geographical location of bangladesh has several advantages for extensive use of grid connected solar electricity and stand alone solar pv system this article presents a review of the potential and utilization of the renewable energy sources in bangladesh

parallel imports and the pricing of pharmaceutical products evidence from the european union we consider policy issues regarding parallel imports pis of brand name pharmaceuticals in the european union where such trade is permitted we develop a simple model in which an original manufacturer competes in its home market with pi firms the model suggests that for small trade costs the original manufacturer will accommodate the import decisions of parallel traders and that the price in the home market falls as the volume of parallel imports rises using data from sweden we find that the prices of drugs subject to competition from parallel imports fell relative to other drugs over the period 1994 1999 econometric analysis finds that parallel imports significantly reduced manufacturing prices by 12 19 there is evidence that this effect increases with multiple pi entrants

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

a search theoretic approach to monetary economics the essential function of money is its role as a medium of exchange the authors formalize this idea using a search theoretic equilibrium model of the exchange process that captures the double coincidence of wants problem with pure barter one advantage of the framework described here is that it is very tractable the authors also show that the model can be used to addre ss some substantive issues in monetary economics including the potenti al welfare enhancing role of money the interaction between specializat ion and monetary exchange and the possibility of equilibria with multip le fiat currencies copyright 1993 by american economic association

barter and monetary exchange under private information the authors develop a model of production and exchange with uncertainty concerning the quality of commodities and study the role of fiat money in ameliorating frictions caused by private information the model is specified so that without private information only high quality commodities are produced and there is no welfare gain from using money with private information there can be equilibria and sometimes multiple equilibria where low quality commodities are produced and money can increase welfare money works by promoting useful production and exchange in efficient monetary equilibria agents adopt strategies that increase the probability of acquiring high quality output copyright 1994 by american economic association

production and high energy prices a case of some pan pacific countries abstract to explore the relationship between price of energy energy consumption and output this paper suggests a simultaneous equation system using time series data for five pan pacific countries canada japan korea the philippines and the usa and applying the two stage least squares method the above system of equations is estimated for each of the five countries short run gdp elasticity with respect to energy is nearly the same 0 3 for all four industrialized countries short run price elasticity of energy demand is between 0 20 and 0 08 for the four industrialized economies and 0 37 for the philippines

the relation between energy and non energy inputs in india s manufacturing industries the purpose of this paper is to examine the substitution possibilities among energy inputs and other non energy factors of production in response to price changes we relate this study to india s manufacturing industries this is of special interest since in the recent years indian industries have been gradually moving towards a high energy intensive structure of production in 1970 71 the mining and the manufacturing sector accounted for 52 9 per cent of the total commercial energy consumed in india in coal equivalent terms 8 p 1301 in this study we compute cross and own price elasticities of demand for all inputs a knowledge of the substitution possibilities is of paramount importance in economic planning consider for instance three situations first the effect of rising energy prices will tend to raise the demand for capital if capital and energy are substitute inputs second if energy and capital are complements the higher price for energy will tend to reduce the demand for both new capital equipment and energy thus the availability of cheap and ample supply of energy is significant in determining capital intensity and the future rates of capital formation in the literature on economic development this aspect of the choice of techniques has been by and large neglected third if there are limited substitution possibilities between energy and other inputs the adjustment by industry to higher prices of energy may be quite difficult and costs of production may rise precipitously necessitating a drastic change away from energy based production techniques in section ii of this paper we discuss the technique of analysis and describe the sources of data section iii presents the results and section iv is confined to the concluding remarks

estimating energy and oil demand functions a study of thirteen developing countries abstract in this paper we attempt to identify some of the factors that have determined the level and pattern of energy demand in developing countries during the 1970s and early 1980s aggregate oil and energy demanding functions are constructed for a selection of oil importing countries and oil exporting countries the results show a strong link between income and aggregate energy demand conversely the price elasticity of energy demand is low both in the short run and the long run oil demand behaviour is more complex oil products can be rationed or domestic energy production can affect oil demand nonetheless the income elasticity remains close to one in most countries and is well above one for some

modelling energy demand of developing countries are the specific features adequately captured abstract this paper critically reviews existing energy demand forecasting methodologies highlighting the methodological diversities and developments over the past four decades in order to investigate whether the existing energy demand models are appropriate for capturing the specific features of developing countries the study finds that two types of approaches econometric and end use accounting are commonly used in the existing energy demand models although energy demand models have greatly evolved since the early seventies key issues such as the poor rich and urban rural divides traditional energy resources and differentiation between commercial and non commercial energy commodities are often poorly reflected in these models while the end use energy accounting models with detailed sectoral representations produce more realistic projections as compared to the econometric models they still suffer from huge data deficiencies especially in developing countries development and maintenance of more detailed energy databases further development of models to better reflect developing country context and institutionalizing the modelling capacity in developing countries are the key requirements for energy demand modelling to deliver richer and more reliable input to policy formulation in developing countries

