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The welfare gains from diversified environmental policies 多样化环境政策带来的福利收益
IF 6.3 2区 经济学
Ecological Economics Pub Date : 2025-08-06 DOI: 10.1016/j.ecolecon.2025.108750
Ben Blachly , Charles Sims , Travis Warziniack
{"title":"The welfare gains from diversified environmental policies","authors":"Ben Blachly ,&nbsp;Charles Sims ,&nbsp;Travis Warziniack","doi":"10.1016/j.ecolecon.2025.108750","DOIUrl":"10.1016/j.ecolecon.2025.108750","url":null,"abstract":"<div><div>This paper provides a utility-theoretic framework for allocating a budget across multiple environmental projects with uncertain outcomes. We utilize portfolio theory to derive the price of a risk (i.e., variance) reduction, then we estimate willingness to pay for the same risk reduction by analyzing stated preference data using a mean-variance specification for utility. The welfare-maximizing budget allocation is determined by equating price and willingness to pay. We use our framework to make two points. First, the welfare gains from a diversified environmental policy (i.e., one composed of multiple environmental projects) depend on society's willingness to pay for policy risk reduction and the price of a risk reduction determined by the covariance between projects. In an application to salmon restoration in Maine, we find that the welfare gains from policy diversification are equal to 5 % of society's willingness to pay for salmon restoration overall. In addition, failing to account for aversion to outcome variance may lead to underestimates of willingness to pay for environmental projects and over-investment in the riskiest projects. Failing to account for aversion to variance in the number of salmon underestimates the welfare associated with salmon restoration by over 80 % and funnels all restoration into the watershed where successful restoration is most uncertain.</div></div>","PeriodicalId":51021,"journal":{"name":"Ecological Economics","volume":"239 ","pages":"Article 108750"},"PeriodicalIF":6.3,"publicationDate":"2025-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144781524","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Greasing or Grinding? Regulatory context and the productivity effects of corruption: Evidence from Vietnamese SMEs 上油还是研磨?监管环境和腐败对生产率的影响:来自越南中小企业的证据
IF 2.4 3区 经济学
European Journal of Political Economy Pub Date : 2025-08-05 DOI: 10.1016/j.ejpoleco.2025.102727
Chiara Tomasi , Quoc Thai Le , Thi Ngoc Lan Nguyen
{"title":"Greasing or Grinding? Regulatory context and the productivity effects of corruption: Evidence from Vietnamese SMEs","authors":"Chiara Tomasi ,&nbsp;Quoc Thai Le ,&nbsp;Thi Ngoc Lan Nguyen","doi":"10.1016/j.ejpoleco.2025.102727","DOIUrl":"10.1016/j.ejpoleco.2025.102727","url":null,"abstract":"<div><div>This paper investigates the heterogeneous effects of bribery on the productivity of small and medium-sized enterprises (SMEs) in Vietnam. Using panel data from the Vietnam Small and Medium Enterprise Survey (VSMES) and an instrumental variable approach to address endogeneity, we find that corruption generally reduces firm productivity. However, its impact varies across institutional contexts: the negative effect is stronger in provinces with efficient regulatory environments and weaker where firms face high bureaucratic burdens or identify government inefficiency as a key constraint. These findings support a weak form of the “grease the wheels” hypothesis, suggesting bribery may act as a costly coping strategy in poorly governed settings. The results highlight the importance of regulatory quality in moderating the effects of corruption and point to the need for reforms that address both corruption and bureaucratic inefficiencies.</div></div>","PeriodicalId":51439,"journal":{"name":"European Journal of Political Economy","volume":"89 ","pages":"Article 102727"},"PeriodicalIF":2.4,"publicationDate":"2025-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144771485","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Governing flexibility: Trust, time and agency in automated demand-side flexibility 管理灵活性:自动化需求侧灵活性中的信任、时间和代理
IF 9.2 2区 经济学
Energy Policy Pub Date : 2025-08-05 DOI: 10.1016/j.enpol.2025.114806
Helen Poulter, Marie Claire Brisbois
