{"title":"What’s next for the Renewable Energy Target – resolving Australia’s integration of energy and climate change policy?*","authors":"Tim Nelson, Tahlia Nolan, Joel Gilmore","doi":"10.1111/1467-8489.12457","DOIUrl":"10.1111/1467-8489.12457","url":null,"abstract":"<p>Australian climate change policy and its integration with Australia’s electricity markets have been fraught for at least two decades. The only enduring policy has been the Commonwealth Renewable Energy Target (RET). Despite the relative success of the RET in driving investment and reducing emissions, state governments have now pivoted towards contracts-for-difference (Cfds). In this article, we outline the issues associated with policy discontinuity and the large-scale RET and review its effectiveness as an emissions reduction tool and driver of electricity sector abatement. We find that the RET has been relatively successful across the key criteria of cost and emissions reductions and is a better policy instrument than contracts-for-difference, which are increasingly being adopted by state governments. Building on the work of Nelson et al. (2020), we propose a new approach, which would allow for continued use of Cfds but utilising the RET’s policy architecture.</p>","PeriodicalId":55427,"journal":{"name":"Australian Journal of Agricultural and Resource Economics","volume":"66 1","pages":"136-163"},"PeriodicalIF":3.2,"publicationDate":"2021-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8489.12457","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48132491","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}
{"title":"Tail price risk spillovers along the US beef and pork supply chains","authors":"Panos Fousekis , Dimitra Tzaferi","doi":"10.1111/1467-8489.12455","DOIUrl":"10.1111/1467-8489.12455","url":null,"abstract":"<p>The objective of this paper was to investigate the intensity and the pattern of tail price risk spillovers in the US beef and pork industries. To this end, it estimates <i>CoVaR</i> functions for directly linked market pairs (farm–wholesale and wholesale–retail) along the relevant supply chains using quantile regressions. Over the total sample (1980–2020) and two sub-samples (1980–1999 and 2000–2020), the beef industry appears to exhibit a higher degree of price risk connectedness relative to the pork industry. Positive and negative tail price events are transmitted between markets with the same intensity. However, tail price events (irrespective of sign) are likely to spillover with greater intensity backwards in the supply chain than forwards. This pattern of transmission may be a cause of concern about the efficiency of alternative meat marketing arrangements as risk-sharing instruments.</p>","PeriodicalId":55427,"journal":{"name":"Australian Journal of Agricultural and Resource Economics","volume":"66 2","pages":"383-399"},"PeriodicalIF":3.2,"publicationDate":"2021-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43174147","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}
{"title":"Disasters and History: The Vulnerability and Resilience of Past Societies, Bas von Bavel, Daniel R. Curtis, Jessica Dijkman, Matthew Hannaford, Maika de Keyser, Eline van Onacker, Tim Soens, 2020, 231 pp. ISBN: 9781108569743. Cambridge University Press (open access).","authors":"Alistair Watson","doi":"10.1111/1467-8489.12454","DOIUrl":"10.1111/1467-8489.12454","url":null,"abstract":"","PeriodicalId":55427,"journal":{"name":"Australian Journal of Agricultural and Resource Economics","volume":"65 4","pages":"973-976"},"PeriodicalIF":3.2,"publicationDate":"2021-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46684119","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}
{"title":"Sold Down the River: How Robber Barons and Wall Street Traders Cornered Australia’s Water Market, by Scott Hamilton and Stuart Kells, Text Publishing Co, Melbourne, Australia, 2021, 334 pp, ISBN: 9781922458124.","authors":"Margaret Simons","doi":"10.1111/1467-8489.12453","DOIUrl":"10.1111/1467-8489.12453","url":null,"abstract":"","PeriodicalId":55427,"journal":{"name":"Australian Journal of Agricultural and Resource Economics","volume":"66 1","pages":"237-240"},"PeriodicalIF":3.2,"publicationDate":"2021-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8489.12453","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49423925","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}
