pro environmental households and energy efficiency in spain the residential building sector is a major driver of current and future energy consumption and associated emissions which can be potentially mitigated through significant energy efficiency ee improvements in both emerging and developed countries yet there are several persistent barriers that hinder the attainment of ee improvements in this area using data from a 2008 national representative survey of spanish households this paper is interested in the determinants of ee related decisions in particular a discrete choice model empirically analyzes whether pro environmental households are more likely to invest in ee and to adopt daily energy saving habits we show that households with eco friendly behaviors are more likely to investment in well differentiated ee measures as well as to steer daily habits towards energy savings however no effects are found for households with environmental attitudes based on stated willingness to pay to protect the environment in addition to this households belonging to higher income groups and education levels are more likely to invest in ee but not to adopt energy saving habits while households with older members are less likely to invest in ee and show fewer eco friendly habits

analysing the interactions between renewable energy promotion and energy efficiency support schemes the impact of different instruments and design elements abstract co2 emissions reduction renewable energy deployment and energy efficiency are three main energy environmental goals particularly in europe their relevance has led to the implementation of support schemes in these realms their coexistence may lead to overlaps synergies and conflicts between them the aim of this paper is to analyse the interactions between energy efficiency measures and renewable energy promotion whereas previous analyses have focused on the interactions between emissions trading schemes ets and energy efficiency measures and ets and renewable energy promotion schemes furthermore the analysis in this paper transcends the certificate debate i e tradable green and white certificates and considers other instruments particularly feed in tariffs for renewable electricity the goal is to identify positive and negative interactions between energy efficiency and renewable electricity promotion and to assess whether the choice of specific instruments and design elements within those instruments affects the results of the interactions

consumer support for environmental policies an application to purchases of green cars this paper focuses on how consumer motivation can be tapped in order to encourage the adoption of cleaner technologies consumers are heterogeneous they may be guided by intrinsic motivation or extrinsic motivation while information provision policies such as the energy label for cars may be effective in encouraging certain consumers to adopt green cars financial incentive schemes such as subsidies or fines may be more persuasive for extrinsically motivated consumers we develop a dynamic theory of adoption of environmental innovations in which information provision policies are followed by financial incentives first carrot then stick incentives analysis of a survey dataset of swiss households observes considerable heterogeneity in terms of support of information provision or financial incentive policies in line with our conjectures our results will be of particular interest to policymakers interested in guiding consumers towards cleaner technologies

bias in malmquist index and cost function productivity measurement in banking this paper illustrates how many prior studies ofproductivity growth in the banking industry have been overstated this occurs with both dea malmquist index and parametric stochastic cost frontier productivity measurement approaches the problem is not due to the technique used but in how it is applied it is easiest to see in the banking industry due the nature ofthe data available the bias is eliminated when all outputs and inputs are included in the analysis ensuring that the balance sheet restriction is met although simple in concept this problem and its solution have so far been neglected in the literature r 2002 elsevier science b v all rights reserved

foreign bank entry deregulation and bank efficiency lessons from the australian experience abstract this study considers the impact of foreign bank entry on banking efficiency in australia during the post deregulation period 1988 2001 using data envelopment analysis malmquist indices and stochastic frontier analysis we find foreign banks more efficient than domestic banks which however did not result in superior profits major australian banks have used size as a barrier to entry to new entrants furthermore bank efficiency has increased post deregulation and the competition resulting from diversity in bank types was important to prompt efficiency improvements finally the recession of the early 1990s resulted in a distinct shift in the process of efficiency changes

new hedonic technique for estimating attribute demand an application to the demand for automobile fuel efficiency a new hedonic procedure is applied to estimate the effects of gasoline price on the demand for automobile attributes and fuel efficiency direct application of a comparative statics analysis circumvents the problems of identification and severe multicollinearity affecting previous hedonic studies the results indicate that the effect of induced changes in automobile attributes in response to increases in the price of gasoline is to substantially increase fuel efficiency the estimated elasticities of fuel efficiency with respect to the price of gasoline imply that the long run own price elasticity of demand for gasoline is greater than unity 31 references

white certificate schemes economic analysis and interactions with the eu ets this paper examines the economic environmental and distributional impacts of an idealised tradable white certificate twc scheme and shows how the impacts are modified when the scheme operates in parallel with the eu emissions trading scheme eu ets it uses simple graphical techniques to assess whether a twc scheme will increase decrease or have an ambiguous effect on electricity demand wholesale and retail electricity prices carbon emissions and investment in energy efficiency paying particular attention to the interpretation of additionality

units of measurement and the stone index in demand system estimation the stone index typically used in estimating linear almost ideal demand systems is not invariant to changes in units of measurement which may seriously affect the approximation properties of the model a modification to the stone index or use of a regular price index instead are both desirable practices in estimating linear ai models

transaction costs of tradable white certificate schemes the energy efficiency commitment as case study this paper analyses the nature and scale of transaction costs tcs borne by obliged parties under a tradable white certificate twc scheme taking the first phase of the energy efficiency commitment eecl in great britain as a case study several sources of tcs were considered such as search for information persuasion of customers negotiation with business partners and measurement and verification activities information was obtained through interviews and a questionnaire distributed to obliged parties results show that the most significant sources of tcs were related to search for information persuading customers and negotiating with managing agents contractors to implement energy efficiency measures perceived high tcs related to contract negotiation and liability risks slightly reduced the low trading level the scale of tcs was estimated to be around 10 and 30 of total investments costs for the lighting and insulation segments respectively the results indicate that despite the presence and scale of tcs the eecl scheme generated energy savings that yielded net societal benefits estimated financial benefits range from 0 6 to 6 p kwh for insulation and lighting savings respectively when avoided external costs due to electricity savings are included estimated economic benefits range from 3 to 8 p kwh several lessons from the eecl can be drawn for twc schemes among others it is found that informative policy instruments to raise awareness among end users are critical if a twc scheme is to deliver cost effective energy savings in all the nature and scale of tcs under twc schemes will differ because of a number of endogenous and exogenous determinants c 2007 elsevier ltd all rights reserved less

carbon value dynamics for france a key driver to support mitigation pledges at country scale the climate agenda in france and several other countries is a complex combination of unilateral commitments with regional and international objectives when analyzing national policies the findings of worldwide analyses are of limited accuracy and the large aggregates on which they are built level out most local specificities and inertia specific assessments are hence needed this paper quantifies the dynamic evolution of carbon values for french climate and energy policy its time dependency over successive periods and the effects of setting intermediate targets are evaluated using a long term optimization model addressing critical issues for france we produce consistent energy emissions and carbon value estimates with a 5 year time step our results are situated above the upper range of carbon value estimates of world models with an overlapping zone we show that the official policy guideline value is only consistent with an optimistic combination of assumptions the central estimates are 4 times greater than the guideline carbon value for 2050 and up to 14 times greater in 2020 because of short term inertia that are costly to move we also find that with intermediate objectives the carbon value s dynamic is more than a simple upward curve and that its variability is itself time dependent

