ipo underpricing and flotation methods in taiwan a stochastic frontier approach adopting stochastic frontier analysis this article studies the pricing model and underpricing phenomenon of the initial public offerings ipos in taiwan and further elucidates the potential impact of offering mechanisms on underpricing the sampling period is from 1996 to 2003 in which 647 ipos are selected empirical results suggest that issuing firms with greater earning potentials less risk or less asymmetric information have lower underpricing furthermore the variables included to explain underpricing are mostly significant especially the proxy variable for flotation method observed mean ipo underpricing is 20 59 in the sample period compared to 17 12 for the subgroup using the auction method this statistically significant difference implies that the introduction of the auction method can help reduce ipo underpricing

wheat from chaff meta analysis as quantitative literature review abstract this paper presents and develops a quantitative method of literature reviewing and evaluating empirical research meta regression analysis or mra economics is theory driven yet we must learn empirically if economics is to advance mra offers a more objective statistical method to summarize our empirical knowledge and to explain the wide study to study variation in economic research mra is used to assess the evidence for ricardian equivalence and its findings are contrasted to those of conventional narrative review furthermore mra establishes a platform from which to distinguish genuine empirical effect from the exploitable specification error that infests applied econometrics

a review of wta wtp studies abstract willingness to accept wta is usually substantially higher than willingness to pay wtp these constructs have been studied for roughly 30 years and with a wide variety of goods this paper reviews those studies we find that the less the good is like an ordinary market good the higher is the ratio the ratio is highest for non market goods next highest for ordinary private goods and lowest for experiments involving forms of money a generalization of this pattern holds even when we account for differences in survey design ordinary goods have lower ratios than non ordinary ones we also find that ratios in real experiments are not significantly different from hypothetical experiments and that incentive compatible elicitation yields higher ratios

substitution elasticities between ghg polluting and nonpolluting inputs in agricultural production a meta regression abstract this paper reports meta regressions of substitution elasticities between greenhouse gas ghg polluting and nonpolluting inputs in agricultural production which is the main feedstock source for biofuel in the u s we treat energy fertilizer and manure collectively as the polluting input and labor land and capital as nonpolluting inputs we estimate meta regressions for samples of morishima substitution elasticities for labor land and capital vs the polluting input much of the heterogeneity of morishima elasticities can be explained by type of primal or dual function functional form type and observational level of data input categories number of outputs type of output time period and country categories each estimated long run elasticity for the reference case which is most relevant for assessing ghg emissions through life cycle analysis is greater than 1 0 and significantly different from zero most predicted long run elasticities remain significantly different from zero at the data means these findings imply that life cycle analysis based on fixed proportion production functions could provide grossly inaccurate measures of ghg of biofuel

what are households willing to pay for improved water access results from a meta analysis abstract although several factors contribute to low rates of access to improved water and sanitation in the developing world it is especially important to understand and measure household demand for these services one valuable source of information regarding demand is the growing empirical literature that has applied stated preference methods to estimate households willingness to pay wtp because it is difficult to generalize and support planning based on this scattered literature we conduct a meta analysis to take stock of the worldwide sample of household wtp for improved drinking water services using 171 wtp estimates drawn from 60 studies we first describe this sample and then examine the potential factors that explain variation in wtp estimates our results suggest that households are willing to pay between approximately 3 and 30 per month for improvements in water access specifically in line with economic theory and intuition wtp is sensitive to scope the magnitude of improvement in drinking water services as well as household income and stated preference elicitation method we demonstrate how our results can be used to predict household level wtp for selected improvements in drinking water access in regions with low coverage and find that private benefits exceed the cost of provision

income generating effects of biofuel policies a meta analysis of the cge literature abstract while the production of biofuels has expanded in recent years findings in the literature on its impact on economic growth and development remain contradictory this paper presents a meta analysis of computable general equilibrium cge studies published between 2006 and 2017 on the effect of biofuel production on economic development worldwide using 30 cge studies we found that biofuel supportive policies generated significant impacts on gdp and household incomes cge studies included in our database reported an average 0 25 percentage point increase in gdp and a 0 49 percentage point increase in household incomes we also found that results were driven by several key features of the cge studies included in our database we investigated features such as biofuel type geographic area and characteristics of the cge models employed we found that biofuel expansion has heterogeneous effects in developed versus emerging countries simulations on longer time periods and in multi country studies led to results that indicate higher impacts of biofuel expansion on gdp growth and household incomes moreover simulations with an increase in agricultural productivity indicate positive welfare impact gains unlike simulations with land expansion lastly we found that biodiesel development leads to higher welfare impact gains than that of bioethanol

