the effect of urbanization affluence and trade openness on energy consumption a time series analysis in malaysia abstract this paper investigates the impact of urbanization on energy consumption by applying the stochastic impacts by regression on population affluence and technology stirpat in case of malaysia the study covers the time period of 1970q1 2011q4 the unit root test and the ardl bounds testing approach have been applied to examine integrating properties and long run relationship in the presence of structural breaks our results validated the existence of cointegration and exposed that urbanization is a major contributor in energy consumption affluence raises energy demand capital stock boosts energy consumption trade openness leads to affluence and hence increases energy consumption the causality analysis finds that urbanization granger causes energy consumption the feedback effect is found between energy consumption and affluence and energy consumption and capital the bidirectional causality exists between trade openness and energy consumption

optimal contract imperfect output observation and limited liability abstract we study the optimal contract when output is imperfectly observed when all parties are risk neutral and the agent has unlimited liability the optimal contract remains the same regardless of whether the output is perfectly or imperfectly observed when the agent s liability becomes limited the optimal contract changes profoundly under imperfect information we show that the high productivity agent never produces at first best and may be required to produce an effort lower than the one required from the low productivity agent and both types of agents can earn rents journal of economic literature classification number d82

the impact of population on co2 emissions evidence from european countries this paper analyses the impact of population growth on co2 emissions in european union countries traditionally researchers have assumed a unitary elasticity of emissions with respect to population growth in this study population is treated as a predictor in the model instead of being included as part of the dependent variable per capita emissions thus relaxing the above mentioned assumption of unitary elasticity we also contribute to the existing literature by taking into account the presence of heterogeneity in the sample and considering a dynamic specification the sample covers the period 1975 1999 for the current european union members our results show that the impact of population growth on emissions is more than proportional for recent accession countries whereas for old eu members the elasticity is lower than unity and non significant when the properties of the time series and the dynamics are correctly specified the different impact of population change on co2 emissions for the current eu members should therefore be taken into account in future discussions of climate change policies within the eu

urbanization and industrialization impact of co2 emissions in china abstract this study investigates the causal linkage among co2 emissions per capita energy intensity real gdp per capita industrialization share of industrial value added in gdp urbanization share of urban population in total population and share of renewable energy consumption in china over the period from 1970 to 2015 we employ autoregressive distributed lag ardl technology to test the co integration and short and long run estimates and apply the vector error correction model vecm to analyze the directional causality among the time series data the estimates of long run parameters indicate that 1 augments of energy intensity real gdp industrialization and urbanization increase co2 emissions by 1 1 0 6 0 3 and 1 0 respectively long run feedback granger causalities exist among emissions real gdp and industrialization thus our main policy suggestions are as follows i to encourage green and sustainable urbanization as it increases economic growth but not at the expense of environmental degradation ii to strategically adjust and optimize the industrial structure iii to improve the efficiency of energy use and technological innovation and iv to increase the proportion of renewable energy in total energy consumption

one switch utility functions and a measure of risk consider the relative attractiveness to a decision maker of two financial gambles as the wealth of that individual varies it may seem reasonable that either one alternative should be preferred for all wealth levels or that there exists a unique critical wealth level at which the decision maker switches from preferring one alternative to the other decreasing risk aversion is not sufficient for this property to hold we identify the small class of utility functions for which it does we show how the property leads naturally to a measure of risk the results of this paper apply equally well to discounting functions for cash flows one switch discount functions permit at most one change in preference between cash flows as all payoffs are deferred in time

money back warranties vs replacement warranties a simple comparaison product warranties are one of the most common time honored and visible contractual relationships entered into by consumers moreover under the uniform commercial code consumers are covered by an implied warranty of merchantability even without a written warranty in this paper we compare the outcomes of two contrasting types of consumer product warranties money back warranties and replacement warranties both these types of warranties are ubiquitous in fact a best and a r andreasen 1977 find that returning an item is the most common action taken by dissatisfied consumers c l kendall and f a russ 1975 in a study of the consumer packaged goods industry find that money back and new merchandise are the two most common responses made by firms to consumer complaints yet as our analysis shows there are significant differences in the incentives they provide firms and in their welfare properties in particular we find that the comparison depends crucially on the observability of quality and on the cost of servicing warranties although there are certainly more complicated explanations for warranties we rely on a simple model of imperfect consumer information in which to embed our comparison of the relative performance of these two forms of warranty consumers are confronted by seller moral hazard that is either they are unable to discern the quality of a product before purchase or alternatively this information is extremely costly for consumers to obtain or for firms to publicly demonstrate we abstract from issues such as differing degrees of risk aversion consumer moral hazard and screening each of which is frequently the rationale behind warranty provision our model is perhaps closest to the model presented in michael spence s 1977 article in which he analyzes the provision of warranties in an environment with biased consumer information

economic growth and pollutant emissions in tunisia an empirical analysis of the environmental kuznets curve abstract this paper investigates the relationship between economic growth and pollutant emissions for a small and open developing country tunisia during the period 1961 2004 the investigation is made on the basis of the environmental kuznets curve hypothesis using time series data and cointegration analysis carbon dioxide co 2 and sulfur dioxide so 2 are used as the environmental indicators and gdp as the economic indicator our results show that there is a long run cointegrating relationship between the per capita emissions of two pollutants and the per capita gdp an inverted u relationship between so 2 emissions and gdp has been found with income turning point approximately equals to 1200 constant 2000 prices or to 3700 in ppp constant 2000 prices however a monotonically increasing relationship with gdp is found more appropriate for co 2 emissions furthermore the causality results show that the relationship between income and pollution in tunisia is one of unidirectional causality with income causing environmental changes and not vice versa both in the short run and long run this implies that an emission reduction policies and more investment in pollution abatement expense will not hurt economic growth it could be a feasible policy tool for tunisia to achieve its sustainable growth in the long run

signaling quality with a money back guarantee the role of transaction costs direct marketing is witnessing explosive growth as consumers increasingly purchase products from their homes their ability to judge the quality of products they buy is significantly reduced in this paper we study how money back guarantees can signal product quality in such environments we interpret product quality broadly to mean both the level of attributes promised as well as the firm s consistency in delivering on those promises key aspects of our formulation are the explicit consideration of transaction costs and alternative signals of product quality transaction costs are the costs the seller or buyer faces when redeeming a money back guarantee we show that money back guarantees signal quality by exploiting the higher probability of returns for a lower quality product and the attendant higher transaction costs however if the seller s transaction costs are very large then there are less costly ways to signal namely charging a high price we compare the signaling performance of 1 price 2 price with uninformative advertising and 3 price with a money back guarantee whereas uninformative advertising does not work at all in our model under certain conditions a money back guarantee is necessary to signal and under other conditions a money back guarantee is a useful supplement to price

