东江流域水资源价格调控研究

运用水资源价值模糊数学模型计算出流域四大区间水资源价格,并对价格调整后的供水风险和水资源优化配置进行了分析.根据计算结果认为,水价的调整可以作为水利工程措施的一种有益补充,通过建立水市场,利用水价这一杠杆,实现水权的有偿转让,结合工程措施实施流域内调水能有效的降低区间供水风险.     

自然资源特许经营权流转的法理基础与制度构建

自然资源特许经营权的流转有助于发挥市场在资源配置中的基础作用,通过价格杠杆和竞争引导自然资源的开发利用.基于自然资源特许经营权的用益物权属性,特许经营者享有流转决定自由、选择流转相对人自由及定价自由,国家可基于自然资源所有者和社会管理者的双重身份对特许经营权流转予以限制.我国矿业权、海域使用权、取水权、渔业权等自然资源特许经营权流转立法还存在较多法律障碍.直接转让、作价出资、证券化、出租、抵押等是特许经营权流转的基本形式,并且受到流转主体的资质、流转客体的适格和流转形式的要式等限制.     

生态产品价值实现机制的理论基础：热力学，景感学，经济学与区块链

当前，生态产品价值实现探索实践中面临生态系统服务度量难、核算难、货币化难、交易难等基础性难题，导致生态产品价值核算体系不统一、生态产品市场交易机制不完善、各类生态产品交易平台不规范、绿色金融滞后、绿色发展市场化激励机制不足等问题。本文从最关键的生态产品价值理论出发，梳理生态产品价值实现困境的根源和理论基础，并尝试提出可能的多元核算方法与热力学、景感学、经济学相结合的实践解决路径，形成不同单位的统一核算标的物。通过探索利用区块链、大数据等科技赋能生态产品价值实现，提出构建生态资产加密数字货币化的可能性，并进一步形成不同生态产品的价格形成机制、成本监审制度和价格调整机制，完善生态产品市场交易机制，建立统一的生态产品交易平台，促进绿色金融发展，推动自然资源管理能力现代化。     

Water resource pricing: Policy options

This paper critically examines pricing policy options for water resources and attempts to derive an operationally feasible and socially desirable pricing structure for this important resource. Marginal cost pricing options are studied under different economic and resource conditions, such as inflation, constrained water resources and price distortions in an economy. Options such as pricing of water at its ‘real’ resource value, ‘social’ pricing, and pricing to reflect intangible benefits are also examined.     

Economics and recycling

The author asserts that the cause of the current environmental and natural resource use problems is the attempt to run a technologically more sophisticated and significantly larger economy at higher average standards of living using outdated sets of implicit prices, relative to the real social value of environmental or natural resource services. Where these prices are implicitly set at zero, no policy, including a recycling policy, can be expected to succeed. Unless western society realises that these prices are significantly above zero, and are rising in some cases at an accelerating rate, much of the research reported will ultimately be of little or no value.     

Price prospects in Western Europe for internationally traded fossil fuels until 2000

A methodology for the long-term assessment of prices is designed and applied to the international markets for coal, oil and natural gas and likely price developments between 1990 and 2000 are explored. The coal market will remain competitive, and the long-term price will be determined by the total cost of marginal supply. The oil price will be set, even in the long term, substantially above the competitive level, by those who control the exceptional Middle East resource base. The traditional link between gas and oil prices will erode in the 1990s, and gas will be independently and competively priced by the turn of the century. Resource constraints are not expected to push prices upwards within the time horizon of the study. The relative price of gas will fall over the forecast period, and its market share will increase as a consequence.     

Canadian manufacturing: The impacts of natural resource price increases on input demands and costs

The separate effects of 50% increases in the prices of energy, renewable and nonrenewable natural resource inputs on factor demands and production costs are simulated for Canadian total manufacturing and six two-digit industries. Both renewable and nonrenewable natural resource price increases have a substantially greater effect upon the demands for other factors and upon production costs than a parallel energy price increase. These results are important from a policy perspective and justify the further disaggregation of inputs in this and in other models of input demand.     

Mixed signals: market incentives, recycling, and the price spike of 1995

Environmental economics assumes that reliance on price signals, adjusted for externalities, normally leads to efficient solutions to environmental problems. We explore a limiting case, when market volatility created ‘mixed signals’: prices of waste paper and other recycled materials were suddenly extremely high in 1994–1995, then plummeted back to traditional low levels in 1996. These rapid reversals resulted in substantial economic and political costs. A review of academic and business literature suggests six possible explanations for abrupt price spikes. An econometric analysis of the prices of wood pulp and waste paper shows that factor which explained price changes in 1983–1993 contribute very little to understanding the subsequent price spike. From the econometric analysis and from other sources, we conclude that speculation must have played a major role in the price spike, perhaps in combination with modest effects from changes in government policy and in export demand. If speculatively driven price spikes can disrupt an environmentally important industry such as recycling, what is the appropriate role for public policy? When price volatility is sufficiently disruptive, then measures to control or stabilize prices, rather than interfering with the market, might help to make it more efficient.     