meta analysis in model implementation choice sets and the valuation of air quality improvements this research illustrates how the methods developed for meta analysis can serve to document and summarize voluminous information derived from repeated sensitivity analyses our application is to the sensitivity of welfare estimates derived from discrete choice models to assumptions about the choice set these assumptions affect welfare estimates through both the estimated parameters of the model and conditional on the parameters the substitution among alternatives in our specific application the evaluation is in terms of estimated benefits of air quality improvements in los angeles based on discrete choices of neighborhood and housing copyright 2007 john wiley sons ltd

what have we learned since hotelling s letter a meta analysis abstract this paper reports the results of a meta analysis of the estimates of the price elasticity of demand for recreation sites using the travel cost method by using econometric methods to summarize empirical literature meta analysis assists in identifying research conclusions despite the non experimental nature of most empirical research in economics in this application the results suggest that modeling decisions based on theory as well as those relying on fitting criteria were important influences to the estimated price elasticities across studies

the use and abuse of meta analysis in environmental and natural resource economics an assessment motivated by the 2006 report of a work group appointed by the environmental protection agency epa this paper examines the present state of meta analysis in environmental economics and offers recommendations for its future use to this end we summarize and assess 140 meta analyses from 125 published and unpublished studies covering 17 topical categories in environmental and resource economics first we provide several generic meta analysis models as reference points and discuss major estimation issues five econometric issues are identified as part of a complete analysis 1 sample selection criteria 2 basic data summary 3 primary data heterogeneity 4 heteroskedasticity and 5 non independence of multiple observations from primary studies second a tabular summary is presented for the 140 meta analyses with respect to estimation methods third a narrative summary is presented for 19 meta analyses including the three value of statistical life studies examined by the epa work group and one analysis from each of 16 other categories fourth we offer a set of best practice guidelines for future meta analyses in this and other areas of economics last the paper comments on the use of meta analytic methods for benefit transfers of environmental values

normal inputs and joint production with allocatable fixed factors when jointness is caused by allocatable fixed factors in the normal case the marginal cost of any output increases as any other output increases the supply of any output decreases as any other output price increases and an input price increase may cause the supply of some outputs to increase

do contingent valuation estimates pass a scope test a meta analysis abstract this paper considers the scope test proposed to judge the internal consistency of contingent valuation estimates the test is shown to be quite sensitive to the maintained hypotheses required to derive fairly precise expectations for the properties of wtp functions and therefore a different approach may be needed in gauging the reliability of cv this paper describes an approach that relies on a weight of the evidence criterion and uses meta analysis to develop a systematic appraisal of what the economic values of changes in amenity resources are the approach is illustrated for the case of estimating people s willingness to pay for improving or maintaining visibility at the national parks

is meta analysis a noah s ark for non market valuation this paper describes meta analytical methods as they have been applied to non market valuation research these studies have been used to review and synthesize literature and more recently in benefit transfer this second use imposes a higher standard on the consistency in economic concepts being summarized and in the resources included in a meta analysis to meet this need the paper proposes and illustrates a structural framework using a generalized method of moments estimator to estimate the parameters of a preference function with the benefits estimates usually encountered in meta analytic summaries

wind power externalities a meta analysis this study presents the first quantitative meta analysis of the non market valuation literature on the external effects associated with wind power production a data set of 60 observations drawn from 32 studies is constructed the relative economic values of different types of externalities as well as the impact of various methodological and sample characteristics on welfare estimates are examined the results indicate a significant effect of visual externalities on welfare estimates in both directions i e a positive effect of visual improvements and a negative effect of deteriorations this finding corresponds to predictions of the importance of visual impacts in the social science literature external effects of wind power on biodiversity mainly birds do not affect welfare estimates indirect externalities caused by conventional sources of electricity that can be avoided by wind power such as a the reduction of air pollution do neither have a significant impact on welfare measures methodologically we find substantial but inelastic income effects and for choice experiments clear evidence of sensitivity to scope from a policy point of view our results suggest that a policy mix combining a promotion of wind turbines with another green policy facilitates expansion of wind energy