a cognitive miser theory of cooperators advantage the aa propose a new model of cooperators advantage depending neither on supplementary incentives nor on cooperators capacity to recognize and play selectively with other cooperators it depends rather on players making the play no play decision by the heuristic of projecting their own cooperate defect choices onto potential partners cooperators offer to play more often and fellow cooperators will more often accept their offer when certain boundary conditions are met this results in a higher expected payoff for cooperators than for defectors empirical support for this heuristic is suggested by expectations data from related social dilemma experiments moreover its use can be justified in bayesean terms our model brings behavioral decision theory s cognitive miser paradigm to bear on interdisciplinary concern with the evolution of cooperative behavior and shows how if other mechanisms provide a suitable initial kick cooperation can evolve in the absence of iteration and in large mobile societies

joint production and pricing decisions for multiple products with cap and trade and carbon tax regulations abstract cap and trade and carbon tax regulations are the two main low carbon policies to curb carbon emissions this paper studies the joint production and pricing problem of a manufacturing firm with multiple products under cap and trade and carbon tax regulations and compares the effects of the two regulations on the total carbon emissions the firm s profit and social welfare the firm faces price sensitive demands and the demands for these products are independent firstly we find that the optimal number of products to be produced under cap and trade regulation carbon tax regulation is determined by the emission trading prices and the cap tax rate secondly we detect that the optimal cap tax rate is decreasing increasing or constant in the environmental damage coefficient finally we discover that the social welfare under carbon tax regulation is not less than that under cap and trade regulation although there is neither one regulation always inducing more profit and having advantages in curbing carbon emissions than the other one

the impact of macroeconomic and regulatory factors on bank efficiency a non parametric analysis of hong kong s banking system abstract this paper assesses the relative technical efficiency of institutions operating in a market that has been significantly affected by environmental and market factors in recent years the hong kong banking system these environmental factors are specifically incorporated into the efficiency analysis using the innovative slacks based second stage tobit regression approach advocated by fried et al fried h o schmidt s s yaisawarng s 1999 incorporating the operating environment into a nonparametric measure of technical efficiency journal of productivity analysis 12 249 267 a further innovation is that we also employ tone s tone k 2001 a slacks based measure of efficiency in data envelopment analysis european journal of operational research 130 498 509 slacks based model sbm to conduct the data envelopment analysis dea in addition to the more traditional approach attributable to banker charnes and cooper bcc banker r d charnes a cooper w w 1984 some models for estimating technical and scale efficiencies in data envelopment analysis management science 30 1078 1092 the results indicate high levels of technical inefficiency for many institutions considerable variations in efficiency levels and trends across size groups and banking sectors and also differential impacts of environmental factors on different size groups and financial sectors surprisingly the accession of hong kong to the people s republic of china episodes of financial deregulation and the 1997 1998 south east asian crisis do not seem to have had a significant independent impact on relative efficiency however the results suggest that the impact of the last mentioned may have come via the adverse developments in the macroeconomy and in the housing market

x efficiency in banking looking beyond the balance sheet the distribution free and stochastic frontier estimation methods are used to derive bank specific measures of cost and profit xefficiency this is done to investigate the importance of including aggregate measures of off balance sheet obs activities the results indicate that economic cost and production cost x efficiency estimates increase with the inclusion of the obs measure profit xefficiency estimates are largely unaffected further the composition of bankso obs activities appears to help explain interbank differences in cost and profit x efficiency estimates whereas bank size and the mix between on and off balance sheet banking activities are largely uncorrelated with the x efficiency estimates

voluntary agreements with white certificates for energy efficiency improvement as a hybrid policy instrument in this paper we examine the implementation of a combined policy scheme that consists of a traditional instrument the voluntary agreements vas and an innovative one the white certificates whc the basic structure of this scheme is that energy suppliers who undertake an energy efficiency obligation under a white certificate scheme can make use of voluntary actions to enhance investments in innovative energy savings projects energy suppliers and other market parties can additionally or in parallel participate in voluntary agreements and set energy efficiency targets for fulfilling their voluntary agreement target these market parties can receive tax exemptions or receive white certificates that they can sell in the market transaction costs and baseline definition for demonstrating energy efficiency improvement deserve special attention this policy can assist a country to enhance energy efficiency improvement while it stimulates innovation cost effectiveness can be higher than the case of stand alone policy instruments since more financing options are available for more expensive projects nevertheless the added value of the scheme lies more in the implementation of innovative measures for enhanced energy efficiency furthermore market parties can discover more business opportunities in energy efficiency and establish a green image hence an integrated scheme should achieve higher political acceptability

white and green comparison of market based instruments to promote energy efficiency the white and green project completed under the eu save programme reviewed policies and measures to promote energy efficiency which involved analysing the experience with instruments that are already implemented and assessing innovative instruments that are proposed in particular the practicability of using white certificates energy efficiency along the same lines as green certificates renewable energy was explored several of the policies and measures were simulated using technical economic model of the markal family the results show that by 2020 it is possible to increase energy effiency by 15 at no cost without taking externalities into account if externalities are considered an increase of 30 35 with respect to the business as usual scenario is justified the wealth of information obtained through the models and analysis provides a set of recommendations for policy makers including 1 the need for closer co ordination between energy policies and environmental and climate policies 2 the opportunity to establish more ambitious targets for energy efficiency 3 the scope for increased eu co ordination 4 the extension of white certificates to the medium and low energy intensive industries 5 the need to support white certificates with accompanying actions such as running information campaigns promoting energy service companies and providing dedicated credit lines 6 the need to develop similar instruments for transport and 7 the continuing need for energy research and development c 2005 published by elsevier ltd

designing incentive schemes for promoting energy efficient appliances a new methodology and a case study for spain the energy efficiency gap has been high on research and policy agendas for several decades incentive schemes such as subsidies taxes and bonus malus schemes are widely used to promote energy efficient appliances most research however considers instruments in isolation and only rarely in the context of political constraints on instrument use or for alternative policy goals this paper presents a methodology for the optimal design of incentive schemes based on the minimisation of dead weight loss for different policy goals and policy restrictions the use of the methodology is illustrated by designing optimal combinations of taxes and subsidies in spain for three types of appliance dishwashers refrigerators and washing machines the optimal policies are designed subject to different policy goals such as achieving a fixed reduction in emissions or a certain increased market share for efficient appliances and for policy constraints such as budget neutrality the methodology developed here can also be used to evaluate past and current incentive schemes