{"title":"An economic lens to understanding antimicrobial resistance: disruptive cases to livestock and wastewater management in Australia","authors":"Bethany Cooper, Walter O. Okello","doi":"10.1111/1467-8489.12450","DOIUrl":"10.1111/1467-8489.12450","url":null,"abstract":"<p>The discovery of antimicrobial agents for the treatment of infectious diseases was one of the most significant events of the 20th century. Notwithstanding their importance, acquired resistance has become increasingly evident and this pattern has followed the introduction of each new antimicrobial agent. Antimicrobial resistance (AMR) has not only led to unwarranted mortality rates, but it presents as a major economic burden to societies. The alarming worldwide escalation in AMR poses a serious threat to public health and can cause major disruption globally. Whilst there has been progress in understanding AMR in the scientific literature, there is a dearth of knowledge that considers AMR from an economic perspective, especially as it relates to resource-based sectors. This paper uses two case studies to illustrate how an economic lens can improve understanding of the potential risks surrounding AMR and to identify the net welfare associated with specific interventions. We demonstrate the importance of economics when considering the impacts of AMR in the context of livestock and wastewater use in Australia and when quantifying the potential disruption to the economy. We also illustrate how economics can both highlight the magnitude of the risks from AMR but offer a way forward through cost-effective policy options.</p>","PeriodicalId":55427,"journal":{"name":"Australian Journal of Agricultural and Resource Economics","volume":"65 4","pages":"900-917"},"PeriodicalIF":3.2,"publicationDate":"2021-10-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8489.12450","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42856038","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}
{"title":"Comparing Internet and phone survey mode effects across countries and research contexts*","authors":"Jed J. Cohen, Johannes Reichl","doi":"10.1111/1467-8489.12451","DOIUrl":"10.1111/1467-8489.12451","url":null,"abstract":"<p>We compare Internet and telephone survey responses across 27 European Union nations and two research contexts: one, a choice experiment of willingness to pay to avoid power outages, and the other, a public acceptance of energy infrastructure question. The various forms of survey mode effects and the challenges of survey mode choice are documented and developed in the context of statistical theory and an application to an economics survey. We find evidence that survey mode effects vary across research contexts, and to a lesser extent, across nations. We suggest that the degree of measurement bias may be varying between research contexts, for example based on the availability of a perceived socially correct response within a given context. Future survey-based research should evaluate the choice of survey mode in a context- and region-specific manner.</p>","PeriodicalId":55427,"journal":{"name":"Australian Journal of Agricultural and Resource Economics","volume":"66 1","pages":"44-71"},"PeriodicalIF":3.2,"publicationDate":"2021-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8489.12451","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43825759","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}
Peggy Schrobback, Eriko Hoshino, Sean Pascoe, Robert Curtotti
{"title":"Market integration of domestic and imported seafood: Insights from the Sydney Fish Market*","authors":"Peggy Schrobback, Eriko Hoshino, Sean Pascoe, Robert Curtotti","doi":"10.1111/1467-8489.12452","DOIUrl":"10.1111/1467-8489.12452","url":null,"abstract":"<p>Australia has experienced a significant increase in seafood imports over the past two decades. Concurrently, Australian seafood producers have raised concerns that the low market prices of imported fish may negatively affect the prices of domestically produced seafood and, subsequently, the profitability of the Australian fishing industries. To validate this concern, this study examines the relationship between prices of domestically produced seafood and imported fish. Price data from the Sydney Fish Market (SFM), Australia’s largest auction wholesale fish market and fish import data are used for a cointegration analysis which is conducted using the bivariate Johansen test. Results indicate that prices of most domestic species traded within the SFM are not cointegrated, implying that they largely develop independently of each other. However, imported fish, particularly fresh imports, were found to be cointegrated with Australian produced fresh fish supplies traded on the SFM. Although the law of one price (LOP) was only confirmed to hold for some price pairs, the results suggest a partial substitution relationship between imports and domestically caught fish. This implies that prices of domestically produced fish within the Australian market are likely impacted by price dynamics within the international seafood market.</p>","PeriodicalId":55427,"journal":{"name":"Australian Journal of Agricultural and Resource Economics","volume":"66 1","pages":"216-236"},"PeriodicalIF":3.2,"publicationDate":"2021-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8489.12452","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44043000","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}