on money as a medium of exchange we analyze economies in which individuals specialize in consumption and production and meet randomly over time in a way that implies that trade must be bilateral and quid pro quo nash equilibria in trading strategies are characterized certain goods emerge endogenously as media of exchange or commodity money depending both on their intrinsic properties and on extrinsic beliefs there are also equilibria with genuine fiat currency circulating as the general medium of exchange we find that equilibria are not generally pareto optimal and that introducing fiat currency into a commodity money economy may unambiguously improve welfare velocity acceptability and liquidity are discussed

has government any role in money abstract recent interest in monetary reform has been sparked by the emergence of a world irredeemable paper money system in light of this interest we review the current validity of four good reasons friedman advanced in 1960 to rationalize government intervention we conclude that the forces that produced government involvement in the past will persist deregulation of financial intermediaries is desirable on grounds of market efficiency though it is an open question whether government should continue as lender of last resort we expect that the present world fiat money standard will neither degenerate into hyperinflation nor revert to a commodity standard

the evolution of monetary equilibrium abstract the hahn problem is that even if a monetary equilibrium with valued fiat money exists in general equilibrium a nonmonetary equilibrium with a zero price on money generally also exists why should we expect the former over the latter here i consider the preferences that will survive repeated trading in an exchange economy where agents compete in biological fitness with unobservable preferences and positive assortativity in matching evolutionarily stable preferences implement the competitive equilibrium that maximizes the sum of agents fitnesses in a standard bewley townsend model this implies selection of the monetary over the nonmonetary equilibrium and also implies the survival of agents with money in the utility function trust in fiat money is only a recent development and even today such faith is hardly universal cass and shell 1980

a price discrimination analysis of monetary policy monetary policy is analysed within a model that appeals to legal restrictions on private intermediation to explain the coexistence of currency and interest bearing default free bonds the interaction between such legal restrictions and monetary policy is illustrated in a version of the overlapping generations model the model shows that legal restrictions and the use of both currency and bonds permit the government to levy a nonlinear inflation tax and that such a tax may be better in terms of the pareto criterion than a linear inflation tax

estimates of energy and non energy elasticities in selected asian manufacturing sectors policy implications abstract this paper presents the results of a study of the demand elasticities for energy and non energy inputs in the food processing and textile industries in bangladesh the philippines and thailand estimates of substitution elasticities in production were derived by fitting data to a translog cost function for the period 1970 1980 for bangladesh 1970 1978 for the philippines and 1974 1977 for thailand the results varied according to the industries studied and across countries they were compared with those of several developing and industrialized countries and substitutability among inputs was found to be greater in the manufacturing sector of the developing countries studies than in those of industrialized countries the generally high elasticities between labour and energy have implications for relative input pricing and use in developing countries

energy consumption and gdp in tunisia cointegration and causality analysis abstract in this paper the johansen cointegration technique is used to examine the causal relationship between per capita energy consumption pcec and per capita gross domestic product pcgdp for tunisia during the 1971 2004 period in order to test for granger causality in the presence of cointegration among the variables a vector error correction model vecm is used instead of a vector autoregressive var model our estimation results indicate that the pcgdp and pcec for tunisia are related by one cointegrating vector and that there is a long run bi directional causal relationship between the two series and a short run unidirectional causality from energy to gross domestic product gdp the source of causation in the long run is found to be the error correction terms in both directions hence an important policy implication resulting from this analysis is that energy can be considered as a limiting factor to gdp growth in tunisia conclusions for tunisia may also be relevant for a number of countries that have to go through a similar development path of increasing pressure on already scarce energy resources

reference pricing competition and pharmaceutical expenditures theory and evidence from a natural experiment abstract we study the impact of regulation on competition between brand names and generics and pharmaceutical expenditures using a unique policy experiment in norway where reference pricing rp replaced price cap regulation in 2003 for a sub sample of off patent products first we construct a vertical differentiation model to analyze the impact of regulation on prices and market shares of brand names and generics then we exploit a detailed panel data set at product level covering several off patent molecules before and after the policy reform off patent drugs not subject to rp serve as our control group we find that rp significantly reduces both brand name and generic prices and results in significantly lower brand name market shares finally we show that rp has a strong negative effect on average molecule prices suggesting significant cost savings and that patients copayments decrease despite the extra surcharges under rp

