effects of demand side management on chinese household electricity consumption empirical findings from chinese household survey abstract china s residential electricity demand has grown rapidly over the last three decades and given the expected continued growth demand side management dsm can play an important role in reducing electricity demand by using micro level data collected from 1450 households in 27 provinces in the first ever china residential energy consumption survey in 2012 this study estimates the effects of three dsm measures empirically tiered household electricity pricing china energy label program and information feedback mechanisms we find these measures have contributed to moderating residential electricity demand growth but additional policy reform and tools are needed to increase their effectiveness and impact residential electricity demand is found to be price and income inelastic and tiered pricing alone may not be as effective in electricity conservation the statistically significant relationship between china energy label efficient refrigerators but not televisions and lowered residential electricity consumption reflect mixed program effectiveness lastly of the information feedback currently available through electricity bills payment frequency and meters only meter reader is estimated to be statistically significant important policy implications and recommendations for improving each of these three dsm measures to expand their impact on reducing residential electricity consumption are identified

the structural changes and determinants of household energy choices and energy consumption in urban china addressing the role of building type abstract understanding the energy use and choice behaviors in urban china is essential to curb its energy consumption and air pollutant emissions current energy consumption estimates for urban households in china rarely account for the effects of building types on energy choice behavior thus may lead to biased policy implications in this paper we estimate the determinants of household energy consumption for different energy choice scenarios through the seemingly unrelated regression sur model using urban household data the empirical results show that household use of various energy carriers is driven by household income fuel price demographics building attributes and lifestyles results show building types have a significant effect on household energy consumption behaviors households living in old houses have less access to clean energy such as piped gas income and price elasticities of energy consumption vary with energy type in each scenario and there exist certain substitution effects among different types of energy carriers in particular inter fuel substitute elasticities between coal and clean energy are asymmetric our study highlights the significance of city planning and infrastructure expansion policies and also offers a better basis for coordinating and designing energy policies in urban china and other developing countries

the price elasticity of electricity demand in south australia abstract in this paper the price elasticity of electricity demand representing the sensitivity of customer demand to the price of electricity has been estimated for south australia we first undertake a review of the scholarly literature regarding electricity price elasticity for different regions and systems then we perform an empirical evaluation of the historic south australian price elasticity focussing on the relationship between price and demand quantiles at each half hour of the day this work attempts to determine whether there is any variation in price sensitivity with the time of day or quantile and to estimate the form of any relationships that might exist in south australia

achieving low carbon urban passenger transport in china insights from the heterogeneous rebound effect abstract the rapid increase in energy consumption and carbon emissions in china s passenger transportation sector threatens both the environment and the nation s energy security energy efficiency improvements leading to lower fuel consumption are therefore of considerable interest to policymakers trying to achieve low carbon travel however it is well established that higher miles per gallon efficiencies can by reducing the costs of travel lead to some level of increased personal travel the so called rebound effect this paper describes an empirical study to measure the size and also the variability in this effect at the provincial level and what this variability implies for a carbon tax policy this rebound effect is quantified using a two stage almost ideal demand system aids model a backfire effect i e the rebound is 100 is observed in urban passenger transport with disparities in the size of the rebound effect ranging from 114 to 153 among china s provinces the differences in economic development as well as related differences in consumers behavior especially in the behavior of marginal consumers have contributed to this heterogeneity with a larger carbon tax more than 110yuan tonne needed in richer provinces such as jiangsu zhejiang guangdong and fujian in order to bring about similar levels of carbon reductions nationwide

a co integration analysis of the price and income elasticities of energy demand in turkish agriculture abstract agriculture has an important role in every country s development particularly the contribution of agriculture to development and competitiveness is increasing with agricultural productivity growth productivity in turn is closely associated with direct and indirect use of energy as an input therefore the importance of energy in agriculture cannot be denied as one of the basic inputs to the economic growth process following the importance of energy in turkish agriculture this study aims to estimate the long and short run relationship of energy consumption agricultural gdp and energy prices via co integration and error correction ecm analysis annual data from 1970 to 2008 for diesel and electricity consumptions are utilized to estimate long run and short run elasticities according to ecm analysis for the diesel demand model the long run income and price elasticities were calculated as 1 47 and 0 38 respectively for the electricity demand model income and price elasticities were calculated at 0 19 and 0 72 respectively in the long run briefly in turkey support for energy use in agriculture should be continued in order to ensure sustainability in agriculture increase competitiveness in international markets and balance farmers income

income and price elasticities of electricity demand aggregate and sector wise analyses abstract cointegration and vector error correction modeling approaches are widely used in electricity demand analysis the study rigorously examines the determinants of electricity demand at aggregate and sectoral levels in pakistan in the backdrop of severe electricity shortages our empirical findings give support to the existence of a stable long run relationship among the variables and indicate that electricity demand is elastic in the long run to both income and price at aggregate level at sectoral level long run income and price elasticity estimates follow this pattern except in agricultural sector where electricity demand is found elastic to output but inelastic to electricity price on the contrary the coefficients for income and price are rather small and mostly insignificant in the short run we employed temperature index price of diesel oil and capital stock at aggregate and sectoral levels as exogenous variables these variables account for most of the variations in electricity demand in the short run it shows that mechanization of the economy significantly affect the electricity demand at macro level moreover elastic electricity demand with respect to electricity price in most of the sectors implies that electricity price as a policy tool can be used for efficient use and conservation

incomplete written contracts undescribable states of nature this paper extends the classic two armed bandit problem to a many agent setting in which n players each face the same experimentation problem the difference with the single agent problem is that agents can now learn from the experiments of others thus experiementation produces a public good and a free rider problem in experimentation naturally arises more interestingly future experimentation by others encourages current individual experimentation the paper provides an analysis of the set of markov equilibria in terms of the free rider effect and the encouragement effect

one price doesn t fit all an examination of heterogeneity in price elasticity of residential electricity in india abstract although well designed consumer electricity pricing can improve access contribute to higher metering increase penetration of energy efficient technologies limit extent of the rebound effect and influence viability of electricity distribution utilities in india there has been no comprehensive policy relevant assessment of price elasticities of electricity demand in the country the objective of this study is to estimate price elasticity of residential electricity consumption and disaggregate it by state rural and urban residence and income categories to provide evidence for electricity tariff setting in india we combine survey data from five rounds of nationally representative household consumption expenditure surveys covering the period 2005 2012 with administrative data on electricity deficit and improve on methods applied in previous studies by estimating price elasticities using a quadratic form to account for constraints in electricity supply we find that while the average price elasticity at the national level is 0 39 95 confidence interval 0 46 0 31 it varies significantly by state rural and urban residence and income categories our results indicate that a one price fits all policy may not be an effective approach to electricity tariff setting in india and a data driven understanding of heterogeneities in price elasticities can better inform residential electricity tariff design in the country

the price and income elasticity of china s natural gas demand a multi sectoral perspective abstract natural gas as a clean low carbon energy will play an important role in the world s low carbon energy transformation in this paper research on the elasticity of natural gas demand is surveyed and it is found that the price and income elasticities of natural gas demand in different sectors are distinctive in particular this paper constructs an autoregressive distribution lag model to study the elasticity of natural gas demand in various sectors of china the results show that except for the residents sector the long run price elasticity of natural gas demand in other sectors is greater than 0 which is contrary to the estimates of developed countries the demand for natural gas is complementary to coal in industrial and power generation sectors which is also different from developed countries the elasticity of natural gas demand in residents sector is lack in price elasticity but abundant in income elasticity which is similar to the developed countries the results also shows that natural gas and oil are substitutes for each other in the transportation sector and natural gas and coal are substitutes for each other in service sector

