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Clean innovation, heterogeneous financing costs, and the optimal climate policy mix 清洁创新、异质融资成本和最佳气候政策组合
IF 5.5 3区 经济学
Journal of Environmental Economics and Management Pub Date : 2024-11-01 DOI: 10.1016/j.jeem.2024.103071
Emanuele Campiglio , Alessandro Spiganti , Anthony Wiskich
{"title":"Clean innovation, heterogeneous financing costs, and the optimal climate policy mix","authors":"Emanuele Campiglio ,&nbsp;Alessandro Spiganti ,&nbsp;Anthony Wiskich","doi":"10.1016/j.jeem.2024.103071","DOIUrl":"10.1016/j.jeem.2024.103071","url":null,"abstract":"<div><div>Access to finance is a major barrier to clean innovation. We incorporate a financial sector in a directed technological change model, where research firms working on different technologies raise funding from financial intermediaries at potentially different costs. We show that, in addition to a rising carbon tax and a generous but short-lived clean research subsidy, optimal climate policies include a clean finance subsidy directly aimed at reducing the financing cost differential across technologies. The presence of an endogenous financing experience effect induces stronger mitigation efforts in the short-term to accelerate the convergence of heterogeneous financing costs. This is achieved primarily through a carbon price premium of 39% in 2025, relative to a case with no financing costs.</div></div>","PeriodicalId":15763,"journal":{"name":"Journal of Environmental Economics and Management","volume":"128 ","pages":"Article 103071"},"PeriodicalIF":5.5,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142552749","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Labor market impacts of eco-development initiatives in protected areas 保护区生态发展举措对劳动力市场的影响
IF 5.5 3区 经济学
Journal of Environmental Economics and Management Pub Date : 2024-10-16 DOI: 10.1016/j.jeem.2024.103070
Anca Balietti , Sreeja Jaiswal , Daniel Schäffer
{"title":"Labor market impacts of eco-development initiatives in protected areas","authors":"Anca Balietti ,&nbsp;Sreeja Jaiswal ,&nbsp;Daniel Schäffer","doi":"10.1016/j.jeem.2024.103070","DOIUrl":"10.1016/j.jeem.2024.103070","url":null,"abstract":"<div><div>Eco-development seeks to balance economic development with biodiversity conservation, enhancing the effectiveness of protected area management. This paper examines the labor market impacts of eco-development initiatives implemented in the protected areas of the Western Ghats, India, a significant biodiversity hotspot facing intense socio-economic pressures. Our findings show that eco-development has substantially altered labor market outcomes in villages within and surrounding protected areas, resulting in a higher share of non-farm employment. This shift is marked by a reduction in year-round work and an increase in seasonal employment. These effects appear to stem from the specific types of jobs created by eco-development and the changes in land use patterns it promotes, such as a higher proportion of forested land and increased reliance on rainfed agriculture over irrigated farming. Descriptive evidence also suggests that, despite improvements in literacy, the affected villages experience lower consumption levels and higher poverty rates.</div></div>","PeriodicalId":15763,"journal":{"name":"Journal of Environmental Economics and Management","volume":"128 ","pages":"Article 103070"},"PeriodicalIF":5.5,"publicationDate":"2024-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142534663","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Combining private and common property management: The impact of a hybrid ownership structure on grassland conservation 将私有财产和共有财产管理相结合：混合所有权结构对草原保护的影响
IF 5.5 3区 经济学
Journal of Environmental Economics and Management Pub Date : 2024-10-04 DOI: 10.1016/j.jeem.2024.103069
Min Liu , Pengfei Liu , Kaixing Huang
