Site rent,air quality,and the demand for amenities

There has been considerable debate as to the information contained in the coefficients of a cross-sectional regression of site rent on air quality. Much of the confusion surrounding the analysis of the relationships (a) between air quality changes and property value changes, (b) between property value changes and benefits derived from quality changes, and (c) between the estimated cross-sectional coefficients and all of the above, can be cleared up by a discussion of the meaning of the hedonic equation. In that context, the implications for demand analysis are clarified.     

Durable goods and long-run electricity demand: Evidence from air conditioner purchase behavior

I estimate a dynamic structural model of demand for air conditioners, the most energy-intensive home appliance in the US. The model explores the links between demand for durable goods and expected changes in key attributes: energy efficiency and price. I incorporate expectations explicitly as a feature of the choice setting, and use parameter estimates from the model to calculate durable good demand elasticities with respect to energy efficiency, electricity price, and price of the durable itself. These estimates fill a large gap in the literature, and also shed light on consumer behavior in this setting. Results indicate that consumers are forward-looking and value the stream of future savings derived from energy efficiency.     

生态住宅小区的水环境生态规划--以东莞"森林·湖"小区为例

生态住宅已成为住宅建设的发展趋势和潮流,水环境是生态住宅小区的重要组成部分.以东莞"森林·湖"生态住宅小区的建设为实例,探讨生态住宅小区的水环境规划,特别突出目前楼盘建设中缺少考虑的水环境生态综合技术、中水回用问题、开发进程中的水环境变化及其相应的生态策略,为生态住宅小区的水环境建设提供范例.     

Suburban growth controls and the price of new housing

The effect of Petaluma, California's growth control program on new house prices is examined by a comparative (quasi-experimental) design, using statistical controls. The difference in price increases between Petaluma and two comparison cities is calculated for houses of standard quality and for average actual houses in each city. It was found that prices of standard quality houses increased significantly more in Petaluma than in one of the comparison cities but not the other. A similar pattern was observed for actual houses. Reasons for the observed results and specific causes of the growth control effect are analyzed.     

Reserve and land prices with exploration under uncertainty

Arrow and Chang (J. Econom. Environ. Manag.9, 1–10 (1982) analyze an exploration-extraction model with uncertainty about the distribution of deposits. Reserve prices do not exhibit any rising trend when the unexplored land area is big but, in order to know what happens when the unexplored area is smaller, “a probabilistic analysis not yet performed” (ibid. p. 10) is required. Their conjecture of a rising trend at less than the discount rate is confirmed. However, land prices can be expected to grow faster than reserve prices, which helps discriminate between Arrow and Chang's, and other rationalizations of the failure of resource prices to rise at the discount rate.     

Co-benefits and additionality of the clean development mechanism: An empirical analysis

The Clean Development Mechanism (CDM) allows industrialized countries to comply with the Kyoto Protocol by using carbon offsets from developing countries. There are two puzzles within this carbon market: additionality (the proposed activity would not have occurred in its absence) and co-benefits (the project has other environmental benefits besides climate mitigation). This paper proposes an econometric approach to evaluate the CDM effect on sulfur dioxide emission reductions and assess its additionality indirectly. Our empirical model is applied to China's emissions at the prefecture level. We found that the CDM does not have a statistically significant effect in lowering sulfur dioxide emissions. This result casts doubt on additionality of these CDM activities, that is, they would have happened anyway.     

Functional zoning for air quality

Environmental local agencies have to enforce European directives that impose a land classification, according to air quality status, to distinguish zones needing further actions from those needing only maintenance. This paper presents a land classification in zones featured by different criticality levels of atmospheric pollution, considering pollutant time series as functional data: we call this proposal “Functional Zoning”. Our proposal is articulated in order to also meet two specific requirements: upscaling pollutant concentration data to the municipality scale, since municipalities are the reference territorial administrative units for undertaking actions; aggregating different pollutants in order to provide a multi-pollutant zoning outcome reflecting the air quality status. Specifically, we present three different alternatives to upscale data from a regular grid to the municipality scale. Then, to aggregate by pollutant, we evaluate two strategies summarizing time series: the assessment of an air quality index and the use of the Multivariate Functional Principal Component Analysis (MFPCA). The partition of municipalities is obtained by clustering air quality time series and MFPCA scores. In particular, the proposed functional zoning is carried out for Piemonte (Northern Italy), considering the hourly concentration fields of the main pollutants. We obtain six classifications of the same land and we propose a comparison study of the different strategies’ results, by mapping and analyzing the differences between clusters’ labels. By taking into account the comparison study’s findings, we finally suggest an analysis strategy to environmental agencies and policy makers to obtain an easily interpretable outcome at a very reasonable computational cost.     