input congestion in loan operations in the previous decade the swedish banking sector underwent large changes probably the single most influential cause was a gradual relaxation of regulations the development meant new challenges a

markets for energy efficiency exploring the implications of an eu wide tradable white certificate scheme recent developments in european energy policy reveal an increasing interest in implementing the so called tradable white certificate twc schemes to improve energy efficiency based on three evaluation criteria cost effectiveness environmental effectiveness and distributional equity this paper analyses the implications of implementing a european wide twc scheme targeting the household and commercial sectors using a bottom up model quantitative results show significant cost effective potentials for improvements ca 1400 twh in cumulative energy savings by 2020 with the household sector gas and space heating representing most of the twc supply in terms of eligible sector fuel and energy service demand respectively if a single market price of negative externalities is considered a societal costeffective potential of energy savings above 30 compared to the baseline is observed in environmental terms the resulting greenhouse gas emission reductions are around 200mt co2 eq by 2010 representing nearly 60 of the eu kyoto target from the qualitative perspective several embedded ancillary benefits are identified e g employment generation improved comfort level reduced fuel poverty security of energy supply whereas an eu wide twc increases liquidity and reduces the risks ofmarket power autarky compliance strategies may be expected in order to capture co benefits nationally cross subsidies could occur due to investment recovery mechanisms and there is a risk that effects may be regressive for low income households assumptions undertaken by the modelling approach strongly indicate that high effectiveness of other policy instruments is needed for an eu wide twc scheme to be cost effective less

price and warranty period decisions for complementary products with horizontal firms cooperation noncooperation strategies abstract the purpose of this paper is to explore the optimal strategies on price and warranty period of two complementary products in a supply chain with two manufacturers and one common retailer from a two stage game theoretic perspective five decentralized models are established by considering the two manufacturers cooperation noncooperation strategies and the firms different bargain powers the corresponding closed form expressions for equilibrium decisions are obtained through a systematic analysis and comparison some interesting and valuable managerial insights are established we find that the retailer always has the advantage to get the higher profit when she is a leader however this is not always valid for two manufacturers for example two manufacturers profits when they are leaders and they adopt the noncooperation strategy in the supply chain are lower than that when two manufacturers and the retailer have the identical market power all channel members as well as consumers benefit from lower retail prices longer warranty periods and larger profits when the two manufacturers adopt cooperation action

what s driving energy efficient appliance label awareness and purchase propensity the eu appliance energy consumption labeling scheme is a key component of efforts to increase the diffusion of energy efficient household appliances in this paper the determinants of consumer knowledge of the energy label for household appliances and the choice of class a energy efficient appliances are jointly estimated using data from a large survey of more than 20 000 german households the results for five major appliances suggest that lack of knowledge of the energy label can generate considerable bias in both estimates of rates of uptake of class a appliances and in estimates of the underlying determinants of choice of class a appliance simulations of the choice to purchase a class a appliance given knowledge of the labeling framework reveal that residence characteristics and in several cases regional electricity prices strongly increase the propensity to purchase a class a appliance but socio economic characteristics have surprisingly little impact on appliance energy class choice

dynamic effects in inefficiency evidence from the colombian banking sector firms face a continuous process of technological and environmental changes that requires them to make managerial decisions in a dynamic context however costs and constraints prevent firms from making instant adjustments towards optimal conditions and may cause inefficiency to persist in time we propose a dynamic inefficiency specification that captures differences in the adjustment costs among firms and non persistent effects of inefficiency heterogeneity the model is fitted to a ten year sample of colombian banks the new specification improves model fit and have effects on efficiency estimations overall colombian banks present high inefficiency persistence but important differences between institutions are found in particular merged banks present low adjustment costs that allow them to recover rapidly efficiency losses derived from merging processes

municipal scale scenario analysis of an italian seaside town with markal times this work presents three 25 year energy scenarios developed with the times model generator for pesaro a seaside municipality in central italy it evaluates the effectiveness of local scale energy policies in three sectors households transport and the public sector ps since the local energy demand is affected by summer tourism seasonal consumption by holiday homes was also studied three scenarios were hypothesized business as usual bau exemplary public sector eps and exemplary municipality em the eps scenario models the exemplary role that recent european directives attribute to the ps in setting energy efficiency and technology penetration targets for itself the em scenario extends these targets to the household sector in particular the study underscores the potential of micro cogeneration technologies in achieving local environmental targets even though their diffusion would involve an increase in local energy consumption due to internalization of the primary energy used to produce electricity which would no longer be wholly imported from outside municipal boundaries the study provides information to local decision makers by estimating the cost of implementing a number of energy policies finally the study discusses the adequacy of times as a tool to analyse municipal scale scenarios

beyond ecolabels what green marketing can learn from conventional marketing ecolabels have emerged as one of the main tools of green marketing although a great deal of effort has been invested in making them more effective and efficient the market share of ecolabelled products is still low partly because they have been addressed mainly to green consumers in a theoretical exposition of marketing theory we find that green marketing could learn from conventional marketing in discovering other means than labelling to promote green products examples include addressing a wider range of consumers working with the positioning strategies of price place and promotion and actively engaging in market creation

efficiency effectiveness and implementation feasibility of energy efficiency rebates the renove plan in spain abstract state sponsored incentive policies frequently include subsidies or rebates for the purchase of more efficient appliances however more research is required into the effects of this tool in isolation a case in point is the so called renove plan in spain first the inefficiency losses dead weight losses associated with energy efficiency rebates must be taken into account such a policy may also encourage the large scale purchasing of energy efficient appliances which may finally result in an increase in electricity consumption rebound effect furthermore although a subsidy is more widely accepted than other tools from social and political viewpoints especially than taxes the fiscal consolidation challenge faced by many countries reduces the scope for environmental policy measures on the expenditure side of the budget and strengthens the need to use taxes to meet the agreed policy objectives this paper shows that the current application of the spanish renove plan with rebates on the dishwasher market for energy efficient appliances generates some welfare losses a rebound effect and a considerable deficit in public budgets the paper examines and assesses the effect of different combinations of taxes and rebates in the case of dishwashers in spain based on their performance in terms of economic efficiency environmental effectiveness and implementation feasibility

