rights and the private pareto principle this paper begins with a review of gibbard s paradox for rights and gibbard s proposal for avoiding the paradox this is followed by a theorem that identifies the pairs where rights are directly relevant at some profile when gibbard s proposal is adopted as the next step the paper reviews sen s paradox and the private pareto principle which has recently been proposed by hammond as a replacement for the traditional pareto principle with the argument that this will make rights and paretian comparisons compatible the remainder of the paper is devoted to an analysis of the nature of the social pairwise comparisons that the private pareto principle recommends for the pairs of alternatives where rights are directly relevant at some profile this analysis reveals that on these pairs the private pareto principle makes two important concessions to rights

using latent variable approach to estimate china s economy wide energy rebound effect over 1954 2010 the energy rebound effect has been a significant issue in china which is undergoing economic transition since it reflects the effectiveness of energy saving policy relying on improved energy efficiency based on the ipat equation and brookes explanation of the rebound effect this paper develops an alternative estimation model of the rebound effect by using the estimation model and latent variable approach which is achieved through a time varying coefficient state space model we estimate china s economy wide energy rebound effect over 1954 2010 the results show that the rebound effect evidently exists in china as a result of the annual average of 39 73 over 1954 2010 before and after the implementation of china s reform and opening up policy in 1978 the rebound effects are 47 24 and 37 32 with a strong fluctuation and a circuitously downward trend respectively indicating that a stable political environment and the development of market economy system facilitate the effectiveness of energy saving policy although the energy saving effect of improving energy efficiency has been partly realised there remains a large energy saving potential in china

self supporting preferences and individual rights the possibility of paretian libertarianism one of the paradoxes in social choice theory that has caused considerable concern among theoretical economists is that of the impossibility of the paretian liberal which was discovered by sen 1970a 1970b chapter 6 it has been found disturbing that even a minimal amount of efficiency in social choice as expressed by the pareto principle should not be compatible with a minimum of individual freedom as expressed in a rather weak libertarian requirement which is imposed on the collective choice procedure therefore it is not surprising that a large number of solutions to the liberal paradox have been proposed the directions of these solutions diverging rather widely for a very lucid discussion covering the whole spectrum see sen 1976 it is the purpose of this paper to review very briefly the present state of the discussion section i and to propose a new solution to the paradox that essentially focuses on the notion of an individual right and the appropriate amount of protection it should obtain in social decisions section ii therefore our solution to the liberal paradox may in some sense be viewed as a byproduct of properties one would like a theory of rights to exhibit the solution is captured in our theorem 1 for its derivation we use a basic lemma which establishes the consistency of the rights all proofs are given in an appendix

the energy rebound effect in china s light industry a translog cost function approach abstract china is in its industrialization and urbanization development stage which requires strong energy support with the largest population in the world the energy endowment of china is relatively small therefore energy conservation is one of the key tools for china s sustainable development and energy security when making policies for conservation the chinese government needs to deal with rebound effect carefully in 2012 china s light industry consumed 316 million tons of coal equivalents accounting for 9 percent of the country s total energy consumption which is about the total amount of energy consumed by south korea based on the translog cost function the magnitude of rebound effect in china s light industry is estimated for the first time using the dynamic ordinary least squares and seemingly unrelated regression methods considering the asymmetric effects of energy prices on energy consumption the rebound effect is approximately 37 7 and all the inputs are substitutes except for labor and energy the different magnitude of rebound effect between light and heavy industry is discussed and some policy implications are provided for more effective energy conservation allowing for the rebound effect

estimates of electricity saving potential in chinese nonferrous metals industry the paper analyzes the electricity saving potential of nonferrous metals industry in china the cointegration method is applied to estimate electricity intensity of chinese nonferrous metals industry in an effort to predict future electricity saving potential the results show that there is a long run equilibrium between electricity intensity and factors such as r d intensity industrial electricity price enterprise scale and labor productivity by means of scenario analysis we evaluate different possible measures that might be adopted to narrow down the electricity efficiency gap between nonferrous metals industry in china and that of japan the results indicate that more active electricity conservation policies are needed in order to reduce the electricity intensity of chinese nonferrous metals industry we also find that the electricity efficiency gap could be significantly narrowed by 2020 if proper electricity conservation policy is adopted finally based on the results of the scenario analysis future policy priorities are suggested