{"title":"Governing flexibility: Trust, time and agency in automated demand-side flexibility","authors":"Helen Poulter,&nbsp;Marie Claire Brisbois","doi":"10.1016/j.enpol.2025.114806","DOIUrl":"10.1016/j.enpol.2025.114806","url":null,"abstract":"<div><div>Aligning electricity demand with renewable energy supply helps lower decarbonisation costs. This can be done through demand-side flexibility (DSF) markets, where users are rewarded for shifting their energy use to times of high renewable availability. However, participation is often limited due to complex incentives and users' limited ability or willingness to shift demand. Automation offers a solution but depends on users trusting the service providers—trust that is often lacking. We propose a conceptual framework connecting user time commitment and system enabled agency, examining how this influences trust in energy governance. We consider how consumer and competition policies can reduce user vulnerability and shift where trust is placed. Using secondary data, we apply this framework to three case studies—Australia, the UK, and New York State—analysing how governance processes support user trust, reduce vulnerability, or both. Should trust be a desired outcome, policy should be designed to reduce vulnerability by providing strong protections. Equally, users should be able to \"trade\" time to build trust in the system by participating in system governance, creating agency within automation. However, trust needs to be both deserved and maintained over time by the energy institutions for the acceptance of the automation of demand-side technologies.</div></div>","PeriodicalId":11672,"journal":{"name":"Energy Policy","volume":"206 ","pages":"Article 114806"},"PeriodicalIF":9.2,"publicationDate":"2025-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144772709","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
A simple measure of Fisherian amplification with flow collateral constraints 带流动侧支约束的fisher放大的一个简单度量
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-08-05 DOI: 10.1016/j.econlet.2025.112522
Eugenio Rojas , Felipe Saffie
{"title":"A simple measure of Fisherian amplification with flow collateral constraints","authors":"Eugenio Rojas ,&nbsp;Felipe Saffie","doi":"10.1016/j.econlet.2025.112522","DOIUrl":"10.1016/j.econlet.2025.112522","url":null,"abstract":"<div><div>We derive a closed-form expression for Fisherian amplification in small open economies. The formula isolates nonlinear feedback from price-sensitive collateral and highlights when macroprudential concerns become relevant due to amplification driven by collateral tightness and substitution elasticity.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"255 ","pages":"Article 112522"},"PeriodicalIF":1.8,"publicationDate":"2025-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144773063","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Robust p theory of taxes and debt management 健全的税收和债务管理理论
IF 2.3 3区 经济学
Journal of Economic Dynamics & Control Pub Date : 2025-08-05 DOI: 10.1016/j.jedc.2025.105158
Yingjie Niu , Zian Tang , Jinqiang Yang
{"title":"Robust p theory of taxes and debt management","authors":"Yingjie Niu ,&nbsp;Zian Tang ,&nbsp;Jinqiang Yang","doi":"10.1016/j.jedc.2025.105158","DOIUrl":"10.1016/j.jedc.2025.105158","url":null,"abstract":"<div><div>We consider the optimal tax and borrowing plan of a government that worries about model uncertainty and seeks robust decisions. Quantitative implications show that the presence of model uncertainty makes the government more willing to borrow and enlarges its debt capacity. Under the worst-case scenario, the marginal benefit of taxation and the optimal tax rate decreases first and then increases. This is due to the game between two opposing effects induced by ambiguity. Moreover, the government should engage more in financial hedging while the amount of holdings is no longer linear in the debt-to-GDP ratio.</div></div>","PeriodicalId":48314,"journal":{"name":"Journal of Economic Dynamics & Control","volume":"178 ","pages":"Article 105158"},"PeriodicalIF":2.3,"publicationDate":"2025-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144781657","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Variations in domestic water consumption in Hyderabad, India 印度海得拉巴的家庭用水变化
IF 4.4 3区 经济学
Utilities Policy Pub Date : 2025-08-05 DOI: 10.1016/j.jup.2025.102017
Adithya Bandari, Shubhajit Sadhukhan