valuing non market valuation studies using meta analysis a demonstration using estimates of willingness to pay for water quality improvements abstract a common refrain in the environmental economics literature is the need for additional estimates of environmental and natural resource values yet economists have paid little formal attention to the value of information voi provided by non market valuation studies and whether this value justifies the cost we develop a novel voi model to quantify the benefit of non market valuation studies conducted to expand the body of value estimates in the literature and hence available for use in policy analyses the approach is designed to capitalize on information available through preexisting valuation meta data and can be applied to any valuation meta regression that is suitable to inform policy decisions we illustrate the approach for a prototype nationwide water quality improvement policy in the united states assuming that policy benefits are evaluated using benefit transfer based on a meta regression model of willingness to pay our results suggest that when evaluating nationwide water quality regulations with uncertain net benefits the voi from a typical water quality valuation study will almost certainly exceed the cost we also examine how voi varies with study design features and information gaps in the literature thereby illustrating how the approach can inform research priorities

australian ipo pricing in the short and long run abstract we analyse both initial underpricing and post listing returns for australian ipos our results are consistent with the view that unique institutional characteristics may have overwhelmed previous australian tests of equilibrium models of ipo underpricing the results also show that australian ipos significantly underperform market movements in the three year period subsequent to listing further investigation of these anomalous post listing returns lead us to reject various speculative bubble explanations rather the evidence suggests a curvilinear relationship between initial and subsequent returns although the economic significance of the relationship is low

how reliable are meta analyses for international benefit transfers meta analysis has increasingly been used to synthesise the environmental valuation literature but only a few test the use of these analyses for benefit transfer these are typically based on national studies only however meta analyses of valuation studies across countries are a potentially powerful tool for benefit transfer especially for environmental goods where the domestic literature is scarce we test the reliability of such international meta analytic transfers and find that even under conditions of homogeneity in valuation methods cultural and institutional conditions across countries and a meta analysis with large explanatory power the transfer errors could still be large further international meta analytic transfers do not on average perform better than simple value transfers averaging over domestic studies thus we question whether the use of meta analysis for practical benefit transfer achieves reliability gains justifying the increased effort however more meta analytic benefit transfer tests should be performed for other environmental goods and other countries before discarding international meta analysis as a tool for benefit transfer

a meta analysis of fdi and productivity spillovers in developing countries markdownabstractthis meta analysis reviews the intrasector heterogeneity of productivity spillovers from foreign direct investment fdi in 31 developing countries through a larger more comprehensive data set we investigate how the inconsistencies in the reported spillover findings are affected by publication bias characteristics of the data estimation techniques and empirical specification analyzing 1450 spillover estimates from 69 empirical studies published in 1986 2013 our findings suggest that reported fdi spillover estimates are affected by publication bias in combination with model misspecification of the primary studies the bias overstates the genuine underlying meta effect but the meta effect remains economically and statistically significant our results emphasize that spillovers and their sign largely depend systematically on specification characteristics of the primary studies and publication bias publication bias is not caused by best practice choices future research needs to cover more developing countries and to investigate not only whether spillovers occur but also to explore inside the black box of how spillovers actually emerge

beyond publication bias abstract this review considers several meta regression and graphical methods that can differentiate genuine empirical effect from publication bias publication selection exists when editors reviewers or researchers have a preference for statistically significant results because all areas of empirical research are susceptible to publication selection any average or tally of significant insignificant studies is likely to be biased and potentially misleading meta regression analysis can see through the murk of random sampling error and selected misspecification bias to identify the underlying statistical structures that characterize genuine empirical effect meta significance testing and precision effect testing pet are offered as a means to identify empirical effect beyond publication bias and are applied to four areas of empirical economics research minimum wage effects union productivity effects price elasticities and tests of the natural rate hypothesis

signals or noise explaining the variation in recreation benefit estimates this paper uses meta analysis to summarize the benefit estimates derived from travel cost recreation demand models after reviewing approximately 200 published and unpublished studies prepared from 1970 to 1986 77 were found to report either consumer surplus estimates or sufficient information to derive them using these estimates of the consumer surplus per unit of use from each study it was possible to evaluate the influence of variables describing the site characteristics the activities undertaken at each site the behavioral assumptions and the specification decisions the findings provide clear support for using econometric methods to summarize results from diverse empirical studies they highlight the important research issues in model development and offer a consistency check to the procedures used in benefit transfer analyses for policy evaluations