{"title":"Combining private and common property management: The impact of a hybrid ownership structure on grassland conservation","authors":"Min Liu ,&nbsp;Pengfei Liu ,&nbsp;Kaixing Huang","doi":"10.1016/j.jeem.2024.103069","DOIUrl":"10.1016/j.jeem.2024.103069","url":null,"abstract":"<div><div>This study finds that a hybrid property structure, where private ownership and communal ownership coexist, outperforms pure private or pure public ownership in terms of grassland conservation after a grassland tenure reform in China. The tenure reform of privatization replaced public ownership gradually and led to a significant 5.4% increase in grassland quality on average. The grassland quality increase is twice as large for private grassland with additional access to public grassland compared to those without such access. Interestingly, public grassland quality did not decline, indicating sustainable utilization by herders. These findings are consistent with the literature which suggests that a properly structured hybrid ownership arrangement could benefit from the positive effects of grassland privatization while mitigating the negative impacts of natural disasters. We further provide empirical support and show that the gains from public grassland access are substantially larger when there are adverse climatic shocks. Our study provides important policy implications for property rights and sustainable grassland management under more frequent climate events.</div></div>","PeriodicalId":15763,"journal":{"name":"Journal of Environmental Economics and Management","volume":"128 ","pages":"Article 103069"},"PeriodicalIF":5.5,"publicationDate":"2024-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142419276","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
Turn off the faucet: Can individual meters reduce water consumption? 关闭水龙头：个人水表能减少用水量吗？
IF 5.5 3区 经济学
Journal of Environmental Economics and Management Pub Date : 2024-10-04 DOI: 10.1016/j.jeem.2024.103065
Paul E. Carrillo , Ivette Contreras , Carlos Scartascini
{"title":"Turn off the faucet: Can individual meters reduce water consumption?","authors":"Paul E. Carrillo ,&nbsp;Ivette Contreras ,&nbsp;Carlos Scartascini","doi":"10.1016/j.jeem.2024.103065","DOIUrl":"10.1016/j.jeem.2024.103065","url":null,"abstract":"<div><div>When consumption of water and other utilities is measured collectively for many households and the payment of such services is equally shared among members of the group, individuals may use more than what is socially optimal. In this paper, we evaluate how the installation of individual meters affects water consumption. Using administrative data from the public water utility company in Quito, Ecuador, and an event study approach, it is estimated that water consumption decreases by about 20% as a result of the introduction of individual metering. The effect is large and economically significant: in order to obtain the same effect using the price mechanism in Quito, prices would have to increase by at least 66%. Individual water metering could be a useful tool to curve down consumption in both developing and developed countries.</div></div>","PeriodicalId":15763,"journal":{"name":"Journal of Environmental Economics and Management","volume":"128 ","pages":"Article 103065"},"PeriodicalIF":5.5,"publicationDate":"2024-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142419278","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Information, incentives, and environmental governance: Evidence from China’s ambient air quality standards 信息、激励和环境治理：中国环境空气质量标准的证据
IF 5.5 3区 经济学
Journal of Environmental Economics and Management Pub Date : 2024-10-04 DOI: 10.1016/j.jeem.2024.103066
Pei Li , Yi Lu , Lu Peng , Jin Wang
{"title":"Information, incentives, and environmental governance: Evidence from China’s ambient air quality standards","authors":"Pei Li ,&nbsp;Yi Lu ,&nbsp;Lu Peng ,&nbsp;Jin Wang","doi":"10.1016/j.jeem.2024.103066","DOIUrl":"10.1016/j.jeem.2024.103066","url":null,"abstract":"<div><div>Information and incentives are pillars of political accountability. We examine their effectiveness in achieving governance under China’s new ambient air quality standards. By exploiting the sequential introduction of pollution information disclosure and environmental performance evaluation, we show that transparency alone is insufficient to induce public monitoring or government responsiveness. But when information provision is combined with performance incentives, local bureaucrats take actions to reduce pollution. The findings suggest that in a top-down hierarchy, when superiors receive accurate environmental information and administer rewards or sanctions based on that information, local governments face greater accountability pressure and respond by improving environmental performance.</div></div>","PeriodicalId":15763,"journal":{"name":"Journal of Environmental Economics and Management","volume":"128 ","pages":"Article 103066"},"PeriodicalIF":5.5,"publicationDate":"2024-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142419277","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