{"title":"Variations in domestic water consumption in Hyderabad, India","authors":"Adithya Bandari,&nbsp;Shubhajit Sadhukhan","doi":"10.1016/j.jup.2025.102017","DOIUrl":"10.1016/j.jup.2025.102017","url":null,"abstract":"<div><div>The sixth Sustainable Development Goal (SDG) emphasizes the importance of universal access to water and sanitation, with a particular focus on ensuring an equitable daily water supply. We examine water consumption patterns in Hyderabad, India, with a focus on seasonal and spatial variations in daily per capita water consumption. The study employs one-sample t-tests and Classification and Regression Trees (CART) to investigate water consumption levels. A primary survey of 440 households was conducted in Hyderabad, divided into 31 circles. The perceived water usage data were collected from households to study consumption patterns. The study finds that the Service Level Benchmark (SLB) of 135 liters per capita per day (LPCD) for Indian cities corresponds to annual and winter averages at the household level. Significant variation from 135 LPCD was observed during the summer and rainy seasons in the surveyed households. Household characteristics, building characteristics, water sources, supply characteristics, coping mechanisms, appliances, and consumer behavior impact water consumption in households. The study highlights the need to consider seasonal demands and spatial scales (household, circle, and city levels) for effective water management. The findings indicate that the SLB of 135 LPCD corresponds to the water demands at larger spatial scales, such as the city and the circle. However, it has limited relevance at smaller spatial scales, such as the household level. The study helps to understand how per capita water consumption varies across seasons and spatial scales in an Indian city. The study of these spatial and seasonal consumption variations helps in the effective planning and implementation of water supply projects.</div></div>","PeriodicalId":23554,"journal":{"name":"Utilities Policy","volume":"96 ","pages":"Article 102017"},"PeriodicalIF":4.4,"publicationDate":"2025-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144772247","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Beyond displacement: Gentrification, misrecognition and resistance in Rotterdam's Tweebosbuurt 超越位移:鹿特丹tweebosburt的士绅化、误认和抵抗
IF 6.6 1区 经济学
Cities Pub Date : 2025-08-05 DOI: 10.1016/j.cities.2025.106329
Marijn Knieriem , Arnoud Lagendijk , Bart van Leeuwen
{"title":"Beyond displacement: Gentrification, misrecognition and resistance in Rotterdam's Tweebosbuurt","authors":"Marijn Knieriem ,&nbsp;Arnoud Lagendijk ,&nbsp;Bart van Leeuwen","doi":"10.1016/j.cities.2025.106329","DOIUrl":"10.1016/j.cities.2025.106329","url":null,"abstract":"<div><div>Gentrification produces a variety of experienced moral wrongs. This paper develops a new framework to assess these wrongs through the lens of (mis)recognition. On the basis of interviews with people living through gentrification in the Tweebosbuurt in Rotterdam, the Netherlands, this paper investigates the variety of ways in which people consider this process to be unjust. What mattered to the inhabitants was not only that they were displaced, i.e., that they had to move out of their home or witness neighbourhood transformation, but also the perceived intersubjective disregard that was expressed towards them in a variety of other ways during the process of gentrification. Our recognition-theoretical framework thus highlights the various moral aspects of gentrification that are all essential for a full understanding of how people morally experience the process, not just as passive victims but also as active protesters.</div></div>","PeriodicalId":48405,"journal":{"name":"Cities","volume":"167 ","pages":"Article 106329"},"PeriodicalIF":6.6,"publicationDate":"2025-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144773166","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Entrepreneurs from single-parent families and firm risk-taking 来自单亲家庭的企业家和敢于冒险的公司
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-08-05 DOI: 10.1016/j.frl.2025.108072
Ciji Song , Qi Zhang , Zengji Song
{"title":"Entrepreneurs from single-parent families and firm risk-taking","authors":"Ciji Song ,&nbsp;Qi Zhang ,&nbsp;Zengji Song","doi":"10.1016/j.frl.2025.108072","DOIUrl":"10.1016/j.frl.2025.108072","url":null,"abstract":"<div><div>This paper examines the effect of entrepreneurs' childhood family structure on corporate risk-taking. We find that, compared with firms led by entrepreneurs from two-parent families, firms led by entrepreneurs from single-parent families exhibit a lower level of corporate risk-taking. Furthermore, we find that entrepreneurs’ education and political experience can mitigate the negative relationship between single-parent family background and corporate risk-taking. Our study contributes to the literature by enriching the understanding of how entrepreneurial heterogeneity influences firm behavior.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 108072"},"PeriodicalIF":6.9,"publicationDate":"2025-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144779441","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Are active mutual fund managers skilled in picking stock concepts? 活跃的共同基金经理是否擅长挑选股票概念?
