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Registros recuperados: 87
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A comment on market structure and the durability of goods AgEcon
Karp, Larry S.; Cosimano, Thomas F..
This paper considers the effect of market structure on the durability of goods. A previous model is analyzed to provide conditions under which a monopolist provides less durable goods and a lower present value of services than the social optimum.
Tipo: Working or Discussion Paper Palavras-chave: Industrial Organization.
Ano: 1986 URL: http://purl.umn.edu/6094
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A Comparison of Tariffs and Quotas in a Strategic Setting AgEcon
Karp, Larry S..
We model the situation where two large countries impose either tariffs or quotas and a third large country remains passive. The introduction of the third country overturns results from two-country models. Stable quota equilibria are capable of reproducing the equilibrium price under tariffs, and Nash equilibria with quotas can result in positive amounts of trade. Using a linear partial equilibrium model, we show that world welfare may be higher under Nash quotas than under Nash tariffs. However, simulation results suggest that tariffs are likely to result in higher welfare than quotas.
Tipo: Working or Discussion Paper Palavras-chave: Tariffs and quotas; Nash equilibria; International Relations/Trade.
Ano: 1988 URL: http://purl.umn.edu/51250
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A dynamic model of oligopoly in the coffee export market AgEcon
Karp, Larry S.; Perloff, Jeffrey M..
A linear-quadratic, dynamic feedback oligopoly model that nests various market structures is used to estimate the degree of competitiveness and the adjustment paths of the two largest coffee exporters, Brazil and Colombia. Their estimated behavior is relatively competitive. This subgame perfect dynamic model is-compared to a standard static oligopoly model and the open-loop model (the dynamic generalization of the standard static model). Both classical and Bayesian tests of open-loop and feedback dynamic models are reported.
Tipo: Working or Discussion Paper Palavras-chave: Export marketing; Mathematical models; International Relations/Trade; Crop Production/Industries.
Ano: 1990 URL: http://purl.umn.edu/47250
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A dynamic model of oligopoly in the coffee export market AgEcon
Karp, Larry S.; Perloff, Jeffrey M..
A linear-quadratic, dynamic feedback oligopoly model that nests various market structures is used to estimate the degree of competitiveness and the adjustment paths of the two largest coffee exporters, Brazil and Colombia. Their estimated behavior is relatively competitive. This subgame perfect dynamic model is-compared to a standard static oligopoly model and the open-loop model (the dynamic generalization of the standard static model). Both classical and Bayesian tests of open-loop and feedback dynamic models are reported.
Tipo: Working or Discussion Paper Palavras-chave: Coffee; Dynamic oligopoly; Econometric; Subgame perfect Nash; Industrial Organization; International Relations/Trade; Research Methods/ Statistical Methods.
Ano: 1990 URL: http://purl.umn.edu/6093
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A Global Game with Strategic Substitutes and Complements AgEcon
Karp, Larry S.; Lee, In Ho; Mason, Robin.
We study a global game in which actions are strategic complements over some region and strategic substitutes over another region. An agent’s payoff depends on a market fundamental and the actions of other agents. If the degree of congestion is sufficiently large, agents’ strategies are non-monotonic in their signal about the market fundamental. In this case, a signal that makes them believe that the market fundamental is more favorable for an action may make them less likely to take the action, because of the risk of overcrowding.
Tipo: Working or Discussion Paper Palavras-chave: Global games; Congestion; Coordination problem; International Relations/Trade; C79; D84.
Ano: 2003 URL: http://purl.umn.edu/25014
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A Neoclassical View of Trade Liberalization AgEcon
Karp, Larry S..
This paper attempts to provide a balanced view of the neoclassical economists' perspective on trade liberalization, with an emphasis on the agricultural sector. I review the basic arguments in favor of competitive markets in general and free trade in particular. These arguments are based on restrictive assumptions which often fail to hold. Under more realistic assumptions, the arguments in favor of free trade are invalid. Economists remain skeptical of the benefits of trade restrictions, but this is a nuanced judgment, rather than a theoretical certainty. I describe a number of situations where market failures imply that trade restrictions can improve efficiency.