not irrational but habitual the importance of behavioural lock in in energy consumption abstract a substantial body of literature has shown that our behaviour is often guided by habits the existence of habits not fully conscious forms of behaviour is important as it contradicts rational choice theory their presence thus calls for the setting of new instruments as they make it unlikely that consumers be capable of exercising control over their energy consumption in reaction to given incentives this is further increased in the evolutionary perspective where the current carbon based socio technical system constrains and shapes consumers choices through structural forces habits being potentially counterintentional they may explain the efficiency paradox in energy as well as the continued increase of energy consumption despite the rising environmental awareness among the population policies aiming at reducing energy consumption should thus specifically address the performance context of habits for instance targeting new residents has proven to be more effective given that their preceding habits have been disturbed the results of our empirical analysis confirm this idea by showing how a change of context makes people more receptive to a proposed measure our analysis of the role played by habits also suggests that individuals do not consider the need to change existing habits as an obstacle even though this is contradicted implicitly in the answers they provided to open questions this unconsciousness is one of the most delicate features of habits and it should thus be accounted for when designing measures given the other characteristics of habits the joint use of feedbacks and commitment strategies appears promising

trade diversion from tomato suspension agreements trade barriers can cause output to be diverted to other countries and into other products we study the effect of a voluntary price restraint vpr on mexican tomatoes entering the united states the diversion caused by the vpr is statistically and economically significant representing over four fifths of the direct effects of the trade barrier when the vpr was binding mexico exported more tomatoes to canada the united states cut back on exports while canada increased their exports to the united states the vpr also diverted fresh tomatoes in mexico into paste production which was then exported to the united states des barrieres commerciales peuvent entrainer la diversion de l output vers d autres pays ou d autres productions on etudie la diversion causee par les accords de restriction volontaire des prix arvp des tomates mexicaines entrant sur le marche americain la diversion causee par les arvp a ete statistiquement et economiquement significative representant plus des quatre cinquiemes des effets directs de la barriere tarifaire quand les arvp ont ete contraignants le mexique a exporte plus de tomates au canada les etats unis ont reduit leurs exportations alors que le canada augmentait ses exportations vers les etats unis les arvp ont aussi entraine une diversion des tomates fraiches au mexique vers la production de puree de tomate un produit qui a alors ete exporte vers les etats unis

review of key international demand elasticities for major industrializing economies abstract this paper conducts a selective review of various estimates for energy demand responses focused specially upon lower income industrializing economies rather than richer mature nations it emphasizes recent trends from empirical studies that have been published after 2000 emphasis is placed on the five major emerging or transitional economies in brazil china india mexico and russia although other important nations like chile and south korea are also discussed when studies are available the review focuses attention on the long run responses to changes in prices and income after capital stock turnover has been completed the terminology often refers to elasticities or the percentage change in energy use divided by the percentage change in price or income holding constant all other factors that could influence energy use decisions estimates cover petroleum products natural gas and electricity although the available studies often ignore coal they also include the economy wide impacts real gdp to price changes most studies have focused upon household and transportation use of liquid fuels many fewer studies have investigated fuels used by industry or commerce or for electric generation based upon the available estimates price and income elasticities for liquid fuels are generally less than one unity for many countries and sectors except for the long run income effect for transportation purposes which can range widely by country between 0 24 and 1 75 while averaging 0 94 for all countries

estimation of elasticities for electricity demand in brazilian households and policy implications abstract this paper aims to identify the demand elasticity in energy consumption by brazilian families by using an original household level sample we are the first to identify the average price and income elasticities for brazil we also investigate heterogeneous effects across different quantiles through a quantile regression qr analysis finally we extend the results of the qr analysis and combine them with aggregated data to assess the effects of two price policies a cross subsidy and the recently adopted tariff flags the primary data comes from the household budget survey pof for two periods 1998 99 and 2008 13 conducted in the metropolitan area of sao paulo the price and income elasticities range from 0 46 to 0 56 and from 0 20 to 0 32 respectively the qr results indicate that households behavioral response to a price increase is non uniform across groups and that the reaction is stronger for the lower quantiles additionally tariff flags lead to a more significant reduction in consumption for the low income residences therefore representing a regressive policy on the other hand a cross subsidy that increases the energy price to ordinary residences by 1 could mean a decrease in electricity prices of between 7 5 and 12 4 to low income families

oil production responses to price changes an empirical application of the competitive model to opec and non opec countries abstract falling oil prices over the last decade accompanied by over production by some opec members and the growth of non opec supply warrant further empirical investigation of the competitive model to ascertain production behavior a supply function based on a modification of griffin s model is estimated using data from 1973 1997 the sample period unlike griffin s however includes phases of price increase 1970s and price decrease 1980s 1990s thus providing a better framework for examining production behavior using the competitive model the opec results do not support the competitive hypothesis instead a negative and significant price elasticity of supply is obtained this result offers partial support for the target revenue theory for most of the non opec members the estimates support the competitive model opec s loss of market share and the drop in the share of oil based energy should signal adjustments in price and quantity based on a competitive world market for crude oil

endogenous protection foreign direct investment and protection building trade abstract we introduce the possibility of foreign direct investment fdi in a strategic oligopolistic setting with endogenous protection and find that a number of unique subgame perfect equilibria may arise including a new result we call protection building trade this phenomenon occurs in our model when foreign firms locating production in the home country try to increase protectionist pressures in the home country through increased exports to provide larger barriers against other foreign competitors in future periods we discuss how the foreign firm behavior surrounding significant u s protectionist actions including the vers on japanese automobiles may be consistent with protection building trade behavior

carbon dioxide co2 emissions during urbanization a comparative study between china and japan as the world s largest emitter of co2 china is facing increasing domestic and international pressures on emissions mitigation considering japan s leading position in energy conservation this paper conducts a comparative study between china and japan at the urbanization stages to analyze the similarities as well as differences of influencing factors of co2 emissions results indicate that although co2 emissions in japan and china showed the similar characteristics of rigid growth during the urbanization processes significant differences exist in factors such as co2 emissions per capita energy structure and energy intensity between the two countries which are the determinants for co2 emissions growth a cointegration model is constructed to examine the long run equilibrium relationship between co2 emissions and factors including gdp urbanization level energy intensity and cement manufacture empirical results show that there is a quadratic relationship between income growth and co2 emissions granger causality test is then adopted to explore the causal relationships among the variables the future co2 emissions and emission reduction potentials in china are estimated based on scenario analysis finally japan s valuable experience of reducing energy intensity and optimizing energy structure is concluded to provide important policy implications for china s strategic low carbon planning and low carbon transition

residential electricity demand in taiwan this paper examines the residential demand for electricity in taiwan as a function of household disposable income population growth the price of electricity and the degree of urbanization short and long term effects are separated through the use of an error correction model in the long run the income elasticity is unit elastic the own price effect is negative and inelastic in an error correction framework the short run income and price effects are small and less than the long run effects cooling degree day effects have a positive impact on short run consumption we have used a proxy variable urbanization to capture economic development characteristics and changes in electricity using capital stocks not explained by income the variable provides significant explanatory power to the model both in the short and long run we interpret it as controlling for economic development factors not captured by the pure income effect and we think it holds promise for explaining residential electricity consumption in other developing countries

does legal enforcement affect financial transactions the contractual channel in private equity analyzing 210 developing country private equity investments we find that transactions vary with nations legal enforcement whether measured directly or through legal origin investments in high enforcement and common law nations often use convertible preferred stock with covenants in low enforcement and civil law nations private equity groups tend to use common stock and debt and rely on equity and board control transactions in high enforcement countries have higher valuations and returns while relying on ownership rather than contractual provisions may help to alleviate legal enforcement problems these results suggest that private solutions are only a partial remedy