pricing and regulating affect environmental ethics effluent charges and tradeable permits are economically efficient but rarely used a new explanation for this discrepancy is offered pricing may crowd out environmental ethics in the pricing and via spillovers also in non pricing sectors pricing may therefore increase pollution providing a reason why decision makers tend to reject environmental pricing five propositions showing the conditions for counterproductive effects are advanced they are consistent with available empirical evidence regulation by setting standards and subsidies damage environmental ethics less than pricing because pollution is condoned damaging environmental ethics may prevent political action in favor of the environment

radial and non radial decompositions of profit change with an application to indian banking abstract grifell tatje and lovell grifell tatje e lovell c a k 1999 profits and productivity management science 45 1177 1193 made significant contributions to the literature on the extended radial dea framework by decomposing profit change into six mutually exclusive components their approach however poses two basic problems first the radial estimates on these components might give conflicting signals about the direction of profit change after the full radial efficiencies are achieved when slacks are present second evaluations of these components using base period prices as weights can be potentially misleading to address these concerns we first introduce non radial dea models and then provide a few strong theoretical arguments in favor of using as weights either current period prices or an average price covering both periods to value the contributions of each of these components the indian banking sector is taken as a case study to illustrate the radial and non radial decompositions of profit change so as to empirically examine the role of competition on profit change and its drivers our broad empirical results are as follows first radial and non radial models yield diametrically opposite results on the contributions of various components second the increasing efficiency change trends in all ownership groups after 2002 indicate that the government reform process instituted on the banking industry has had a favorable effect on the performance of the indian banking sector third despite the fact that nationalized banks are the oldest banks their output and resource allocation behaviors do not reflect their learning experience

the price of energy efficiency in the spanish housing market the housing sector is a substantial consumer of energy and therefore a focus for energy savings efforts the energy performance certificate epc is the main eu policy to improve the energy performance of buildings following the implementation of the epc directive into spanish law from june 2013 all properties offered for sale or rented out in spain are required to have an epc given that this is a recently introduced regulation unlike other european housing markets the spanish one lacks market data on energy efficiency ee labels and their impact on housing price in order to overcome this gap we determine the ee ratings of a sample of 1 507 homes across spain on the basis of information collected previously through household surveys this information allowed us to answer the question of whether or not and to what extent spanish housing markets capitalise the value of ee we apply the hedonic price technique and observe that more energy efficient dwellings meaning higher ee rating have a price premium between 5 4 and 9 8 compared to those with the same characteristics but lower ee level

hedonic price functions and the measurement of preferences the case of swedish wine consumers abstract a hedonic price function for wine is estimated using swedish data 1989 1991 implicit prices for quality attributes are determined not from a regression of variety price on a vector of quality attributes but rather from a regression of quantity sold adjusted for weeks of availability on price and quality attributes such a reduced form is justified by the assumption that prices and attribute contents can be taken as exogenous to the swedish consumer price elasticity is estimated to be about 1 65 holding quality constant showing that swedish consumers are highly sensitive to price estimates of the implicit valuations of quality attributes are shown to differ greatly from those obtained from the more usual hedonic regression with price as the dependent variable

a snapshot of the european energy service market in 2010 and policy recommendations to foster a further market development abstract as of 2010 the energy service market in europe is still far from utilising its full potential wide scale peer reviewed studies investigating the development and up to date status of the european esco market are scarce this article presents a comprehensive insight of the european esco industry based on the results from a large scale survey carried out 2009 2010 in 39 european countries the observed market development during the period 2007 2010 trends in business practices and factors influencing the esco industry evolution are described finally having considered the remaining barriers and the supporting factors as well as the successful experiences in europe policy measures that could further promote esco activities are proposed

indian bank efficiency and productivity changes with undesirable outputs a disaggregated approach the objective of this study is to examine technical efficiency and productivity growth in the indian banking sector over the period from 2004 to 2011 we apply an innovative methodological approach introduced by chen et al 2011 and barros et al 2012 who use a weighted russell directional distance model to measure technical inefficiency we further modify and extend that model to measure tfp change with npls we find that the inefficiency levels are significantly different among the three ownership structure of banks in india foreign banks have strong market position in india and they pull the production frontier in a more efficient direction spbs and domestic private banks show considerably higher inefficiency we conclude that the restructuring policy applied in the late 1990s and early 2000s by the indian government has not had a long lasting effect

price premium for high efficiency refrigerators and calculation of price elasticities for close substitutes a methodology using hedonic pricing and demand systems this article uses the hedonic pricing method to estimate the price premium paid for the highest energy efficiency label a in the refrigerators market of the basque autonomous community spain the estimated figure is 8 9 of the final price or about 60 euro which represents one third of the energy savings that a consumer gets during the lifetime of a refrigerator with the highest energy efficiency label this figure is then combined with the linear version of the almost ideal demand system la aids to obtain own and cross price elasticities of demand the information presented here is useful for policy design and analysis the results indicate that the demand for refrigerators with the highest energy efficiency label is highly sensitive to price variations

costs and benefits of energy efficiency obligations a review of european programmes abstract the economics of energy efficiency programmes have been subject to considerable academic debate lasting well over three decades now in this paper we contribute to this debate by reviewing the costs and benefits of a specific type of policy instrument that recently gained significant traction in europe energy efficiency obligations eeos following the introduction of the eu energy efficiency directive in 2012 the number of eeos in europe has grown from five schemes to now 16 eeos in operation or planned across the eu there is an emerging body of evidence on the costs and benefits of energy efficiency obligations covering a wider range of eu countries which offers an opportunity to improve our understanding of the economics of energy efficiency obligations in this paper we draw on this new data and provide a a comparative analysis of the costs and benefits of eeos in a number of european countries b discuss the uncertainties and challenges around calculating the costs and benefits of energy efficiency obligations and c provide a categorisation of the multiple benefits often overlooked in cost benefit analyses

do subsidies work better in low income than in high income families survey on domestic energy efficient and renewable energy equipment purchase in china abstract domestic energy efficient and renewable energy eere equipment shows a great energy saving potential in household energy consumption two rounds of large scale financial subsidy programs have been developed in china since 2010 to promote the adoption of green equipment however how these subsidies attract chinese families of different income levels is not fully explored given this knowledge gap we conducted a self completion questionnaire survey in 2012 to ask 526 respondents about their purchase of domestic eere equipment we explored the effects of subsidy incentives and family incomes on the purchase attitudes and intentions of individuals toward the seven categories of eere equipment we find that family income positively moderates the relationship between eere equipment purchase attitude and behavioral intention and subsidy incentives positively affect the moderating effect of family income in other words a higher family income and better familiarization with subsidy incentives can promote the transformation of green attitudes into eere equipment purchasing intention the results may indicate that the subsidized prices are still high in the view of the low income families this study contributes to the understanding of the effects of chinese subsidy incentives and of the economic concerns of people about the purchase of domestic eere equipment

