Composite market design for a Transferable Discharge Permit (TDP) system

There has been a great deal of interest in addressing water quality issues through the use of Transferable Discharge Permit (TDP) systems. Unfortunately, the attempts to start up permit markets that are able to exploit abatement cost differences between sources have not met with the success expected. Two of the reasons for the lack of success have been the problem of transaction costs and in the case of non-point sources (NPS), undefined property rights. The composite market design is a proposal for a TDP system that specifically includes agricultural non-point source (NPS) discharges and addresses both property rights and transaction cost problems. The composite market consists of three interrelated markets each serving a particular function. The two primary markets are coordinated through price information that makes it possible for a catchment-based authority to issue (sell) permits based on the marginal cost of abatement. When the composite market is mature, the total number of permits issued corresponds to a cap on discharges allowed in the catchment. The structure of the composite market allows this system to be phased in over time with existing institutions and limited demands on financing.     

京、沪、穗口岸入境外国旅游市场特征对比研究

我国入境旅游市场长期呈现港澳台市场占80％以上,外国市场不足20％的“二八”结构,因此拓展入境旅游外国市场是我国旅游业发展的重要任务。北京、上海、广州三大口岸是我国入境旅游发展的“桥头堡”,也是其他省市入境旅游发展的“二手客源地”,在我国人境旅游业中占据着十分重要的地位。采用问卷调查法,以从京、沪、穗口岸入境的外国游客作为调查对象,对三大口岸间的外国市场进行对比分析,并将其作为整体与全国入境外国市场进行对比研究,以期为拓展全国和其他省市的入境旅游外国市场规模提供理论指导。结论为：①从三大口岸入境的外国市场具有各自的特征,但在年龄结构、职业结构和学历结构上具有一致性。②从不同口岸入境的外国市场具有不同的空间分布范围和扩散能力。③从三大口岸入境的外国市场特征对全国入境外国市场特征具有控制作用。     

Forecasting precious metal price movements using trader positions

In the early 2000s, the precious metal markets entered into a new phase where a steady rise of prices had been observed until the October 2008 crash. Given the size and importance of precious metal market, as well as the hedging capacity of precious metals due to their low correlation with equity markets (Draper et al., 2006), the question we want to arise is whether trader positions predict the direction of gold, platinum, and silver spot price movements. The forecasting content of the Commodity Futures Trading Commission’s Commitment of Traders report for platinum, silver and gold prices using trader positions is investigated in a VAR framework. Granger causality tests are conducted to determine whether a relation between trader positions and market prices exists. An examination of the extreme trader positions on price movements is also conducted. The results indicate that market return is a significant parameter in explaining trader’s positions for all trader types in each of the precious metal markets under consideration after the beginning of 2000s where we detect a structural break for each of the market under study. Commercial traders are found to be negative feedback traders, that is, they sell when the prices increase in the market. On the other hand, in line with the previous literature, a positive correlation between returns and positions held by non-commercial and non-reporting traders is found. However, trader’s net positions do not lead market returns in general. There is some evidence on the forecasting ability of extreme trader positions on market returns.     

ADMINISTRATIVE,INSTITUTIONAL, AND STRUCTURAL CHARACTERISTICS OF AN ACTIVE WATER MARKET1

ABSTRACT: Voluntary water transfers through markets have been advocated by many diverse groups as a means to reallocate scarce water supplies in the semi-arid western U.S. Although transfers of water rights have occurred almost since the creation of prior appropriation laws over a century ago, functioning water markets have been very slow to develop and are few in number. The structure, composition, administration and transactions of one of the most well established water markets, shares in the Bureau of Reclamation, Colorado-Big Thompson project, are examined to better understand the institutional and transfer conditions that sustain an active water market. Results from a detailed study of C-BT project records reveal that between 1970 and 1993 there were 2,698 transactions through which over one-third of the project water changed ownership or type of use. Further analysis shows that the transactions involved many individual sellers and categories of buyers with different uses, including agricultural buyers. The transfer activity and efficiency of the C-BT market has lead some to suggest that it be used as a model for other markets. However, because this market has fewer institutional restrictions, a well developed infrastructure and unique market conditions, it will be difficult to transfer this model to other areas without accompanying modifications in water right administration and institutions.     

Testing the international linkage in the platinum-group metal futures markets

This study tests whether an international market exists in the platinum-group metal (PGM) futures markets. For this purpose, we tested the law of one price (LOP) and the causality between the U.S. and Japanese platinum and palladium futures markets. We also performed the test when structural breaks are considered. Long-run price relationships were found in both platinum and palladium markets but the LOP only sustained in the palladium market. The causality test revealed that it is the U.S. market that leads the price to transmit information between the U.S. and Japanese markets. Structural breaks had large impacts on the test results, suggesting that incorporating breaks is important when investigating the international price linkage in the PGM futures markets.     