Tipo: Working or Discussion Paper Palavras-chave: International Relations/Trade.
Ano: 1997 URL: http://purl.umn.edu/6242
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A Proposal for the Design of the Successor to the Kyoto Protocol AgEcon
Karp, Larry S.; Zhao, Jinhua.
The successor to the Kyoto Protocol should impose national ceilings on rich countries’ greenhouse gas emissions and promote voluntary abatement by developing countries. Our proposal gives signatories the option of exercising an escape clause that relaxes their requirement to abate. This feature helps to solve the participation and compliance problems that have weakened the Protocol. We support the use of carefully circumscribed trade restrictions in order to reduce the real or perceived problem of carbon leakage.
Tipo: Working or Discussion Paper Palavras-chave: Kyoto protocol; Escape clause; Emissions trade; Clean development mechanism; Environmental Economics and Policy; Resource /Energy Economics and Policy; Q54; Q58; F13.
Ano: 2008 URL: http://purl.umn.edu/42878
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A PROPOSAL TO REFORM THE KYOTO PROTOCOL: THE ROLE OF ESCAPE CLAUSES AND FORESIGHT AgEcon
Karp, Larry S.; Zhao, Jinhua.
A reform to the Kyoto Protocol that allows signatories to pay a fine instead of meeting the target level of abatement would achieve three goals. First, it would defuse one U.S. objection to the agreement: the concern that the cost of achieving the target might turn out to be extremely high. Second, unlike other cost-reducing measures (such as trade in pollution permits) it would increase the equilibrium number of signatories in a non-cooperative participation game. Third, it would make it easier to force signatories to comply with their obligations. We study the participation game under an escape clause using both a Nash Equilibrium and the concept of a stable set when nations are “farsighted”. We compare our results to a prominent model of International...
Tipo: Working or Discussion Paper Palavras-chave: Environmental Economics and Policy.
Ano: 2007 URL: http://purl.umn.edu/6857
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Bayesian Learning and the Regulation of Greenhouse Gas Emissions AgEcon
Karp, Larry S.; Zhang, Jiangfeng.
We study the importance of anticipated learning - about both environmental damages and abatement costs - in determining the level and the method of controlling greenhouse gas emissions. We also compare active learning, passive learning, and parameter uncertainty without learning. Current beliefs about damages and abatement costs have an important effect on the optimal level of emissions, However, the optimal level of emissions is not sensitive either to the possibility of learning about damages. or to the type of learning (active or passive), Taxes dominate quotas, but by a small margin.
Tipo: Working or Discussion Paper Palavras-chave: Climate change; Uncertainty; Bayesian learning; Asymmetric information; Choice of instruments; Dynamic optimization; Environmental Economics and Policy; Research Methods/ Statistical Methods; Cll; C6l; D8; H2l; Q28.
Ano: 2001 URL: http://purl.umn.edu/6214
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Climate Policy When the Distant Future Matters: Catastrophic Events with Hyperbolic Discounting AgEcon
Karp, Larry S.; Tsur, Yacov.
Low probability catastrophic climate change can have a significant influence on policy under hyperbolic discounting. We compare the set of Markov Perfect Equilibria (MPE) to the optimal policy under time-consistent commitment. For some initial levels of risk there are multiple MPE; these may involve either excessive or insufficient stabilization effort. These results imply that even if the free-rider problem amongst contemporaneous decision-makers were solved, there may remain a coordination problem amongst successive generations of decision-makers. A numerical example shows that under plausible conditions society should respond vigorously to the threat of climate change.
Tipo: Working or Discussion Paper Palavras-chave: Abrupt climate change; Event uncertainty; Catastrophic risk; Hyperbolic discounting; Markov Perfect Equilibria; Environmental Economics and Policy; Risk and Uncertainty; C61; C73; D63; D99; Q54.