financial liberalization and bank efficiency a comparative analysis of india and pakistan this paper provides a comparative analysis of the evolution of the technical efficiency of commercial banks in india and pakistan during 1988 1998 a period characterized by far reaching changes in the banking industry brought about by financial liberalization data envelopment analysis is applied to two alternative input output specifications to measure technical efficiency and to decompose technical efficiency into its two components pure technical efficiency and scale efficiency the consistency of the estimated efficiency scores are checked by examining their relationship with three traditional non frontier measures of bank performance in addition the relationship between bank size and technical efficiency is examined it is found that the overall technical efficiency of the banking industry of both countries improved gradually over the years especially after 1995 unlike public sector banks in india public sector banks in pakistan witnessed improvement in scale efficiency only it is also found that banks are relatively more efficient in generating earning assets than in generating income this is attributed to the presence of high non performing loans in addition it is found that the gap between the pure technical efficiency of different size groups has declined over the years

efficiency dynamics in indian banking a conditional directional distance approach abstract the paper contributes to the contemporary research on bank efficiency in india we analyze the efficiency dynamics of the indian banking industry from 2004 to 2012 based on the recent methodological developments of the conditional and unconditional directional distances introduced by daraio and simar 2014 we apply a conditional directional distance estimator in order to analyze the dynamic effects of industry s performance levels the results indicate that foreign banks perform better compared to national and domestic private banks there is also evidence of technological change at the period before the global financial crisis however during and after the global financial crisis these gains diminished the evidence suggests that national banks fail to sustain their high performance levels gained after the industry s restructuring period finally the findings support the view that ownership structure affects banks technical efficiency levels

the impact of liberalization on the productive efficiency of indian commercial banks abstract we examine the productive efficiency of 70 indian commercial banks during the early stages 1986 1991 of the ongoing period of liberalization we use data envelopment analysis to calculate radial technical efficiency scores we then use stochastic frontier analysis to attribute variation in the calculated efficiency scores to three sources a temporal component an ownership component and a random noise component we find publicly owned indian banks to have been the most efficient followed by foreign owned banks and privately owned indian banks we also find a temporal improvement in the performance of foreign owned banks virtually no trend in the performance of privately owned indian banks and a temporal decline in the performance of publicly owned indian banks we attempt to explain these patterns in terms of the government s evolving regulatory policies

energy efficiency economics and policy energy efficiency and conservation are major factors in the reduction of the environmental impact of the energy sector particularly with regard to climate change energy efficiency also contributes to reducing external dependence and vulnerabilities in the energy domain in this paper we discuss the factors that influence energy efficiency and conservation decisions and the most appropriate policies for their promotion although not all public policies seem justified we argue that specific policies for promoting energy conservation may be required preferably based on economic instruments or on the provision of information to consumers

estimating automotive elasticities from segment elasticities and first choice second choice data of the share lost to one product because of a price change diversion fractions are the fractions of that lost share going to each of the other products this paper expresses product cross elasticities in terms of diversion fractions and a scaling factor since the automotive market includes more than two hundred products time series data are insufficient for estimating all elasticities instead this paper estimates automotive elasticities by specifying the diversion fractions using cross sectional first choice second choice data and estimating the remaining scaling factor and own elasticities using more aggregate elasticities estimated from time series copyright 1993 by mit press

product innovation in response to environmental standards and competitive advantage a hedonic analysis of refrigerators in the japanese retail market abstract the purpose of this study is to determine whether environmentally friendly attributes that are innovated in response to environmental standards contribute to creating a competitive advantage because manufacturers of products with only commoditized value cannot achieve a competitive advantage they need to add differentiated value including environmentally friendly attributes through product innovation in this situation environmental standards have a potential to encourage them to undertake product innovation thus this study analyzes not only whether a product with environmentally friendly attributes that reflect environmental standards receives a price premium but also whether product commoditization that is associated with drastic price declines has occurred for the product the methodology for these analyses is a hedonic price regression using data for refrigerators sold in the japanese retail market during 1998 2012 the main findings are as follows first the fundamental value of refrigerating has been drastically commoditized in the last 15 years second products that are chlorofluorocarbon free and energy consumption efficient reflecting environmental standards have a price premium third the price premium for each attribute has specific trends during the period these findings support the view that a product s environmentally friendly attributes that reflect environmental standards more or less compensate for the commoditized value through the price premium therefore product innovation in response to environmental standards helps create a competitive advantage especially where product commoditization has occurred

an ex ante evaluation of a white certificates scheme in the netherlands a case study for the household sector increased efficiency of energy demand is generally recognized as a very cost effective strategy to reduce energy requirements and the related environmental impacts e g the greenhouse effect in order to improve energy efficiency the use of innovative market mechanisms such as the white certificates whc has been proposed the basic idea underlying this policy instrument is that specific energy saving targets are set for energy suppliers or energy distributors these requirements must be fulfilled in a predefined time frame the focus of this paper is on the effect on energy efficiency improvement on the behavior of the end consumers and the market of energy efficiency measures furthermore we study the possible effects of whc in the netherlands by means of a theoretical analysis and an empirical bottom up model we compare concrete energy efficient technologies in terms of cost effectiveness and energy efficiency improvement in combination with existing dutch policies for energy efficiency improvement in the built environment the contribution of this innovative scheme could enhance the accomplishment of energy efficiency targets in this paper two packages of energy saving measures of a whc scheme are studied for dutch households the costs of these technologies are estimated through the use of different discount rates which imply overcoming of the market barriers through the use of the whc a scheme that includes all available technologies as flexible options appears as a realistic solution and can generate cost effectively up to 180 pj primary energy savings and 4550 m cumulative net savings in the year 2020 at a discount rate of 5 under the precondition that the policy and administrative costs can be kept low

rethinking economics the potential contribution of the classics mainstream views only admit two solutions to social order separation and coercion understanding why association as a principle of order came to be excluded calls for an incursion into the history of economic ideas association was dismissed because it depends on commitment a human capacity that cannot be accommodated within the rational choice framework the classics were aware of that we argue that rational choice as it was originally conceived was not meant to be applied to contexts charged with moral force and social dilemmas we next highlight sympathy in the work of adam smith as the basis for normative commitment and association finally we discuss association in the light of several classic contributions and stress the relevance of these contributions to present day debates and socio economic challenges

