an experimental investigation of the hahn noll revenue neutral auction for emissions licenses abstract this paper reports on three series of laboratory experiments designed to test the performance of the hahn noll revenue neutral auction rna an alternative institution a no rebate uniform price auction upa is also examined as a benchmark in these experiments the rna markets were little different from upa markets in terms of either prices or market efficiencies the two institutions did differ in terms of the distribution of the gains from exchange and of the propensity of bidders to engage in a certain type of overbidding

barriers to energy efficiency a comparison across the german commercial and services sector abstract based on a large sample for the german commercial and services sector this paper econometrically assesses the relevance of various types of barriers to energy efficiency at the sectoral level and across fifteen sub sectors the results at the level of entire sectors suggest that the lack of information about energy consumption patterns and about energy efficiency measures lack of staff time priority setting within organizations and in particular the investor user dilemma are all relevant barriers allowing for sector specific differences in the relevance of these individual barriers yields a more heterogeneous picture the numbers and types of relevant barriers vary across sub sectors and the majority of sub sectors are subject to relatively few barriers the statistically most significant barriers are found for the sub sector of public administrations these findings are robust independent of whether the definition of an organization s energy efficiency performance includes only measures that have actually been realized or also those that are being planned for planned projects however organizations appear to underestimate internal priority setting as a barrier to energy efficiency

attitudes toward risk and compliance in emission permit markets we investigate the effects of uncertainty and concomitant risk aversion as they impact the incentive structure and subsequent operation of an emissions permit market modeled after the u s s02 market our theoretical results suggest that uncertainty dulls incentives to achieve cost savings through permit trading and inhibits efficient allocation of abatement efforts by firms we test hypotheses in an experimental laboratory setting and find that the irreversibility of investment in abatement technology may present countervailing incentives for potential sellers of permits resulting in a wait and see attitude toward adoption of efficient levels of abatement technology

beyond case studies barriers to energy efficiency in commerce and the services sector to assess the empirical relevance of various barriers to the diffusion of energy efficient measures we conduct econometric analyses for 19 sub sectors in the german commercial and services sectors results from estimating a separate logit model for each sub sector suggest that the most important barriers are the investor user dilemma and the lack of information about energy consumption patterns typically multiple types of barriers are found to be statistically significant but they vary considerably across sub sectors finally we discuss policy implications for the most relevant barriers

differences in managerial values a study of u s hong kong and prc managers in this study of convergence divergence of managerial values four western developed measures machiavellianism locus of control intolerance of ambiguity and dogmatism and the four dimensions of the eastern developed chinese value survey confucian dynamism human heartedness integration and moral discipline were the measures used the findings indicate that often times both culture and the business environment interact to create a unique set of managerial values in a country

incentive based policy design for pollution control and biodiversity conservation a review this paper provides a succinct review of the main developments in the literature on incentive based policy mechanisms in the contexts of pollution control and biodiversity conservation dating from the early beginnings of the science in the 1960s a focal point in the review is on the design features of these policy mechanisms key developments in policy design were originally established in controlling externalities arising from pollution and have since been extended to policy design tailored towards biodiversity conservation special emphasis is given to the spatial characteristics of the environmental problems underlying both pollution control and biodiversity conservation the paper concludes by drawing some lessons and setting out elements of a future research agenda in both policy domains

climate policy design with correlated uncertainties in offset supply and abatement cost emission offsets within cap and trade systems are widely believed to contain system costs and stabilize allowance prices however trends in offsets supply are uncertain may be persistent and may be correlated with other sources of uncertainty in a dynamic stochastic model we find total costs increase as does variability in allowance prices and emissions as uncertainty in offsets becomes more persistent and to a lesser extent becomes negatively correlated with uncertainty in abatement costs these results are amplified with risk sensitivity larger annual offset limits and competitive offset purchasing imposing an allowance price collar can mitigate cost increases and price variability jel q54 q58