meta modeling and benefit transfer the empirical relevance of source consistency in welfare measures a common assumption within the meta analysis and benefit transfer literature is that the validity of benefit predictions depends on the utility theoretic consistency of welfare measures in underlying source studies however to date there exists little evidence as to the empirical relevance of this proposition in terms of the accuracy or efficiency of predicted benefits using bayesian model search techniques we examine whether different portions of metadata distinguished by underlying welfare construct share common willingness to pay distributions applying our algorithm to two separate meta datasets we find strong evidence of information sharing across welfare categories for a large subset of contexts for cases where information sharing is indicated substantial efficiency gains in predicted benefits can be achieved by pooling the underlying data

contamination and incomplete information bounding implicit prices using high profile leaks incomplete information can lead households to underprice environmental disamenities in the housing market to bound true implicit prices researchers sometimes turn to high profile cases involving significant media and community attention however prior research also finds that high profile cases can lead to stigma effects that may confound interpretation of implicit prices this study compares these opposing effects at the highest profile underground storage tank releases across the united states over the last thirty years we utilize covariate matching and estimate difference in differences hedonic regressions at each site and then conduct a cross site meta analysis to estimate the average treatment effects we find an average housing price depreciation of 2 to 6 upon discovery of a release which is an upper bound on the implicit price of contamination at more typical sites following cleanup we find a housing price appreciation of a similar magnitude suggesting that even in high profile cases surrounding neighborhoods do not experience persistent stigma

successful in the long run a meta regression analysis of persistent firm profits we study the profit persistence literature by applying meta regression analysis mra to a set of 36 empirical papers which analyze the persistence of abnormal firm profits over time the analyzed literature provides evidence for a mediocre degree of persistence in abnormal profits an initial analysis of the distribution of reported profit persistence estimates reveals some degree of excess variation this points toward publication bias that favors significant results independent of their algebraic sign the mra however reveals that publication bias is particularly favoring results that indicate profit persistence and thus contradict the neoclassical model of perfect competition moreover the mra enables to control for heterogeneity driven by the study design we find that the analyzed country developing vs developed the applied econometric approach as well as the analyzed period of time are significant drivers of heterogeneity in reported persistence estimates

meta analysis and benefit transfer for resource valuation addressing classical challenges with bayesian modeling abstract the use of meta regression models based on existing studies to estimate the value of resources at a new policy site has become a popular alternative to collecting original data in recent years there are two prevalent dilemmas associated with classical meta regression models the difference in the available set of regressors across source studies and the treatment of methodological explanatory variables in the construction of benefit transfer functions in this study we illustrate how these issues can be addressed efficiently within a bayesian meta regression framework we find that the bayesian model in contrast to its classical counterpart can estimate a relatively large set of parameters including indicators of unobserved study heterogeneity with reasonable accuracy even when the underlying meta sample is small the incorporation of information from regressor deficient source data in the specification of bayesian priors leads to a better model fit and tighter welfare estimates for benefit transfer in our application of freshwater angling

the effect of financial development on economic growth a meta analysis in this article we contribute to the current debate on the sign and size of the finance growth relation to this purpose we use a meta analysis with 551 estimates from 68 empirical studies that t

can stigma explain large property value losses the psychology and economics of superfund this research documents the long term impacts of delayed cleanup on property values in communities neighboring prominent superfund sites the research examines the sale prices of nearly 34 000 homes near sites in three metropolitan areas for up to a 30 year period to our knowledge no other property value studies have examined sites in multiple areas with large property value losses over the length of time used here the results are both surprising and inconsistent with most prior work the principal result is that when cleanup is delayed for 10 15 and even up to 20 years the discounted present value of the cleanup is mostly lost a possible explanation for these property value losses is that the sites are stigmatized and the homes in the surrounding communities are shunned the results suggest that expedited cleanup and minimizing the number of stigmatizing events would reduce these losses

supply demand and technology in a multiproduct industry texas field crops the purpose of this paper is to examine the structure of agricultural production for six texas field crops cotton grain sorghum wheat corn rice and hay which account for nearly 95 of recent field crop value specific objectives are to a test the structure of technology to determine i if output and input utilization choices for individual products are independent of production decisions about other outputs and ii if products and or inputs can be consistently aggregated b estimate a coherent set of interrelated supply functions for the six commodities and input demand functions for fertilizer and hired labor because the empirical focus of this paper is specific to one state the results will be of limited value for interpreting specific production relationships elsewhere however the problem is of common interest in production agriculture and the techniques used demonstrate an important application of dual modeling