lawyers in venture capital contracting theory and evidence real world financial contracts are sometimes so complex that it can be difficult to understand their exact payoff consequences we develop and test a theoretical model of a venture capitalist vc negotiating with an entrepreneur who may overweigh or underweigh the payoff consequences of contractual downside protection dp a lawyer with expertise in venture capital can inform the entrepreneur about these consequences but less expert but otherwise high quality lawyers cannot we determine how a vc s decision to include dp is affected by the expected quality of the entrepreneur s project the entrepreneur s experience and the vc expertise of his her legal counsel we show that the vc s incentive to include unnecessary dp declines in expected project quality indeed for inexperienced entrepreneurs involved with high quality projects vcs prefer that the entrepreneur s counsel has vc expertise this implies that when negotiating with inexperienced entrepreneurs vcs who invest in high quality companies should be more likely to negotiate with entrepreneurs who employ lawyers with vc expertise we document broad empirical support for the model and provide evidence against competing explanations jel l24 g24 k12 l14 l24

evaluating the atkinson index of household energy consumption in china abstract improving equality and efficiency of household energy distribution is the primary concern of china s policy makers in their effort to reform the energy pricing system in this paper we use atkinson index as an analytical tool to quantitatively and systematically evaluate the equality and efficiency of household energy distribution the result shows that the atkinson index of electricity expenditure is much smaller than that of transportation expenditure which indicates that transportation expenditure responds better to income differences furthermore a geographical distribution analysis indicates that households in middle china suffer greater inequality in energy distribution than those in eastern and western china in view of the oncoming energy pricing reform in china we reevaluate the atkinson index under the new pricing scenarios for electricity and petroleum products compared to the current household energy pricing mechanism the simulated new policies generate more allocative efficiency of household energy and ensure more equality of energy consumption for low income households on this account we suggest that geographical differences and equality in energy distribution be duly addressed in reforming energy policies in china

do safeguard tariffs and antidumping duties open or close technology gaps abstract this paper examines how the country breadth of tariff protection can affect the technology adoption decisions of both domestic import competing and foreign exporting firms the contribution of the analysis is to show how firm level technology adoption changes under tariffs of different country breadth i show that a country specific tariff like an antidumping duty induces both domestic import competing firms and foreign exporting firms to adopt a new technology earlier than they would under free trade in contrast a broadly applied tariff like a safeguard can accelerate technology adoption by a domestic import competing firm but will slow down technology adoption by foreign exporting firms because safeguard tariffs can delay the foreign firm s adoption of new technology the worldwide welfare costs associated with using them may be larger than is generally believed

understanding the spectrum of residential energy consumption a quantile regression approach abstract residential energy consumption accounts for 22 of the total energy consumption in the us however the impacts of local planning policies such as increasing density and changing the housing type mix on residential energy consumption are not well understood using residential energy consumption survey data from the energy information administration quantile regression analysis was used to tease out the effects of various factors on entire distribution on the energy consumption spectrum instead of focusing on the conditional average results show that while housing size matters for space conditioning housing type has a more nuanced impact self reported neighborhood density does not seem to have any impact on energy use furthermore the effects of these factors at the tails of the energy use distribution are substantially different than the average in some cases differing by a factor of six some not all types of multifamily housing offer almost as much savings as reduction in housing area by 100 m 2 compared to single family houses

price elasticity block tariffs and equity of natural gas demand in china investigation based on household level survey data abstract on the basis of a newly established database from the chinese residential energy consumption survey this paper estimates the price elasticity of natural gas demand for the households and investigates the factors that affect residential natural gas consumption in china to address the endogeneity problems the non residential natural gas price has been adopted as the instrumental variable for residential natural gas price results demonstrate that the natural gas demand of chinese households respond significantly to price change with an overall price elasticity coefficient of 0 898 in the meanwhile 1 increase in family members would cause 0 159 rise in natural gas demand and household in the south consumes 28 8 more natural gas than that in the north recognizing the heterogeneity of residential natural gas price elasticity for different households quantile regression technique has further been applied to analyze the distributional effect of natural gas consumption the simulation suggests that the gini coefficient drops from 0 49 to 0 40 after introducing an increasing block tariff scheme to replace the original flat tariff system confirming a price reform has potential to improve the energy equity situation by reshaping the energy consumption pattern

an analysis of gasoline demand elasticities at the national and local levels in mexico abstract the majority of evidence on gasoline demand elasticities is derived from models based on national data since the largest growth in population is now taking place in cities in the developing world it is important that we understand whether this national evidence is applicable to demand conditions at the local level the aim of this paper is to estimate and compare gasoline per vehicle demand elasticities at the national and local levels in mexico national elasticities with respect to price income vehicle stock and metro fares are estimated using both a time series cointegration model and a panel gmm model for mexican states estimates for mexico city are derived by modifying national estimates according to mode shares as suggested by graham and glaister 2006 and by estimating a panel within groups model with data aggregated by borough although all models agree on the sign of the elasticities the magnitudes differ greatly elasticities change over time and differ between the national and local levels with smaller price responses in mexico city in general price elasticities are smaller than those reported in the gasoline demand surveys a pattern previously found in developing countries the fact that income and vehicle stock elasticities increase over time may suggest that vehicles are being used more intensively in recent years and that mexico city residents are purchasing larger vehicles elasticities with respect to metro fares are negligible which suggests little substitution between modes finally the fact that fuel efficiency elasticities are smaller than vehicle stock elasticities suggests that vehicle stock size rather than its composition has a larger impact on gasoline consumption in mexico city

the future of uk final user energy demand anticipation of final user energy demand is central to suppliers and policy makers plans recent developments in dynamic econometrics such as the cointegration approach have enabled energy modellers to study long run relationships between demand and its determinants principally economic activity and real prices the purpose of this paper is to present the seecem output elasticity estimates and forecasts using the cointegration approach as well as the methodology and analysis underlying them as economic activity is expected to grow in all but the iron and steel sector the long run relationships indicate that most sectors will increase overall fuel use up to the year 2000 despite weak but potentially volatile world oil prices and given stable environmental policies average real oil prices should remain broadly constant except in the transport sector economic activity elasticities and increased competition in supply industries imply that natural gas and electricity are likely to take an increasing share of final user requirements at the expense of petroleum products and coal this gradual and continued shift towards cleaner fuels is likely to ameliorate adverse environmental consequences resulting from the overall growth in final user fuel demand

estimation of elasticities for domestic energy demand in mozambique abstract in mozambique households consume a mix of energy sources to satisfy their needs for lighting and cooking and for wealthier households other domestic necessities such as refrigeration the domestic energy mix depends on the prices of the sources and on the capability of the household to invest in the energy consuming appliances required to satisfy those needs based on data from a household survey carried out in mozambique during 2002 3 iaf this paper calculates the price and the income elasticities of demand for domestic energy using an econometric method developed by deaton the calculations are made for all households at the national level differentiating for urban and rural households and for the northern households of mozambique in the econometric formulation proxies for the ownership of energy appliances per household are used allowing a simple evaluation of the effects of asset ownership on the demand for energy own and cross price elasticities for five individual domestic sources are obtained low grade sources such as firewood and charcoal are less elastic elasticities of 0 41 and 0 28 respectively than candles kerosene and electricity respectively 0 88 0 79 and 0 60 income elasticities are respectively 0 45 0 32 0 93 0 84 and 0 69 placing firewood and charcoal as the less responsive to income variations and candles and kerosene as the most responsive we also comment on the factors influencing domestic energy transition

contracts and exits in venture capital finance using a sample of european venture capital vc investments i study the relation between vc contracts and exits the data indicate that ex ante stronger vc control rights increase the likelihood that an entrepreneurial firm will exit by an acquisition rather than through a write off or an ipo my findings are robust to controls for a variety of factors including endogeneity and cases in which the vc preplans the exit at the time of contract choice my findings are consistent with control based theories of financial contracting such as aghion and bolton 1992