parallel trade and pharmaceutical prices a game theoretic approach and empirical evidence from the european union this paper studies whether parallel traded products spark price competition in pharmaceutical markets and whether they are any cheaper than locally sourced products we follow a game theoretic approach and employ descriptive statistics and econometric methods to study the effects of parallel trade on competition from a theoretic and empirical perspective the theoretic approach suggests that there is a unique nash equilibrium and the parallel trader sets prices at the same level as the locally sourced product while the price of the latter remains unaffected by parallel trade however there may be deviations from this equilibrium in the presence of particular policies or generic competition in which case the parallel traded product may be priced at lower levels than the locally sourced product empirical analysis confirms the predictions of the theory descriptive statistics show that there is no gap between locally sourced and parallel traded products unless generics or policies encouraging parallel trade are present results of the econometric analysis show that parallel trade does not trigger price competition and that the price of the locally sourced product remains unaffected by parallel trade therefore any savings for health insurance occurring as a result of parallel trade are limited

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

a theory of a generally acceptable medium of exchange and barter abstract this paper develops a model that accounts both for the existence of money defined as a generally acceptable medium of exchange and for the survival of some barter exchange in economies in which money exists in contrast to jones 1976 seminal article in which individuals are restricted to fix trading strategies before entering the market the present model assumes that individuals have conditional trading strategies that allow them to effect exchange according to the types of trades they encounter in the market the analysis shows how decentralized market forces generate money and lead to a unique level of monetization

barter in the us economy a macroeconomic analysis in this paper a statistical model is developed to examine the determinants of the growing level of barter transactions in the us although a barter system is believed to be pareto inferior to a money system recent statistics of the estimated level of barter transactions in the us show a rapidly growing interest by large corporations as well as individuals in this type of trade the primary obstacle in empirical research in this area is the difficulty of measuring the size of barter transactions here data from barter exchange organizations are used to test the significance of several variables the ordinary least squares and cointegration and error correction models are employed as two alternative empirical techniques to analyse the data the results support the counter cyclical arguments as well as the inflation factor however the notion of tax evasion as a motive in organized barter receives only a partial support

should the us allow prescription drug reimports from canada as a result of public outrage over lower prescription drug prices in canada congress passed legislation that would allow these drugs to be imported into the us the lower canadian prices reflect price regulation opponents of allowing these imports have argued that the us will import canadian price controls and that profits of pharmaceutical companies will be hurt in this paper a model is developed in which a good sold in the foreign country is subject to a negotiated price which is determined in a nash bargaining game when imports back into the home country are allowed this negotiated price also becomes the domestic price this causes the home firm to make fewer price concession in the nash bargaining game home firm profits are found to rise under the reimport regime for both of the demand functions analyzed in this paper

vertical distribution parallel trade and price divergence in integrated markets we develop a model of vertical pricing in which an original manufacturer sets wholesale prices in two markets that are integrated at the distributor level by parallel imports pi the manufacturing rm needs to set these two prices to balance three competing interests restricting competition in the pi recipient market avoiding resource wastes due to actual trade and reducing the double markup problem in the pi source nation

money barter and consumption interdependence abstract by introducing a degree of consumption interdependence into a search model we show that people may switch from using money to bartering during hyperinflation but barter activities however could still be popular even though the inflation rate is low

energy efficiency fallacies a postscript a special issue of energy policy 28 2000 was devoted to a collection of papers edited by dr lee schipper these papers were addressed to various aspects of the debate on the role of raising energy efficiency as a contributor to meeting international obligations in the context of global warming the collection included a paper entitled energy efficiency fallacies revisited in which it was argued that economically justified measures to raise the productivity of energy increased the demand for it at the macroeconomic level 1 thus such measures had no part to play in meeting international obligations to reduce fuel consumption for environmental or other reasons it was claimed in that paper that an economic rather than an engineering definition of energy efficiency led to the conclusion that energy efficiency was simply part of general economic efficiency although the point was not pursued the following brief postscript to the paper offers a simple graphical justification for the claim and discusses the implications

review of the energy supply status for sustainable development in the organization of islamic conference abstract this review describes the situation and the varying potential of energy supply utilization of countries in the organization of islamic conference oic this exercise reveals that the increase in energy consumption is associated with economic growth and population expansion the interconnectivity between energy use and national level as well as the connection between energy utilization and gross domestic product gdp which is an indicator of economic development must be explained to determine the significance of national energy utility in these countries therefore alternative energy source utilization is necessary for the provision of an appreciable constituent of imminent energy requirements in sectors that utilize energy alternative energy source utilization is a crucial factor in ensuring the total capacity of energy sources in various growing economies of the world where clean energy is unavailable furthermore some of these countries also possess alternative energy sources such as hydropower solar wind geothermal and biomass this paper provides details on sustainable energy supply developments in oic countries these countries must sustainably develop energy despite their sufficient wealth in crude oil and natural gas the main purpose of this study is to determine economic growth in relation to energy supply to facilitate sustainable development in addition this paper suggests necessary requirements to sustain the energy development processes in oic countries and as well as some stages that must be adopted to enhance development at a sustainable rate