an interim evaluation of sulfur dioxide emissions trading ide iv of the 1990 clean air act amendments established the first large scale long term environmental program to rely on tradable emissions permitscalled allowances in this program to control pollution this program was designed to cut acid rain by reducing sulfur dioxide so2 emissions from electric generating plants to about half their 1980 level beginning in 1995 it is of interest both as a response to an important environmental issue and as a landmark experiment in environmental policy this experiment comes at a particularly important time since emission trading is under serious consideration with strong u s backing for use to deal with global climate change by curbing emissions of carbon dioxide co2 the economic stakes in climate change surpass those in acid rain by several orders of magnitude intergovernmental panel on climate change 1996 this article summarizes the results to date of our ongoing empirical analysis of compliance costs and allowance market performance under the u s acid rain program

the role of manufacturing in regional growth harris r i d 1987 the role of manufacturing in regional growth reg studies 21 301 312 since a shift in regional policy away from manufacturing to aiding services is being advocated this paper re examines the role of manufacturing in regional growth from both an empirical and theoretical viewpoint first of all it discusses the importance of manufacturing s share of output concluding that in output terms and prior to 1979 manufacturing has not been displaced by services in shares of total output secondly the paper focuses on the theoretical importance of manufacturing to the growth of regional output showing that for most theories demand side growth pole cumulative causation manufacturing is the natural base for growth potential harris r i d 1987 le role des industries de fabrication dans la croissance regionale reg studies 21 301 312 vu que l on propose une reorientation de la politique regionale au depens des industries de fabrication et en faveur du tertiaire cet article

industrial decline and unemployment in the inner city areas of great britain a review of the evidence this article examines empirical studies which have investigated problems of decentralisation employment decline and the high levels of unemployment which prevail in the inner city areas of britain an attempt is made to synthesise these studies and to expose gaps in the current body of knowledge the article concludes by interpreting the findings in relation to present policies towards inner city employment

experimental tests of water quality trading markets abstract many watersheds in the u s have established water quality trading programs to help realize cost effective reductions in water pollution however the success of these programs has been limited this study highlights some of the unique features of water based credit trading markets that may explain the lack of success and uses laboratory experiments to isolate their effects in particular we compare two forms of a baseline and credit institution a pigouvian tax subsidy regulation and characteristic of air quality programs a textbook cap and trade regulation across these institutions we examine the effects of abatement technology adoption we find that a baseline and credit program when it requires firms to make upfront investments to generate tradable credits is less efficient than cap and trade and tax subsidy institutions furthermore we find that when efficient trading requires costly technology adoption institutions that involve inter firm trading including cap and trade are less efficient than the tax subsidy

the anatomy of job loss and job creation some speculations on the role of the producer service sector wood p a 1986 the anatomy of job loss and job creation some speculations on the role of the producer service sector reg studies 20 37 46 studies of recent employment trends in the united kingdom have highlighted job losses arising from restructuring by large manufacturing firms this paper examines the relationships between this and other shifts in labour demand emphasizing the complexity of change and especially the growing importance of producer services jobs are likely to continue to be transferred between increasingly interrelated manufacturing and service activities and the corporate and competitive segments of the economy the implications of these trends for sub regional economic change are examined and areas are identified which may be particularly favoured by producer service employment growth these include london industrial towns in the south east and freestanding cities and non industrial towns in the north

investment incentives under emission trading an experimental study this paper presents the results of an experimental investigation on incentives to adopt advanced abatement technology under emissions trading our experimental design mimics an industry with small asymmetric polluting firms regulated by different schemes of tradable permits we consider three allocation auction policies auctioning off costly permits through an ascending clock auction grandfathering permits with re allocation through a single unit double auction and grandfathering with re allocation through an ascending clock auction our results confirm both dynamic and static theoretical equivalence of auctioning and grandfathering we nevertheless find that although the market institution used to reallocate permits does not impact the dynamic efficiency from investment it affects the static efficiency from permit trading