limited liability and incentive contracting with ex ante action choices abstract this article examines a principal agent model of financial contracting in which a risk neutral entrepreneur agent makes an unobservable ex ante effort choice while employing the investment funds of a risk neutral investor principal the key innovation is that the investment contract is subject to statutory liability limits given these liability limits two settings are considered one in which the investor payoff function is also constrained to be monotonically nondecreasing in firm profit and another in which no such monotonic contract constraint is imposed in the former case a standard debt contract is shown to emerge and a first best effort choice is not achieved in the latter setting the optimum is characterized by a live or die payoff function and a first best effort level may or may not be realized

the environmental kuznets curve and the role of coal consumption in india cointegration and causality analysis in an open economy abstract this study investigates the dynamic relationship between coal consumption economic growth trade openness and co2 emissions in case of india in doing so narayan and popp journal of applied statistics 2010 37 1425 1438 structural break unit test is applied to test the order of integration of the variables long run relationship between the variables is tested by applying the ardl bounds testing approach to cointegration developed by pesaran et al journal of applied econometrics 2001 16 289 326 the results confirm the existence of cointegration for long run between coal consumption economic growth trade openness and co2 emissions our empirical exercise indicates the presence of environmental kuznets curve ekc in long run as well as in short run coal consumption as well as trade openness contributes to co2 emissions the causality analysis reports the feedback hypothesis between economic growth and co2 emissions and same inference is drawn between coal consumption and co2 emissions moreover trade openness granger causes economic growth coal consumption and co2 emissions

a simple model of voice we think of voice as a means of information aggregation within groups operating in a variety of settings we explore how the characteristics of groups and their leaders influence voice in relatively homogeneous groups members farthest away from the leader have the best incentives to provide information and their voice tends to moderate policy decisions in large heterogeneous groups where leaders cannot identify individual members the possibilities for informational exchange are severely limited and any communication that exists pushes policies farther to the extreme

co2 emissions energy consumption and economic growth in bric countries abstract this paper examines dynamic causal relationships between pollutant emissions energy consumption and output for a panel of bric countries over the period 1971 2005 except for russia 1990 2005 in long run equilibrium energy consumption has a positive and statistically significant impact on emissions while real output exhibits the inverted u shape pattern associated with the environmental kuznets curve ekc hypothesis with the threshold income of 5 393 in logarithms in the short term changes in emissions are driven mostly by the error correction term and short term energy consumption shocks as opposed to short term output shocks for each country short term deviations from the long term equilibrium take from 0 770 years russia to 5 848 years brazil to correct the panel causality results indicate there are energy consumption emissions bidirectional strong causality and energy consumption output bidirectional long run causality along with unidirectional both strong and short run causalities from emissions and energy consumption respectively to output overall in order to reduce emissions and not to adversely affect economic growth increasing both energy supply investment and energy efficiency and stepping up energy conservation policies to reduce unnecessary wastage of energy can be initiated for energy dependent bric countries

collusion under asymmetric information when applied to groups the revelation principle postulates a bayesian nash behavior between agents their binding agreements are unenforceable or the principal can prevent them at no cost we analyze instead a mechanism design problem in which the agents can communicate between themselves and collude under asymmetric information we characterize the set of implementable collusion proof contracts both when the principal offers anonymous and nonanonymous contracts after having isolated the nexi and the stakes of collusion we proceed to a normative analysis perform some comparative statics discuss our concept of collusion proofness and provide some insights about transaction costs in side contracting

the nexus between urbanization renewable energy trade and ecological footprint in asean countries abstract economic growth accompanied by rising energy demand in asean countries have been unprecedented over these few years on the other hand the energy consumed in the asean region is predominantly non renewable which could have implications for sustainable development previous studies that have investigated the energy growth environment nexus for this region are inefficient in terms of the proxies used to measure environmental quality and the estimation techniques adopted as such this study explores the influence of renewable and non renewable energy consumption economic growth and urbanization on a more reliable environmental indicator ecological footprint from 1990 to 2016 while controlling for trade first and second generation unit root and cointegration tests are applied amidst evidence of cross sectional dependence findings reveal that economic growth trade and non renewable energy contribute significantly to environmental degradation in asean countries this suggests that the region is growing at the expense of its environment while also indulging in emission intensive trade further findings show a one way causality from urbanization to non renewable energy consumption policy directions and implications of the findings for sustainability are discussed

measures of perceived risk based on our previous work on the standard measure of risk this paper presents two classes of measures for perceived risk by decomposing a lottery into its mean and standard risk one of the classes of our risk measures presumes that there is no risk when there is no uncertainty involved and the other allows different degenerate lotteries to be evaluated with different values of risk the former has more prescriptive appeal in risky decision making but the latter may have more descriptive power for subjective risk judgments our risk measures can also take into account the asymmetric effects of losses and gains on perceived risk based on an appropriate choice of the standard measure of risk the perceived risk models we propose unify a large body of empirical evidence regarding risk judgments and provide sufficient flexibility to better capture people s perceptions of risk than previously developed risk models in particular our risk measures provide clear ways to accommodate financial measures of risk and psychological measures of risk and they can be incorporated into preference models in an appealing form based on mean risk tradeoffs

carbon dioxide emissions and economic growth panel data evidence from developing countries in this paper we test the environment kuznet s curve ekc hypothesis for 43 developing countries we suggest examining the ekc hypothesis based on the short and long run income elasticities that is if the long run income elasticity is smaller than the short run income elasticity then it is evident that a country has reduced carbon dioxide emissions as its income has increased our empirical analysis based on individual countries suggests that jordan iraq kuwait yemen qatar the uae argentina mexico venezuela algeria kenya nigeria congo ghana and south africa approximately 35 per cent of the sample carbon dioxide emissions have fallen over the long run that is as these economies have grown emissions have fallen since the long run income elasticity is smaller than the short run elasticity we also examine the ekc hypothesis for panels of countries constructed on the basis of regional location using the panel cointegration and the panel long run estimation techniques we find that only for the middle eastern and south asian panels the income elasticity in the long run is smaller than the short run implying that carbon dioxide emission has fallen with a rise in income

the relationship between urbanization energy use and carbon emissions evidence from a panel of association of southeast asian nations asean countries abstract this study uses annual data to detect the nexus between urbanization energy use and carbon emissions in a panel of association of southeast asian nations asean countries spanning the period 1980 2009 the study contributes to the increasing empirical literature by investigating the effects of urbanization and detecting causal links between the variables results from the pedroni panel cointegration tests show evidence for the existence of a long term equilibrium relationship between urbanization energy use and carbon emissions for the asean countries using the panel fully modified ordinary least squares technique the effect of urbanization on carbon emissions is further revealed i e a 1 rise in urban population results in a 0 20 increase in carbon emissions unilateral short run causal relationships from urbanization to energy use and from urbanization to carbon emissions have been found by granger causality tests also the results clearly indicate that in the long term urbanization together with energy use granger causes carbon emissions the paper concludes with main findings and provides recommendations toward rational planning of urban development and energy efficiency improvement strategies for the asean countries