{"title":"Analysing the impact of COVID-19 on urban transitions and urban-regional dynamics in Australia*","authors":"Christian A. Nygaard, Sharon Parkinson","doi":"10.1111/1467-8489.12449","DOIUrl":"10.1111/1467-8489.12449","url":null,"abstract":"<p>In this paper, we draw on insights from economic theory on urban growth, large shocks and spatial dynamics to assess COVID-19 flow-on effects and potential disruptive legacy in urban-regional dynamics. Urban dynamics in Australia are assessed at national, regional and intra-urban scales. Long-term and short-term urban dynamics are analysed against random growth, locational fundamentals and increasing returns theories of urban growth and adjustment. A focus in Australia and elsewhere is the potential effect of COVID-19 on where people want to live, enabled in part by technological connectivity that releases some workers from proximity to work constraints when choosing a home. Our results suggest that urbanisation trends and adjustments to shocks differ for capital cities and noncapital cities. At the inter-regional migration level, Australia’s largest urban system, Sydney, is characterised by a cointegration relationship between outmigration and Sydney property prices relative to other housing markets. At finer spatial scales, COVID-19 had a negative impact on house prices within Sydney and may, for some micro-geographies and/or towns and regional centres, lead to significant change. However, typically this effect on houses (not units) began to dissipate in the period June-November 2020, when also controlling for housing policy pre- and post-COVID-19.</p>","PeriodicalId":55427,"journal":{"name":"Australian Journal of Agricultural and Resource Economics","volume":"65 4","pages":"878-899"},"PeriodicalIF":3.2,"publicationDate":"2021-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/1467-8489.12449","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"39595695","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}
{"title":"Global agricultural trade impact of the 2011 triple disaster in Japan: A gravity approach*","authors":"Dimitrios Dadakas Dr. PhD, Stavroula Tatsi","doi":"10.1111/1467-8489.12448","DOIUrl":"10.1111/1467-8489.12448","url":null,"abstract":"<p>We examine the evolution of global agricultural trade flows in the light of the 2011 earthquake, tsunami and nuclear accident in Fukushima, Japan. After the 2011 disasters, safety concerns led to the implementation of international surveillance measures on agricultural products from Japan. The physical damages, the domestic and foreign restrictions to production and trade, combined with actual and perceived health risks, affected consumer behaviour and reshaped production, consumption and trade. The existing literature has thoroughly examined individual sectoral effects, mainly through stylised facts and mainly for Japan; however, there is no analysis to date on the effects of the triple disaster on global trade flows of agriculture. With Japan holding 4.1 per cent of global exports of agricultural products and 0.4 per cent of global imports, transmission of the effects to global markets could lead to disruptions in global supply chains, worldwide distribution and trade. We use a gravity approach, together with 2000–2018 panel data and a Poisson Pseudo Maximum Likelihood (PPML) estimator to discuss the impact of the disasters on global trade flows of agriculture. Results for Japan indicate a negative effect on both exports and imports extending until 2014. Counterfactual analysis results suggest transmission of the negative effects to global exports of agricultural products.</p>","PeriodicalId":55427,"journal":{"name":"Australian Journal of Agricultural and Resource Economics","volume":"65 4","pages":"937-972"},"PeriodicalIF":3.2,"publicationDate":"2021-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/1467-8489.12448","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43300317","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}
{"title":"COVID-19’s impact on Australian wine markets and regions*","authors":"Glyn Wittwer, Kym Anderson","doi":"10.1111/1467-8489.12447","DOIUrl":"10.1111/1467-8489.12447","url":null,"abstract":"<p>This paper provides an empirical case study of impacts of COVID-19 on Australia’s wine sector. Wine exports were subject to disruptions and, like domestic wine sales, were adversely affected not only by temporary declines in consumers’ expected incomes but also by the social distancing measures and self-isolation that led to closure of restaurants, bars, cafes and clubs plus declines in international travel and tourism. Partly offsetting this has been a boost to off-premise and direct e-commerce sales. We first estimate those impacts and their expected partial recovery in 2021 using a new model of global beverage markets. Then, we add results on regional effects, including through domestic wine tourism, using a new economy-wide model with sub-national regions. The paper concludes by drawing lessons on how this sector’s resilience to future global shocks could be strengthened.</p>","PeriodicalId":55427,"journal":{"name":"Australian Journal of Agricultural and Resource Economics","volume":"65 4","pages":"822-847"},"PeriodicalIF":3.2,"publicationDate":"2021-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/1467-8489.12447","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"39429967","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}