EnergyRN: Energy Economics (Topic)最新文献

{"title":"Split Incentives and Endogenous Inattention in Home Retrofits Uptake: a Story of Selection on Unobservables?","authors":"Stefano Cellini","doi":"10.2139/ssrn.3933339","DOIUrl":"https://doi.org/10.2139/ssrn.3933339","url":null,"abstract":"Researchers have tested for imperfect information in rental sector and housing-induced returns heterogeneity among occupiers by estimating cross-sectional single-equation models. This approach leads to the estimation of conspicuous wedges in insulation investment propensity between tenants vs owner-occupiers (≥ 20 percentage points) and low-return vs high-return dwellings households (0.10-0.20pp) in the UK. I complement these findings by analysing their sensitivity to assumptions on unobservables à la Oster (2019) and Cinelli and Hazlett (2020). According to the former’s parametrization, under equally strong observables and unobservables, the effect of split incentives on loft/wall insulation investment can be up to 40%/26% lower, while the effect of housing choices is unaltered. Instead, the latter’s strategy suggests that an equal selection scenario would reduce by at least 60% the split incentives estimates, whereas non-random housing would just cause the estimates to drop by less than one third. Hence, I quantify how easily research conclusions may be severely affected by a certain degree of selection and offer some convenient tools to integrate in the assessment of the sources of under-retrofitting with cross-sectional data.","PeriodicalId":400187,"journal":{"name":"EnergyRN: Energy Economics (Topic)","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132675876","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Rewarding countries for taxing fossil fuel combustion: optimal mechanisms under exogenous budgets","authors":"L. Stern","doi":"10.2139/ssrn.3847644","DOIUrl":"https://doi.org/10.2139/ssrn.3847644","url":null,"abstract":"Consider a global institution with an exogenous budget that can reward each developing country based on its tax rate on the combustion of a given fossil fuel. I develop a model in which countries differ in the co-benefits that they derive from emissions reductions and also in their aversion to taxing carbon. Assuming a uniform type distribution and linear demand functions for the fossil fuel, I provide an explicit solution for the optimal mechanism. It can be implemented through a reward payment function of the following form: each country is rewarded based on how much (if at all) its carbon tax exceeds a certain reference level. The reward payment is quadratic in this amount if the global institution's budget is small. For large budgets, there is an additional term that is linear in the amount that the carbon tax exceeds the reference level. Empirical calibrations suggest that carbon pricing reward funds could play a valuable role if the world mobilizes substantial additional funding for supporting emissions reductions in developing countries.","PeriodicalId":400187,"journal":{"name":"EnergyRN: Energy Economics (Topic)","volume":"570 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131737851","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Diseño y Formulación de Subsidios a la Demanda de Energía Eléctrica en Colombia (Design and Formulation of Subsidies for Electricity Demand in Colombia)","authors":"Marcela Eslava, Miguel J. Revolo, Rutty Paola Ortiz Jara","doi":"10.2139/ssrn.3813541","DOIUrl":"https://doi.org/10.2139/ssrn.3813541","url":null,"abstract":"<b>Spanish Abstract:</b> Colombia cuenta con un sistema de subsidios a la demanda final residencial de energía, que toman la forma de tarifas reducidas para ciertos grupos de la sociedad. El sistema actual de subsidios a la demanda de energía funciona primordialmente alrededor del Fondo de Solidaridad para Subsidios y Redistribución de Ingresos (FSSRI), concebido desde la Ley 142 de 1994 como un fondo de subsidios cruzados, donde los usuarios con mayor capacidad de pago subsidian a quienes no la tienen. Entre los principios del sistema tarifario para servicios públicos domiciliarios, establecidos en la mencionada Ley, hay dos de los cuales se deriva la naturaleza de subsidio cruzado del Fondo: el principio de solidaridad y redistribución, y el principio de suficiencia financiera. La focalización actual de los subsidios se basa en el sistema de estratificación: los usuarios en los estratos 1, 2 y 3 son receptores de subsidios de electricidad, mientras que aquellos en estratos residenciales 5, 6, y los usuarios comerciales, realizan contribuciones a través de una sobretasa. En gas natural domiciliario la focalización es similar, excepto que el estrato 3 no es receptor.<br><br>En la actualidad es claro el FSSRI no cumple con un principio básico de focalización, según el cual los recursos de los subsidios deberían dirigirse a la población de menores ingresos. Con casi 90% de los hogares subsidiados en electricidad y 60% en gas por redes, el sistema carece de una verdadera focalización, y claramente dedica cuantiosos recursos de la Nación a subsidiar hogares que no se encuentran en condición de vulnerabilidad, algunos de los cuales incluso se ubican en el extremo superior de la distribución de ingreso. Más del 40% de los hogares en los estratos 2 y 3 se encuentran por encima de la mediana de ingreso, y más del 60% de los usuarios de energía eléctrica en el Sistema Nacional Interconectado, y del 45% en gas por redes, son receptores de estos subsidios sin encontrarse en situación de pobreza (que en la última década ha alcanzado a menos del 30% de la población). Con incontables necesidades sociales que demandarían recursos del Estado, es fundamental redirigir los recursos que hoy subsidian a una población que no lo necesita hacia usos de mayor retorno social, incluyendo financiar una necesaria expansión del cubrimiento de provisión energética a las poblaciones que hoy no la tienen.