the effect of new type urbanization on energy consumption in china a spatial econometric analysis abstract china s urbanization is rapidly proceeding while bringing marked impact on the energy consumption this paper contributes to current literature by using an improved spatial econometric model stochastic impacts by regression on population affluence and technology stirpat to investigate the effect of urbanization on energy consumption for china s regions the impact of urbanization is further disaggregated into direct and indirect impacts from the perspective of spatial econometrics results show that if the urbanization level increases by 1 0 energy consumption levels will correspondingly decrease by 0 089 the spatial spillover effect on adjacent areas is positive a 1 0 increase in one specific area s urbanization level leads to a 0 136 increase in an adjacent area s energy consumption it is suggested that it is essential to devote major efforts to energy conservation in the process of improving the new type urbanization in particular disaggregating china s targets for controlling energy consumption into smaller targets for different regions will contribute to controlling the growth of energy consumption

exit option in hierarchical agency abstract we explain why organizations that limit the voice of their agents can benefit from granting them an exit option we study a hierarchy with a principal a productive supervisor and an agent communication is imperfect in that only the supervisor can communicate with the principal while the agent has no direct voice to the principal we show that the principal is better off if she grants the agent the option to walk away from the contract by doing so the principal is implicitly giving a veto power to the agent this in turn restricts the manipulation of report by the supervisor thus the exit option can be interpreted as a remedy for limits on communication our finding contrasts to the traditional result from the contract theory literature that the exit option reduces the principal s welfare while protecting the agent our result is robust to the case of collusion between the supervisor and the agent we also examine the optimal exit option i e whether exit should entail a payment to or from the agent

economic growth and energy consumption the energy environmental kuznets curve for latin america and the caribbean abstract this paper investigates the relationship between economic growth and energy consumption using the hypothesis postulated for the energy environmental kuznets curve which assumes an inverted u shape relationship between income and energy consumption panel data for 22 latin american and caribbean countries for the period 1990 2011 were used absolute energy consumption was chosen as an environmental pressure indicator because energy consumption is the major contributor of emissions pollutants the results obtained in the estimations show that the hypothesis postulated for the energy environmental kuznets curve is not supported for the region on the contrary the results show an exponential growth as gross value added grows also notable differences are shown between the analyzed economies

disappointment in decision making under uncertainty decision analysis requires that two equally desirable consequences should have the same utility and vice versa most analyses of financial decision making presume that two consequences with the same dollar outcome will be equally preferred however winning the top prize of 10 000 in a lottery may leave one much happier than receiving 10 000 as the lowest prize in a lottery this paper explores the implications of disappointment a psychological reaction caused by comparing the actual outcome of a lottery to one s prior expectations for decision making under uncertainty explicit recognition that decision makers may be paying a premium to avoid potential disappointment provides an interpretation for some known behavioral paradoxes and suggests that decision makers may be sensitive to the manner in which a lottery is resolved the concept of disappointment is integrated into utility theory in a prescriptive model

environmental degradation economic growth and energy consumption evidence of the environmental kuznets curve in malaysia this paper tests for the short and long run relationship between economic growth carbon dioxide co2 emissions and energy consumption using the environmental kuznets curve ekc by employing both the aggregated and disaggregated energy consumption data in malaysia for the period 1980 2009 the autoregressive distributed lag ardl methodology and johansen juselius maximum likelihood approach were used to test the cointegration relationship and the granger causality test based on the vector error correction model vecm to test for causality the study does not support an inverted u shaped relationship ekc when aggregated energy consumption data was used when data was disaggregated based on different energy sources such as oil coal gas and electricity the study does show evidences of the ekc hypothesis the long run granger causality test shows that there is bi directional causality between economic growth and co2 emissions with coal gas electricity and oil consumption this suggests that decreasing energy consumption such as coal gas electricity and oil appears to be an effective way to control co2 emissions but simultaneously will hinder economic growth thus suitable policies related to the efficient consumption of energy resources and consumption of renewable sources are required

co2 emissions and poverty alleviation in china an empirical study based on municipal panel data abstract industrial transition and climate change regulation to reduce co2 emissions will affect employment and further influence social poverty in this study we measured co2 emissions and the poverty alleviation index based on socio economic and energy consumption statistic data from 286 municipal cities in china for 2007 2014 analyzed relationships between co2 emissions employment rate and poverty alleviation index using simultaneous equations and interpreted the mechanism by which co2 emissions influence social poverty at the municipal level the results indicate that average co2 emissions from china increased by 32 9 with a rapid initial rise and then steady growth from 2007 to 2014 while the average poverty alleviation index increased by 25 19 during the same period co2 emissions had a significant positive relationship with employment rate in all industries in addition employment rate was negatively correlated with poverty alleviation in primary industry and positively correlated with poverty alleviation in non agricultural industry studying the mechanisms for co2 emission impacts on poverty alleviation can provide important references for adapting to global climate change promoting sustainable development and safeguarding the legitimate development rights of all countries especially developing countries

urbanization and co2 emissions a semi parametric panel data analysis this paper investigates the relationship between urbanization and co2 emissions in a sample of 20 emerging countries over the period 1992 2008 using the semi parametric panel data model with fixed effects proposed by baltagi and li 2002 we find little evidence in support of an inverted u curve and thus the kuznets hypothesis is not confirmed by our analysis our findings shed new light on the urbanization co2 emissions nexus

the impact of renewable energy and agriculture on carbon dioxide emissions investigating the environmental kuznets curve in four selected asean countries abstract this study is the first attempt to explore the impact of per capita renewable energy consumption and agricultural value added on carbon dioxide co 2 emissions in four selected countries of the association of southeast asian nations asean 4 indonesia malaysia the philippines and thailand from 1970 to 2013 by examining the existence of the environmental kuznets curve ekc hypothesis our results of long run estimates do not support the inverted u shape ekc in the selected countries the estimates indicate that increasing renewable energy and agriculture decreases co 2 emissions while non renewable energy is positively correlated to emissions short run granger causal relationships exist from non renewable energy to emissions and to agriculture from economic growth to agriculture and from agriculture to renewable energy directly long run causalities indicate the existence of feedback causalities between emissions renewable energy and non renewable energy our policy implication is that developing sustainable agriculture can promote renewable energy and reduce emissions