the paradigm of agricultural efficiency and its implication on food security in africa what does meta analysis reveal summary the study investigates whether african agricultural efficiency levels have been improving or not and what drives them over the years based on 442 frontier studies using meta regression analysis the results show that the mean efficiency estimates from studies decrease significantly as year of survey in the primary study increases also studies published in journals with parametric specification and with panel data produced significantly higher efficiency estimates while those with a focus on grain crops reported significantly lower efficiency estimates other results show that education followed by experience extension and credit are the major drivers of agricultural efficiency levels in africa

education and economic growth a meta regression analysis summary this paper surveys the literature which examines the effect of education on economic growth specifically we apply meta regression analysis to 57 studies with 989 estimates and show that there is substantial publication selection bias toward a positive impact of education on growth once we account for this the genuine growth effect of education is not homogeneous across studies but varies according to several factors specifically it is attributed to differences in education measurement and study characteristics mainly model specification as well as type of data used and the quality of research outlets where studies are published e g academic journals vs working papers

a meta analysis of the union nonunion wage gap the authors use meta regression analysis a new method for synthesizing empirical results reported in the economic literature to corroborate and extend h gregg lewis s landmark 1986 research on t

meta regression analysis a quantitative method of literature surveys abstract pedagogically literature reviews are instrumental they summarize the large literature written on a particular topic give coherence to the complex often disparate views expressed about an issue and serve as a springboard for new ideas however literature surveys rarely establish anything approximating unanimous consensus ironically this is just as true for the empirical economic literature to harmonize this dissonance we offer a quantitative methodology for reviewing the empirical economic literature meta regression analysis mra is the regression analysis of regression analyses mra tends to objectify the review process it studies the processes that produce empirical economic results as though they were any other social scientific phenomenon mra provides a framework for replication and offers a sensitivity analysis for model specification in this brief essay we propose a new method of reviewing economic literature mra and discuss its potential

prioritizing payment for environmental services using nonmarket benefits and costs for optimal selection abstract this article provides a practical applied analysis of optimal targeting in agricultural land preservation comparing the performance of four alternative targeting strategies nonmarket benefit data and hedonic cost estimates are used for parcels in sussex county delaware the results show that branch and bound optimization opt does not significantly outperform the much simpler benefit cost ratio targeting bcrt however significant losses of potential net benefits occur when applied methods overlook either benefits or costs in this application benefit targeting bt and cost targeting ct significantly underperform both opt and bcrt with bt underperforming all other methods

enhanced geospatial validity for meta analysis and environmental benefit transfer an application to water quality improvements meta regression models are commonly used within benefit transfer to estimate willingness to pay wtp for environmental quality improvements theory suggests that these estimates should be sensitive to geospatial factors including resource scale market extent and the availability of substitutes and complements valuation meta regression models addressing the quantity of non market commodities sometimes incorporate spatial variables that proxy for a subset of these effects however meta analyses of wtp for environmental quality generally omit geospatial factors such as these leading to benefit transfers that are invariant to these factors this paper reports on a meta regression model for water quality benefit transfer that incorporates spatially explicit factors predicted by theory to influence wtp the metadata are drawn from stated preference studies that estimate per household wtp for water quality changes in united states water bodies and combine primary study information with extensive geospatial data from external sources results find that geospatial variables are associated with significant wtp variations as predicted by theory and that inclusion of these variables reduces transfer errors

alcohol marketing adolescent drinking and publication bias in longitudinal studies a critical survey using meta analysis this paper presents a meta analysis of prospective cohort longitudinal studies of alcohol marketing and adolescent drinking which accounts for publication bias the paper provides a summary of 12 primary studies of the marketing drinking relationship each primary study surveyed a sample of youth to determine baseline drinking status and marketing exposure and re surveyed the youth to determine subsequent drinking outcomes logistic analyses provide estimates of the odds ratio for effects of baseline marketing variables on adolescent drinking at follow up using meta regression analysis two samples are examined in this paper 23 effect size estimates for drinking onset initiation and 40 estimates for other drinking behaviours frequency amount bingeing marketing variables include ads in mass media promotion portrayals brand recognition and subjective evaluations by survey respondents publication bias is assessed using funnel plots that account for missing studies bivariate regressions and multivariate meta regressions that account for primary study heterogeneity heteroskedasticity data dependencies publication bias and truncated samples the empirical results are consistent with publication bias omitted variable bias in some studies and lack of a genuine effect especially for mass media the paper also discusses dissemination bias in the use of research results by primary investigators and health policy interest groups