<br><br>El FSSRI tampoco cumple con el principio de solidaridad y redistribución con el cual se creó. La actual estratificación socioeconómica, que concentra la casi totalidad de hogares en los estratos 1, 2 y 3 y menos del 5% de los hogares en estratos que contribuyen, implica que el Fondo es en realidad un subsidio generalizado a hogares por parte de los estratos comerciales, y por recursos de otras fuentes del presupuesto de la nación. Como consecuencia de lo anterior, y de crecientes costos promedio, el FSSRI tampoco cumple con el principio de suficiencia financiera...<br><","PeriodicalId":400187,"journal":{"name":"EnergyRN: Energy Economics (Topic)","volume":"74 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127877361","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Climate Finance and Emission Reductions: What Do the Last Twenty Years Tell Us?","authors":"Claire Gavard, N. Schoch","doi":"10.2139/ssrn.3799872","DOIUrl":"https://doi.org/10.2139/ssrn.3799872","url":null,"abstract":"In the framework of the Paris Agreement implementation, financial transfers remain a major point of negotiation for addressing equity concerns raised by the ambitious climate objectives. In complement to the theoretical, experimental and numerical studies that have examined the role of transfers in facilitating coalitions, we conduct the first empirical analysis of their impact on national carbon emission reductions. We build on the existing literature to develop a conceptual framework which models continuous national emission choices in the presence of financial transfers. We infer an equation of the impact of mitigation and adaptation finance on national emissions of recipient countries. We test the derived hypothesis using carbon emissions data of non-OECD countries in the last 20 years. We find that public adaptation and mitigation finance tend to increase emissions. Private mitigation finance seems to reduce them only after five years following the transfers.","PeriodicalId":400187,"journal":{"name":"EnergyRN: Energy Economics (Topic)","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124019913","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Oil and Fiscal Policy Regimes","authors":"H. Bjørnland, R. Casarin, Marco Lorusso, F. Ravazzolo","doi":"10.2139/ssrn.3769785","DOIUrl":"https://doi.org/10.2139/ssrn.3769785","url":null,"abstract":"We analyse fiscal policy responses in oil rich countries by developing a Bayesian regimes-witching panel country analysis. We use parameter restrictions to identify procyclical and countercyclical fiscal policy regimes over the sample in 23 OECD and non-OECD oil producing countries. We find that fiscal policy is switching between pro- and countercyclial regimes multiple times. Furthermore, for all countries, fiscal policy is more volatile in the countercyclical regime than in the procyclical regime. In the procyclical regime, however, fiscal policy is systematically more volatile and excessive in the non-OECD (including OPEC) countries than in the OECD countries. This suggests OECD countries are able to smooth spending and save more than the non-OECD countries. Our results emphasize that it is both possible and important to separate a procyclical regime from a countercyclical regime when analysing fiscal policy. Doing so, we have encountered new facts about fiscal policy in oil rich countries.","PeriodicalId":400187,"journal":{"name":"EnergyRN: Energy Economics (Topic)","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126755109","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Accelerating China’s Fossil Fuel Plant Retirement and Renewable Energy Expansion via Capacity Mechanism","authors":"G. Yin, Bo Li, N. Fedorova, Patricia Hidalgo-Gonzalez, D. Kammen, Maosheng Duan","doi":"10.2139/ssrn.3767160","DOIUrl":"https://doi.org/10.2139/ssrn.3767160","url":null,"abstract":"The capitalization and lifetime of coal-fired power plants as well as political support for them are the largest impediments to decarbonisation, particularly in China. We introduce a market-oriented capacity remuneration mechanism to transform current coal capacity into an essential tool to support renewable electricity integration. This mechanism will not only reduce CO2 emissions but also backstop renewable electricity in the near-term to improve system reliability. Using generation and emissions data from the SWITCH-China model, this paper calculates the reserve economic value and its development pathway for the current legacy coal capacity. Our results show that more than 500 gigawatts (GW) of coal capacity can continue to serve as the reserve capacity by 2050, and this contributes 25% of the total reliable capacity required by the system. In contrast to the aggressive strategy of retiring all coal capacity, this pathway could save the China's power system at least US$100 billion in fixed-asset investment costs.","PeriodicalId":400187,"journal":{"name":"EnergyRN: Energy Economics (Topic)","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121295090","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Relations: Agriculture – Economyin The Theory of Economics","authors":"S. Kowalczyk, M. Kwasek","doi":"10.30858/zer/128632","DOIUrl":"https://doi.org/10.30858/zer/128632","url":null,"abstract":"The paper discusses the position of agriculture in the economy at various levels of economic development and in various schools of economic theory. The complexity of the analyzed area is a consequence of the fact that agriculture is one of the first forms of conscious and organized human activity. Its importance for society and economy results from the main goal