the dynamic links between energy consumption economic growth financial development and trade in china fresh evidence from multivariate framework analysis abstract this study investigates the relationship between energy use and economic growth by incorporating financial development international trade and capital as important factors of production function in case of china over the period of 1971 2011 the ardl bounds testing approach to cointegration was applied to examine long run relationship among the series while stationarity properties of the variables was tested by applying structural break test our empirical evidence confirmed long run relationship among the variables the results showed that energy use financial development capital exports imports and international trade have positive impact on economic growth the granger causality analysis revealed that unidirectional causal relationship running from energy use to economic growth financial development and energy use granger cause each other there is bidirectional causality between international trade and energy use the feedback relation exists between financial development and international trade there is also bidirectional causality exists between capital and energy demand financial development and economic growth and international trade and economic growth this paper makes significant contribution in energy economics and opens up new direction for policy makers to explore new and alternative sources of energy which would be helpful in meeting the rising demand of energy due to sustained rate of economic growth

co2 emissions energy consumption and economic growth in turkey abstract this paper examines the long run and causal relationship issues between economic growth carbon emissions energy consumption and employment ratio in turkey by using autoregressive distributed lag bounds testing approach of cointegration empirical results for turkey over the period 1968 2005 suggest an evidence of a long run relationship between the variables at 5 significance level in turkey the estimated income elasticity of carbon emissions per capita is 0 606 and the income elasticity of energy consumption per capita is 1 375 results for the existence and direction of granger causality show that neither carbon emissions per capita nor energy consumption per capita cause real gdp per capita but employment ratio causes real gdp per capita in the short run in addition ekc hypothesis at causal framework by using a linear logarithmic model is not valid in turkish case the overall results indicates that energy conservation policies such as rationing energy consumption and controlling carbon dioxide emissions are likely to have no adverse effect on the real output growth of turkey

economic growth and environmental degradation the environmental kuznets curve and sustainable development abstract in this paper we critically examine the concept of the environmental kuznets curve ekc it proposes that there is an inverted u shape relation between environmental degradation and income per capita so that eventually growth reduces the environmental impact of economic activity the concept is dependent on a model of the economy in which there is no feedback from the quality of the environment to production possibilities and in which trade has a neutral effect on environmental degradation the actual violation of these assumptions gives rise to fundamental problems in estimating the parameters of an ekc the paper identifies other econometric problems with estimates of the ekc and reviews a number of empirical studies the inference from some such ekc estimates that further development will reduce environmental degradation is dependent on the assumption that world per capita income is normally distributed when in fact median income is far below mean income we carry out simulations combining ekc estimates from the literature with world bank forecasts for economic growth for individual countries aggregating over countries to derive the global impact within the horizon of the bank s forecast 2025 global emissions of so 2 continue to increase forest loss stabilizes before the end of the period but tropical deforestation continues at a constant rate throughout the period

a standard measure of risk and risk value models in this paper we propose a standard measure of risk that is based on the converted expected utility of normalized lotteries with zero expected values this measure of risk has many desirable properties that characterize the notion of risk it is very general and includes many previously proposed measures of risk as special cases moreover our standard measure of risk provides a preference based and unified method for risk studies since the standard measure of risk is compatible with the measure of expected utility it can be used explicitly or implicitly in an expected utility model under a condition called risk independence a decision could be made by explicitly trading off between risk and value which offers an alternative representation of the expected utility model named the standard risk value model finally we discuss some other applications of the standard measure of risk and extensions of our risk value tradeoff framework for descriptive decision making

urbanization economic growth energy consumption and co2 emissions empirical evidence from countries with different income levels abstract the growth of anthropogenic co2 emissions has been widely attributed to the combustion of energy in support of human activities associated with economic development while the link between urbanization economic growth energy consumption and co2 emissions has as a result received considerable multidisciplinary scholarly attention little work has been undertaken with respect to the how differences in the development stages or income levels of the countries studied may affect these relations here we empirically explore the link between urbanization economic development energy consumption and co2 emissions specifically taking into account the different income levels of the countries studied a series of panel data models and a balanced dataset for a panel of 170 countries were utilized in the study which took the period of 1980 2011 into consideration the result of panel cointegration tests suggested that a cointegration relationship existed between variables in all the countries studied and that a statistically significant positive relationship existed between the variables employed in the long run the results of a granger causality test based on the vector error correction model vecm provided evidence of varied granger causality relationships between the variables across the income based subpanels moreover we also undertook an impulse response and variance decomposition analysis that allowed us to forecast the impacts of economic growth urbanization and energy consumption on future co2 emissions during the period surveyed our results cast a new light on the importance of a country s development stage and income level for government policy decisions relating to the reduction of co2 emissions

disappointment and dynamic consistency in choice under uncertainty the central proposition of disappointment theory is that an individual forms expectations about uncertain prospects and that if the actual consequence turns out to be worse than or better than that expectation the individual experiences a sensation of disappointment or elation generating a decrement or increment of utility which modifies the basic utility derived from the consequence by incorporating a simple disappointment elation function into a model of individual choice many observed violations of conventional expected utility axioms including violations of savage s sure thing principle and the isolation effect can be predicted and defended as rational and dynamically consistent behaviour

coal consumption co2 emission and economic growth in china empirical evidence and policy responses this article investigates the relationship between coal consumption and income in china using both supply side and demand side frameworks cointegration and vector error correction modeling show that there is a unidirectional causality running from coal consumption to output in both the short and long run under the supply side analysis while there is also a unidirectional causality running from income to coal consumption in the short and long run under the demand side analysis the results also reveal that there is bi directional causality between coal consumption and pollutant emission both in the short and long run hence it is very difficult for china to pursue a greenhouse gas abatement policy through reducing coal consumption switching to greener energy sources might be a possible alternative in the long run

examining carbon emissions economic growth nexus for india a multivariate cointegration approach abstract the study probes cointegration and causality between carbon emissions and economic growth for india using ardl bounds testing approach complemented by johansen juselius maximum likelihood procedure in a multivariate framework by incorporating energy supply investment and employment for time span 1971 2006 the study fails to establish long run equilibrium relationship and long term causality between carbon emissions and economic growth however there exists a bi directional short run causality between the two hence in the short run any effort to reduce carbon emissions could lead to a fall in the national income this study also establishes unidirectional short run causality running from economic growth to energy supply and energy supply to carbon emissions the absence of causality running from energy supply to economic growth implies that in india energy conservation and energy efficiency measures can be implemented to minimize the wastage of energy across value chain such measures would narrow energy demand supply gap absence of long run causality between carbon emissions and economic growth implies that in the long run focus should be given on harnessing energy from clean sources to curb carbon emissions which would not affect the country s economic growth