the role of the inner city in the development of manufacturing industry the first section of the paper surveys the evidence relating to the hypothesis that the inner city acts as a nursery for new manufacturing firms and shows that there is little direct confirmatory evidence the second and third sections report on two research studies of new firm foundation in london in the first study it is shown that few manufacturing firms have been set up in inner london in recent years the majority being in the inner city industries of printing clothing etc in the second the founders of new manufacturing firms not in the inner city industries were located and interviewed to find out the reasons for their choice of location the two studies together tend to refute the inner city nursery hypothesis

the changing geography of producer services employment in britain gillespie a e and green a e 1987 the changing geography of producer services employment in britain reg studies 21 397 411 this paper examines the changing geography of producer services employment in britain between 1971 and 1981 using data from the census of employment the study begins with a review of alternative views on the service sector and its relationship to economic growth and the place of producer services within the division of labour is described it is shown that there is a pronounced urban and regional differentiation in producer services employment factors operating to increase the concentration of such employment are indentified as are counteracting tendencies favouring deconcentration individual producer services industries are shown to display different locational logic and varying trends of concentration and deconcentration during 1971 81 overall the maintenance of the spatial concentration of producer services employment in southern britain coupled with relative decon

crossvergence 10 years on impact and further potential the 1997 jibs paper by ralston holt terpstra and yu was instrumental in anchoring and extending the construct of crossvergence in cross cultural research ten years on the paper has lost none of its relevance and continues to offer important opportunities for further theory development and attendant empirical research scope for further work seems to exist especially in three areas the meaning of crossvergence national culture and economic ideology and processes of change

new firms and rural industrialization in east anglia gould a and keeble d 1984 new firms and rural industrialization in east anglia reg studies 18 189 201 the paper analyses key aspects of the formation of new independent manufacturing firms in east anglia between 1971 and 1981 special attention is paid to trends in formation rates over time to the spatial bias of new firm origins towards both rural areas and the cambridge region and to the location character and impact of high technology new firms original findings include the contention that spatial variations chiefly reflect variation in the occupational structure of the resident workforce together with industrial mix plant size and previous industrial immigration some implications for government policy to new firms are discussed

seller incentive properties of epa s emission trading auction abstract the new clean air act amendments instruct the environmental protection agency epa to conduct annual sealed bid offer auctions of emission allowances the auction pricing rules are discriminative and sellers with the lowest asking prices receive the highest bids this paper assesses the seller incentives of this auction and demonstrates that the auction rules cause sellers to choose asking prices that under reveal their cost of emission control furthermore increasing the number of sellers intensifies this misrepresentation if the number of buyers remains fixed the epa s rules can therefore generate significantly biased price signals and reduce the efficiency of the allowance trading market

the effect of allowance allocations on cap and trade system performance abstractan implication of the coase theorem is that under certain conditions the market equilibrium in a cap and trade system will be cost effective and independent of the initial allocation of tradable rights that is the overall cost of achieving a given aggregate emission reduction will be minimized and the final allocation of permits will be independent of the initial allocation we call this the independence property this property is important because it means that the government can establish the overall pollution reduction goal for a cap and trade system by setting the cap and leaving it up to the legislature to construct a constituency in support of the program by allocating the allowances to various interests without affecting either the environmental performance of the system or its aggregate social costs we examine the conditions under which the independence property is likely to hold both in theory and in practice

lessons in cross vergence restructuring the thai subsidiary corporation this paper explores the impact of indigenous business culture upon the corporate restructuring program initiated in the thai subsidiary of a western multinational defined in terms of behavioral institutionalization change implementation was largely resisted by one of two key strategic departments using a conceptual framework developed from existing cross cultural business research we examine the key determinants of local opposition and trace the emergence of cross vergent business practices acceptable to both thai market and western corporate agendas implications for the management of western corporate subsidiaries in the developing economy of thailand are then discussed