supply and demand elasticities in the u s ethanol fuel market abstract the market for ethanol has grown from approximately 1 2 billion gallons in 1997 to almost 5 billion gallons in 2006 with the huge increase in ethanol demand in recent years the growth in derived demand for corn has driven up many food prices this paper uses monthly data from 1997 2006 to estimate the market supply and demand for ethanol at the national level the simultaneous determination of the supply and demand curves using two stage least squares allows for the calculation of supply and demand side elasticities which are important results in light of the tremendous growth in this market and recent legislation concerning ethanol

the demand for gasoline in south africa an empirical analysis using co integration techniques abstract using the recently developed autoregressive distributed lag ardl bound testing approach to co integration suggested by pesaran et al pesaran m h shin y smith r j bounds testing approaches to the analysis of level relationships journal of applied econometrics 2001 16 3 289 326 we empirically analyzed the long run relationship among the variables in the aggregate gasoline demand function over the period 1978 2005 our study confirms the existence of a co integrating relationship the estimated price and income elasticities of 0 47 and 0 36 imply that gasoline demand in south africa is price and income inelastic

determinants of residential space heating expenditures in great britain in great britain several policy measures have been implemented in order to increase energy efficiency and reduce carbon emissions in the domestic sector this could for example be achieved by improving space heating efficiency and thus decreasing heating expenditure however in order to efficiently design and implement such policy measures a better understanding of the determinants affecting heating expenditure is needed in this paper we examine the following determinants socio economic factors building characteristics heating technologies and weather conditions in contrast to most other studies we use panel data to investigate household demand for heating in great britain our data sample is the result of an annual set of interviews with more than 5000 households starting in 1991 and ending in 2005 the sample represents a total of 64 000 observations over the fifteen year period our aim is to derive price and income elasticities both for britain as a whole and for different types of household our results suggest that differences exist between owner occupied and renter households these households react differently to changes in income and prices our results also imply that a number of socio economic criteria have a significant influence on heating expenditure independently of the fuel used for heating understanding the impacts of different factors on heating expenditure and impact differences between types of household is helpful in designing target oriented policy measures

does government transparency contribute to improved eco efficiency performance an empirical study of 262 cities in china abstract considering the properties of environment from the perspective of a public good this paper aims to examine the relationship between government transparency and eco efficiency performance eep by applying a conditional slack based measure sbm model local linear regression llr and a nonparametric significance test we conduct an empirical analysis based on 262 cities in china during the period of 2005 2012 the results demonstrated that 1 the overall eco efficiency of china was low due to the fact that the eep scores of most of the cities were below 0 5 2 the eco efficiency performances of a majority of the municipalities sub provincial ms 3 there exists a nonlinear relationship between government transparency and eco efficiency performance in other words if the government information was more transparent it would be more beneficial to the improvement of eco efficiency and the phenomena were more significant in m s cities such as shanghai beijing and guangzhou policy implications are thus drawn in this paper for promoting eco efficiency improvement in china s m s cities and prefecture level cities

elasticities in aids models in the literature a variety of approaches have been used to calculate demand elasticities in almost ideal demand system aids models of demand it is common to estimate the linear approximate almost ideal demand system la aids instead of the aids when the la aids is estimated all of the previously reported approaches to compute elasticities are theoretically incorrect this paper presents correct formulas for la aids elasticities and illustrates the potential errors from using incorrect computing the almost ideal demand system aids of deaton and muellbauer 1980a b has become popular in recent years anderson and blundell blanciforti and green 1983a b blanciforti green and king chalfant eales and unnevehr fujii khaled and mak fulponi heien and willett murray parsons ray a variety of approaches to computing elasticities has been used and some of the approaches may lead to significant errors this paper clarifies the differences between alternative approaches to estimating demand elasticities in aids models

price and expenditure elasticities of residential energy demand during urbanization an empirical analysis based on the household level survey data in china abstract urbanization one of the most obvious characteristics of economic growth in china has an apparent lock in effect on residential energy consumption pattern it is expected that residential sector would become a major force that drives china s energy consumption after urbanization process we estimate price and expenditure elasticities of residential energy demand using data from china s residential energy consumption survey crecs that covers households at different income levels and from different regional and social groups empirical results from the almost ideal demand system model are in accordance with the basic expectations the demands for electricity natural gas and transport fuels are inelastic in the residential sector due to the unreasonable pricing mechanism we further investigate the sensitivities of different income groups to prices of the three types of energy policy simulations indicate that rationalizing energy pricing mechanism is an important guarantee for energy sustainable development during urbanization finally we put forward suggestions on energy pricing reform in the residential sector based on characteristics of china s undergoing urbanization process and the current energy consumption situations

world crude oil and natural gas a demand and supply model abstract this paper examines world markets for crude oil and natural gas over the period 1918 1999 it analyzes the time series properties of output and prices and estimates demand and supply elasticities during 1918 1973 and 1973 1999 oil and gas prices were stable during the first period they became volatile afterwards reflecting deep changes in the market structure following the oil shock in 1973 demand price elasticities were too low however demand income elasticities were high supply price elasticities were also too low the elasticity estimates help to explain the market power of the oil producers and price volatility in response to shocks and corroborate elasticity estimates in energy studies

output elasticities and inter factor substitution empirical evidence from the transportation sector of shanghai abstract as a major consumer of fossil fuels the transportation sector in shanghai presents a wide range of problems including air pollution noise and traffic congestion this study aims to explore the energy substitution effect based on a trans log production function to evaluate the contribution of each input factor to sectoral output and reveal the substitution possibilities between capital labor and energy to deal with a multicollinearity problem we adopt ridge regression to obtain the coefficient of each variable under the appropriate penalty value the bootstrap method is used for making statistical inferences and the 95 confidence interval is obtained with 1000 bootstrap samples the empirical results demonstrate the following 1 the output elasticities of capital 0 13 0 15 labor 0 24 0 25 and energy 0 43 0 48 are positive and show an increasing trend over the study period 2 the substitution elasticity between labor and energy is the highest among the input factors around 1 0095 with a slight decreasing trend 3 the substitution elasticity between energy and capital ranges from 1 0018 to 1 0021 and the substitution elasticity between capital and labor is infinitely close to 1

fuel demand elasticities for energy and environmental policies indian sample survey evidence india has been running large scale interventions in the energy sector over the last decades still there is a dearth of reliable and readily available price and income elasticities of demand to base these on especially for domestic use of traditional fuels this study uses the linear approximate almost ideal demand system la aids using micro data of more than 100 000 households sampled across india the la aids model is expanded by specifying the intercept as a linear function of household characteristics marshallian and hicksian price and expenditure elasticities of demand for four main fuels are estimated for both urban and rural areas by different income groups these can be used to evaluate recent and current energy policies the results can also be used for energy projections and carbon dioxide simulations given different growth rates for different segments of the indian population

financial contracting theory meets the real world an empirical analysis of venture capital contracts we compare the characteristics of real world financial contracts to their counterparts in financial contracting theory we do so by studying the actual contracts between venture capitalists vcs and entrepreneurs the distinguishing characteristic of vc financings is that they allow vcs to separately allocate cash flow rights board rights voting rights liquidation rights and other control rights we describe and measure these rights we then interpret our results in relation to existing financial contracting theories we also describe the interrelation and the evolution across financing rounds of the different rights query 1 query 2

the cross country implications of alternative climate policies abstract because of worldwide growing concerns about global climate change great interest has been expressed in the potential of alternative climate policies to reduce global carbon emissions in this paper we compare cross country implications of alternative climate policies including unilateral and multilateral climate policies our main findings are as follows firstly there are large differences in cross country effects of alternative unilateral climate policies when the same given carbon emission reductions are achieved in each abating country respectively meanwhile cross border externalities undermine efficiency of unilateral climate policies secondly there are significant differences in cross country implications of alternative multilateral climate policies when the same global emission reductions are allocated in several different ways among abating countries thirdly it is difficult to reach a stable global climate treaty since any abating country has the incentive to argue for small carbon emission reductions finally multilateral climate policies can reduce the negative impacts of cross border externalities but cannot cure all cross border externalities looking ahead it will be a great policy challenge for the world to reduce carbon emissions in a cost effective way