economic growth energy consumption financial development international trade and co2 emissions in indonesia this study examines the linkages among economic growth energy consumption financial development trade openness and co2 emissions over the period of 1975q1 2011q4 in the case of indonesia the stationary analysis is performed by using zivot andrews structural break unit root test and the ardl bounds testing approach for a long run relationship between the series in the presence of structural breaks the causal relation between the concerned variable is examined by the vecm granger causality technique and robustness of causal analysis is tested by innovative accounting approach iaa our results confirm that the variables are cointegrated it means that the long run relationship exists in the presence of structural break stemming in the series the empirical findings indicate that economic growth and energy consumption increases co2 emissions while financial development and trade openness compact it the vecm causality analysis has shown the feedback hypothesis between energy consumption and co2 emissions economic growth and co2 emissions are also interrelated i e bidirectional causality financial development granger causes co2 emissions the study opens up a new policy insights to control the environment from degradation by using energy efficient technologies financial development and trade openness can also play their role in improving the environmental quality

estimation of electricity demand function for algeria revisit of time series analysis abstract this paper aims to empirically re examine whether economic growth has effect on electricity consumption for algerian economy we have incorporated urbanization and trade openness in electricity demand function as additional determinants of electricity consumption for the period of 1971 2012 for empirical purpose we have applied the recently developed combined cointegration test proposed by bayer and hanck 2013 and bounds testing approach to cointegration by pesaran et al 2001 for establishing the cointegration between the variables by accommodating structural breaks the results expose that income growth leads to higher electricity demand along with urbanization being another major contributing factor of rising electricity demand in contrast trade openness leads to reduce electricity demand the causal association between the variables is further examined with the application of innovation accounting approach of vector autoregressive var the empirical evidence indicates the presence of the neutral effect between income growth and electricity use urbanization causes electricity use and electricity use causes urbanization in granger sense

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

limited liability contracts between principal and agent abstract the optimal strategy of the principal is examined in an environment where there are ex post limitations on the maximum penalty that can be imposed on a riskneutral agent contrary to the case in which such limitations are not imposed it is in the principal s interest to deliberately forego the opportunity to induce socially efficient behavior and to instead design a contract that induces the agent to realize an efficient outcome only in the most productive state of nature and perhaps in certain very unproductive states the properties of the contract are examined in detail

does urbanization lead to less energy use and lower co2 emissions a cross country analysis despite the relationship between urbanization energy use and co2 emissions has been extensively studied in recent years little attention has been paid to differences in development stages or income levels most previous studies have implicitly assumed that the impact of urbanization is homogenous for all countries this assumption can be questionable as there are many characteristic differences among countries of different levels of affluence this paper investigates empirically the effects of urbanization on energy use and co2 emissions with consideration of the different development stages using the stochastic impacts by regression on population affluence and technology stirpat model and a balanced panel dataset of 99 countries over the period 1975 2005 the findings suggest that the impact of urbanization on energy use and emissions varies across the stages of development surprisingly urbanization decreases energy use in the low income group while it increases energy use in the middle and high income groups the impact of urbanization on emissions is positive for all the income groups but it is more pronounced in the middle income group than in the other income groups these novel findings not only help advance the existing literature but also can be of special interest to policy makers and urban planners

panel estimation for co2 emissions energy consumption economic growth trade openness and urbanization of newly industrialized countries abstract this paper empirically examines the dynamic causal relationships between carbon dioxide emissions energy consumption economic growth trade openness and urbanization for the panel of newly industrialized countries nic using the time series data for the period 1971 2007 using four different panel unit root tests it is found that all panel variables are integrated of order 1 from the johansen fisher panel cointegration test it is found that there is a cointegration vector among the variables the granger causality test results support that there is no evidence of long run causal relationship but there is unidirectional short run causal relationship from economic growth and trade openness to carbon dioxide emissions from economic growth to energy consumption from trade openness to economic growth from urbanization to economic growth and from trade openness to urbanization it is found that the long run elasticity of carbon dioxide emissions with respect to energy consumption 1 2189 is higher than short run elasticity of 0 5984 this indicates that over time higher energy consumption in the newly industrialized countries gives rise to more carbon dioxide emissions as a result our environment will be polluted more but in respect of economic growth trade openness and urbanization the environmental quality is found to be normal good in the long run

sometimes less is more the influence of information aggregation on investment decisions abstract we study the effect of information aggregation on individual investors risk taking behavior in two experiments each having three different treatments subjects in the control group were given hypothetical returns for both the risk free and the risky asset subjects in the account group were also given information about returns separately for each of the two assets however this information was scaled according to a subject s chosen investment amount subjects in the portfolio group could observe returns on a portfolio level which constitutes the highest level of information aggregation in our study results show that a higher degree of information aggregation results in greater risk taking increased risk taking is associated with a lower risk perception and a more accurate estimation of the probability of a loss furthermore reporting aggregated returns might lead investors to evaluate the aggregated outcome relative to a different reference point the overall portfolio instead of the amount invested in risky assets which makes them less likely to experience a loss and therefore increases the willingness to invest in the risky asset thus aggregating information seems to reduce mental accounting namely having one account for risky and one account for risk free investments ex post our findings show that the portfolio group also makes consistent subsequent allocation decisions and shows a lower dissatisfaction with outcomes in the loss domain the results were consistent across both experiments despite the use of different subject pools and investment amounts

the co2 emissions income nexus evidence from rich countries the paper attempts to test the environment kuznets curve ekc hypothesis for 36 high income countries for the period 1980 2005 the test is based on the suggestion of narayan and narayan 2010 various panel data unit root and co integration tests are applied carbon dioxide co2 emissions and gdp series are integrated of order one and co integrated especially after controlling for cross sectional dependence additionally the blundell bond system generalised methods of moments gmm is employed to conduct a panel causality test in a vector error correction mechanism vecm setting unidirectional causality running from real per capita gdp to per capita co2 emissions is uncovered in both the short run and the long run the empirical analysis based on individual countries provides evidence of an ekc for greece malta oman portugal and the united kingdom however it can be observed that for the whole panel a 1 increase in gdp generates an increase of 0 68 in co2 emissions in the short run and 0 22 in the long run the lower long run income elasticity does not provide evidence of an ekc but does indicate that over time co2 emissions are stabilising in the rich countries

impact of corruption in public sector on environmental quality implications for sustainability in brics and next 11 countries abstract this study investigates the impact of corruption in public sector on carbon emissions in presence of energy use segregation following the environmental kuznets curve ekc framework the study has been carried out for brazil russia india china south africa brics and next 11 countries over the period of 1990 2017 along with the finding of inverted n shaped ekc for both the cases we find that incidents of corruption enhance environmental degradation by reducing the positive impact of renewable energy consumption on environmental quality and increasing the negative impact of fossil fuel consumption this study has also divulged that the corruptive practices are more prone in case of the countries where the development is mature and institutionalization is more stringent based on these findings we suggest that environmental policies should take account of the corruption and thereby making the policies more robust and effective

