采用BOT投资方式建设小型污水处理厂的成功经验——以吉木萨尔县为例

随着城市建设进程的加快,我国城镇水环境污染问题已不容乐观。究其原因是小城镇集中排污主体的污水处理设施不能同步配套建设,或建成后不能正常运行。基于此,本文以吉木萨尔县建设城镇污水处理厂为例,分析了如何采用BOT投资方式建设小型污水处理厂,有效缓解治理城镇生活污水资金不足的问题,亦是对探索BOT公司参与城镇污水处理方式取得...     

Investment in cleaner technology and signaling distortions in a market with green consumers

I analyze the pricing and investment behavior of a firm that signals the environmental attributes of its production technology through its price to uninformed environmentally conscious consumers. I then analyze the effect of change in environmental regulation on the signaling outcome and the firm's ex ante incentive to invest in cleaner technology. When regulation is weak, a firm signals cleaner technology through higher price; in this case, the firm earns lower profit when it has cleaner technology and thus, has no incentive to invest in cleaner technology. The price charged by the clean firm declines sharply beyond a critical level of regulation. When regulation is sufficiently stringent, the firm with cleaner technology charges lower price but earns higher signaling profit, and ex ante the firm has positive incentive to invest in cleaner technology. With weak regulation, the incentive of the firm to directly disclose its environmental performance rather than signal it through price is increasing in the level of regulation; the opposite holds when regulation is sufficiently stringent.     

Investing in fertilizer–mining companies in times of food scarcity

The primary goal of the paper is to show the validity of investing capital in fertilizer–mining companies, both from a market return perspective for individual or institutional investors, or from a hedging standpoint for insurance companies and other economic actors exposed to inflation risk and high agricultural commodity prices. After providing some elements on the fertilizer market and describing the joint dynamics of corn, wheat and fertilizer prices over the last decade, we analyze an exhaustive sample of listed fertilizer producing companies over the years January 2004–December 2012. We show that their shares generated quite good returns over the whole period and extremely high ones during the years January 2004–December 2007, both in absolute terms and compared to their betas. We also exhibit that these returns display higher sensitivities to major agricultural indexes than to the World Bank Fertilizer Index, making the hedging argument quite compelling.     

On reducing the windfall profits in environmental subsidy programs

Investment subsidies are widely used to induce adoption of new technologies that can lower the (marginal) cost of reducing emissions. To economize on these subsidies, governments would like to distinguish between firms that need to receive a subsidy to adopt a new technology, and firms that would adopt that technology even without subsidies. We show that policies consisting of a menu of emission taxes and investment subsidies can potentially induce firms to self-select.     

环保投资增长规律及其理论证明

本文从国内外环保投资的实践入手,分析和总结出环保投资长期增长规律,并依据环境--经济--社会的技术经济关系,建立起“污染平衡方程式”,从理论上对该规律进行了证明。     

National parks: north of the border

This paper traces the history of attempts to introduce National Parks into Scotland. In so doing it identifies some of the alternatives that have been considered and adopted. Finally, the paper analyses the failure of the movement to introduce National Parks into Scotland.     

促进经济与环境协调发展的几点措施

介绍了促进经济与环境协调发展的几点措施，即：增加投入、依靠科技进步、强化环境管理等．     

The Effect of Jump on Evaluating Natural Resource Investments

Abstract

The evaluation of mining and other natural resource projects is made particularly difficult by the high degree of uncertainty attaching to output prices. It is shown that the techniques of continuous time arbitrage and stochastic control theory may be used not only to value such projects but also to determine the optimal policies for developing managing. This paper describes a model for evaluating natural resource investments under uncertainty from a new perspective. The previous works in this field mostly regard the movements of natural resource prices as a continuous GBM process, which pays few attentions to the shock of unexpected bad news. Our model provides the first theoretical method to analyze the impact of such “jump” on investment decisions. It concludes that the more frequently bad news happens, the earlier a project will be invested.     

Meeting report

SUMMARY

In many developing countries, the determination of a ranking of investments designed to improve and extend the road system is a commonplace prerequisite of planning for the transport sector as a whole and the road sub-sector within it. A major objective of determining investment priorities is to secure the greatest efficiency in the use of resources allocated to the sector and, for this reason, any system of assigning priorities must rely upon conventional investment appraisal techniques producing quantifiable measures of worth. Exercises of this kind, in which road investments are identified and ranked, are usually undertaken to produce a road sector investment plan. The implementation of such plans is, however, often compromised because of perceived deficiencies with a methodology which places undue reliance on investment appraisal and fails to properly address the issue of public interest and sustainability. This paper attempts to produce a pragmatic set of ground rules which, while mindful of the need to promote economic efficiency, allow for other factors to be embraced in a more holistic methodology.     

浙江省灾害预防与经济协调发展的系统动态学模型

本文运用系统工程原理和系统动态学方法,构造了浙江省灾害预防与社会经济协调发展的系统动态学模型,并运用该模型对浙江省进行了初步的仿真研究,以寻求适宜的防灾政策。