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| Registros recuperados: 21 | |
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| Newell, Richard G.; Papps, Kerry L.; Sanchirico, James N.. |
| We investigate the applicability of the present-value asset pricing model to fishing quota markets by applying instrumental variable panel data estimation techniques to 15 years of market transactions from New Zealand's individual fishing quota market. In addition to the influence of current fishing rents (as measured by lease prices), we explore the effect of market interest rates, risk, and expected changes in future rents on quota asset prices. Controlling for these other factors, the results support a fairly simple relationship between quota asset and contemporaneous lease prices. Consistent with theoretical expectations, the results indicate that quota asset prices are positively related to declines in interest rates, lower levels of risk, expected... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Tradable permits; Individual transferable fishing quota; Asset pricing; Fisheries; Policy; Resource /Energy Economics and Policy; Q22; Q28; D40; L10. |
| Ano: 2005 |
URL: http://purl.umn.edu/10639 |
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| Newell, Richard G.; Stavins, Robert N.. |
| The possibility of encouraging the growth of forests as a means of sequestering carbon dioxide has received considerable attention because of concerns about the threat of global climate change due to the greenhouse effect. In fact, this approach is an explicit element of both U.S. and international climate policies, partly because of evidence that growing trees to sequester carbon can be a relatively inexpensive means of combating climate change. But how sensitive are such estimates to specific conditions? We examine the sensitivity of carbon sequestration costs to changes in critical factors, including the nature of the management and deforestation regimes, silvicultural species, agricultural prices, and discount rates. We find, somewhat... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Environmental Economics and Policy. |
| Ano: 1999 |
URL: http://purl.umn.edu/10559 |
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| Newell, Richard G.; Pizer, William A.; Zhang, Jiangfeng. |
| The political economy of environmental policy favors the use of quantity-based instruments over price-based instruments (e.g., tradable permits over green taxes), at least in the United States. With cost uncertainty, however, there are clear efficiency advantages to prices in many cases, especially for stock pollutants such as greenhouse gases. The question arises, therefore, of whether one can design flexible quantity policies that mimic the behavior of price policies, namely stable permit prices and abatement costs. We explore a number of "quantity-plus" policies that replicate the behavior of a price policy through rules that adjust the effective permit cap for unexpectedly low or high costs. They do so without necessitating any monetary exchanges... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Tradable permit market; Prices; Quantities; Banking; Borrowing; Uncertainty; Demand and Price Analysis; Q28; Q48; D8; L51. |
| Ano: 2003 |
URL: http://purl.umn.edu/10524 |
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| Anderson, Soren T.; Newell, Richard G.. |
| Carbon capture and storage (CCS) technologies remove carbon dioxide from flue gases for storage in geologic formations or the ocean. We find that CCS is technically feasible and economically attractive within the range of carbon policies discussed domestically and internationally. Current costs are about $200 to $250 per ton of carbon, although costs are sensitive to fuel prices and other assumptions and could be reduced significantly through technical improvements. Near-term prospects favor CCS for certain industrial sources and electric power plants, with storage in depleted oil and gas reservoirs. Deep aquifers may provide an attractive longer-term storage option, whereas ocean storage poses greater technical and environmental uncertainty. Vast... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Carbon; Capture; Storage; Sequestration; Climate change; Technology; Environmental Economics and Policy; Q30; Q40; O30. |
| Ano: 2003 |
URL: http://purl.umn.edu/10879 |
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| Newell, Richard G.; Pizer, William A.. |
| Using a simple analytical model incorporating benefits of a stock, costs of adjusting the stock, and uncertainty in costs, we uncover several important principles governing the choice of price-based policies (e.g., taxes) relative to quantity-based policies (e.g., tradable permits) for controlling stock externalities. Applied to the problem of greenhouse gases and climate change, we find that a price-based instrument generates several times the expected net benefits of a quantity instrument. As in Weitzman (1974), the relative slopes of the marginal benefits and costs of controlling the externality continue to be critical determinants of the efficiency of prices relative to quantities, with flatter marginal benefits and steeper marginal costs favoring... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Stock; Externality; Regulation; Policy; Uncertainty; Price; Quantity; Tax; Tradable permit; Pollution; Climate change; Greenhouse Gas; Instrument choice; Risk and Uncertainty; Q28; D81; C61. |
| Ano: 2000 |
URL: http://purl.umn.edu/10471 |
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| Gillingham, Kenneth; Newell, Richard G.; Palmer, Karen L.. |
| Energy efficiency policies are a primary avenue for reducing carbon emissions, with potential additional benefits from improved air quality and energy security. We review literature on a broad range of existing non-transportation energy efficiency policies covering appliance standards, financial incentives, information and voluntary programs, and government energy use (building and professional codes are not included). Estimates indicate these programs are likely to have collectively saved up to 4 quads of energy annually, with appliance standards and utility demand-side management likely making up at least half these savings. Energy Star, Climate Challenge, and 1605b voluntary emissions reductions may also contribute significantly to aggregate energy... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Energy efficiency policy; Appliance standards; Information; Incentives; Voluntary programs; Resource /Energy Economics and Policy; Q48; Q41. |
| Ano: 2004 |
URL: http://purl.umn.edu/10477 |
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| Newell, Richard G.; Jaffe, Adam B.; Stavins, Robert N.. |
| We develop a methodology for testing Hick's induced innovation hypothesis by estimating a product-characteristics model of energy-using consumer durables, augmenting the hypothesis to allow for the influence of government regulations. For the products we explored, the evidence suggests: (i) the rate of overall innovation was independent of energy prices and regulations, (ii) the direction of innovation was responsive to energy price changes for some products but not for others, (iii) energy price changes induced changes in the subset of technically feasible models that were offered for sale, (iv) this responsiveness increased substantially during the period after energy-efficiency product labeling was required, and (v) nonetheless, a sizeable portion of... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Induced innovation; Energy efficiency; Technological change; Economic incentives; Regulation; Standards; Climate change; Resource /Energy Economics and Policy; L51; O31; O38; Q40; Q20; Q48. |
| Ano: 1998 |
URL: http://purl.umn.edu/10521 |
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| Registros recuperados: 21 | |
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