evaluation of energy saving effects of tiered electricity pricing and investigation of the energy saving willingness of residents abstract the effects of tiered electricity pricing tep on the energy saving willingness of residents and household electricity consumption behaviour are qualitatively studied through a social investigation in guangdong china furthermore an autoregressive integrated moving average model arima model is constructed using monthly electricity consumption data of residents in guangdong to quantify the effects of implementing a tep policy on energy saving meanwhile to explore the opportunities for improving the policy this research uses an ordered probit model to study the factors influencing the energy saving willingness of residents based on explanatory variables such as personal characteristics living conditions etc the empirical results demonstrate that after the implementation of tep energy saving awareness among women is higher than that among men with increasing levels of educational attainment or having a family energy saving awareness gradually increases in addition there is a u type relationship between age and energy saving awareness while a reciprocal u type is present between income and energy saving awareness meanwhile the housing ownership type self occupation or rental is also closely related to the energy saving awareness of residents finally according to the above research results suggestions are put forward to improve the tep policy

the elasticity of demand for gasoline in china abstract this paper estimates the price and income elasticities of demand for gasoline in china our estimates of the intermediate run price elasticity of gasoline demand range between 0 497 and 0 196 and our estimates of the intermediate run income elasticity of gasoline demand range between 1 01 and 1 05 we also extend previous studies to estimate the vehicle miles traveled vmt elasticity and obtain a range from 0 882 to 0 579

an empirical study of direct rebound effect for passenger transport in urban china transport sector accounts for about 8 of total energy consumption in china and this share will likely increase in the visible future improving energy efficiency has been considered as a major way for reducing transport energy use whereas its effectiveness might be affected by the rebound effect this paper estimates the direct rebound effect for passenger transport in urban china by using the linear approximation of the almost ideal demand system model and simulation analysis our empirical results reveal the existence of direct rebound effect for passenger transport in urban china a majority of the expected reduction in transport energy consumption from efficiency improvement could be offset due to the existence of rebound effect we have further investigated the relationship between the magnitude of direct rebound effect and households expenditure it was found that the direct rebound effect for passenger transport tends to decline with the increase of per capita household consumption expenditure

determinants of residential space heating expenditures in germany abstract we first examine the determinants of household expenditures on space heating and hot water supply in germany a number of socio economic characteristics of households are included along with building characteristics our analysis covers information on more than 12 000 households in germany for the years 1998 and 2003 the analysis continues by investigating whether different kinds of households are affected differently by increases in energy prices households in owner occupied properties are less affected compared to those in rented accommodation this could be because owners are more likely to have installed energy efficient heating and hot water supply systems and landlords have less of an incentive to improve the conditions of their rented accommodations an energy policy targeting especially the latter group might benefit not only households in rented accommodation but might also increase energy efficiency and reduce greenhouse gas emissions as well

is it more effective to bring time of use pricing into increasing block tariffs evidence from evaluation of residential electricity price policy in anhui province abstract reform of energy prices in china has stepped into a crucial stage it has become a controversial issue after the reform of increasing block tariffs ibts for household electricity followed by a time of use tou pricing policy using eles model this paper estimates the price elasticity of residential electricity demand based on perceived price and price elasticity a power structure model demand response for nonlinear electricity price is proposed taking anhui province as a case this paper analyzes the attainment situation of such policy objectives as electricity saving consumer welfare equity improvement and peak shaving with the introduction of tou pricing into ibts for household electricity the results show that ibts helps reduce electricity consumption by 0 74 0 93 with minor energy effect ibts may lead to a maximum 1 57cny increase of electricity expense per household per month which is acceptable for residents it also may reduce cross subsidy to some extent after introducing tou pricing the efficiency of peak shaving is only 2 25 2 78 and the load decrement at peak periods is far lower than the increase at valley periods while the effect of electricity conservation and cross subsidy reduction have been alleviated in other words peak valley price is not only difficult to achieve its own objective effectively but also prohibits the effect of ibts based on the above conclusions some policy recommendations are provided to improve the price reform of residential electricity natural gas and other public resources in various regions of china and foreign regions with similar electricity market

an analysis of the welfare and distributive implications of factors influencing household electricity consumption abstract the deep economic crisis and the sharp rise in electricity prices have reduced electricity demand by spanish households this paper aims to analyse the responsiveness of household electricity demand and the welfare effects related to both factors in the 2006 2012 period by applying a demand model estimated with the quantile regression method the results show that the electricity consumption of medium high income households is particularly responsive to price increases whereas that of medium low income households is more responsive to changes in income the retail electricity price increases and the economic crisis have led to lower and steeper u shape price elasticities of demand and higher and steeper n shape income elasticities of demand the joint impact of those two factors on the welfare of lower income households is higher in relative terms i e as a share of household income than for other income groups these results suggest that the economic crisis and increases in retail electricity prices have had detrimental welfare effects especially on the lower income segment of the population they should be considered when financing climate and energy policies through the electricity bill and provide a rationale to take such support which pushes the retail electricity price upwards out of the electricity bill

household energy demand in kenya an application of the linear approximate almost ideal demand system la aids abstract this paper estimates price and fuel expenditure elasticities of demand by applying the linear approximate almost ideal demand system la aids to 3665 households sampled across kenya in 2009 the results indicate that motor spirit premium msp automotive gas oil ago and lubricants are price elastic while fuel wood kerosene charcoal liquefied petroleum gas lpg and electricity are price inelastic kerosene is income elastic while fuel wood charcoal lpg electricity msp and ago are income inelastic the results also reveal fuel stack behaviour that is multiple fuel use among the households main policy implications of the results include increasing the penetration of alternative fuels as well as provision of more fiscal incentives to increase usage of cleaner fuels this not withstanding however the household income should be increased beyond a certain point for the household to completely shift and use a new fuel

household energy elasticities and policy implications for pakistan abstract this study estimates fuel expenditure and price elasticities of household fuels in pakistan the burning of biomass is harmful to health and the environment and may cause preventable morbidity and mortality it is important to investigate how households fuel choices are linked to prices so that governments can consider appropriate steps to enhance the consumption of clean fuels using three pooled cross sectional surveys from pakistan and applying the linear approximate almost ideal demand system la aids model we found that all fuel types except natural gas were price inelastic at the national level and for urban households in rural areas natural gas and lpg were found to be more price elastic compared to urban areas simple policy simulations based on our results suggest that in order to reduce indoor air pollution by encouraging the adoption of clean fuels lpg and piped natural gas governments should subsidies clean fuels rather than imposing taxes on solid fuels moreover in the case of pakistan a subsidy for lpg should be preferred over a subsidy for piped natural gas as it produces a more cost effective reduction in solid fuel use

short run long run and cross elasticities of gasoline demand in brazil gasoline is one of the most important of the oil derived products its importance is closely related to its participation in the value of imports of many countries and in a number of cases it is one of the determinants of their balance of payment deficit fiscal deficit and economic growth as opposed to most nations brazil has had a gasoline substitute since 1985 alcohol many studies have tried to estimate the income and price elasticities of the demand for gasoline in several countries this paper extends previous studies by estimating the cross price elasticity between gasoline and alcohol our findings indicate that alcohol is an imperfect substitute for gasoline even in the long run as a consequence the need for a new fuel substitution must be initiated long before petroleum reserves vanish