emissions variability in tradable permit markets with imperfect enforcement and banking abstract in this laboratory experiment on emissions trading subjects face exogenous random emissions shocks after making production and emission control plans in some sessions subjects can bank their unused permits for future use after a reconciliation trading period following the shock realization subjects report their emissions to the regulatory authority and are placed in different inspection groups depending on their compliance history we identify important interactions between banking compliance and enforcement banking smoothes out the price variability arising from imperfect emissions control price stability comes at a cost however since noncompliance and emissions are significantly greater when banking is allowed

public sector restructuring and regional development the impact of compulsory competitive tendering in the uk pinch p l and patterson a 2000 public sector restructuring and regional development the impact of compulsory competitive tendering in the uk reg studies 34 265 275 this paper contributes to the analysis of contemporary public sector restructuring in the uk through an evaluation of the impact of the introduction of compulsory competitive tendering cct for the provision of local public services public services play an important stabilizing role in regional economic development but the introduction of cct has undermined that role public service workers have suffered deteriorating levels of pay and conditions of service and the capacity of local authorities to act to support local economic development has been reduced thus the introduction of cct has undermined the contribution of local public services to the maintenance of interregional economic stability and to regional development pinch p l et patterson a 2000 la restructuration du secteur public et l amenagement du territoire l imp

business services the regions and regional policy marshall j n 1985 business services the regions and regional policy reg studies 19 353 363 the decline of employment in manufacturing industry in the uk has encouraged a more favourable treatment of services in regional policy an analysis of the employment prospects for private services suggests further modest growth and justifies the inclusion of such services in a policy package however service employment creation in less prosperous regions has been relatively limited an analysis of business service industries attempts to account for the changing location of service activity and derives implications for regional policies in an increasingly competitive market for services organizational restructuring assisted in some services by computer based technology has encouraged the decentralization of employment from london predominantly to the greater south east regional policy is unlikely to operate in such a favourable economic context in the immediate future rationalization investment is

emissions trading with shares and coupons when control over discharges is uncertain abstract two important decisions in designing markets for tradable emissions permits are whether to allow banking of permits coupons and whether to allow trading in entitlements to future permits shares banking is predicted to reduce price instability when firms trade in a reconciliation market after the quantity of emissions has been determined tradable shares are a common feature in proposals for emissions trading in canada we conduct a laboratory experiment to investigate how bankable coupons and tradable shares affect efficiency and prices under uncertainty cognitive demands on the subjects are reduced by computerized advice on the optimal allocation of coupons across periods and the implied marginal values of coupons and shares banking share trading and uncertainty conditions are introduced in a complete factorial design with three observations per cell high efficiencies are observed across all treatments uncertainty in the control of emissions leads to substantial price instability when banking is not allowed banking virtually eliminates the instability but reduces the efficiency of the market institution share trading reduces trading volumes increases price stability and improves efficiency

politics unemployment and local economic policies this paper develops and tests a model of variations in local economic policies the influence of unemployment financial resources and party politics on economic development expenditures is estimated empirically in the london boroughs the statistical evidence indicates that the model provides a satisfactory explanation of inter borough differences in economic policies and that the impact of party political and local tax base variables is particularly important the implications of the results for central policies towards local economic development and for analyses of local policy variation are discussed

the market for sulfur dioxide emissions the 1990 clean air act amendments initiated the first large scale use of the tradable permit approach to pollution control the theoretical case for this approach rests on the assumption of an efficient market for emission rights the authors empirical analysis shows that the emission rights market created by the 1990 amendments had become reasonably efficient by mid 1994 they also show that the auctions specified in the amendments to jump start trading had become a small part of the overall market finally the authors demonstrate that the strategic bidding behavior discussed in the literature has had no effect on market prices copyright 1998 by american economic association