on energy consumption and gdp studies a meta analysis of the last two decades abstract the relationship between energy consumption and gdp growth has been intensely examined in multiple frameworks set by various methods and countries this paper is a meta analysis of 51 studies published in the last two decades with worldwide data since 1949 on the relationship between energy consumption and gdp growth the aim is to systemize some of the factors that cause the variation of results in these studies our results yield evidence that the long run elasticity of gdp growth with respect to energy consumption is not independent of the method employed for cointegration the data type and the inclusion of variables such as the price level or capital in the cointegration equation also 1 increase in capital increases the elasticity of gdp with respect to energy consumption by 0 85

financial characteristics of australian initial public offerings from 1994 to 1999 a variety of financial characteristics of australian initial public offerings ipos for the period 1994 1999 are explored a number of previous australian studies have investigated the initial day underpricing and longer term underperformance of ipos and this study updates those papers this paper partitions the ipo data into no liability limited liability share option no share option underwriter option no underwriter option and dividend reinvestment no dividend reinvestment characteristics to better understand the types of ipos that list on the australian stock exchange the data supports the findings of previous studies in that ipos are underpriced at the time of listing and underperform the market in the first year following their listing

estimating substitution and expansion effects comment in recent years there has been a proliferation of estimated supply and demand elasticities for the agricultural sector the combination of duality theory flexible functional forms and powerful computing resources have made it easy to estimate complete supply and demand systems with relatively few restrictions on the elasticities as a profession we must sort through these numerous estimates many of which are contradictory and identify the sensible ones a recent article by lopez in this journal illustrates this methodology this comment uses the lopez results to demonstrate how hitherto underutilized theoretical insights can be usefully employed in evaluating published elasticities the first issue involves the expected signs of off diagonal elasticities for uncompensated supplies and demands the analysis of which dates back to hicks work in 1939 he predicted that in the absence of significant fixities we should expect goods to be gross complements in production this concept has been further developed and refined the assumptions necessary to generate this normal case are reviewed in the second section then the relationship between gross and compensated elasticities is examined in both of these sections empirical results from the lopez article are found to contradict predicted outcomes based on economic theory and an attempt is made to analyze these discrepancies

multiple input multiple output production choices and technology in the u s wheat region duality theory motivates a translog expected profit function consistent with multiple products price uncertainty preseason climate constraints acreage control policies and possibly nonhomothetic technology although multiple outputs are allowed enterprise specific data is not necessary instead time series measures of output revenues and expected prices input expenses and prices and fixed input flows are employed appropriate measures of elasticities of choice returns to size and biases in technological change are derived results indicated decreasing returns to size rather limited though complementary responsiveness of choices to price changes and the nature of biases in technological changes

survey article publication bias in the literature on foreign direct investment spillovers abstract in this article we conduct a large quantitative survey of the literature on horizontal and vertical spillovers from foreign direct investment fdi we create a unique database of spillover estimates for each country examined in the literature next we estimate the average effect corrected for publication selection bias the preferential selection of positive and significant estimates for publication our results suggest that an average reported estimate of backward spillovers is statistically significant publication selection is evident only among studies published in peer reviewed journals and only among the estimates that authors consider most important authors with small data sets engage in more publication selection the intensity of selection in the literature decreases over time which supports the economics research cycle hypothesis

revealed and stated preferences for co2 emissions reduction the missing link abstract in this paper we combine data collected from two strands of literature dealing with revealed preferences expressed by conventional vehicle drivers for fuel price variation and stated preferences expressed by consumers for alternative fuel vehicles we employ a meta analysis approach drawing data on 30 primary studies reflecting two important policy interventions which are fuel price taxation and subsidies for alternative fuel vehicles this is a new contribution in environmental and energy economics in that we rescale all primary information into a unique index which captures consumers economic attitude towards carbon dioxide co2 emission reduction in monetary terms focusing on the transport sector we compute the implicit price for the avoidance of a kilogram of co2 emissions named pco2 explaining the existing heterogeneity from several points of view the results of the meta analysis show that contextual and individual characteristics influence the implicit price for co2 emissions avoidance this implicit price is on average positive in the case of revealed preferences studies whereas it is negative in the stated preferences studies although there are some important geographical differences our results show that fuel taxes could be an important additional instrument for environmental policy