Managing Drought Through Water Markets: Farmer Preferences in the Rio Grande Basin1

Abstract: Managing drought in agriculture has taken on growing importance as population growth and environmental concerns place increasing pressures on agricultural water use. One alternative for agricultural water resource management in areas of recurrent drought is allocation through market mechanisms. While past research has aimed to explain why farmers are reluctant to participate in already established water markets, this research seeks to identify the appropriate market mechanism given farmers’ preexisting attitudes toward water markets. Statistical analysis of survey data from 166 farmer interviews in the Rio Grande Basin indicate that farmers are significantly more likely to participate in short‐term water mechanisms, such as spot water markets and water banks than in permanent transfer mechanisms, particularly those that fully separate water rights from land. In sharp contrast to expectations, the choice of market mechanism did not differ significantly between farmers based on their a priori intention to buy, sell or both buy and sell in these markets. Choice of market mechanism also did not differ among farmer types although small, lifestyle or hobby farmers clearly preferred spot water markets to other types of short‐term mechanisms. Evaluating these attitudes a priori may help to design more suitable water market mechanisms for the basin.     

碳市场和电力市场耦合研究

低碳化、清洁化是我国电力行业未来发展的方向。碳市场启动,电力作为试点行业,碳市场和电力市场面临着协调和融合问题。为研究碳市场和电力市场的耦合关系,本文首先分析了碳市场机制的成本节约效应以及与电力市场改革的互动效应;然后给出考虑碳排放价格的电力市场发电电能成本模型——LCOEe;最后以广东省为例,对广东碳市场碳价传导至电价设定情景并进行模拟分析。结果显示,碳市场和电力市场存在相互制约的关系,碳排放外部成本内部化影响电力市场出清电价,而电力市场能够缓解碳市场的减排压力,抑制碳市场的活跃度。两市场的耦合研究对于优化电源结构、促进新能源市场的发展,以及启发政策制定者重视两大市场的协同发展具有非常重要的现实意义。     

中国女性旅游市场的现状及潜力

女性市场是旅游市场的重耍组成部分，随着客源市场的竞争日趋激烈，女性旅游市场逐渐发展成为旅游业的新宠。研究了中国女性旅游市场现状，从经济结构、文化程度、婚育年龄结构、空巢家庭及家政服务社会化5个方面分析了中国女性旅游市场潜力，并特别分析了几类特殊女性旅游市场的开发潜力，得出了中国女性旅游市场的几点认识。     

Farmers’ market governance and its role on consumer motives and outcomes

Local food systems and farmers' markets across the USA have experienced unprecedented growth and development in the past 20 years. While scholarship has examined participant demographics and motives for engaging in farmers' markets, few studies have considered the coupled nature of those attending the markets with institutional governance systems used for market coordination. This study examined participation in farmers' markets under the framework of high and low market governance systems, specifically considering the demographics, values for local foods, motives for attending farmers' markets, and outcomes of the experience based on the dichotomous governance classification. Governance was characterized using four attributes: market rules or policies, paid employee(s), a rule governing geography of food origin, and affiliation with an organisation or agency. Our results suggest that market governance may impact (1) which consumers attend the market, (2) motives among those who attend the market, and (3) satisfaction outcome levels among market participants. By better understanding how the emerging governance system impacts who ultimately attends the market (and the outcomes of the experience), agencies coordinating farmers' markets and market managers can ultimately improve the market's reach and experience with greater intentionality.     

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.     

国际碳排放权交易模式的更替发展与协同优化路径

实现碳中和是各国应对气候变化的共同选择。碳市场作为以碳排放权交易为核心的市场机制是加速全球碳排放目标实现的重要途径之一。尽管当前全球碳市场的发展仍呈现区域性和碎片化状态,但随着能源危机的加剧,极端气候灾难的不确定性增多,未来通过碳市场领域的国际合作实现全球碳市场的协同以应对气候变化仍是大势所趋。本文试图通过对国际碳市场进行回顾和类型化总结,并就《巴黎协定》下国际碳交易模式的协同困境从技术、制度和参与程度三个维度开展分析。作者认为,如欲加快全球碳交易的协同进程,应尽快完善国际碳交易中的技术适用细节,提升碳交易相关制度的适用力度,扩大碳交易相关制度的适用范围,加强发展中国家的碳市场的基础建设,拓展发展中国家碳交易市场建设支持来源,最终建立全球碳价格统一机制。提前布局研究碳市场的跨境连接方案对于中国而言极具现实意义,本文最后对中国参与全球碳交易市场的国际合作前景作出了展望。     

The legitimation of contested carbon markets after Paris – empirical insights from market stakeholders

ABSTRACT

After the Paris Agreement the global carbon offset markets face regulatory uncertainty and new legitimation challenges. This paper examines the discursive legitimation of the carbon markets between 2015 and 2018 and is based on 37 qualitative interviews with market stakeholders. The results show that the carbon markets remain contested and require new ideas and concepts to construct legitimacy. Some stakeholders consider moving beyond carbon offsetting, mainly due to new risks of double counting. Others continue to portray carbon offsetting as a ‘false solution’. Nevertheless, the trust in carbon markets as an appropriate way to address climate change remains high. Therefore, new forms of international emission trading are likely to evolve under Article 6 of the Paris Agreement.     