limited liability and incentive contracting with multiple projects i examine a principal agent model with multiple projects where a risk neutral manager is protected by limited liability the analysis has several interesting implications i incentive problems are shown to be a natural source of economies of scope as combining multiple projects under the management of a single manager relaxes the limited liability constraint ii as a result managers may be overloaded with work and exert inefficiently high effort and iii the analysis has implications for the optimal allocation of projects to different managers copyright 2001 by the rand corporation

managing the energy trilemma the case of indonesia abstract this article argues that a central challenge for energy governance is how to manage a complex energy trilemma involving the sometimes competing demands of energy security climate change mitigation and particularly in developing countries energy poverty it suggests that tensions between the horns of the trilemma in large part explain indonesia s current profoundly suboptimal energy policy while these tensions are not inherently incapable of resolution such resolution would require good governance at both state and global levels the possibilities for and obstacles confronting such governance are explored and provisional solutions canvassed

the firm as a communication network this paper analyzes how organizations can minimize costs of processing and communicating information communication is costly because it takes time for an agent to absorb new information sent by others agents can reduce this time by specializing in the processing of particular types of information when these returns to specialization outweigh costs of communication it is efficient for several agents to collaborate within a firm it is shown that efficient networks involve centralization that individuals delegate tasks to subordinates only if they are overloaded and that the number of transits to the top tends to be equalized across individual information items

electricity consumption and economic growth a cross country analysis abstract electricity has been the foundation of economic growth and constitutes one of the vital infra structural inputs in socio economic development the world faces a surge in demand for electricity that is driven by such powerful forces as population growth extensive urbanization industrialization and the rise in the standard of living this paper attempts to ascertain whether there is a systematic relationship between electricity consumption and economic growth to this end we use a large set of data that spans 88 countries during the period 1975 2004 a statistically significant inverted u shaped relationship between per capita consumption of electricity and per capita income is detected nevertheless by using a purchasing power parity that is much higher than the per capita income of all the countries in the world the level of per capita income is estimated at the peak point of per capita electricity consumption to be 61 379 in 2000 constant international dollars moreover we segment the sample into organization for economic cooperation and development oecd countries and non oecd countries and separately analyze the developed and developing countries the separate estimation shows that even though the peak income is higher than the average per capita income a statistically significant inverted u shaped relationship is found in oecd and developed countries but not in non oecd and developing countries

risk propensity in the foreign direct investment location decision of emerging multinationals a distinguishing feature of emerging economy multinationals is their apparent tolerance for host country institutional risk employing behavioral decision theory and quasi experimental data we find that managers domestic experience satisfaction increases their relative risk propensity regarding controllable risk legally protectable loss but decreases their tendency to accept noncontrollable risk e g political instability in contrast firms potential slack reduces relative risk propensity regarding controllable risk yet amplifies the tendency to take noncontrollable risk we suggest that these counterbalancing effects might help explain prior ambiguous findings on the relationship between experience slack and fdi decisions the study provides a new understanding of why firms exhibit heterogeneous responses to host country risks and the varying effects of institutions

economic growth energy and environmental kuznets curve the aim of this study is to investigate the relationship between income and carbon dioxide co2 emissions in the context of the environmental kuznets curve ekc which posits the existence of an inverted u shape relationship between environmental degradation and economic development for this purpose two empirical models are examined for both models the relationship between per capita income and per capita co2 emissions and the relationship among per capita income per capita energy use and per capita co2 emissions are analyzed respectively between 1980 and 2010 using the panel data estimation techniques with the application of driscoll kraay standard errors yet for the first model data are analyzed for 26 oecd countries with high income levels while for the second model data are examined for 52 emerging countries the results of both models show that n shape and an inverted n shape relationship for cubic functional form are observed thus the results do not support the ekc hypothesis which implies that environmental degradation cannot be solved automatically by economic growth

the impact of urbanization on co2 emissions evidence from developing countries abstract this paper analyzes the impact of urbanization on co2 emissions in developing countries from 1975 to 2003 it contributes to the existing literature by examining the effect of urbanization taking into account dynamics and the presence of heterogeneity in the sample of countries the results show an inverted u shaped relationship between urbanization and co2 emissions indeed the elasticity emission urbanization is positive for low urbanization levels which is in accordance with the higher environmental impact observed in less developed regions among our contributions is the estimation of a semi parametric mixture model that allows for unknown distributional shapes and endogenously classifies countries into homogeneous groups three groups of countries are identified for which urbanization s impact differs considerably for two of the groups a threshold level is identified beyond which the emission urbanization elasticity is negative and further increases in the urbanization rate do not contribute to higher emissions however for the third group only population and affluence but not urbanization contribute to explain emissions the differential impact of urbanization on co2 emissions should therefore be taken into account in future discussions of climate change policies

product warranties and double moral hazard this article explores a model of warranties in which moral hazard problems play a key role the goal is to understand the important characteristics of warranties including their provision of incomplete insurance and the relationship between product quality and coverage we analyze a model in which buyers and sellers take actions that affect a product s performance since these actions are not cooperatively determined an incentives problem arises we characterize the optimal warranty contract and undertake comparative statics to determine the predicted correlation of warranty coverage and product quality

energy consumption pollutant emissions and economic growth in south africa article i nfo article history this paper examines the long run and the causal relationship between economic growth pollutant emissions and energy consumption for south africa for the period 1965 2006 in a multivariate framework which includes labour and capital as additional variables using the bound test approach to cointegration we found a short run as well as a long run relationship among the variables with a positive and a statistically significant relationship between pollutant emissions and economic growth further applying a modified version of the granger causality test we also found a unidirectional causality running from pollutant emissions to economic growth from energy consumption to economic growth and from energy consumption to co2 emissions all without a feedback the econometric evidence suggests that south africa has to sacrifice economic growth or reduce its energy consumption per unit of output or both in order to reduce pollutant emissions in the long run however it is possible to meet the energy needs of the country and at the same time reduce co2 emissions by developing energy alternatives to coal the main source of co2 emissions however the econometric results upon which the policy suggestions are made should be interpreted with care as they may not be sufficiently robust enough to categorically warrant the choice of an unpalatable policy option by south africa

exploring the relationship between energy usage segregation and environmental degradation in n 11 countries numerous studies regarding the economic growth environmental pollution link have struggled to determine the effects of various forms of energy consumption on environmental degradation particularly in the context of emerging economies this study examines the environmental kuznets curve ekc for co2 emissions in n 11 countries during 1990 2014 by segregating three forms of energy consumption renewable biomass and non renewable urbanization and trade openness are additional explanatory variables that are used in the empirical framework using the generalized moments method gmm the empirical evidence confirms the presence of an n shaped relationship between economic growth and environmental degradation for n 11 countries this study analyzed the interaction effects among trade openness biomass consumption and economic growth these interactions had a negative impact on co2 emissions levels of n 11 countries suitable policy recommendations have been provided based on the detailed results