incremental and average control costs in a model of water quality trading with discrete abatement units this paper answers three questions related to the discrete nature of pollution abatement i does a source s incremental control cost as defined by the u s environmental protection agency necessarily exceed its average control cost ii is incremental control cost a better approximation of a source s willingness to pay for abatement credits than average control cost and iii exactly how does trading in discrete and continuous abatement markets differ we find that the answer to the first two questions are both no suggesting that the u s environmental protection agency needs to refine its reliance on incremental control cost as the sole measure upon which to assess the financial feasibility of water quality trading in answer to the third question we show that the outcome of bilateral trading in the presence of discrete abatement is determined by comparing the gains from trade associated with the full sequence of possible sunk cost trading scenarios for the most common case where trading partners average control cost curves cross the trading outcome with discrete abatement is inherently sensitive to the initial allocation of abatement responsibilities

the impact of natural culture and economic ideology on managerial work values a study of the united states russia japan and china this study assesses the impact of economic ideology and national culture on the individual work values of managers in the united states russia japan and china the convergence divergence crossvergence cdc framework was used as theoretical framework for the study while the schwartz value survey svs was used to operationalize over investigation of managerial work values across these four countries the findings largely support the crossvergence prospective while also confirming the role of national culture implications from the findings are drawn for the convergence divergence crossvergence of values as well as for the feasibility of multidomestic or global strategies for a corporate culture

the nature of managerial work in developing countries a limited test of the universalist hypothesis is the nature of managerial work universal such that worldwide similarities exist between the activities of managers we measure the frequency that managers are involved with forty four skill activities and then test the universalist hypothesis against two competing hypotheses situational and convergence while we find some evidence that refutes the universalist hypothesis overall we find surprisingly strong support for it in that the relative frequency with which managers from one stratum of one nation are involved in various skill activities reflects the relative frequency with which managers from other strata within the same nation and from nations of different cultural industrialized standing are involved in the same activities

the potential bias in producer service employment estimates the case of the canadian space economy footloose information technology producer services are increasingly viewed as the new engines of regional growth and employment creation the claim is often that appropriate government policy can engineer comparative advantage in that direction by means of judicious subsidisation the evaluation of such claims relies on accurate statistical data we argue that attempts to distinguish in survey data or official statistics the subset of services commonly but unofficially known as producer services from consumer and government services may result in a potential bias with implications for public policy an input output model is developed for estimating this bias by decomposing service industry data into its producer and consumer services content this method can give a truer estimate of the actual employment in producer services at various spatial levels we find a systematic bias in official data and a non systematic bias in survey data the model is applicable to countries and regions for which input ou

sunk investments lead to unpredictable prices we study transactions that require investments before trading in a com petitive market when forward contracts fixing the transaction price are absent we show that despite the market being perfectly competitive and subject to arbitrarily little uncertainty the inability to jointly determine investment levels and prices may make it impossible for buyers and sellers to predict the prices at which they will trade leading to inefficient levels of investment and trade jel d40 d50 keywords sunk investments inefficient investments sunspots random prices

hedging in coal contracts under the acid rain program tradable permit schemes introduce uncertainty into the cost of regulatory compliance due to the permits uncertain price regulated firms can hedge this uncertainty through their contracts for fuel procurement data on coal contracts are used to estimate how the option not to be delivered higher sulfur coal is priced results show that under a tradable permit scheme coal prices are reduced for an increase in the sulfur bound controlling for reductions in price due to higher delivered sulfur content jel q48 q53

market power in tradable emission markets a laboratory testbed for emission trading in port phillip bay victoria abstract in theory competitive emission permit markets minimize total abatement costs permit markets are often imperfectly competitive however and may be thin and dominated by large firms the dominant firm s could exercise market power and increase other firms costs of pollution control while reducing their own emission control costs this paper reports a testbed laboratory experiment to examine whether a dominant firm can exercise market power in a permit market organized using the double auction trading institution our parameters approximate the abatement costs of sources in a proposed tradable emissions market for the reduction of nitrogen in the port phillip watershed in victoria australia we vary across treatments the initial allocation of permits to sources so that in one treatment the seller of permits is a monopolist and in another treatment the market is duopolistic we also vary the information that subjects have about the number and abatement costs of their competitors we find that prices and seller profits are higher and efficiency is lower on average in the monopoly sessions compared with the duopoly sessions but the differences are not substantial and are not statistically significant due to pronounced variation across sessions moreover prices profits and transaction volumes are usually much closer to the competitive equilibrium ce than the monopoly equilibrium