Too hot to sleep 热得睡不着
IF 5.5 3区 经济学
Journal of Environmental Economics and Management Pub Date : 2024-09-28 DOI: 10.1016/j.jeem.2024.103063
Patrick Bigler , Benedikt Janzen
{"title":"Too hot to sleep","authors":"Patrick Bigler ,&nbsp;Benedikt Janzen","doi":"10.1016/j.jeem.2024.103063","DOIUrl":"10.1016/j.jeem.2024.103063","url":null,"abstract":"<div><div>Adequate sleep is important for a variety of economic outcomes. We study the relationship between ambient temperatures and human sleep using daily district-level data on sleep duration collected by nearly half a million individual consumer wearable sensors in Germany from 2020 to 2022. Our results illustrate a nonlinear relationship between temperature and sleep duration. Average sleep duration decreases at high temperatures and is unaffected by low temperatures. For instance, we find a small but statistically significant reduction in average sleep duration of 2.8% (12 min and 8 s) on a tropical night (when daily minimum temperature exceeds 20 °C) compared to a mid-temperature night. We document corresponding changes in physical activity (number of daily steps) and vital signs (resting heart rate) at high minimum temperatures, which could represent potential mechanisms for the link between temperature and sleep.</div></div>","PeriodicalId":15763,"journal":{"name":"Journal of Environmental Economics and Management","volume":"128 ","pages":"Article 103063"},"PeriodicalIF":5.5,"publicationDate":"2024-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142419330","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Focusing the view: Improved methods for assessing viewshed impacts of onshore wind turbines 聚焦视野：陆上风力涡轮机对景观影响的改进评估方法
IF 5.5 3区 经济学
Journal of Environmental Economics and Management Pub Date : 2024-09-27 DOI: 10.1016/j.jeem.2024.103068
Luran Dong , Corey Lang , Jason Parent
{"title":"Focusing the view: Improved methods for assessing viewshed impacts of onshore wind turbines","authors":"Luran Dong ,&nbsp;Corey Lang ,&nbsp;Jason Parent","doi":"10.1016/j.jeem.2024.103068","DOIUrl":"10.1016/j.jeem.2024.103068","url":null,"abstract":"<div><div>Onshore wind turbine capacity continues to grow and will only accelerate, though siting can be challenging given community opposition. We apply the hedonic valuation method with residential property sales data to assess nearby residents’ willingness to pay to avoid having views of turbines from their property. In doing so, we aim to improve methods of assessing viewshed impacts for turbines and other amenities and disamenities that have a visual component. Our recommended viewshed approach uses a Digital Surface Model (DSM), which accounts for trees and buildings that obstruct views. For comparison, we also create viewsheds based on bare-earth Digital Elevation Model (DEM), which has been more typically used other studies. Using data from New England, USA, we use a difference-in-differences identification strategy with treatment defined by the visibility of a wind turbine, while also controlling for proximity-based treatment effects. The results suggest that property values decline by 2.2%–2.5% when a wind turbine is visible, with larger impacts in urban and coastal areas. DEM methods misclassify viewshed for about 75% of properties, when compared to the DSM-based viewshed, and the resulting DEM-based valuation estimates are attenuated.</div></div>","PeriodicalId":15763,"journal":{"name":"Journal of Environmental Economics and Management","volume":"128 ","pages":"Article 103068"},"PeriodicalIF":5.5,"publicationDate":"2024-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142419329","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
Equity weighting increases valuations when using real-world data 使用真实世界数据时，股票加权可提高估值
IF 5.5 3区 经济学
Journal of Environmental Economics and Management Pub Date : 2024-09-26 DOI: 10.1016/j.jeem.2024.103067
Austin Burlile, Peter Maniloff