empirical estimates of the direct rebound effect a review beginning with william stanley jevons in 1865 a number of authors have claimed that economically justified energy efficiency improvements will increase rather than reduce energy consumption jevons paradox is extremely difficult to test empirically but could have profound implications for energy and climate policy this paper summarises and critiques the arguments and evidence that have been cited in support of jevons paradox focusing in particular on the work of len brookes and harry saunders it identifies some empirical and theoretical weaknesses in these arguments highlights the questions they raise for economic orthodoxy and points to some interesting parallels between these arguments and those used by the biophysical school of ecological economics while the evidence in favour of jevons paradox is far from conclusive it does suggest that economy wide rebound effects are larger than is conventionally assumed and that energy plays a more important role in driving productivity improvements and economic growth than is conventionally assumed 2008 elsevier ltd all rights reserved

credit derivatives premium as a new japan premium at the height of the japanese banking crisis of 199798 a popular indicator of weakness was the so called japan premium that is the premium in the interest rate charged to japanese banks in the interbank market the internationally active japanese banks had to pay a premium in borrowing us dollars and to a much lesser extent japanese yen from western banks the japan premium was considered to reflect western banks skepticism on opaque accounting and supervision ihe japan premium disappeared after the second capital injection to major banks in march 1999 l by the end of 2001 the vulnerability of japanese banks became obvious due to low earnings newly emerged nonperforming loans and deflation the core capital tier i capital was depleted and was supplemented only by deferred tax credit which has no liquidation value however it was noted by banking experts and researchers that the japan premium did not reappear it was a puzzle why the premium was not demanded this time the focus of this letter is to explain why the japan premium apparently disappeared and to report on an alternative indicator for japanese bank vulnerability that would replace the japan premium we will assert that the japan premium the

technological progress and energy rebound effect in china s textile industry evidence and policy implications abstract although energy efficiency improvement can reduce energy consumption reduction of the effective price will also increase the demand for energy services part of this reduction is then offset because of the energy efficiency improvement the magnitude of this energy rebound effect is one of the important factors that must be considered in the formulation and implementation of energy policies the textile industry is a traditional pillar industry in china it is an important part of the national economy and contributes significantly to international trade this study uses the morishima elasticities of substitution mes model combined with asymmetric energy prices trans log cost function and other econometric methods to establish a framework to measure the rebound effect in china s textile industry the empirical results of this paper indicate that the rebound effect for china s textile industry is 20 991 this reveals that energy efficiency improvement is conducive for energy saving to a certain degree notwithstanding these results also prove that energy efficiency improvement is not the only way for china s textile industry to realize energy saving and emission reduction finally based on the analysis future policy priorities are suggested

measuring energy rebound effect in the chinese economy an economic accounting approach estimating the magnitude of china s economy wide rebound effect has attracted much attention in recent years most existing studies measure the rebound effect through the additional energy consumption from technological progress however in general technological progress is not equivalent to energy efficiency improvement consequently their estimation may be misleading to overcome the limitation this paper develops an alternative approach for estimating energy rebound effect based on the proposed approach china s economy wide energy rebound effect is revisited the empirical result shows that during the period 1981 2011 the rebound effects in china are between 30 and 40 with an average value of 34 3

estimating the rebound effect in us manufacturing energy consumption abstract the energy price shocks of the 1970s are usually assumed to have increased the search for new energy saving technologies where eventual gains in energy efficiencies will reduce the real per unit price of energy services and hence the consumption of energy will rise and partially offset the initial reduction in the usage of energy sources this is the rebound effect which is estimated for the us manufacturing sector using time series data applying the dynamic ols method dols when allowing for asymmetric price effects the rebound effect is found to be approximately 24 for the us manufacturing sector

market specific and currency specific risk during the global financial crisis evidence from the interbank markets in tokyo and london abstract this paper investigates how international money markets reflected credit and liquidity risk during the global financial crisis after matching the currency denomination we examine how the tokyo interbank offered rate tibor was synchronized with the london interbank offered rate libor we find remarkably asymmetric responses in market specific and currency specific risk during the crisis the regression results suggest that market specific credit risk increased the difference across markets whereas liquidity risk caused the difference across currency denominations they also support the view that liquidity shortage of the us dollar occurred in international money markets during the crisis coordinated central bank liquidity provisions were useful in reducing the liquidity shortage of the us dollar but their effectiveness was asymmetric across markets