energy consumption co2 emissions and economic growth an ethical dilemma in this study we examine the dynamic interrelationship in the output energy environment nexus by applying panel vector autoregression pvar and impulse response function analyses to data on energy consumption and its subcomponents carbon dioxide emissions and real gdp in 106 countries classified by different income groups over the period 1971 2011 our results reveal that the effects of the various types of energy consumption on economic growth and emissions are heterogeneous on the various groups of countries moreover causality between total economic growth and energy consumption is bidirectional thus making a case for the feedback hypothesis however we cannot report any statistically significant evidence that renewable energy consumption in particular is conducive to economic growth a fact that weakens the argument that renewable energy consumption is able to promote growth in a more efficient and environmentally sustainable way finally in analysing the case for an inverted u shaped ekc we find that the continued process of growth aggravates the greenhouse gas emissions phenomenon in this regard we cannot provide any evidence that developed countries may actually grow out of environmental pollution in the light of these findings the efficacy of recent government policies in various countries to promote renewable energy consumption as a means for sustainable growth is questioned put differently there seems to be an ethical dilemma between high economic growth rates and unsustainable environment and low or zero economic growth and environmental sustainability

energy consumption carbon emissions and economic growth in china abstract this paper investigates the existence and direction of granger causality between economic growth energy consumption and carbon emissions in china applying a multivariate model of economic growth energy use carbon emissions capital and urban population empirical results for china over the period 1960 2007 suggest a unidirectional granger causality running from gdp to energy consumption and a unidirectional granger causality running from energy consumption to carbon emissions in the long run evidence shows that neither carbon emissions nor energy consumption leads economic growth therefore the government of china can purse conservative energy policy and carbon emissions reduction policy in the long run without impeding economic growth

impact of urbanization on energy demand an empirical study of the yangtze river economic belt in china abstract this paper provides an empirical assessment of the effects of china s urbanization on its energy demand for 2003 2014 using a dataset of 108 cities located in the yangtze river economic belt both demographic urbanization du and land urbanization lu are considered in the empirical analysis the results show that urbanization exerts significant and positive impacts on energy demand during the study period our empirical suggest that one unit rises in du and lu rises the energy demand by 48 85 91 62 and 65 54 68 09 respectively without with considering control variables the energy demand effects of urbanization still hold when considering spatial and heterogeneity factors these results are robust to alternative measures of urbanization and empirical model specifications our results indicate that policymakers should improve the quality of urbanization to promote the growth of high tech and high quality industries avoiding excessive energy consumption with extensive urbanization large cities should not be allowed to grow unchecked more attention should be paid to promote the development of medium sized cities and implement a balanced population distribution among different cities the energy demand structure industrial and residential primary and secondary renewable and nonrenewable should be optimized by introducing cleaner low carbon technology and its transformation

an ekc pattern in historical perspective carbon dioxide emissions technology fuel prices and growth in sweden 1870 1997 the environmental kuznets curve ekc has been subject to research and debate since the early 1990s this articleexamines the inverted u trajectory of swedish co2 emissions during an extended time

regional analysis across colombian departments a non parametric study of energy use abstract the analysis of energy use is important in emerging economies and especially in the manufacturing industries as energy is a key factor of sustainable development this research analyses and evaluates the features of regional energy use and efficiency across colombian departments in the manufacturing industries for the period between 2005 and 2013 by applying two malmquist data envelopment analysis models the results indicate significant difference in energy use and efficiency across colombian departments in the manufacturing industries the results of the malmquist indexes determine that various manufacturing industries across colombian departments have a high potential to increase energy efficiency several manufacturing industries across colombian departments have experienced gains in productivity a growth in efficiency an improvement in the relationship between inputs and outputs and scale production and advances in innovation through new technologies this technique allows to make comparisons and improves energy policies to increase energy efficiency and decrease co 2 emissions the application of panel data models indicate that increases in energy prices exports and productivity lead to better energy use while a higher presence of energy intensive sectors and small and medium enterprises across colombian departments reduce energy efficiency the methods selected in this research generated consistent robust and reliable estimates related to energy use and co 2 emissions for regional studies the findings of this study indicate that diverse energy policies should implement in the industrial sector across colombian departments and that they should contribute to improvements in energy use especially in small and medium companies and energy intensive sectors

exploring the relationship between urbanization energy consumption and co2 emission in mena countries abstract this study explored the relationship between urbanization energy consumption and co2 emission in the mena countries the panel model was utilized taking the period 1980 2009 into consideration pedroni cointegration test results showed that urbanization energy consumption and co2 emission were cointegrated the dynamic ols results also showed that there was a long run bi directional positive relationship between urbanization energy consumption and co2 emission however the significance of the long run relationship between urbanization energy consumption and co2 emission varied across the countries based on their level of income and development moreover long and short run bi directional causal relationships were found between the variables based on the granger causality test results from the results of this study it is important for the urban planners and policy makers in the mena countries to slow the rapid increase in urbanization the level of energy consumption and co2 emission in the mena countries increased more than double thus slowing down the urbanization level can help reduce the level of pollution and energy consumption in addition the increased energy efficiency implementation of energy savings projects energy conservation and energy infrastructure outsourcing reduce the level of pollution produced by urban areas

coal consumption urbanization and trade openness linkage in indonesia abstract this paper explores the effects of economic growth urbanization industry and trade openness on coal consumption in indonesia over the period 1970 2015 to closely adhere to the environmental kuznets curve narratives we consider coal consumption which has been scarcely explored in the ekc debate as a proxy of environmental pressure we estimate the autoregressive distributed lag ardl method and confirm that the variables are cointegrated for long run linkage with the presence of structural breaks the empirical evidence showed that economic growth urbanization and trade openness increase coal consumption while decreasing share of secondary industry reduce it we also verify the existence of environmental kuznets curve having a vital role in the energy mix indonesia needs to restrain excessive coal consumption to enhance environmental quality our results also imply urbanization and trade openness are crucial factors on coal consumption consequently it should be taken into consideration in energy policy making process such as energy conservation policies in the residential sector and prioritize foreign investment which brings cutting edge coal technologies