Value of time: Speeding behavior and gasoline prices

‘Value of Time’ (VOT) is a key parameter in economics and policy. This paper presents an alternative method to estimate VOT by analyzing an hourly dataset on drivers speeding behavior as a function of the gasoline price. Our identification strategy is novel as it is based on the intensive margin. In comparison, previous studies reveal VOT on the extensive margin, but choice alternatives have multiple attributes thereby potentially confounding estimates. Consistent with the range of the prior literature, we find a VOT of about 50% of the wage rate and analyze sources of bias from accidents and traffic tickets. These bias functions suggest that previous stated preference VOT estimates are likely downward whereas previous revealed preference estimates are likely upward biased.     

生态住宅的水环境规划:I. 水循环

生态住宅已成为住宅建设的发展趋势和潮流,水环境是生态住宅小区的重要组成部分。文章以中信保利达美景度假区为实例,根据度假区建筑总体规划方案,结合当地自然条件和水环境现状,探讨生态住宅小区的水环境规划,全面统一规划住宅小区内各种水系统,提出小区水环境总体规划方案,充分发挥各系统的功能,使其相互衔接、协调与补充。重点对项目所在区域开发前后的水量平衡,水库的水位变化及其安全性,极端气候条件下的库区水量变化及其因应对策,高尔夫球道的用水方案以及项目开发后的水循环模型做了深入探讨,旨在为生态住宅的水环境建设提供范例。     

American energy and mineral industry involvement in housing

After a lapse of almost two decades, US energy and mining companies are once again involving themselves with worker housing. Reinvolvement began in the 1970s. It is in response to a recognition of the fiscal consequences of project delays and an industry responsibility to both workers and project area communities. It differs from the heavy reliance on company towns which were prevalent in the US during the 19th and early 20th Centuries. Industry involvement now relies not only on supply, but on stimulation. A greater variety of housing initiatives is being utilised and a company must carefully select the housing initiative best suited to its circumstances. These initiatives need to be guided by the following set of decision guidelines: (1) housing function; (2) housing user; (3) housing type and quantity needs; (4) monetary expectations; (5) role of the industry; (6) housing unit location; (7) responsibilities after housing is completed; and (8) amenities and community sharing. Then, housing involvement must be reviewed in light of past and present industry experiences. Innovative ideas need to be evaluated with respect to proven initiatives, as well as their presumed goal and potential for success.Study performed under Contract No. DE-AC02-76CH00016 with the U.S. Department of Energy     

On the economics of energy labels in the housing market

Energy efficiency in the residential housing market can play an important role in the reduction of global carbon emissions. This paper reports the first evidence on the market adoption and economic implications of energy performance certificates implemented by the European Union. The results show that adoption rates are low and declining over time, coinciding with a negative sentiment regarding the label in the popular media. Labels are clustered among smaller, post-war homes in neighborhoods with more difficult selling conditions. We also document that geographic variation in the adoption rate of energy labels is positively related to the fraction of “green” voters during the 2006 national elections. Within the sample of labeled homes, the energy label creates transparency in the energy efficiency of dwellings. Our analysis shows that consumers capitalize this information into the price of their prospective homes.     

Incentives and prices in an emissions trading scheme with updating

Emissions trading schemes where allocations are based on updated baseline emissions give firms less incentive to reduce emissions for a given quota (or allowance) price. Nevertheless, according to Böhringer and Lange [On the design of optimal grandfathering schemes for emission allowances, Europ. Econ. Rev. 49 (2005) 2041–2055], such allocation schemes are cost-effective if the system is closed and allocation rules are identical across firms. In this paper, we show that the cost-effective solution may be infeasible if marginal abatement costs grow too fast. Moreover, if a price cap or banking/borrowing is introduced, the abatement profile is no longer the same as in the case with an auction (or lump-sum allocation). In addition, we show that with allocation based on updated emissions, the quota price will always exceed marginal abatement costs, possibly misguiding policy makers and investors about abatement costs. Numerical simulations indicate that the quota price most likely will be several times higher than marginal abatement costs, unless a significant share of allowances is auctioned.     