Future markets: An alternative for stabilizing secondary materials markets?

The authors present an economic justification for extramarket intervention in the markets for secondary materials and briefly discuss the possible impacts of futures trading on the cash market for a commodity. These impacts are applied to the markets for secondary materials and the potential effects are assessed. They conclude with a rationale for public participation in initiating a scrap futures market.     

Long term contracts and market stability: The case of iron ore

The paper gives the background to the international iron ore trade and discusses the organization of markets and causes of instability. The role of the long term contract is then examined and possible relationships between prices and quantity instability and the pattern of use of long term contracts is considered. It is concluded that although such contracts tend to promote market stability this may conflict with the need for market readjustment.     

黑龙江省森林碳汇市场构建的可行性设计

随着全球森林碳汇市场市场份额扩大,黑龙江省凭借资源和区位等内在优势,森林碳汇市场发展前景可观。基于市场原则和组织框架的构建设想,依据市场定位和产品开发,对黑龙江省森林碳汇市场发展的可行性分阶段设计,提出适合的保障机制,为黑龙江省森林碳汇市场运行提供理论参考和现实依据。     

Markets for advanced structural ceramics

The potential market for advanced structural ceramics is large but also uncertain. In this paper a quantitative framework is used to investigate the production economics and potential markets for ceramic materials in four representative applications, ie cutting tool inserts, turbocharger rotors, automotive valve guides and mechanical seals. The economic and technical conditions necessary for growth to be demonstrated in these ceramic markets are identified and estimates are made of feasible market size values, both in dollars and pounds of powder consumed.     

INSTITUTIONAL BARRIERS TO WATER MARKETING IN THE WEST1

ABSTRACT: Water marketing has been proposed as one means of reallocating water supplies in the western United States. While markets for western water currently exist and may be expected to expand, the institutional constraints within which the markets must operate will limit the ultimate size and efficiency of those markets. Lack of articulation of public interests in the water resource itself leads to incomplete definition of the private rights to use the water, and it is those private rights which are sold or leased in the market. The increase in size and efficiency of any market in water rights will be dependent on the willingness of legislatures to specifically define the nature and extent of public interests in water supplies, and detailed definition is unlikely.     

基于活动偏好的西安市“农家乐”旅游市场细分

面向细分市场开发特色旅游产品是克服目前国内＂农家乐＂发展普遍存在的产品初级化和同质化现象的有效途径。基于游客活动偏好,应用市场调查获取的第一手数据,采用聚类分析方法对西安市＂农家乐＂旅游市场进行细分研究。细分结果表明,西安市＂农家乐＂旅游市场可按照旅游者的活动偏好不同划分为回归田园型、静态休闲型、康乐健身型、娱乐参与型和阳光运动型5个类型。与全国其他城市一样,西安市＂农家乐＂旅游市场的主体是市区和郊区的市民,且市场职业分异不显著,自驾车旅游者和大学生是西安市＂农家乐＂旅游市场的两个重要组成部分。根据市场细分结果,提出面向不同细分市场,打造特色旅游产品和根据游游客出行特点,改善交通基础设施发展＂农家乐＂的建议。     

Feasibility of water purification technology in rural areas of developing countries

Water scarcity is threatening social and economic growth in rural areas of developing countries. There are potential markets for water purification technologies in these regions. The main focus of this article is to evaluate the social, economic and political feasibilities of providing water purification technologies to rural areas of developing countries. The findings of this research can serve as the basis for private investors interested in entering this market. Four representative regions were selected for the study. Economic, demographic, and environmental variables of each region were collected and analyzed along with domestic markets and political information. Rural areas of the developing world are populated with poor people unable to fulfill the basic needs for clean water and sanitation. These people represent an important group of potential users. Due to economic, social, and political risks in these areas, it is difficult to build a strong case for any business or organization focusing on immediate returns on capital investment. A plausible business strategy would be to approach the water purification market as a corporate responsibility and social investing in the short term. This would allow an organization to be well positioned once the economic ability of individuals, governments, and donor agencies are better aligned.     

Optimal Advanced Credit Releases in Ecosystem Service Markets

Ecosystem service markets are popular policy tools for ecosystem protection. Advanced credit releases are an important factor affecting the supply side of ecosystem markets. Under an advanced credit release policy, regulators give ecosystem suppliers a fraction of the total ecosystem credits generated by a restoration project before it is verified that the project actually achieves the required ecological thresholds. In spite of their prominent role in ecosystem markets, there is virtually no regulatory or research literature on the proper design of advanced credit release policies. Using U.S. aquatic ecosystem markets as an example, we develop a principal–agent model of the behavior of regulators and wetland/stream mitigation bankers to determine and explore the optimal degree of advance credit release. The model highlights the tension between regulators’ desire to induce market participation, while at the same time ensuring that bankers successfully complete ecological restoration. Our findings suggest several simple guidelines for strengthening advanced credit release policy.