renewable energy policies and contradictions in causality a case of next 11 countries abstract numerous studies on the causal relationship between economic growth energy consumption and carbon dioxide co2 emissions have shown divergence in policy recommendations which arises mainly due to the choice of methodology and the period of study this inconclusiveness in policy prescriptions might turn out to be critical when the renewable energy policies of the developing nations are considered our study analyses the causal relationship between economic growth carbon emissions fossil fuel and renewable energy consumption in next 11 countries during the period of 1990 2016 along with conducting parametric and non parametric causality tests together introducing the geweke 1982 causality test in the literature of energy economics we attempt to establish a wholesome aspect of policy design by comparing and complementing results of different causality analysis and how the causality directions should comply with the context setting our empirical evidence confirms that robust renewable energy policy can be designed by complementing the various causality test results rather than focusing on one particular causality test

is there an environmental kuznets curve for sulfur abstract most existing estimates of the environmental kuznets curve ekc for sulfur which use samples of mainly high income countries indicate a maximum emissions turning point at middle to lower high income levels of gdp per capita we use a larger and more globally representative sample than previous sulfur ekc studies we find that sulfur emissions per capita are a monotonic function of income per capita when we use a global sample and an inverted u shape function of income when we use a sample of high income countries a model estimated in first differences results in a monotonic ekc when estimated with both high income and global samples reductions in emissions are time related rather than income related

moral hazard and capital structure dynamics we base a contracting theory for a start up firm on an agency model with observable but nonverifiable effort and renegotiable contracts two essential restrictions on simple contracts are imposed the entrepreneur must be given limited liability and the investor s earnings must not decrease in the realized profi to f thefirm all message game contracts with pure strategy equilibria and no third parties are considered within this class of contracts equilibria and regardless of who has the renegotiating bargaining power debt and convertible debt maximize the entrepreneur s incentives to exert effort these contracts are optimal if the entrepreneur has the bargaining power in renegotiation if the investor has the bargaining power the same is true unless debt induces excessive effort in the latter case a non debt simple contract achieves efficiency the non contractibility of effort does not lower welfare thus when the non contractibility of effort matters our results mirror typical capital structure dynamics an early use of debt claims followed by a switch to equity like claims

identifying the impacts of human capital on carbon emissions in pakistan abstract at present carbon emissions reduction is a very important challenge all over the world improvement of human capital helps to reduce carbon emissions this paper studies the long and short term effects of human capital on carbon emissions in pakistan from 1971 to 2014 we employ an autoregressive distributed lag model and the vector error correction model to analyze the co integration and direction of causalities between human capital and carbon emissions respectively results show that a significant long term relationship exists between human capital and carbon emissions improvement of human capital will reduce carbon emissions without decreasing economic growth granger causality test results describe the bidirectional causality that exists between human capital and carbon emissions in the long term and no causality in the short term human capital and economic growth have feedback effects in the long term and no effect in the short term the results of this study show that improvement in human capital through education will help carbon emissions reduction in the long term this study will help policymakers devise a comprehensive strategy to reduce carbon emissions through improvement of human capital

environmental kuznets curve time series application for turkey why controversial results exist for similar models abstract this paper investigates the environmental kuznets curve ekc hypothesis using 40 year spanned time series for the turkey case co 2 emission series representing environmental pressure and gdp per capita values representing economic development are used for the period 1968 2007 a cointegration has been determined among nonstationary series first phases of an inverted u form ekc relationship have been determined for turkey from the econometric estimations this result is conflicting with that of the similar models for turkey case on the other hand this conflict refers the important arguments in the literature and constitutes the main points of the paper sensitivity critiques for example ahking et al for cointegration tests johansen and engle granger tests have been supported in our study moreover we detected important diversion in results according to drift and trend assumptions both in ci vector and ekc model specifications we conclude that building ekc model according to cointegration ci equation restrictions can be important source for diversion when sensitivity exists in estimations and cointegration tests therefore ekc estimations should be held in non restrictive way the additional structural reasons have been also discussed for developing country ekc cases the most important one is that the narrow income sample of developing countries makes it possible to be defined by similar but different paths therefore policy implications to be drawn from those analyses should not ignore this feature of developing country analyses

energy consumption and income a semiparametric panel data analysis this paper proposes a semiparametric analysis for the study of the relationship between energy consumption per capita and income per capita for an international panel dataset it shows little evidence for the existence of an environmental kuznets curve for energy consumption energy consumption increases with income for a majority of countries and then stabilizes for very high income countries neither changes in energy structure nor macroeconomic cycle technological change have significant effect on energy consumption

reciprocal supervision collusion and organizational design we study the design of supervisory functions in an organization with one principal and two agents each agent can perform supervision activities regarding the other agent we characterize the way the principal must structure incentive payments to avoid any collusive activity between agents in particular it is shown that better mutual information between agents may hurt the principal the other main result is the possibility that it may be better to give up one supervisory function or to have a third party be the supervisor if possible finally we show that such a dual supervisory structure raises the possibility that letting collusion happen may be the best policy

a literature survey on energy growth nexus abstract this paper provides a survey of the recent progress in the literature of energy consumption economic growth and electricity consumption economic growth causality nexus the survey highlights that most empirical studies focus on either testing the role of energy electricity in stimulating economic growth or examining the direction of causality between these two variables although the positive role of energy on growth has become a stylized fact there are some methodological reservations about the results from these empirical studies a general observation from these studies is that the literature produced conflicting results and there is no consensus neither on the existence nor on the direction of causality between energy consumption electricity consumption and economic growth as a policy implication to avoid from conflicting and unreliable results the authors may use the autoregressive distributed lags bounds test two regime threshold co integration models panel data approach and multivariate models including new variables such as real gross fixed capital formation labor force carbon dioxide emissions population exchange rates interest rates etc thus the authors should focus more on the new approaches and perspectives rather than by employing usual methods based on a set of common variables for different countries and different intervals of time

factors determining energy consumption evidence from indonesia malaysia and thailand abstract the aim of this study is to verify empirically the impact of various factors on energy consumption in three asean countries namely indonesia malaysia and thailand over the period 1980 to 2012 after using sundry appropriate diagnostic tests for checking time series data the method of least square as an analytical technique is used for parameters estimation the findings validate that fdi inflows economic growth trade openness and human development index have positive and statistically significant impacts on energy consumption the other variable urbanization has positive and statistically significant impacts on energy consumption for thailand and indonesia only while the empirical results reveals that population growth rate has a positive and statistically significant relationship with energy consumption only in the case of malaysia so in the light of determinations of the study the policy implication is that energy policy needs to be orientated in favor of expanding the supply of energy to reach an enhanced degree of sustainable economic growth and development

a unit root model for trending time series energy variables in this paper we propose a garch based unit root test that is flexible enough to account for a trending variables b two endogenous structural breaks and c heteroskedastic data series our proposed model is applied to a range of time series trending and heteroskedastic energy variables our two main findings are first the proposed trend based garch unit root model outperforms a garch model without trend and second allowing for a time trend and two endogenous structural breaks are important in practice for doing so allows us to reject the unit root null hypothesis