what differences in the cultural backgrounds of partners are detrimental for international joint ventures an international joint venture implies that a firm has to cooperate with a partner with a different cultural background in this study hypotheses about which differences in national culture are most disruptive for international joint ventures were developed and tested using hofstede s five dimensions the study focused on how these dimensions affect the survival of international joint ventures as well as their incidence relative to wholly owned subsidiaries the hypotheses were tested on longitudinal data about 828 foreign entries of twenty five dutch multinational in seventy two countries between 1966 and 1994 the database which spans almost three decades was also used to provide new evidence on a key assumption of hofstede s work that cultural values are stable over time

producer services trade and the social division of labour goe w r 1990 producer services trade and the social division of labour reg studies 24 327 342 several hypotheses have been advanced to explain the growth in employment and output of producer services industries in us metropolitan and regional economies one hypothesis contends that this growth is attributable to the increasing externalization of service activities by corporate managerial offices to independent producer services firms this has contributed to the growth of corporate complex agglomerations in urban regions manufacturing industries have traditionally been viewed as being the motivating force underlying this growth a second hypothesis contends that the growth of producer services industries is attributable to their evolution into basic industries and the growth of export trade this paper examines the validity of these hypotheses using data collected from a survey of business establishments in producer services industries located in the four metropolitan areas of the northeast regi

an experimental investigation of the seller incentives in the epas emission trading auction the clean air act requires the epa to conduct annual auctions of emission allowances under the discriminative auction rules sellers with the lowest asking prices receive the highest bids this paper studies an inverted version of this auction in which buyers face the same incentives as sellers in the epa auction consistent with theoretical predictions buyers bid above their valuation auction outcomes are inefficient and increasing the number of buyers increases bids buyers facing human opponents compete more aggressively than the risk neutral prediction but bids do not differ systematically from this prediction when buyers face computerized nash robots copyright 1995 by american economic association

heterogeneity irreversible production choices and efficiency in emission permit markets abstract this paper investigates a class of market mechanisms for environmental regulation based on the clean air act tradable discharge permit program laboratory market experiments capture some of the more salient institutional features and focus on issues of firm technological heterogeneity and irreversible investment regarding the operation of the permit market experimental results suggest that higher degrees of abatement cost heterogeneity may lead to reduced trade volume while the implications of increased cost heterogeneity regarding price volatility are mixed finally increased cost heterogeneity appears to result in decreased laboratory efficiency

cultural diversity and the performance of multinational firms we test the hypothesis that culturally related international diversification will have a positive impact on firm performance and that the opposite will be true for culturally unrelated globalization cultural diversity for fortune 500 firms was used to predict performance over a ten year period 1985 1994 controlling for several organizational and industry characteristics regression tests using nine indicators of cultural diversity revealed no significant cultural effects alternate interpretations are offered

the price premium for green labelled housing evidence from china the chinese central government introduced the chinese green building label in 2008 which makes china one of the few developing countries with an official rating system of buildings performance in sustainability this paper investigates the existence and magnitude of the price premium associated with this official green label in the residential sector based on a unique data set of green labelled newly built housing projects and their non labelled counterparts from around the country in 2013 an empirical analysis suggests that the labelled housing projects attract a price premium of 6 9 compared with their non labelled counterparts further analysis suggests that this official green label is more effective as a reliable signal of buildings energy efficiency in the chinese context compared with developers self advertised greenness these results provide preliminary evidence that with this official rating system the investment in buildings energy efficiency could be potentially profitable for ho