Ano: 2007 URL: http://purl.umn.edu/7186
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CLIMATE POLICY WHEN THE DISTANT FUTURE MATTERS: CATASTROPHIC EVENTS WITH HYPERBOLIC DISCOUNTING AgEcon
Karp, Larry S.; Tsur, Yacov.
Low probability catastrophic climate change can have a signifcant influence on policy under hyperbolic discounting. We compare the set of Markov Perfect Equilibria (MPE) to the optimal policy under time-consistent commitment. For some initial levels of risk there are multiple MPE; these may involve either excessive or insufficient stabilization effort. These results imply that even if the free-rider problem amongst contemporaneous decision-makers were solved, there may remain a coordination problem amongst successive generations of decision-makers. A numerical example shows that under plausible conditions society should respond vigorously to the threat of climate change.
Tipo: Working or Discussion Paper Palavras-chave: Abrupt climate change; Event uncertainty; Catastrophic risk; Hyperbolic discounting; Markov Perfect Equilibria; Environmental Economics and Policy; C61; C73; D63; D99; Q54.
Ano: 2007 URL: http://purl.umn.edu/7181
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Common Ground Between Free-Traders and Environmentalists AgEcon
Karp, Larry S.; Sacheti, Sandeep; Zhao, Jinhua.
We use a North-South model with property right differences and resource dynamics to study the effects of trade on resource use and welfare. Autarky is likely to Pareto-dominate free trade in the long run when the environment is quite fragile, and the result is reversed when the environment is quite resilient. Trade may cause an environmentally poor country to drag down" its richer trading partner; in this case, both countries degrade their stocks when these would be preserved under autarky. Alternatively, trade may enable the environmentally richer country to pull up" its partner; in this case both countries preserve their stocks when these would be degraded under autarky. These results rationalize the positions of environmentalists and free-traders. The...
Tipo: Working or Discussion Paper Palavras-chave: Environmental Economics and Policy; D5; F1; O2; Q2.
Ano: 1999 URL: http://purl.umn.edu/25042
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Controlling a Stock Pollutant with Endogenous Abatement Capital and Asymmetric Information AgEcon
Karp, Larry S.; Zhang, Jiangfeng.
Non-strategic firms with rational expectations make investment and emissions decisions. The investment rule depends on firms' beliefs about future emissions policies. We compare emissions taxes and quotas when the (strategic) regulator and (nonstrategic) firms have asymmetric information about abatement costs, and all agents use Markov Perfect decision rules. Emissions taxes create a secondary distortion at the investment stage, unless a particular condition holds; emissions quotas do not create a secondary distortion. We solve a linear-quadratic model calibrated to represent the problem of controlling greenhouse gasses. The endogeneity of abatement capital favors taxes, and it increases abatement.
Tipo: Working or Discussion Paper Palavras-chave: Pollution control; Investment; Asymmetric information; Rational expectations; Choice of instruments; Environmental Economics and Policy; C61; D8; H21; Q28.
Ano: 2002 URL: http://purl.umn.edu/25071
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Correct (and misleading) argument for using market-based pollution control policies AgEcon
Karp, Larry S..
One argument in favor of market based pollution control policies is sometimes exaggerated, and a different argument is usually ignored. Regardless of whether investment is fixed or endogenous, market based policies might lead to a higher or lower equilibrium abatement compared to the level under command and control policies. Therefore, economists should be cautious about trying to convince anti-market environmentalists of the benefit of market based policies on the grounds that these promote environmental goals. However, market based policies reduce regulatory uncertainty. Under command and control emissions policies, there are multiple rational expectations competitive equilibria at the investment stage. From the standpoint of individual firms, this...
Tipo: Conference Paper or Presentation Palavras-chave: Tradable permits; Coordination games; Multiple equilibria; Global games; Regulatory uncertainty; Climate change policies; California AB32; Environmental Economics and Policy; C79; L51; Q58.
Ano: 2008 URL: http://purl.umn.edu/6030
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Correct (and misleading) arguments for using market based pollution control policies AgEcon
Karp, Larry S..