IF 5.6 2区 经济学
International Review of Economics & Finance Pub Date : 2025-08-05 DOI: 10.1016/j.iref.2025.104474
Jinlin Fu , Xiaomeng Lu , Yuxin Xie , Binxu Wang
{"title":"Are active mutual fund managers skilled in picking stock concepts?","authors":"Jinlin Fu ,&nbsp;Xiaomeng Lu ,&nbsp;Yuxin Xie ,&nbsp;Binxu Wang","doi":"10.1016/j.iref.2025.104474","DOIUrl":"10.1016/j.iref.2025.104474","url":null,"abstract":"<div><div>We provide a novel assessment of active mutual fund managers’ investment skills by analyzing the stock concepts they trade—a unique aspect of the Chinese stock market where stocks are grouped by themes or trends. We find that managers purchase stock concepts that subsequently outperform those they sell, demonstrating genuine investment skill. This outperformance is evident in both returns and earnings and is not driven by private information or concept momentum effects. Additionally, fund managers perform better when trading concepts dominated by growth stocks compared to value stocks. In contrast, retail investors underperform when trading stock concepts. Our findings highlight the value-added role of active fund managers in selecting stock concepts and offer new insights into mutual fund performance evaluation.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104474"},"PeriodicalIF":5.6,"publicationDate":"2025-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144779732","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Cap and trade versus tradable performance standard in a production network model with sectoral heterogeneity 具有部门异质性的生产网络模型中的限额与交易与可交易绩效标准
IF 2.3 3区 经济学
Journal of Economic Dynamics & Control Pub Date : 2025-08-05 DOI: 10.1016/j.jedc.2025.105154
Peter Burgold , Anne Ernst , Natascha Hinterlang , Marius Jäger , Nikolai Stähler
{"title":"Cap and trade versus tradable performance standard in a production network model with sectoral heterogeneity","authors":"Peter Burgold ,&nbsp;Anne Ernst ,&nbsp;Natascha Hinterlang ,&nbsp;Marius Jäger ,&nbsp;Nikolai Stähler","doi":"10.1016/j.jedc.2025.105154","DOIUrl":"10.1016/j.jedc.2025.105154","url":null,"abstract":"<div><div>In this paper, we compare the economic and welfare implications of two carbon pricing policies, namely the European Cap and Trade (CaT) regime and the Chinese Tradeable Performance Standard (TPS). The former sets an economy-wide emissions target and forces firms to purchase sufficient certificates. The latter sets an emissions intensity and requires firms with a higher intensity to either abate or buy emissions allowances from firms with lower-than-target intensities. It can be shown that TPS is equivalent to CaT when carbon pricing revenues are redistributed to firms according to output. In a dynamic two-agent general equilibrium model with heterogenous production sectors, we show that TPS outperforms a CaT regime that redistributes carbon revenues to households in a lump-sum manner, both, in terms of output gains and welfare due to lower costs on the production side. However, CaT with labor tax reduction increases welfare most because it alleviates distortions on the production side and improves the income situation of all households.</div></div>","PeriodicalId":48314,"journal":{"name":"Journal of Economic Dynamics & Control","volume":"178 ","pages":"Article 105154"},"PeriodicalIF":2.3,"publicationDate":"2025-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144781658","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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