an evaluation of the effects of the tax on refined petroleum products in the philippines abstract this paper uses an aggregate modelling approach to assess the effect of taxes on refined petroleum products in the philippine economy the approach used in the analysis consists of a general equilibrium model comprising 14 producing sectors 14 consuming sectors 3 household categories classified by income and a government the effects of removing the 48 tax on premium and regular gasoline and the 24 tax on other refined petroleum products on prices and quantities are examined the results are revealing for example the consequences of a complete elimination of refined petroleum product taxes would be an increase in output by all producing sectors of about 3 7 or about 2 65 hundred billion philippine pesos a rise in the consumption of goods and services by about 13 6 or 4 2 hundred billion philippine pesos a rise in total utility by 14 3 or 4 5 hundred billion philippine pesos and lower tax revenue for the government of 62 4 or 2 8 hundred billion philippine pesos when subjected to a sensitivity analysis the results are reasonably robust with regard to the assumption of the values of the substitution elasticities that is while the model equilibrium values do vary in response to different assumptions of the values of these elasticities the fluctuations are not so enormous to suggest that the model is unrealistically sensitive to these parameters

strategies for renewable energy applications in the organization of islamic conference oic countries abstract presently the demand of energy is met by fossil fuels combustion of fossil fuels has caused negative impacts to the environment globally the most significant ones are acid precipitation stratospheric ozone depletion and global climate change to overcome it sustainable clean and safe energy policies that would satisfy the energy demand of the 21st century have to be implemented renewable energy resources appear to be the one of the most efficient and effective solutions therefore be key energy sources for the future there is an intimate connection between renewable energy and sustainable development current status of renewable energy applications its implementation strategies and their obstacles for some of the selected islamic countries has been presented several strategies for enhancing of widespread application of renewable energy technology are described the strategies include establishing education and capacity building programs creating renewable energy market and financing mechanism improving appropriate energy policies and establishing database and international collaboration to promote renewable energy technologies

assessment of sustainability indicators for renewable energy technologies the non combustion based renewable electricity generation technologies were assessed against a range of sustainability indicators and using data obtained from the literature the indicators used to assess each technology were price of generated electricity greenhouse gas emissions during full life cycle of the technology availability of renewable sources efficiency of energy conversion land requirements water consumption and social impacts the cost of electricity greenhouse gas emissions and the efficiency of electricity generation were found to have a very wide range for each technology mainly due to variations in technological options as well as geographical dependence of each renewable energy source the social impacts were assessed qualitatively based on the major individual impacts discussed in literature renewable energy technologies were then ranked against each indicator assuming that indicators have equal importance for sustainable development it was found that wind power is the most sustainable followed by hydropower photovoltaic and then geothermal wind power was identified with the lowest relative greenhouse gas emissions the least water consumption demands and with the most favourable social impacts comparing to other technologies but requires larger land and has high relative capital costs

the effect of barter on the demand for money an empirical analysis abstract the impact of barter on the m2 money demand for the u s is explored the results show that in addition to the traditional explanatory variables the level of barter must be included in the estimates of the demand for money

the transition from barter to fiat money how did it become possible to exchange apparently valueless pieces of paper for goods this paper provides an equilibrium account of the transition between barter and fiat money regimes the explanation relies on the intervention of a self interested government that must be able to promise credibly to limit the issue of money to achieve credibility the government must offset the benefits of seigniorage by internalizing some of the macroeconomic externalities generated by the issue of fiat money the government s patience and the extent of its involvement in the economy are key determinants of whether the transition can be accomplished copyright 1995 by american economic association

an evaluation of the economic effects of higher energy prices in mexico abstract the analysis of this study examines the impact of an increase in the prices of gasoline and electricity on the mexican economy the analytical approach used consists of a general equilibrium model composed of 13 producing sectors 14 consuming sectors 4 household categories classified by income and one government the effects of the recently implemented increase in the price of gasoline and electricity of 26 2 on prices and quantities are examined the results are revealing for example the consequences of an increase in the prices of gasoline and electricity would be a decrease in output by all producing sectors of about 0 31 a fall in the consumption of goods and services by about 0 56 a reduction in total utility by 1 29 and higher revenue for the government of 0 31 when subjected to a sensitivity analysis the results are reasonably robust with regard to the assumption of the values of the substitution elasticities