bibliography of james m buchanan s publications 1949 1986 1 prices income and public policy with c l allen and m r colberg new york mcgraw hill 1954 second edition 1959 2 public principles of public debt homewood richard d irwin 1958 3 the public finances homewood richard d irwin 1960 second edition 1965 translated into spanish as hacienda publica 1968 third edition 1970 translated into japanese 1972 fourth edition with marilyn flowers 1975 fifth edition with marilyn flowers 1980 sixth edition with marilyn flowers 1986 4 fiscal theory and political economy chapel hill university of north carolina press 1960 translated into turkish 1965 translated into japanese 1972 5 the calculus of consent logical foundations of constitutional democracy with gordon tullock ann arbor university of michigan press 1962 paperback edition 1965 translated into japanese 1979 translated into spanish 1980 6 public finance in democratic process chapel hill university of north carolina press 1966 translated into japanese 1971 translated into spanish 1973 7 demand and supply of public goods chicago rand mcnally 1968 translated into italian 1968 translated into japanese 1974 8 cost and choice an inquiry in economic theory chicago markham publishing co october 1969 out of print reprinted by university of chicago press midway reprint 1979 9 academia in anarchy an economic diagnosis with nicos devletoglou basic books 1970 english edition 1971 10 theory of public choice political applications of economics edited with robert tollison university of michigan press 1972 11 lse essays on cost edited with g f thirlby london wiedenfeld and nicholson 1973 12 the limits of liberty between anarchy and leviathan chicago university of chicago press 1975 translated into japanese 1977 translated into italian 1979 translated into german 1984 13 democracy in deficit the political legacy of lord keynes with richard e wagner new york academic press 1978 translated into japanese 1979 translated into korean 1981 14 freedom in constitutional contract perspective of a political economist college station texas a m university press 1978 15 whatshould economistsdo indianapolis indiana liberty press 1979

effects of social norms and fractionalization on voting behaviour in japan this article uses prefecture level panel data from japan spanning the period 1989 2003 to examine the influence of social norms and fractionalization on voting behaviour the key findings obtained from analysis via the fixed effects estimation which controls for unobserved prefecture specific fixed effects are as follows 1 the voter turnout is higher in close knit communities indicating that social norms enhance voting 2 fractionalization from both economic and generational standpoints lowers the voter turnout and 3 a lack of social capital can lead to the distribution of votes being spread thinly among the competing parties

saving money vs investing money do energy ratings influence consumer demand for energy efficient goods abstract the article analyses economic barriers leading to the energy efficiency gap in the market for energy using products by observing several million transactions in the uk over two years the empirical exercise estimates aids models for refrigerators washing machines tvs and light bulbs results indicate that market barriers are crucial in the demand for energy efficient options and consumer response to changes in appliance prices total expenditures and energy prices depends on the possibility of behavioural adjustments in consumption in contrast with the induced innovation hypothesis current electricity prices can fail to induce innovation because of their short term impact on disposable income while consumers invest in energy efficiency when expecting electricity prices to rise in the future

centralisation and decentralisation in strategic municipal energy planning in denmark denmark s future energy system is to be entirely based on renewable energy sources municipalities will play an important role as local energy planning authorities in terms of adopting and refining this vision in different local contexts based on a review of 11 municipal energy plans this paper examines to what extent municipal energy planning matches national 100 renewable energy strategies the results indicate a willingness among danish municipalities to actively carry out energy planning and the plans reveal a large diversity of new activities at the same time however there is a strong need for better coordination of municipal energy planning activities at the central level it is suggested that the role of municipalities as energy planning authorities needs to be outlined more clearly in e g strategic energy planning which integrates savings efficiency and renewable energy in all energy sectors this requires the state to provide municipalities with the necessary planning instruments and establish a corresponding planning framework consequently there is a need for a simultaneous centralisation and decentralisation during the implementation of the 100 renewable energy vision the paper outlines a basic division of tasks between the central and the local level within such a strategic energy planning system

an almost ideal demand system for housing attributes in recent articles mendelsohn 16 and palmquist 20 use restricted versions of rosen s 22 model of household behavior to consistently estimate demand functions for attributes of a differentiated product rosen s 22 model is of a single market for such a product and he proposes a two step technique to estimate attribute demand functions first a single hedonic price function is estimated for the differentiated product attribute prices are the first derivatives of the fitted hedonic price function with respect to the relevant attributes second demand functions for attributes are estimated using the prices imputed in the first step if the hedonic price function estimated in the first step is linear then there is no price variation for attributes and demand functions cannot be estimated if the hedonic price function is nonlinear then there is price variation but it is endogenous to households since in a single market price and attribute quantity are chosen jointly 2 indeed within market price variation will always be endogenous in either case without sufficient restriction on the model the parameters of the demand functions for attributes cannot be consistently estimated using rosen s 22 method 3 mendelsohn 16 and palmquist 20 assume that there are many markets for the differentiated product and that households with like preferences may be observed in the different markets by this restriction households face price variation across markets that is exogenous whether hedonic price functions are linear or nonlinear if so demand functions can be consistently estimated 4

rationality of energy efficiency improvement targets under the pat scheme in india a case of thermal power plants abstract the market based perform achieve and trade scheme was introduced in india to enhance the energy efficiency of energy intensive sectors and for thermal power plants by reducing their specific energy consumption within the framework of a tradable certificate scheme international experience suggests that effectiveness of such schemes is greatly influenced by the assigned targets of the obligated units setting rational targets is thus a key aspect of successful implementation of the scheme in the present study we examine the rationality of the targets set for the power sector of india based on comparing it with energy saving potential of the plants and the targets assigned to the respective plants data envelopment analysis models are used to determine relative efficiency and energy saving potential the study results indicate that in most cases i the targets are much less than the actual potentials of the thermal power sector ii there exist substantial inefficiencies within the system in both energy use and managerial dexterity and iii if the sector realizes its full potential then the energy saving certificate market may witness a surplus of 4 7 million certificates on account of thermal power sector alone

estimating a bayesian stochastic frontier for the indian banking system abstract this paper employs a bayesian stochastic frontier providing exact inference on both cost and profit efficiencies of the indian banking sector in the period of 2000 2006 we also test for the inclusion of off balance sheet data in model specification the findings suggest that public banks are the most efficient followed by private and foreign banks however the latter largely improved profit efficiency outperforming domestic banks by the end of the sample accounting for off balance sheet activities significantly improves profit efficiency levels