The demand for site-specific recreational activities: A characteristics approach

A model of constrained utility maximizing behavior is developed to explain how a representative individual allocates his ski days among alternative sites. The physical characteristics of the ski areas and the individual's skiing ability are explicit arguments in the utility function; the budget allocation is given along with the parametric costs to ski (including travel costs, entrance fees, equipment costs, and the opportunity cost of his time). Shares (a site's share being the proportion of ski days that the individual spends at that site) are derived and assumed multinomially distributed, a stochastic specification which maintains the inherent properties of the shares. Maximum likelihood estimation confirms the basic hypothesis that costs, ability, and characteristics all are important determinants of the sites' shares. The model explains a large proportion of the skier's allocation of ski days. A multinomial logit model of skier behavior is also developed and maximum likelihood estimates of its parameters are obtained. Examination of the summary statistics from my model and the logit model indicates that my model predicts the skier's choice of sites better than the logit model.     

Fuel prices and new vehicle fuel economy—Comparing the United States and Western Europe

Several recent papers have documented an effect of fuel prices on new vehicle fuel economy in the United States. This paper estimates the effect of fuel prices on average new vehicle fuel economy for the eight largest European markets. The analysis spans the years 2002–2007 and uses detailed vehicle registration and specification data to control for policies, consumer preferences, and other potentially confounding factors. We find fuel prices to have a statistically significant effect on average new vehicle fuel economy in Europe. The effect estimated for Europe is much smaller than comparable estimates for the United States.     

Estimates from a consumer demand system: implications for the incidence of environmental taxes

Most studies suggest that environmental taxes are regressive, making them less attractive policy options. We consider the distributional effects of a gasoline tax increase using four incidence measures and under three scenarios for gas tax revenue use. To incorporate behavioral responses we use Consumer Expenditure Survey data to estimate a consumer demand system that includes gasoline, other goods, and leisure. Our estimates confirm that when revenues are not recycled, a gasoline tax is regressive. Use of incidence measures that ignore demand responses, however, will substantially overstate this regressivity. In contrast, the differences between the equivalent variation and easier-to-implement consumer surplus measures are relatively small. In addition, our results suggest that using the additional gas tax revenue to fund labor tax cuts makes the policy substantially less regressive while using the revenue to fund lump-sum transfers actually makes it progressive.     

On equilibrium in resource markets with scale economies and stochastic prices

In this paper, I show the existence and the characteristics of equilibrium in a non-renewable resource market where extraction costs are non-convex and market price is subject to stochastic shocks, an empirically relevant setting. In my model firms may be motivated to hold inventories to facilitate production smoothing, which allows them to continue producing at a smooth pace at any instant when extraction ceases, e.g. when reserves are exhausted. This aspect of the model then supports a competitive equilibrium in the presence of non-convex costs. Casual empirical evidence is provided that supports the central features of my model for a variety of non-renewable resources, lending credence to the explanation for equilibrium I propose.     

Cycles in natural-resource commodity prices: An analysis of the frequency domain

A model is derived that relates price cycles to investment behavior in the mineral industries and predicts that these cycles will be roughly twice as long as the investment period (the period between the investment decision and the project completion). Spectral techniques are used to estimate the principal cycles in metal and fuel prices. For the metals, the estimated cycle lengths reinforce the model predictions. However, no significant cycles are found in the prices of the fuels. The lead-lag relationships between prices of different commodities are also investigated and are found to be significant for those that are jointly produced.     

Trends in natural-resource commodity prices: An analysis of the time domain

This paper attempts to reconcile the theoretical predictions of increasing real prices for nonrenewable natural-resource commodities obtained from Hotelling-style models with the empirical findings of falling prices for these commodities. A theoretical model for relative-price movements is derived for the case of exogenous technical change and endogenous change in the grade of ores mined. The model suggests a U-shaped time path for relative prices. The implied price movements are tested for all the major metals and fuels and the model parameters are found to be statistically significant for 11 out of the 12 commodities tested.     

Strategies to design modified activated carbon fibers for the decontamination of water and air

The rapid industrialization has induced the entry of organic and inorganic contaminants into the environment at a rate greater than environmental cleaning. As a consequence, pollutants have accumulated in environmental media, thus posing health risk for living organisms. Here, we present surface treatment strategies that modify physicochemical properties of activated carbon fibers for environmental remediation. In particular, we review metals, metal oxides and various advanced materials used for modifying activated carbon fibers. We discuss the utilization of modified activated carbon fibers for adsorption of organic pollutants and inorganic pollutants, and for the degradation of organic pollutants by photocatalysis, electrocatalysis, Fenton process and dielectric barrier discharge. We also discuss air pollutant removal, capacitive deionization, removal of inorganic ions and microbial decontamination by modified activated carbon fibers.