of this activity, which is to satisfy the basic human need, the need to satisfy hunger. The study depicts three basic perspectives from which agriculture is presented in economic theory: (i) relations between agriculture and other sectors of the economy, (ii) the main forces shaping the mechanism of changes and the development of agriculture, and (iii) basic directions (paths) taking place in a time of changes in agriculture. In the second part of the paper, one of the three main perspectives illustrating the position of agriculture in the economy and in the theory of economics, i.e., the relations between agriculture and other sectors of the economy, was subject to empirical verification. The assessment was carried out on the example of Polish agriculture and its evolution over time. The analysis covers the changes that occurred after 1950 in areas such as the potential of agriculture in the economy (land, labor, and capital resources), the contribution of agriculture to creating added value (GNI/GDP), agricultural production, participation in foreign trade and changes in food consumption.","PeriodicalId":400187,"journal":{"name":"EnergyRN: Energy Economics (Topic)","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122865469","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Understanding Macro and Asset Price Dynamics During the Climate Transition","authors":"M. Donadelli, Patrick Grüning, Steffen Hitzemann","doi":"10.2139/ssrn.3801562","DOIUrl":"https://doi.org/10.2139/ssrn.3801562","url":null,"abstract":"This paper analyzes the transition to a low-carbon economy and its effects on macroeconomic quantities and asset prices. Empirically, we document that the relative valuation of fossil fuel firms has significantly declined with the rise of climate change risk awareness. We develop a macro asset pricing model for the climate transition that matches this empirical fact and allows us to characterize the dynamics of macroeconomic aggregates and asset prices during and after the transition. In particular, we analyze (i) firm valuation dynamics, (ii) climate policy risk premia, (iii) capital reallocation between sectors, and (iv) the behavior of oil prices.","PeriodicalId":400187,"journal":{"name":"EnergyRN: Energy Economics (Topic)","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128225247","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"When Pep Comes Calling, the Oil Market Answers: The Effect of Football Player Transfer Movements on Abnormal Fluctuations in Oil Price Futures","authors":"H. Do, Q. Nguyen, Rabindra Nepal, R. Smyth","doi":"10.2139/ssrn.3735300","DOIUrl":"https://doi.org/10.2139/ssrn.3735300","url":null,"abstract":"Abstract We examine the effect of player-transfers entered into by football clubs owned, or financed, by individuals who are key players in the oil market on abnormal returns in oil futures. In oil-financed football clubs, the sums expended buying players frequently far exceeds the amount received from selling players in the player-transfer market. We find that in order to finance these deficits in the player-transfer market, the owners act opportunistically by withholding the oil supply, resulting in higher abnormal oil spot returns. We also find that these spot price adjustments are reflected in abnormal returns in the futures market. The exception is when the deficit in the player-transfer market is above a very high threshold, which is typically only the case when the highest profile players in football are transferred. The high-profile transfers attract widespread media attention, making oil futures investors aware of the potential transmission from the player-transfer market to the oil market on a wide-scale, which dissipates the effect of a deficit in the player transfer market on abnormal returns in oil futures.","PeriodicalId":400187,"journal":{"name":"EnergyRN: Energy Economics (Topic)","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114446271","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Pricing Relationships between Oil and Renewable Firms under Extreme Conditions: The Effects of Negative WTI Prices (Online Appendix 3/3)","authors":"S. Corbet, John W. Goodell, Samet Gunay","doi":"10.2139/ssrn.3712959","DOIUrl":"https://doi.org/10.2139/ssrn.3712959","url":null,"abstract":"We test for the existence of volatility spillovers and co-movements among energy-focused corporations during the outbreak of the COVID-19 pandemic, inclusive of the April 2020 events where West Texas Intermediate (WTI) oil future prices became negative. Employing the spillover index approach of Diebold and Yilmaz [2012];as well as developing a DCC-FIGARCH conditional correlation framework and using estimated spillover indices built on a generalised vector autoregressive framework in which forecast-error variance decompositions are invariant to the variable ordering, we examine the sectoral transmission mechanisms of volatility shocks and contagion throughout the energy sector. Among several results, we find positive and economically meaningful spillovers from falling oil prices to both renewable energy and coal markets. However, this result is only found for the narrow portion of our sample surrounding the negative WTI event. We interpret our results being directly attributed to a sharp drop in global oil, gas and coal demand, rather than because of a sudden increase in oil supply. While investors observed the US fracking industry losing market share to coal, they also viewed renewables as more reliable mechanism to generate long-term, stable and low-cost supply.","PeriodicalId":400187,"journal":{"name":"EnergyRN: Energy Economics (Topic)","volume":"198 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131732273","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}