{"title":"Equity weighting increases valuations when using real-world data","authors":"Austin Burlile,&nbsp;Peter Maniloff","doi":"10.1016/j.jeem.2024.103067","DOIUrl":"10.1016/j.jeem.2024.103067","url":null,"abstract":"<div><div>Environmental economists have long debated whether and how to appropriately integrate distributional concerns into cost benefit analysis. Recent White House guidance instructs U.S. government analysts to weight different groups’ costs and benefits according to their incomes. Groups with incomes below the median would have weights above one, while groups with incomes above the median would have weights below one. We explore the impact of this method. We find that the average weight is above one in a policy-relevant setting. In this example, weighting increases the magnitude of monetized costs and benefits. The average weight varies with the unit of analysis and the choice of unit of analysis can change the sign of the net benefits.</div></div>","PeriodicalId":15763,"journal":{"name":"Journal of Environmental Economics and Management","volume":"128 ","pages":"Article 103067"},"PeriodicalIF":5.5,"publicationDate":"2024-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142327546","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
The cost-efficiency carbon pricing puzzle 碳定价的成本效益之谜
IF 5.5 3区 经济学
Journal of Environmental Economics and Management Pub Date : 2024-09-21 DOI: 10.1016/j.jeem.2024.103062
Christian Gollier
{"title":"The cost-efficiency carbon pricing puzzle","authors":"Christian Gollier","doi":"10.1016/j.jeem.2024.103062","DOIUrl":"10.1016/j.jeem.2024.103062","url":null,"abstract":"<div><div>Any global temperature target must be translated into an intertemporal carbon budget and its associated cost-efficient carbon price schedule. Under the Hotelling’s rule without uncertainty, the growth rate of this price should be equal to the interest rate. It is therefore a puzzle that many cost-efficiency IAM models yield carbon prices that increase at an average real growth rate above 7% per year, a very large return for traders of carbon assets. I explore whether uncertainties surrounding the development of green technologies could solve this puzzle. I show that future marginal abatement costs and aggregate consumption are positively correlated. This justifies doing less for climate change than in the safe case, implying a smaller initial carbon price, and an expected growth rate of carbon price that is larger than the interest rate. In the benchmark calibration of my model, I obtain an equilibrium interest rate around 1% and an expected growth rate of carbon price around 3.5%, yielding an optimal carbon price above 200 USD/tCO<span><math><msub><mrow></mrow><mrow><mn>2</mn></mrow></msub></math></span> within the next few years. I also show that the rigid carbon budget approach to cost-efficiency carbon pricing implies a large uncertainty surrounding the future carbon prices that support this constraint. I show that green investors should be compensated for this risk by a large risk premium embedded in the growth rate of expected carbon prices, rather than by a collar on carbon prices as often recommended.</div></div>","PeriodicalId":15763,"journal":{"name":"Journal of Environmental Economics and Management","volume":"128 ","pages":"Article 103062"},"PeriodicalIF":5.5,"publicationDate":"2024-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0095069624001360/pdfft?md5=eaee85a73908226d0c9fbd60902405aa&pid=1-s2.0-S0095069624001360-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142314952","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Resource dependence, recycling, and trade 资源依赖、循环利用和贸易
IF 5.5 3区 经济学
Journal of Environmental Economics and Management Pub Date : 2024-09-20 DOI: 10.1016/j.jeem.2024.103064
Peter H. Egger , Christian Keuschnigg
{"title":"Resource dependence, recycling, and trade","authors":"Peter H. Egger ,&nbsp;Christian Keuschnigg","doi":"10.1016/j.jeem.2024.103064","DOIUrl":"10.1016/j.jeem.2024.103064","url":null,"abstract":"<div><div>Recycling waste from used goods can substitute for scarce virgin materials and reduce resource dependence. We present a model of waste collection, recycling, and final goods production using virgin and recycled materials. Environmentally safe disposal of trash (non-recycled waste) requires costly processing by landfill and burning which creates externalities. Trade between resource poor and resource rich countries involves non-trivial interactions between terms of trade effects and distortions in recycling and resource extraction. We analyze welfare improving policy intervention with local trash disposal and with trade in trash.</div></div>","PeriodicalId":15763,"journal":{"name":"Journal of Environmental Economics and Management","volume":"128 ","pages":"Article 103064"},"PeriodicalIF":5.5,"publicationDate":"2024-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142419275","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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