the causality between energy consumption and economic growth in turkey abstract this paper applies the causality test to examine the causal relationship between primary energy consumption ec and real gross national product gnp for turkey during 1970 2006 we employ unit root tests the augmented dickey fuller adf and the philips perron pp johansen cointegration test and pair wise granger causality test to examine relation between ec and gnp our empirical results indicate that the two series are found to be non stationary however first differences of these series lead to stationarity further the results indicate that ec and gnp are cointegrated and there is bidirectional causality running from ec to gnp and vice versa this means that an increase in ec directly affects economic growth and that economic growth also stimulates further ec this bidirectional causality relationship between ec and gnp determined for turkey at 1970 2006 period is in accordance with the ones in literature reported for similar countries consequently we conclude that energy is a limiting factor to economic growth in turkey and hence shocks to energy supply will have a negative impact on economic growth

injury based protection with auditing under imperfect information 1 introduction this article focuses on the use of signals to limit distortionary protection when a domestic firm has private information about injury from foreign competition we assume that a domestic authority is mandated to use trade policy to maintain domestic production while minimizing costs to domestic consumers the presence of asymmetric information about domestic production costs means that the firm will have an incentive to overstate the harm it is suffering from imports we analyze how the authority can use an incentive device to punish a firm if a costly audit determines that the firm has overstated its injury an incentive compatible mechanism is derived consisting of a probability of audit a tariff and a penalty that will insure that the firm does not retain informational rents associated with the private information this basic problem of an authority assessing domestic injury arises in a number of critical trade policy contexts the two most prominent examples in the world trade organization wto system are safeguard mechanisms and unfair trade remedies i e antidumping and countervailing duty investigations in both types of administered protection cases a domestic trade authority must determine whether injury beyond some critical level has occurred before wto consistent protection can be imposed the information used to evaluate injury is provided by the affected domestic industry which has an obvious incentive to overstate the harm caused by foreign competition given that these types of contingent protection procedures are the single most important form of protection under the wto system potential misuse of private information is of great importance there are two strands of relevant literature the first considers strategic behavior in the specific context of administered protection the second concerns information asymmetries in more general trade policy outcomes the former strand has focused on strategic behavior between firms to exploit administered protection procedures prusa 1992 shows how antidumping cases in home and foreign firms can manipulate contingent protection to enforce collusion staiger and wolak 1991 study how antidumping acts as a cartel enforcing device in a noncooperative infinitely repeated game framework in a two period noncooperative game framework with uncertainty prusa 1994 shows that the home firm might feign first period injury in order to get the protection in the second period this may induce foreign firms to raise their export prices and to lower their own domestic market price as shown by fischer 1992 firms will try to act strategically to increase the endogenous probability of protection leidy and hoekman 1991 and leidy 1994 extend this concept more broadly to contingent protection and call it spurious injury the second strand of the literature focuses more broadly on incomplete information in trade policy collie and hviid 1994 investigate rent extraction from a foreign monopolist with incomplete information about domestic demand qiu 1994 and brainard and martimort 1997 investigate strategic trade policy with incomplete information about the domestic cournot firm s costs herander and kamp 1999 consider how incomplete information about the domestic cost structure can affect the outcomes of quantitative restrictions while collie and hviid 1994 herander and kamp 1999 and qiu 1994 use a signaling game framework brainard and martimort 1997 develop their approach within an incentive contracts context this article s approach is based on both incentives and signals we follow partially the approach of kohler and moore 1998 who analyze the same information asymmetries but use transfers to the domestic firm to elicit truth telling the present analysis takes perhaps a more realistic tack by considering how an authority can audit information provided by the firm to eliminate misrepresentation of injury

estimation of urban residential electricity demand in china using household survey data abstract this paper uses annual urban household survey data of sichuan province from 2007 to 2009 to estimate the income and price elasticities of residential electricity demand along with the effects of lifestyle related variables the empirical results show that in the urban area of sichuan province the residential electricity demand is price and income inelastic with price and income elasticities ranging from 0 35 to 0 50 and from 0 14 to 0 33 respectively such lifestyle related variables as demographic variables dwelling size and holdings of home appliances are also important determinants of residential electricity demand especially the latter these results are robust to a variety of sensitivity tests the research findings imply that urban residential electricity demand continues to increase with the growth of income the empirical results have important policy implications for the multistep electricity price which been adopted in some cities and is expected to be promoted nationwide through the installation of energy efficient home appliances

reform of refined oil product pricing mechanism and energy rebound effect for passenger transportation in china new huadu business school research fund china sustainable energy program of the energy foundation g 1203 15828 national social science foundation of china 12zd059 ministry of education 10gbj013

cognition and incomplete contracts thinking about contingencies designing covenants and seeing through their implications is costly parties to a contract accordingly use heuristics and leave it incomplete the paper develops a model of limited cognition and examines its consequences for contractual design

rural chinese food consumption the case of guangdong chinese consumer behavior is analyzed based on rural guangdong household survey data for most food items own price elasticities estimated with an aids model are inelastic commodity substitution due to relative price changes is small except in the case of grain commodities most responsive to expenditure changes are meats poultry fruits sweets and durable goods

energy consumption and gdp in turkey is there a co integration relationship energy consumption and gdp are expected to grow by 5 9 and 7 annually until 2025 in turkey this paper tries to unfold the linkage between energy consumption and gdp by undertaking a co integration analysis for turkey with annual data over the period 1970 2003 the analysis shows that energy consumption and gdp are co integrated this means that there is a possibly bi directional causality relationship between the two we establish that there is a unidirectional causality running from gdp to energy consumption indicating that energy saving would not harm economic growth in turkey in addition we find that energy consumption keeps on growing as long as the economy grows in turkey

environmental defensive expenditures and households behaviour in italy the paper explores the role of environmental defensive expenditures in the consumption behaviour of italian households environmental defensive expenditures are not borne to increase households welfare but to prevent or avoid the effects of a worsening environmental quality the literature on environmental accounting argues that economic growth in industrialized countries is accompanied by an increasing load of defensive activities that may lead to a reorientation of consumption behaviour in this work this hypothesis is tested using annual data on mean consumption expenditures of italian households from 1985 to 1996 a complete system of demand is estimated and short run price elasticities of demand for defensive expenditures are calculated the complete system of demand functions is specified using the quadratic almost ideal demand system proposed by banks blundell and lewbel results show that there is very low substitution between the demand for the six aggregate goods in which total expenditure is

antidumping duties undertakings and foreign direct investment in the eu we study the effects of eu antidumping policy when foreign firms can jump antidumping duties through foreign direct investment fdi in the eu we show that duty jumping or duty pre empting fdi occurs if the eu administration has broader objectives than protecting eu industry s profitability and if cost advantages of foreign firms are transferable abroad the expectation of price undertakings reduces the incentives to engage in fdi and may even discourage fdi as long as products are not too differentiated the results are consistent with recent empirical findings on antidumping jumping fdi

why voluntary export restraints are voluntary the paper presents an analysis of the effect upon an oligopolistic equilibrium of introducing a voluntary export restraint ver upon an importing firm a ver set at the free trade level of imports is shown to raise the profits of all firms within the industry the result follows as the imposition of a ver upon a free trade nash price competition forces the domestic firm to become an industry price leader the ver raises industry prices by facilitating collusion and lowers consumer welfare pourquoi les restrictions volontaires d 1 exportation sont volontaires ce memoire presente une analyse des effets de l introduction de restrictions volontaires a l exportation rve sur une entreprise qui importe dans un monde en equilibre oligopolistique on montre que l introduction de rve approximant le niveau des importations en regime de libre echange devrait augmenter les profits de toutes les entreprises dans l industrie cela decoule du fait que l imposition de rve sur un univers de concurrence par les prix a la nash en regime de libre echange force l entreprise domestique a devenir le leader en prix l introduction de rve augmente le niveau des prix de l industrie en facilitant la collusion et de ce fait reduit le niveau de bien etre des consomrnateurs