how to haggle and to stay firm barter as hidden price discrimination barter transactions conducted openly by established corporations play an increasingly significant role in the u s economy the model developed here helps explain why firms use barter and yields predictions concerning the circumstances under which barter is likely to occur it is shown that when two firms barter goods used as inputs price discrimination occurs this price discrimination is hidden from the firms other customers because the real values of the transacted goods to the barterers are different from the accounting prices used in the transaction since price discrimination that is observed by potential customers might have an adverse effect on the selling firm s future bargaining power barter will have value as a means of hiding price discrimination

energy sustainability from analysis of sustainable development indicators a case study in taiwan abstract as taiwan has a dense population and only limited natural resources the government began actively establishing a taiwan s sustainable development indicators tsdi system in 2003 which was developed with reference to the pressure state response psr framework to evaluate the progress towards sustainability energy is a very important factor in leading to sustainable development at the national level however there are only two indicators concerning the energy sustainability in the tsdi system this paper summarizes the current status of energy supply energy consumption carbon dioxide co 2 emissions and renewable energy production since the year 2000 the updated information on the tsdi was also addressed and analyzed to imply the progress towards energy sustainability during 2000 2008 finally the weighted sum method was proposed to make an analysis of energy sustainability from taiwan s renewable energy production showing that this country has experienced a significant progress toward energy sustainability in recent years

monetization financial liberalization and economic development barter sector in 1954 55 the monetized sector contributed 69 to the net national product of india the share of the monetized sector increased to 78 6 of the net national product by 1974 75 during this period the explicit objective of monetary policy in india was to help accelerate the pace of economic development in an environment of reasonable price stability there are several versions of the financial liberalization hypothesis but the one put forward by ronald mckinnon is chosen here because of its succinctness and easy amenability to empirical verification 2 mckinnon s theory in essence deals with the effect of financial liberalization on the accumulation of capital through a policy of high real interest rates this formulation has been made operational by estimating the response of real demand for money balances and private investment to alternative rates of return under the implicit assumption that these are the only two alternative forms of assets held by the private sector 3 all this is predicated on the assumption that the effective limitation on the rate of real capital formation is the supply of real savings and not the inadequate willingness to invest most underdeveloped countries have a significant barter sector a reduction in the share of the barter sector can help to further accelerate the accumulation of capital in a barter system a good share of the factors of production is tied up in distribution away from production to achieve the double coincidence required in such a system with the

dynamic energy demand models a comparison abstract this paper compares two second generation dynamic energy demand models a translog tl and a general leontief gl in the study of price elasticities and factor substitutions of nine swedish manufacturing industries food textiles wood paper printing chemicals non metallic minerals base metals and machinery several model specifications are tested with likelihood ratio test there is a disagreement on short run adjustments the tl model accepts putty putty production technology of immediate adjustments implying equal short and long run price elasticities of factors while the gl model rejects immediate adjustments giving out short run elasticities quite different from the long run the two models also disagree in substitutability in many cases

energy efficiency fallacies revisited abstract a number of governments including that of the uk subscribe to the belief that a national program devoted to raising energy efficiency throughout the economy provides a costless indeed profitable route to meeting international environmental obligations this is a seductive policy it constitutes the proverbial free lunch not only avoiding politically unpopular measures like outlawing taxing or rationing offending fuels or expanding non carboniferous sources of energy like nuclear power but doing so with economic benefit the author of this contribution came to doubt the validity of this solution when it was offered as a way of mitigating the effect of the opec price hikes of the 1970 maintaining that economically justified improvement in energy efficiency led to higher levels of energy consumption at the economy wide level than in the absence of any efficiency response more fundamentally he argues that there is no case for preferentially singling out energy from among all the resources available to us for efficiency maximization the least damaging policy is to determine targets enact the restrictive measures needed to curb consumption and then leave it to consumers intermediate and final to reallocate all the resources available to them to best effect subject to the new enacted constraints and any others they might be experiencing there is no reason to suppose that it is right for all the economic adjustment following a new resource constraint to take the form of improvements in the productivity of that resource alone as many others have argued any action to impose resource constraint entails an inevitable economic cost in the shape of a reduction in production and consumption possibilities there would be no free lunch in the last few years debate about the validity of these contentions has blossomed especially under the influence of writers on the western side of the atlantic in this contribution the author outlines the original arguments for questioning whether raised efficiency leads to lower consumption reports more recent developments and offers some insights as food for further thought