can consumers willingness to pay incentivize adoption of environmental impact reducing technologies in meat animal production abstract this study develops a model estimating consumer willingness to pay wtp for environmental meat attributes and uses a multi objective nutritional optimizer to explore the extent to which wtp can offset on farm costs of reducing water use data for the wtp model are sourced from a literature survey of the agricola and google scholar databases yielding 46 studies estimating wtp for pure and impure organic grass fed natural environmental meat attributes bayesian analysis is used to estimate 3 models varying in independent variables models are evaluated by the correlation coefficient r2 root mean squared error of prediction rmspe and posterior model probability the most probable model is then used to estimate a confidence range of wtp for pure environmental beef impure environmental labels result in higher wtp than pure labels non hypothetical wtp for pure environmental labeling for north american consumers ranges from 6 7 to 32 6 a case study is conducted to identify the expected reduction in water use that can be funded from capturing wtp through labeling a multi objective nutritional optimizer is used to identify ideal management of beef cattle to reduce whole system water use in three regions of the united states cost increases from management are varied over the predicted range in wtp and combined with the probability of a consumer purchasing beef at each wtp value to identify the theoretical effect on expected environmental impact reduction a 10 premium is the ideal wtp resulting in water use reductions between 24 4 l and 41 4 l

is the environmental kuznets curve for deforestation a threatened theory a meta analysis of the literature abstract although widely studied deforestation remains a common research topic the relationship between economic development and deforestation is still in question this paper presents a meta analysis of environmental kuznets curve ekc studies for deforestation using 69 studies offering 547 estimations we shed light on why ekc results differ we investigate the incidence of choices made by authors such as econometric strategy measure of deforestation geographical area and presence of control variables on the probability of finding an ekc after a phase of work corroborating the ekc we find a turning point after the year 2001 building on our results we conclude that the ekc story will not fade until theoretical alternatives are provided

a meta analysis of the price elasticity of gasoline demand a sur approach abstract automobile gasoline demand can be expressed as a multiplicative function of fuel efficiency mileage per car and car ownership this implies a linear relationship between the price elasticity of total fuel demand and the price elasticities of fuel efficiency mileage per car and car ownership in this meta analytical study we aim to investigate and explain the variation in empirical estimates of the price elasticity of gasoline demand a methodological novelty is that we use the linear relationship between the elasticities to develop a meta analytical estimation approach based on a seemingly unrelated regression sur model with cross equation restrictions this approach enables us to combine observations of different elasticities and thus increase our sample size furthermore it allows for a more detailed interpretation of our meta regression results the empirical results of the study demonstrate that the sur approach leads to more precise results i e lower standard errors than a standard meta analytical approach we find that with mean short run and long run price elasticities of 0 34 and 0 84 respectively the demand for gasoline is not very price sensitive both in the short and the long run the impact of a change in the gasoline price on demand is mainly driven by responses in fuel efficiency and mileage per car and to a slightly lesser degree by changes in car ownership furthermore we find that study characteristics relating to the geographic area studied the year of the study the type of data used the time horizon and the functional specification of the demand equation have a significant impact on the estimated value of the price elasticity of gasoline demand

valuing morbidity an integration of the willingness to pay and health status index literatures placing dollar values on human health has long been a controversial aspect of policy analysis and remains difficult given the relatively small number of morbidity valuation studies available by combining both the economic and health literature this paper offers an alternative approach to morbidity valuation and provides estimates for a wide range of short term health conditions

price and income elasticities of residential water demand a meta analysis this article presents a meta analysis of variations in price and income elasticities of residential water demand meta analysis constitutes an adequate tool to synthesize research results by means of an analysis of the variation in empirical estimates reported in the literature we link the variation in estimated elasticities to differences in theoretical microeconomic choice approaches differences in spatial and temporal dynamics as well as differences in research design of the underlying studies the occurrence of increasing or decreasing block rate systems turns out to be important with respect to price elasticities the use of the discrete continuous choice approach is relevant in explaining observed differences