a critical assessment of transaction cost theory and governance of public services with special reference to water and sanitation this is a pre copyedited author produced version of an article accepted for publication in cambridge journal of economics following peer review the version of record hulya dagdeviren and simon a robertson a critical assessment of transaction cost theory and governance of public services with special reference to water and sanitation cambridge journal of economics vol 40 6 1707 1724 january 2016 is available online at https doi org 10 1093 cje bev079

a multi criteria evaluation framework for tradable white certificate schemes recent years have witnessed regained political momentum on energy efficiency and interest in establishing markets is growing as a result tradable white certificate twc schemes of differing design have been implemented in great britain italy and france much attention is being paid to justifying and evaluating such schemes in this paper we develop and apply a multi criteria framework for evaluating twc schemes an approach that attempts to cover their individual design features a broad evaluation is conducted regarding energy saving and environmental effectiveness economic efficiency cost effectiveness transaction costs political feasibility administrative burden and technical change the results show the design and performance of twc schemes to be case and context specific and generalisations are thus inappropriate this evaluation supports the cost effectiveness modelled for the british scheme and the assumption that a twc scheme is an economically efficient policy instrument for the other more complex twc schemes more data and experience are needed to judge their ex post merit on the whole the proposed multi criteria evaluation requires considerable data and complementary methods however the framework improves the understanding of the broad effects and attributes of twc schemes it deals with various empirical and normative aspects that can be applied in their evaluation

white certificates for energy efficiency improvement with energy taxes a theoretical economic model in this paper we analyze interactions of two energy policy instruments namely a white certificates whc scheme as an innovative policy instrument for energy efficiency improvement and energy taxation these policy instruments differ in terms of objectives and final impacts on the price of electricity we examine the effect of these policy instruments in the electricity sector focusing on electricity producers and suppliers in a competitive market using microeconomic theory we identify synergies between market players and demonstrate the total effect on the electricity price when suppliers internalize the behaviour of producers in their decisions this model refers to an ideal market situation of full liberalization the cases we examine consist of electricity producers with and without a carbon tax electricity suppliers with and without an electricity tax and with whc obligations furthermore we present a parallel implementation of whc for electricity suppliers with carbon tax on electricity producers and an electricity tax with whc obligations to electricity suppliers we demonstrate differences in optimization behaviour of producers and suppliers based on a couple of cases of whc with carbon and electricity taxes various positive and negative effects of both schemes in terms of target achievement and efficiency are present which can lead to an added value of such schemes in the policy mix although uncertainties of outcomes are quite high a basic finding is that in a merit order several parameters can increase final electricity price after the implementation of different policies demand for electricity and electricity supply cost at a large scale and then follow the level of level of obligation for energy saving level of penalty and price of whc representing the marginal costs of energy saving projects the impact magnitude of parameters depends on the values chosen and on the initial position of suppliers i e if their actual behaviour deviates from full compliance with targets

testing restrictions in a flexible dynamic demand system an application to consumers expenditure in canada traditionally restrictions on systems of demand equations have been tested using static models whilst being estimated with time series data this paper develops a vector time series model of expenditure shares in the context of a singular dynamic demand system the model allows for non symmetric and non homogeneous short run behaviour the homogeneity and symmetry restrictions are only examined in the long run structure results based on canadian time series data are presented and reject the current practise of static modelling while restrictions suggested by economic theory are not rejected when imposed on the long run structure

using food taxes and subsidies to achieve emission reduction targets in norway food production contributes considerably to global greenhouse gas ghg emissions animal products particularly meat from ruminants generally have higher ghg emissions than plant products over the last few decades the global per capita consumption of animal products has increased this has a negative impact on climate change land and water availability and human health we are faced with the two fold challenge of reducing ghg emissions while still producing enough food for our growing population part of the solution could be for consumers to change towards a more sustainable diet in this paper we take norway as a case study for estimating optimal taxes and subsidies on different food items which can change consumption patterns in order to reduce the ghg emissions derived from the average norwegian diet in the estimate we ensure that the average calorie intake with the new diet remains the same as with the current diet and factor in other health considerations our findings suggest that limited but useful emission reduction targets can be set with only a few changes in diets the methodology presented in this paper may be used to estimate optimal climate taxes and subsidies under different emission quantities taxes subsidies and health constraints

analysis of esco activities using country indicators energy service companies escos are private sector instruments that offer energy emission improvement energy saving energy efficiency energy conservation emission reduction projects in the developed and in some developing countries literature reveals that energy emission improvements of countries may be related to their innovation and r d activity levels in this work we use a literature data on the activities and the sectors targeted by escos in 38 countries summarized in terms of the age of esco market aem number of esco companies ne and total value of esco projects ve along with the global innovation index gii data of the countries we investigate the relationships among the esco indicators eis aem ne ve sectors targeted by escos and the country indicators cis gii and per capita gdp energy consumption co2 emission we observe noteworthy dependencies between the eis and cis using the simple trend equations we estimate the missing ves in the original data we also project as a hint for the size and orientation of the upcoming turkish esco market the set of eis and the distribution of the sectors that are likely to be targeted by escos in turkey

analysis of tax incentives for energy efficient durables in the eu climate change is one of the most significant challenges faced by societies this century energy consumption is directly associated with co2 emissions and climate change the european commission has set out emission reduction targets that require a great deal of energy consumption savings in the next 10 years in european countries this paper presents the results of an analysis of the potential cost effectiveness of different policy options aimed to foster the production and consumption of energy efficient appliances in different european countries our results suggest that incentives to promote the use of energy efficient appliances can be cost effective but whether or not they are depends on the particular country and the options under consideration from the cases considered tax credits on boilers appear to be a cost effective option in denmark and italy while subsidies on cfli bulbs in france and poland are cost effective in terms of ton of co2 abated comparing the subsidies against the energy tax options we find that the subsidies are in most cases less cost effective than the energy tax

innovation enabling policy and regime transformation towards increased energy efficiency the case of the circulator pump industry in europe abstract when new energy efficient products are struggling with their commercialisation and diffusion into widespread applications you would typically expect policy makers and green lead users to guide the way this paper examines the case of the hot water circulator pump industry in europe where parts of the industry envisioned and worked for a voluntary energy label bringing technological innovation new business and energy savings of approx 85 for each new circulator pump the case study explores the complexities of innovation processes where technology market actors and policy co evolve over time to transform an existing socio technical regime the paper highlights the importance of policies to reduce barriers towards innovation and energy efficiency and shows that it is not always policy makers that establish the crucial policies that change the innovation dynamics for the benefit of the environment and the industry