Disagreement over the form of regulation of greenhouse gasses motivates a comparison of market based and command and control policies. More efficient policies can increase aggregate marginal abatement cost, resulting in higher emissions. Multiple investment equilibria and “regulatory uncertainty” arise when firms anticipate command and control policies. Market based policies eliminate this uncertainty. Command and control policies cause firms to imitate other firms’ investment decisions, leading to similar costs and small potential efficiency gains from trade. Market based policies induce firms to make different investment decisions, leading to different costs and large gains from trade. We imbed the regulatory problem in a “global game” and show that the...
Tipo: Working or Discussion Paper Palavras-chave: Tradable permits; Coordination games; Multiple equilibria; Global games; Regulatory uncertainty; Climate change policies; California AB32; Environmental Economics and Policy; Research Methods/ Statistical Methods; C79; L51; Q58.
Ano: 2008 URL: http://purl.umn.edu/42868
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Depreciation erodes the Coase Conjecture AgEcon
Karp, Larry S..
If a durable good monopolist produces at constant marginal costs and the good depreciates, there exists a family of Strong Markov Perfect Equilibrium (SMPE) with an infinitesimal period of commitment. One member of this family entails instantaneous production of the level of stock produced in a competitive equilibrium; this is consistent with the Coase Conjecture. Other SMPE in the family entail steady state production at a stock level lower than in the competitive equilibrium. In these equilibria, there may be a jump to the steady state, or the steady state may be approached asymptotically. Monopoly profits are positive in these equilibria, and the Coase Conjecture fails. We contrast this result to other papers which use non-Markov strategies to construct...
Tipo: Working or Discussion Paper Palavras-chave: Coase Conjecture; Depreciation; Multiple Markov Equilibria; Industrial Organization; Research Methods/ Statistical Methods; D42; L12; Q39.
Ano: 1995 URL: http://purl.umn.edu/6115
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DISCOUNTING AND CLIMATE CHANGE POLICY AgEcon
Karp, Larry S.; Tsur, Yacov.
A constant social discount rate cannot reflect both a reasonable opportunity cost of public funds and an ethically defensible concern for generations in the distant future. We use a model of hyperbolic discounting that achieves both goals. We imbed this discounting model in a simple climate change model to calculate constant equivalent discount rates" and plausible levels of expenditure to control climate change. We compare these results to discounting assumptions and policy recommendations in the Stern Review on Climate Change.
Tipo: Working or Discussion Paper Palavras-chave: Discounting; Climate change modeling; Stern Review; Markov Perfect Equilibria; Environmental Economics and Policy; C61; C73; D63; D99; Q54.
Ano: 2007 URL: http://purl.umn.edu/7149
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Discounting and Climate Change Policy AgEcon
Karp, Larry S.; Tsur, Yacov.
A constant social discount rate cannot reflect both a reasonable opportunity cost of public funds and an ethically defensible concern for generations in the distant future. We use a model of hyperbolic discounting that achieves both goals. We imbed this discounting model in a simple climate change model to calculate “constant equivalent discount rates” and plausible levels of expenditure to control climate change. We compare these results to discounting assumptions and policy recommendations in the Stern Review on Climate Change
Tipo: Working or Discussion Paper Palavras-chave: Environmental Economics and Policy.
Ano: 2007 URL: http://purl.umn.edu/7192
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DOMESTIC AND TRADE POLICY FOR CENTRAL AND EAST EUROPEAN AGRICULTURE AgEcon
Karp, Larry S.; Stefanou, Spiro E..
Tipo: Working or Discussion Paper Palavras-chave: International Relations/Trade.
Ano: 1993 URL: http://purl.umn.edu/51110
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Dynamic hedging with uncertain production AgEcon
Karp, Larry S..
Tipo: Working or Discussion Paper Palavras-chave: Marketing; Risk and Uncertainty.
Ano: 1985 URL: http://purl.umn.edu/6090
Registros recuperados: 87
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