reforming residential electricity tariff in china block tariffs pricing approach the chinese households that make up approximately a quarter of world households are facing a residential power tariff reform in which a rising block tariff structure will be implemented and this tariff mechanism is widely used around the world the basic principle of the structure is to assign a higher price for higher income consumers with low price elasticity of power demand to capture the non linear effects of price and income on elasticities we set up a translog demand model the empirical findings indicate that the higher income consumers are less sensitive than those with lower income to price changes we further put forward three proposals of chinese residential electricity tariffs compared to a flat tariff the reasonable block tariff structure generates more efficient allocation of cross subsidies better incentives for raising the efficiency of electricity usage and reducing emissions from power generation which also supports the living standards of low income households

estimating short and long run relationships a guide for the applied economist many applied economists face problems in selecting an appropriate technique to estimate short and long run relationships with the time series methods this article reviews three alternative approaches viz general to specific vector autoregressions and the vector error correction models as in other methodological controversies definite answers are difficult it is suggested that if these techniques are seen as tools to summarize data as in smith 2000 often there maybe only minor differences in their estimates therefore a computationally attractive technique is likely to be popular

electricity demand by time of use an application of the household aids model in this study we estimated the price and expenditure elasticities of peak and off peak electricity consumption using a micro data set on 220 households living in 19 swiss cities the household version of the almost ideal demand system model aids was used as a framework to incorporate household characteristics the aids model was expanded by specifying the intercept as a linear function of household characteristics variables results indicate that demand for peak and off peak electricity is elastic and that cross price effects are positive as well as the elasticity of substitution therefore peak and off peak electricity are substitutes in the hicks allen sense

endogenous probability of protection and firm behavior abstract this paper studies the strategic reactions of firms to protectionist policies that are enforced with endogenous probability this probability is a function of firms actions firms in the country that may adopt the protectionist measures try to increase the probability of sanctions while foreign firms try to reduce this probability a simple framework is used to derive general results for uncertain protection this framework is used to analyze the responses to specific protectionist policies such as antidumping legislation and restrictions on the import market share finally the paper studies the welfare implications of the model

electricity demand analysis using cointegration and arima modelling a case study of turkey in the early 2000s the republic of turkey has initiated an ambitious reform program in her electricity market which requires privatization liberalization as well as a radical restructuring the most controversial reason behind or justification for recent reforms has been the rapid electricity demand growth that is to say the whole reform process has been a part of the endeavors to avoid the so called energy crisis using cointegration analysis and autoregressive integrated moving average arima modelling the present article focuses on this issue by both providing an electricity demand estimation and forecast and comparing the results with official projections the study concludes first that consumers respond to price and income changes is quite limited and therefore there is a need for economic regulation in turkish electricity market and second that the current official electricity demand projections highly overestimate the electricity demand which may endanger the development of both a coherent energy policy in general and a healthy electricity market in particular

post fukushima public acceptance on resuming the nuclear power program in china abstract this study investigates social perceptions electricity preference management instruments towards nuclear power in china and evaluates the extent of opposing nuclear power by estimating public willingness to pay wtp to prevent a nuclear power plant from being constructed in their local cities and the neighboring cities it is pretty important to understand the public sentiment towards recommencement of nuclear programs since public acceptance of nuclear energy is one of the determinants for government establishment of a new nuclear project especially the chinese government has resumed the approval of new nuclear power plants and planned to expand this industry in the post fukushima world the findings show that most of the respondents care about the development of nuclear power in china the publics are a bit skeptical about the security of nuclear power since they are worried about nuclear accidents in addition the government is requested to improve policy transparency which is seen as an essential way of alleviating the public nuclear anxieties in china

estimation of short run and long run elasticities of energy demand from panel data using shrinkage estimators this article discusses the problem of obtaining short run and long run elasticities of energy demand for each of 49 states in the united states using data for 21 years estimation using the time series data by each state gave several wrong signs for the coefficients estimation using pooled data was not valid because the hypothesis of homogeneity of the coefficients was rejected shrinkage estimators gave more reasonable results the article presents in a unified framework the classical empirical bayes and bayes approaches for deriving these estimators

modelling and forecasting the demand for coal in china in contrast with developed countries coal is the major energy source of china in view of its importance this paper attempts to analyse and forecast the country s demand for coal as it moves towards the next century to do this we have applied three different methods to contrast their performances in fitting the chinese data engle granger s error correction model hendry s error correction model and hendry s general to specific approach it is found that the engle granger approach outperforms the other two in terms of having the smallest ex post forecast errors using the engle granger approach the model predicts that the chinese economy will experience a 5 shortage in the year 2000

application of flexible function forms in climate change research theoretical regularity and model selection abstract demand systems are widely applied to the energy and fuel demand research as result of growing concerns over climate change and global warming especially these issues in cities however in existing literature on consumer demand the authors too often ignore the theoretical regularity conditions or do not report the results of full regularity checks as a consequence the duality theory and second order conditions for optimizing behavior are invalid in face of the real world problem and the conclusions or suggestions proposed based on the empirical researches are thereby inappropriate and even misleading driven by the gap between theoretical models and practical problems we estimate the demand for road passenger transport in china which is considered to be one of the most important sources of air pollution in city using three flexible functional forms the rotterdam model the almost ideal demand system aids and the quadratic aids quaids we focus on all theoretical regularities positivity monotonicity curvature adding up homogeneity and symmetry and argue that unless there is a coincidence flexible functional forms are subject to certain theoretical regularities and that all these regularities are equally important both in theory and in practice empirical estimation shows that the aids model is the only model that is able to provide theoretically consistent estimation of the demand for road passenger transport in china our results also imply that the private transportation is elastic in price changes compared to urban public transportation and intercity public transportation we bridge the gap between theoretical modelling and empirical research on consumer energy fuel demand especially in the research about consumer demand for energy intensive products and services our study points out a crucially important fact that the researchers and policy makers must pay attention to the regularities of the theoretical modelling in the practical applications

short and long run elasticities in us residential electricity demand a co integration approach abstract co integration techniques show promise in the analysis of short and long run effects of economic variables on energy use we use these techniques to develop an error correction model of annual us residential electricity demand we construct equipment stock indices and estimate the model for 1949 1993 our analysis suggests a structural shift in consumption during the 1960s we discuss reasons for this shift report the short and long run elasticities provide forecasts for 1994 1995 and compare the model s forecasts with other published forecasts

stage financing and the role of convertible securities venture capital financing is characterized by extensive use of convertible securities and stage financing in a model where a venture capitalist provides staged financing for a project we illustrate an advantage of convertible debt or warrants over a mixture of debt and equity essentially when the venture capitalist retains the option to abandon the project the entrepreneur has an incentive to engage in window dressing and bias positively the short term performance of the project reducing the probability that it will be liquidated an appropriately designed convertible security prevents such behaviour because window dressing also increases the probability that the venture capitalist will exercise the conversion option becoming the owner of a substantial fraction of the project s equity

trade restrictions as facilitating practices abstract the effect of quantitative restrictions in oligopolistic markets is shown to depend on whether imports are substitutes or complements for domestic products in the former case they have profound effects even when set at free trade levels because they impede the ability of the foreign firm to compete in the domestic market thereby acting to facilitate collusion and raise prices and profits for this reason tariffs and quotas are fundamentally non equivalent with substitute goods when goods are complements a voluntary export restriction ver at the free trade level has no effect and tariffs and quotas are equivalent

household heterogeneity impact of removing energy subsidies in china direct and indirect effect abstract reforming subsidies for fossil fuels is a challenging prospect for many governments the impact of such a reform on households is a major concern for the government this paper investigates the heterogeneous impacts of eliminating energy subsidies on households in china from direct and indirect perspectives the results of the direct effects show that the removal of energy subsidies particularly for removing electricity and gas subsidies has a greater negative impact on the poor than on the rich from an indirect perspective this article shows that the lower the per capita disposable income the higher the proportion of consumption to disposable income and the greater the indirect impact of eliminating subsidies meanwhile the impact is not only related to household income but consumer goods moreover the indirect effects of eliminating subsidies on households differ across energy types specifically eliminating electricity subsidies has the greatest effect on households followed by transportation fuel and gas we suggest that targeted supportive measures need to be taken towards the implementation of subsidy reform particularly in countries with greater inequality to minimize the negative effects on the poor