decomposing capacity utilization in data envelopment analysis an application to banks in india abstract this paper briefly reviews the existing methods of capacity utilization in nonparametric framework from economic perspectives and then suggests an alternative in the light of limitations therein in the spirit of work by coelli et al coelli t j grifell tatje e perelman s 2002 capacity utilisation and profitability a decomposition of short run profit efficiency international journal of production economics 79 261 278 we propose two methods radial and non radial to decompose the input based physical technological capacity utilization into various meaningful components viz technical inefficiency ray economic capacity utilization and optimal capacity idleness a case study of indian banking industry is taken as an example to illustrate the potential application of these two methods of decomposition our two broad empirical findings are that first competition created after financial sector reforms generates high efficiency growth and reduces excess capacity second the cost gap of the short run cost from the actual cost is higher for the nationalized banks over the private banks indicating that the former banks though old do not reflect their learning experience in their cost minimizing behavior

technical scale and allocative efficiencies of turkish banking industry this paper investigates input and output efficiency in the turkish banking industry to understand the impact of size international variables ownership control and governance on profit cost allocative technical pure technical and scale efficiency measures employing a non parametric approach along with a parametric approach we estimate the efficiency of turkish banks over the 1988 1996 period this period allows us to account for the changes in the macro economy and regulatory treatment of the turkish banking industry over time our results suggest that the heterogeneous characteristics of banks have significant impact on their efficiency moreover cost and profit efficiencies of the turkish banks have exacerbated over time results also indicate that the dominant source of inefficiency in turkish banking is due to technical inefficiency rather than allocative inefficiency which is mainly attributed to diseconomies in scale to the extent that they chose an inefficient level of production bank management is responsible for scale inefficient operations however increasing demand for banking services in the nineties fueled by the state s increasing demand for funds to finance chronic budget deficits and high growth policies and the oligopolistic nature of the turkish banking market do not justify scale adjustments our policy suggestions are that the government implement financial reform packages that foster competition in the banking market and that the industry devise incentive schemes to improve managerial efficiency

effects of carbon dioxide capture and storage in germany on european electricity exchange and welfare in the course of european efforts to mitigate global warming the application of carbon dioxide capture and storage ccs technologies is discussed as a potential option some political opposition was raised a inter alia a by uncertainties about the effective cost of such technologies because of the cost structure of ccs power plants with high a flata investment cost and a in case of high carbon allowance prices a comparable low variable cost the application of ccs will induce a merit order effect causing a decline in electricity prices on the spot market on the one hand the reduction of electricity supply cost raises suppliersa rents while the decline of electricity prices augments consumersa surpluses these positive welfare effects tend to mitigate political opposition against ccs on the other hand the merit order effect reduces electricity suppliersa revenues as the electricity prices decline this mitigates their scope for additional investments in ccs capacity in this study we focus on the influence of ccs in germany on electricity supplier and consumer surpluses and associated impacts on the scope for investments in additional ccs capacity by means of the applied model of electricity markets influences on european electricity exchange and welfare levels are investigated

the impacts of energy efficiency policies meta analysis abstract this paper attempts to quantitatively summarize the existing empirical evidence on the effects of energy efficiency policies on energy demand and on the price of associated durable goods as well as to identify the main factors that systematically affect the estimated impacts to this end a meta regression analysis of the effects of energy efficiency policies is carried out on the basis of an extensive review of the existing literature selecting those studies that analyze the impact of energy efficiency policies with respect to a business as usual setting taking into account the econometric problems associated with this type of analysis intra class correlation cross sectional dependence publication bias in pursuit of robust outcomes the results show that the studies analyzing the effects of energy efficiency policies estimate a significant impact of these policies on energy demand 10 5 8 8 and the price of related durable goods 7 9 6 the main factors that influence results are the policy instrument the targeted sector the type of country the analyzed period the consideration of free riders and the type of analysis data and publication energy demand and the sector and analyzed period price of durables

energy environmental and economic effects of renewable portfolio standards rps in a developing country abstract this paper analyses the potential of renewable energy for power generation and its energy environmental and economic implications in pakistan using a bottom up type of long term energy system based on the markal framework the results show that under a highly optimistic renewable portfolio standard rps of 80 fossil fuel consumption in 2050 would be reduced from 4660 pj to 306 pj and the ghg emissions would decrease from 489 million tons to 27 million tons nevertheless price of the electricity generation will increase significantly from us 47 mwh under current circumstances in the base case to us 86 mwh under rps80 however the effects on import dependency energy mix diversity per unit price of electricity generation and cost of imported fuels indicate that it may not be desirable to go beyond rps50 under rps50 in 2050 fuel consumption of the power sector would reduce from 21 under the base case to 9 of total fossil fuels supplied to the country it will decrease not only ghg emission to 170 million tons but also will reduce import dependency from 73 under the base case to 21 and improve energy diversity mix with small increase in price of electricity generation from us 47 mwh under the base case to us 59 mwh under rps 50

an almost ideal demand system incorporating habits an analysis of expenditures on food and aggregate commodity groups breusch t s and a r pagan the lagrange multiplier test and its applications to model specification in econometrics the review of economic studies 47 jan 1980 239 254 eden benjamin the insurance buying gambler economic inquiry 18 july 1980 504 508 henderson charles f estimation of variance and covariance components biometrics 9 june 1953 226 252 hill daniel h deborah a ott lester d taylor and james m walker incentive payments in time of day electricity pricing experiments the arizona experiment this review 65 feb 1983 59 65 maddala g s and t d mount a comparative study of alternative estimators for variance components models used in econometric applications journal of the american statisticalassociation 68 june 1973 324 328 selby e b and w beranek sweepstakes contests analysis strategies and survey american economic review 71 mar 1981 189 195 spence michael and richard zeckhauser the effect of the timing of consumption decisions and the resolution of lotteries on the choice of lotteries econometrica 40 mar 1972 401 403 wallace thomas d and ashiq hussain the use of error components models in combining cross section with time series data econometrica 37 jan 1969 55 72 winett richard a and michael t nietzel behavioral ecology contingency management of consumer energy use american journal of community psychology 3 june 1975 123 133

linking profits to greek bank production management abstract this paper applies the statistical cost accounting sca methodology to investigate profitability differences between high profit and low profit greek banks the sca approach hypothesizes that a bank s net income can be expressed as the weighted sum of its various assets and liabilities the weights being the net revenue or costs attributable to each item the study uses a sample of pooled time series and cross section data over the period 1977 1986 the empirical evidence suggests that asset and to a lesser extent liability management play a role in explaining interbank differences in profitability in greece during the period examined