cluster sample methods in applied econometrics inference methods that recognize the clustering of individual observations have been available for more than 25 years brent moulton 1990 caught the attention of economists when he demonstrated the serious biases that can result in estimating the effects of aggregate explanatory variables on individual specific response variables the source of the downward bias in the usual ordinary least squares ols standard errors is the presence of an unobserved state level effect in the error term more recently john pepper 2002 showed how accounting for multi level clustering can have dramatic effects on t statistics while adjusting for clustering is much more common than it was 10 years ago inference methods robust to cluster correlation are not used routinely across all relevant settings in this paper i provide an overview of applications of cluster sample methods both to cluster samples and to panel data sets

sinning in the basement what are the rules the ten commandments of applied econometrics unpleasant realities of real world data force applied econometricians to violate the prescriptions of econometric theory as taught by our textbooks leamer 1978 vividly describes this behavior as wanton sinning in the basement with sinners metamorphizing into high priests as they ascend to the third floor to teach econometric theory but this sinning is not completely wanton applied econometricians do or should follow some unwritten rules of behavior in effect bounding the sinning and promoting a brand of honor among sinners this paper exposits these rules and culls from them an unauthorized list of the ten commandments of applied econometrics

hedonic models and air pollution twenty five years and counting this paper reports a meta analysis of how effectively hedonic property models have detected the influence of air pollution on housing prices probit estimates are reported describing how data model specification and local property market conditions in cities represented in thirty seven studies influence the ability of hedonic models to uncover negative statistically significant relationships between housing prices and air pollution measures

flooding risk and housing values an economic assessment of environmental hazard abstract climate change the boom and bust cycles of rivers and altered water resource management practice have caused significant changes in the spatial distribution of the risk of flooding hedonic pricing studies predominantly for the us have assessed the spatial incidence of risk and the associated implicit price of flood risk using these implicit price estimates and their associated standard errors we perform a meta analysis and find that an increase in the probability of flood risk of 0 01 in a year is associated to a difference in transaction price of an otherwise similar house of 0 6 the actual occurrence of a flooding event or increased stringency in disclosure rules causes ex ante prices to differ from ex post prices but these effects are small the marginal willingness to pay for reduced risk exposure has increased over time and it is slightly lower for areas with a higher per capita income we show that obfuscating amenity effects and risk exposure associated with proximity to water causes systematic bias in the implicit price of flood risk

meta analysis of empirical evidence on energy poverty the case of developing economies abstract energy poverty has evolved as an important issue of research from academic and policy perspectives during the last two decades the energy poverty estimates exhibit widespread variations across regions methodologies and datasets making the task of energy and development policies challenging the variations in energy poverty estimates necessitate a systematic and rigorous analysis of these empirical studies to obtain a true measure of energy poverty the present study conducts a meta analysis of 30 studies and 103 estimates of energy poverty on average 71 1 percent of the population in the overall sample studies has been identified as energy poor high i square statistic values suggest heterogeneity bias in the sample studies therefore analysis at the subgroup level has been conducted meta regression analysis of overall sample and subgroups has identified type of methodology citations impact factor of the journal regional dummies average key crude oil price and gross domestic product as significant factors that explain heterogeneity in the energy poverty effect sizes we recommend inclusion of local and regional factors in assessment of energy poverty for developing a uniform methodology to assess energy poverty across developing economies

water conservation policy analysis an interregional multi output primal dual optimization approach an interregional multi output normalized restricted equilibrium model of field crop agriculture is estimated within the context of a multistage programming based system estimation procedure implicit total economic cost functions endogenize behavioral opportunity adjustment costs of fixed and allocatable land and water resources crop specific marshallian water demand elasticities are estimated for restricted and unrestricted groundwater substitution environments and decomposed by water source elasticities are inelastic but water price policy reform can be an effective water conservation policy tool when groundwater use is unrestricted when groundwater use is restricted effective conservation policy requires more dramatic water price policy reform

what determines the survival of internet ipos this article examines whether the variables that are significant in noninternet initial public offering ipos play a similar role for internet ipos to this end we analyse the determinants of survival of internet firms that have gone public at the nasdaq stock exchange from december 1996 through february 2001 financial and nonfinancial data published in the ipo prospectuses are examined for our analysis we use the semiparametric cox proportional hazard model and estimate the effect of these variables on the trading survival time using the parametric log logistic survival model it appears that the average operating history of internet ipos is remarkably small compared to noninternet ipos namely 2 4 and 10 years respectively furthermore we find that the average number of risk factors for internet ipos is four times higher than the number reported for noninternet ipos the results of the parametric analysis correspond to the semiparametric results our findings hold under a number of different mo