empirical assessment of energy price policies the case for cross price elasticities abstract evaluations of energy price policies are necessarily based on measures of the substitution of energy and non energy inputs facing a variety of substitution elasticities the central question arises which measure would be appropriate apparently for a long time this question has not been at issue allen s elasticities of substitution aes have been the most used measures in applied production analysis this paper s main contribution is an instructive survey of the origin of substitution measures and of the trinity of empirical substitution elasticities aes cross price elasticities and the morishima elasticities of substitution mes with particular emphasis on their interpretations and the perspectives that will be captured by these measures this survey clarifies why classical cross price elasticities are to be preferred for many practical purposes berndt and wood s rev econom stat 57 1975 259 frequently applied data set of us manufacturing is used to illustrate why assessments of energy price policies would be better based on cross price elasticities like the energy price elasticity of capital rather than on aes or mes

the potential estimation and factor analysis of china s energy conservation on thermal power industry new huadu business school research fund national social science foundation of china 12zd059 ministry of education 10gbj013

electricity demand and conservation potential in the chinese nonmetallic mineral products industry newhuadu business school research fund ministry of education foundation 10jzd0018 10jbg013 china sustainable energy program g 1103 13921 national social science foundation 09zd050

prices technology development and the rebound effect abstract energy efficiency is the critical parameter for policies that aim at reducing energy consumption while maintaining or even boosting economic growth the two main options to influence energy efficiency are changes in relative prices i e raising the price of energy through economic instruments or to introduce new technologies which increase the productivity of each unit of energy this paper is based on the notion that in an equilibrium economy the marginal economic productivity is identical for all factors i e energy labour knowledge and capital from this premise two main conclusions can be drawn first any change in price or technology will have an impact on the whole economy by creating feedbacks through the substitution of factors of production and goods as well as increased wealth second the two policy approaches changing relative prices and technology development are not opposite to each other they are the two faces of the same reality and should be developed and promoted simultaneously and consistently

rational performance and gibbard s pareto consistent libertarian claim abstract the purpose of this paper is to introduce a new condition called the rational performance and hereby point out that the gibbard s pareto consistent libertarian claim has a certain defect from this point of view

the impact of increased efficiency in the industrial use of energy a computable general equilibrium analysis for the united kingdom the conventional wisdom is that improving energy efficiency will lower energy use however there is an extensive debate in the energy economics policy literature concerning rebound effects these occur because an improvement in energy efficiency produces a fall in the effective price of energy services the response of the economic system to this price fall at least partially offsets the expected beneficial impact of the energy efficiency gain in this paper we use an economy energy environment computable general equilibrium cge model for the uk to measure the impact of a 5 across the board improvement in the efficiency of energy use in all production sectors we identify rebound effects of the order of 30 50 but no backfire no increase in energy use however these results are sensitive to the assumed structure of the labour market key production elasticities the time period under consideration and the mechanism through which increased government revenues are recycled back to the economy

determinants of the japan premium actions speak louder than words abstract since august 1995 japanese banks have had to pay a premium on eurodollar and euroyen interbank loans relative to their u s and u k competitors this so called japan premium provides a market indicator of investor anxiety about the ability of japanese banks to repay loans we examine the determinants of the japan premium and find that government announcements not associated with concrete actions had little impact on the other hand announcements of concrete actions by the japanese government such as injections of funds into the banking system tended to have an effect on the size of the japan premium

the rebound effect for space heating empirical evidence from austria abstract the major focus of this paper is to investigate the magnitude of the rebound effect for space heating in austria different approaches are applied and compared the most important result of this investigation is that despite the fact that all approaches applied have their weaknesses and some results were not highly significant the final outcomes of the different approaches show quite good coincidence they provide evidence of a rebound effect between 20 and 30 the most important conclusions for energy policy makers are i standards with respect to building codes are very important tools to increase the thermal quality of new buildings ii due to prevailing low energy prices a triggering tool which may be rebates or loans has to be implemented to increase the efficiency of the building stock