自然资源估价及其在国民经济发展中的作用

自然资源无价、资源产品低价导致资源需求过度膨胀,资源浪费严重,环境污染加剧.自然资源产权市场化、多元化是解决这一问题的关键,也是我国经济发展的必然趋势.自然资源估价是资源市场化、多元化的价值依据.自然资源估价不同于资源产品定价,既要考虑资源的价值又要考虑资源的稀缺性、丰饶度、地理位置等因素.自然资源估价关系到资源的合理开发利用和环境保护问题,对我国的社会主义现代化进程和人民生活水平的提高将构成重大影响.     

Feasibility,forward pricing and returns: Recent developments in the literature on futures trading

In recent years the feasibility conditions for market establishment and the information value of futures markets have been central issues in futures market research. This paper first discusses recent developments under the heading of feasibility conditions, including the obsolescence of the commodity characteristics approach and the search for a comprehensive framework. Second, futures markets collect and disseminate information, and in so doing they are centres of rational price formation, and the forms of tests that have been developed to ascertain whether they perform this function efficiently are considered. Futures markets also perform a forward pricing function: their prices may be regarded as market anticipations of subsequent cash prices. 1970s' literature has addressed this question, finding differences in performance between continuous and non-continuous inventory commodities. This paper discusses the reasons for and economic implications of these results.     

Some economic aspects of the world coal market

The basic intention of this paper is to present some new economic results pertaining to the world coal market. These results deal principally with the effect of devaluations on production; the effect of ‘volume’ and depletion on the calculation of marginal cost; and price formation in a stock flow market. Observations are also made in the paper concerning the use of combined cycle technology in coal based power plants, and present supply-demand trends in the world coal market, to include the development of (sea) freight rates.     

Pricing behaviour and market power in North American non-ferrous metal industries

The paper considers the degree to which declining market power explains modifications in pricing behaviour observed since the late 1970s in the North American aluminium, copper, lead and zinc industries. More precisely, it relates those changes in pricing policies to the price elasticity of demand facing the dominant strategic group in each industry, the cost elasticity of supply and to the management's ability to coordinate or internalize conduct decisions. The results suggest that the firms in the copper and lead industries do not hold as a group any form of market power. In the case of the aluminum industry, a notable increase in the price elasticity of demand since the end of the 1970s, a sustained decrease in the concentration ratio and a rigid production process are weakening the presence of market power in that industry. The results are inconclusive in the case of the zinc industry since the determinants of market power move in opposite directions.     

Chinese resource security policies and the restructuring of the Asia-Pacific iron ore market

This paper reviews the restructuring of the Asia-Pacific iron ore market in the wake of the rise of the Chinese steel industry. Prior to the 2000s, this market was characterised by two key features—high firm-level concentration on both the producer and consumer sides, and price determination through annually negotiated benchmark pricing between Australian mining and Japanese steel firms. However, owing to rapid growth in the Chinese steel industry and its emergence as the region's principal iron ore consumer, the Asia-Pacific iron ore market has been dramatically restructured during the last decade. This process has been accelerated since 2005 by Chinese governmental resource security policies, which have sought to address current record high iron ore prices through the use of foreign investment to sponsor new market entrants and the formation of an import cartel amongst the Chinese steel firms. This paper evaluates how these policies have driven restructuring in the Asia-Pacific iron ore market, through an analysis of the growth of China's steel industry, Chinese resource security policies aimed at lowering iron ore import costs, and their effects upon the regional market's ownership structure and price determination mechanisms. It argues that while Chinese investment and cartelisation policies have catalysed significant changes to the ownership and pricing structures of the Asia-Pacific iron ore market, they have carried only mixed benefits for the Chinese steel industry's resource security.     

A note on empty bottles

This note examines the second-order conditions of the Massel-Parrish (M-P) model of a beverage market in which a monopolist producer of beverages packaged in ‘private mould’ bottles has monopsony power in the market for the empty bottles. Customers pay only the shelf price if they return the empty bottle; and, the shelf price plus the forfeited deposit if they discard it. The analysis determines directional changes in the optimal shelf price, deposit levels, and unit sales resulting from changes in each of five demand and three supply parameters. Potential effects of current legislation requiring mandatory deposits on all beverage containers are also analysed.     

Recent changes in international commodity agreements

The contents of international commodity agreements have changed from those in which open-ended intervention mechanisms regulated the market defending a normative price to those limiting intervention so as not to obscure market forces and consequently the market price. Underlying this change is the principle to which the developed countries accorded the highest priority, namely that the interests of producing and consuming countries must balance to avoid an indiscriminate transfer of resources. On the other hand, the principles which guided agreements that set a normative price were based on the grounds that the market price determined by unequal partners was unfair and that internationally agreed developmental goals implied untied and unconditional resource transfers by means of normative, higher than market, prices. These two sets of principles were incompatible. As a result negotiations were not only difficult but inconclusive. Another reason for this outcome was that the question of the cost effectiveness of market duplicating agreements based on the principle of balanced interests was unresolved. These reasons explain why commodity agreements do not figure currently in substantive discussions on North-South cooperation and why only three commodity agreements have a functional role and even of these three, one is not in force definitively.     