dynamic efficiency in experimental emissions trading markets with investment uncertainty this study employs a laboratory experiment to assess the performance of tradable permit markets on dynamic efficiency arising from cost reducing investment the permit allocation rule is the main treatment variable with permits being fully auctioned or grandfathered the experimental results show significant investment under both allocation rules in the presence of ex ante uncertainty over the actual investment outcome however auctioning permits generally provides stronger incentives to invest in r d leading to greater dynamic efficiency compared to grandfathering

the regional impact of national economic policies a multi regional simulation approach for the uk elias p 1982 the regional impact of national economic policies a multi regional simulation approach for the uk reg studies 16 335 43 the paper examines the thesis that uk regional policies aimed at influencing the spatial allocation of labour and capital can be pursued through the operation of broadly defined national policy instruments using a simple top down multi regional labour market model linked to a national macroeconomic model the regional impact of three medium term employment stimulating policy packages is derived the results suggest that efforts to stimulate employment by increasing public expenditure above planned levels will have the most significant impact in the relatively prosperous area surrounding greater london whereas a downward movement in the exchange rate or reductions in employment taxes coupled with a stimulus to investment have maximum effect in the west midlands and the north west

the industrial structure and labour market segmentation urban and regional implications danson m w 1982 the industrial structure and labour market segmentation urban and regional implications reg studies 16 255 65 we argue that dualism in the industrial structure as suggested by averitt 1968 and galbraith 1967 determines stratification and segmentation in the labour market as suggested by kerr 1954 piore 1973 and friedmann 1977 in recognizing this the urban and regional economist has greater understanding of the processes of change of the last fifty years in particular government and corporate policy by replacing the pre 1914 centre industries of steel shipbuilding and engineering with branch and other peripheral plants and firms has led to a deterioration in the relative position of the inner cities and regions

a second great depression in the uk regions can anything be done moore b and rhodes j 1982 a second great depression in the uk regions can anything be done reg studies 16 323 33 this is a revised version of a paper given to the regional studies conference in glasgow in may 1981 the authors were asked to put forward the views of the cambridge economic policy group cepg on the economy as a whole and to draw out any implications for the uk regions a diagnosis of the uk economic problem and its regional manifestation is followed by a discussion of the macro economic strategy favoured by the group which aims to ensure that the economy can be expanded at a permanently faster rate without running into balance of payments problems only a strategy of this kind could make a significant impact on the very high rates of unemployment in the depressed regions

distributing pollution rights in cap and trade programs are outcomes independent of allocation standard economic theory predicts that if property rights to pollute are clearly established equilibrium outcomes in an efficient emissions permit market will be independent of how the emissions permits are initially distributed this so called independence property has important implications for policy design and implementation past studies document a strong positive correlation between the initial permit allocation and firm level emissions raising concerns that the independence property is failing to hold in real world settings we exploit the random assignment of firms to different permit allocation cycles in southern california s reclaim program in order to test the independence of permit allocation and emissions our results lend empirical support to the independence hypothesis

a cross national study of managerial values this study investigated cross national differences in managerial values a total of 567 managers from twelve nations participated in the study managerial values were assessed by means of rokeach s value survey factor analysis of the eighteen instrumental values included in rokeach s value survey revealed four underlying value dimensions the value dimension that included the instrumental values broadminded capable and courageous was ranked as the most important value dimension by managers from all twelve nations national differences were found on three of the four value dimensions

optimal fuel mix in chp plants under a stochastic permit price risk neutrality versus risk aversion abstract this paper studies the optimal fuel mix of a chp producer under emission permit price risk the producer s multi fuel plant uses two co2 intensive fuels and one clean fuel using a mean variance framework we develop three models the models are divided into spot models risk neutral and risk averse cases and a forward model risk averse case we derive the effects of price risk on optimal fuel use an increase in price risk can in fact increase the use of co2 intensive fuel in the spot model in the forward model the production and financial decisions are separate we also evaluate the risk bearing behavior of seven finnish chp producers we found that risk neutrality describes behavior better than risk aversion