natural gas pricing reform in china getting closer to a market system the authros are thankful to industry representatives in china shell cnpc for their valuable contribution regarding natural gas information the mit joint program on the science and policy of global change where the authors are affiliated is supported by the u s department of energy office of science under grants de fg02 94er61937 de fg02 08er64597 de fg02 93er61677 de sc0003906 de sc0007114 xeu 0 9920 01 the u s department of energy oak ridge national laboratory under subcontract 4000109855 the u s environmental protection agency under grants xa 83240101 pi 83412601 0 rd 83427901 0 xa 83505101 0 xa 83600001 1 and subcontract uta12 000624 the u s national science foundation under grants ags 0944121 efri 0835414 iis 1028163 eccs 1128147 arc 1203526 ef 1137306 ags 1216707 and ses 0825915 the u s national aeronautics and space administration under grants nnx06ac30a nnx07ai49g nnx11an72g and sub agreement no 08 sfws 209365 mit the u s federal aviation administration under grants 06 c ne mit 09 c ne mit agmt no 4103 30368 the u s department of transportation under grant dtrt57 10 c 10015 the electric power research institute under grant ep p32616 c15124 ep p8154 c4106 the u s department of agriculture under grant 58 6000 2 0099 58 0111 9 001 and a consortium of 35 industrial and foundation sponsors for the complete list see http globalchange mit edu sponsors all

nontariff barriers and trade liberalization i introduction it is common to recognize that tariffs have gradually been replaced by nontariff barriers ntbs some authors go even further and argue there is a law of constant protection an expression used by bhagwati 1988 mainly to dismiss the idea baldwin 1984 600 for instance writes not only have these measures become more visible as tariffs have declined significantly through successive multilateral trade negotiations but they have been used more extensively by governments to attain the protectionist goals formerly achieved with tariffs the purpose of this article is to set up a model in which the effect of trade liberalization on the use of quotas and antidumping laws can be investigated directly we analyze two types of bilateral trade liberalization tariff reductions and quota elimination we show that our model is consistent with a progression from the use of tariffs only to the use of quotas following tariff liberalization to the use of antidumping laws when quotas have been jointly tarrified second it is also consistent with a narrowing of the range of industries in which each of these instruments is used third the extent of bilateral tariff liberalization and the ensuing degree of replacement of tariffs by ntbs depend on the combination of two industry specific characteristics the government s preferences for domestic firm profits and the importance of international transport cost in the industry overall our results suggest that treaties that remove or reduce one type of distortion may lead to the use of other policies tha t are even worse but despite the use of ntbs overall trade is more liberal to show these results we use a standard two country model with two way trade where the policy maker s objective function is quasi concave this last characteristic is important to explain some of the results as it leads to strategic complementarity in the tariff game and to the possibility of interior solutions in the quota game our results appear to track three separate sets of empirical facts well first evidence shows that there is a clear emergence of quantitative restrictions in the 1960s in manufacturing sectors and in developed economies followed by an explosion in the use of antidumping constraints since the 1980s 1 the emergence of these two ntbs can be linked to preceding multilateral trade rounds and in particular to the completion of the kennedy round today the general agreement on tariffs and trade gatt 1990 10 notes that despite a recent decline in the number of anti dumping investigations initiated in the united states and the european communities anti dumping remains after tariffs the most frequently invoked trade policies in these countries antidumping measures are also spreading to developing countries nogues 1993 quantitative restrictions are meanwhile on the decline as signatories of the uruguay round agreement are now required to tariffy existing quotas and constrain their future use gatt 1990 documents specific import quotas import licensing restrictions and items subject to import prohibition that have been eliminated in recent years second the gradual replacement of trade tools has also been accompanied by a reduction of the number of sectors affected by ntbs whereas very few products were traded without levy before the various gait rounds renner 1971 finds that 7 of the four digit product classes were affected by quantitative restrictions in the united states and in the european communities in 1970 the number of antidumping cases in the european communities initiated and or ending up with a positive decision represents a fraction of this number see gait 1993b mainly concentrated on a very small number of sectors see messerlin and reed 1995 of course it is not because a smaller number of sectors are affected by ntbs that overall protection necessarily decreases however given the high rates of growth in world trade it seems likely that despite this substitution the overall level of protection has decreased over time

electricity consumption in g7 countries a panel cointegration analysis of residential demand elasticities this article applies recently developed panel unit root and panel cointegration techniques to estimate the long run and short run income and price elasticities for residential demand for electricity in g7 countries the panel results indicate that in the long run residential demand for electricity is price elastic and income inelastic the study concludes that from an environmental perspective there is potential to use pricing policies in the g7 countries to curtail residential electricity demand and thus curb carbon emissions in the long run

preplanned exit strategies in venture capital abstract this paper empirically considers the role of preplanned exits the investor s initial strategy to sell the investee firm via an acquisition or an initial public offering ipo at the time of initial contract with the entrepreneur legal conditions and investor versus investee bargaining power in the allocation of cash flow and control rights in entrepreneurial finance we introduce a sample of 223 entrepreneurial investee firms financed by 35 venture capital funds in 11 continental european countries and these data indicate the following first preplanned acquisition exits are associated with stronger investor veto and control rights a greater probability that convertible securities will be used and a lower probability that common equity will be used the converse is observed for preplanned ipos second investors take fewer control and veto rights and use common equity in countries of german legal origin relative to socialist scandinavian and french legal origin third more experienced entrepreneurs are more likely to get financed with common equity and less likely to be financed with convertible preferred equity while more experienced investors are more likely to use convertible preferred equity and less likely to use common equity

anti dumping and countervailing duties under oligopoly abstract this paper constructs a conjectural variations model of international oligopoly in which the home country s optimal policy responses to the foreign government s subsidies and foreign firms dumping can be calculated some theoretical support is found for tariffs that countervail part of the foreign export subsidy the optimal fraction depends on the size of own and cross effects in demand and on the extent of market competition however no normative case is found for anti dumping duties

short and long run elasticities of electricity demand in the korean service sector abstract this paper attempts to examine the electricity demand function in the korean service sector using the annual data covering the period 1970 2011 the short and long run elasticities of electricity demand with respect to price and income are empirically estimated using a co integration and error correction model the short and long run price elasticities are estimated to be 0 421 and 1 002 respectively the short and long run income elasticities are computed to be 0 855 and 1 090 respectively electricity demand in the service sector is inelastic to changes in both price and income in the short run but elastic in the long run therefore it appears that a pricing policy is more effective than the direct regulation of reducing electricity demand in the long run in order to stabilize the electricity demand in the service sector moreover it is necessary to encourage a more efficient use of electricity to cope with increasing demand for electricity following economic growth because the electricity demand in the service sector is income elastic in the long run

comparing climate policies to reduce carbon emissions in china new huadu business school research fund national social science foundation of china 12zd059 shandong social science planning fund program 12djjj12 independent innovation foundation of shandong university iifsdu 2012gn038 ministry of education research of social sciences china postdoctoral science foundation 2013m530309

why can t countervailing duties deter export subsidization abstract this paper shows that in a duopoly model of international market competition threatened imposition of countervailing duties by a domestic country generally deters a foreign country from subsidizing its exports to the former to explain the coexistence of export subsidization and the gatt conform countervailing duty measures factors such as delay in retaliation the gatt constraint on the amount of countervailing duties and voluntary export restraints must be considered we find that these factors lessen the efficacy of countervailing duty retaliation and therefore fail to deter export subsidization