Is a negative correlation between resource abundance and growth sufficient evidence that there is a “resource curse”?

Evidence from cross-sectional growth regressions suggests that economies dependent on natural resource exports have had slower growth than resource scarce economies. Explanations for this “curse of resources” focus on institutional and market failures caused by resource abundance. With a simple two sector model exhaustible resource model, we demonstrate that the correlation between growth and natural resource abundance can be negative in the absence of market and institutional failures. Since there is no way to distinguish between efficient and inefficient equilibria on the basis of the negative correlation between growth and resource abundance, finding that correlation is not sufficient to conclude resources are a curse, nor is it necessary to find a positive correlation between growth and resources to overturn the resource curse interpretation. We show whether resources are a curse or a blessing for an economy can only be determined by an investigation of the correlation between resource abundance and income levels. Using panel data for U.S. states for the period 1970-2001, we show that resource abundance is negatively correlated with growth rates but positively correlated with income levels.     

生态文明产权制度的界定、分类及框架研究

生态文明产权制度是生态文明制度体系建设的根基。生态文明产权制度可划分为自然资源产权制度、环境资源产权制度和气候资源产权制度三大类别。自然资源产权制度包含水权、林权、矿权、渔权和能权,环境资源产权制度包含排污权和生态权,气候资源产权制度包含碳排污权和碳汇。在大国责任的国际背景下,生态文明产权可用总量控制是硬性约束,必须以自然、环境和气候资源的产权总量控制为前提,确保全国总体生态水平在可预见的时间达到可控制的范围之内。有效地推进自然、环境和气候资源的初始产权界定,运用生态文明产权价格机制促进生态文明产权交易,并运用生态文明产权保护制度确保初始产权界定、产权交易机制和产权价格机制的顺利推进和开展。形成以产权总量控制为前提,以初始产权的界定和分配为基础,以产权交易机制为手段,以产权价格机制为核心,以产权保护制度为保障生态文明产权制度框架。     

A combined site proximity and recreation index approach to value natural amenities: an example from a natural resource management region of Murray-Darling Basin

This paper presents a hedonic property price model of rural land in a natural resource management region of the Murray-Darling Basin in Australia. In traditional hedonic models, the marginal value of environmental amenities is estimated using distance to or size of the environmental asset. The approach applied in this study offers the potential for a richer set of information, where environmental assets are described in terms of their 'recreational attractiveness'. The level of recreational attractiveness is represented as latent variables that are based on park facilities and recreational activities offered at each site. For a property in the study area that is 1?km away from the River Murray, moving half a kilometre closer will increase the property price by $245,000, holding every other variable constant at the mean. This value is magnified by $27,000 if the house is in an area where there is high river recreational attractiveness and drops by $14,000 if river recreational attractiveness is low. By including recreational quality indices in a typical hedonic framework that is corrected for spatial dependency, the model is able to capture how individuals value environmental amenities around their homes based on the site's natural characteristics as well as recreational services.     

Capital structure and asset utilization: the case of resource intensive industries

This research studies the relationship between the capital structure of a firm and its asset utilization rate in resource intensive industries. We study this issue from both private and public policy perspectives. From a private perspective, it's conceivable that a positive relationship may exist because a company is trying to increase its use of debt to effect a more efficient utilization of its assets. However, from a public policy perspective, finding a positive relationship between asset utilization and debt levels in natural resource sensitive industries may signal a sub-optimal exploitation of natural resources when debt levels rise. This research examines measures of leverage and asset utilization in firms from the mining, oil, and timber industries to determine whether the behavior alleged in the PALCO/MAXXAM case (an increased cutting rate to pay off junk bond financing) has been observed more systematically. We observe a positive relationship between leverage and asset utilization in all three industries when leverage is calculated using book value measures. When market value measures are used, this positive relationship no longer holds in the mining industry. Possible explanations for these results are offered.     

ECONOMIC INCENTIVES FOR WATER CONSERVATION ON THE MONTEREY PENINSULA: THE MARKET PROPOSAL1

ABSTRACT: Literatures on price‐based urban water conservation and on market‐based mechanisms to manage natural resources suggest that market‐based management of urban/suburban water use may be feasible. A market‐based proposal that emerged from a water shortage on California's Monterey Peninsula is presented. In the proposal, conservation incentives arise both from an ability among end‐users of water to reduce consumption and sell use‐rights to water, and from a penalty price for consumption in excess of one's use rights. The amount of water associated with use rights is capped and varies according to hydrological, meteorological, ecological, and other criteria. Requirements for further study of the proposal are listed, and the role that similar market‐based mechanisms could play in urban water management is discussed.