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Does Uncertainty Matter A Stochastic Dynamic Analysis Of Bankable Emission Permit Trading For Global Climate Change Policy
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Book Synopsis Does uncertainty matter? : a stochastic dynamic analysis of bankable emission permit trading for global climate change policy by : Fan Zhang
Download or read book Does uncertainty matter? : a stochastic dynamic analysis of bankable emission permit trading for global climate change policy written by Fan Zhang and published by World Bank Publications. This book was released on 2007 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: Emission permit trading is a centerpiece of the Kyoto Protocol which allows participating nations to trade and bank greenhouse gas permits under the Framework Convention on Climate Change. When market conditions evolve stochastically, emission trading produces a dynamic problem, in which anticipation about the future economic environment affects current banking decisions. In this paper, the author explores the effect of increased uncertainty over future output prices and input costs on the temporal distribution of emissions. In a dynamic programming setting, a permit price is a convex function of stochastic prices of electricity and fuel. Increased uncertainty about future market conditions increases the expected permit price and causes a risk-neutral firm to reduce ex ante emissions so as to smooth out marginal abatement costs over time. The convexity results from the asymmetric impact of changes in counterfactual emissions on the change of marginal abatement costs. Empirical analysis corroborates the theoretical prediction. The author finds that a 1 percent increase in electricity price volatility measured by the annualized standard deviation of percentage price change is associated with an average decrease in the annual emission rate by 0.88 percent. Numerical simulation suggests that high uncertainty could induce substantially early abatements, as well as large compliance costs, therefore imposing a tradeoff between environmental benefits and economic efficiency. The author discusses policy implications for designing an effective and efficient global carbon market.
Book Synopsis Does Uncertainty Matter? A Stochastic Dynamic Analysis of Bankable Emission Permit Trading for Global Climate Change Policy by : Fan Zhang
Download or read book Does Uncertainty Matter? A Stochastic Dynamic Analysis of Bankable Emission Permit Trading for Global Climate Change Policy written by Fan Zhang and published by . This book was released on 2016 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: Emission permit trading is a centerpiece of the Kyoto Protocol which allows participating nations to trade and bank greenhouse gas permits under the Framework Convention on Climate Change. When market conditions evolve stochastically, emission trading produces a dynamic problem, in which anticipation about the future economic environment affects current banking decisions. In this paper, the author explores the effect of increased uncertainty over future output prices and input costs on the temporal distribution of emissions. In a dynamic programming setting, a permit price is a convex function of stochastic prices of electricity and fuel. Increased uncertainty about future market conditions increases the expected permit price and causes a risk-neutral firm to reduce ex ante emissions so as to smooth out marginal abatement costs over time. The convexity results from the asymmetric impact of changes in counterfactual emissions on the change of marginal abatement costs. Empirical analysis corroborates the theoretical prediction. The author finds that a 1 percent increase in electricity price volatility measured by the annualized standard deviation of percentage price change is associated with an average decrease in the annual emission rate by 0.88 percent. Numerical simulation suggests that high uncertainty could induce substantially early abatements, as well as large compliance costs, therefore imposing a tradeoff between environmental benefits and economic efficiency. The author discusses policy implications for designing an effective and efficient global carbon market.
Book Synopsis Housing, Health and Happiness by : Matias D. Cattaneo
Download or read book Housing, Health and Happiness written by Matias D. Cattaneo and published by . This book was released on 2007 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite the importance of housing for people's well-being, there has been little work done to assess the causal impact of housing and housing improvement programs on health and welfare. In this paper the authors help fill this gap by investigating the impact of a large-scale effort by the Mexican government to replace dirt floors with cement floors on child health and adult happiness. They find that replacing dirt floors with cement floors significantly reduces parasitic infestations in young children, reduces diarrhea, reduces anemia, and improves cognitive development. Finally, they also find that this program leave adults substantially better off, as measured by satisfaction with their housing and quality of life and by their significantly lower rates of depression and perceived stress.
Book Synopsis Bibliographie Mensuelle by : United Nations Library (Geneva, Switzerland)
Download or read book Bibliographie Mensuelle written by United Nations Library (Geneva, Switzerland) and published by . This book was released on 2007-07 with total page 600 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis World Bank Research Program by : World Bank
Download or read book World Bank Research Program written by World Bank and published by . This book was released on 2005 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Sustainable Energy Pricing by : Gary M. Zatzman
Download or read book Sustainable Energy Pricing written by Gary M. Zatzman and published by John Wiley & Sons. This book was released on 2012-02-07 with total page 608 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first book to address the issues of affordable power, sustainable energy, and reduced environmental impact through the science of energy pricing. Looking at the availability of natural resources from an engineering perspective, and determining how they can be priced to achieve sustainability in the energy sector, is the aim of this groundbreaking new work. Most current models used in energy pricing are based on linear analyses. While these models work well for targeted scenarios within a short time frame, they do not provide one with a scientific tool that can include many facets of the information age. The existing models do not include environmental sustainability in an integrated fashion. This is mainly because environmental costs are still considered to be intangible, and intractable with conventional economic analysis tools. Though one existing model acknowledges some possible theoretical truth to concerns expressed about the onset of 'peak oil'—the period in which new oil production must begin a decline of unknown and indefinite duration —this model has little or nothing to say about continuing practices in the extraction and production of fossil fuel that are themselves based on denying any significance or role for such thinking in the immediate future. A serious limitation of that discourse is its insistence on polarizing opinions "for" or "against" environmental sustainability, peak oil, and affordable energy prices. This book proceeds instead to isolate the absence of any agreed criteria for what would constitute inherently sustainable development and examines the main outlines of the history and political economy of energy resource exploration and development since the 1850s from this standpoint. It proposes specific directions in which to take some of the leading alternatives and amendments to current energy pricing practices (as well as some of the most promising energy development alternatives) in order to fulfill the time criteria required for an inherently sustainable trend. The author shows how, and why, identifying unsustainable practices and consequences can make a case for closing down particular oil and gas production operations, while averting the time-wasting approach of trying to fix what really has gone beyond fixing. However, it is possible, necessary, and actually far better to replace these methods with newer, scientifically based methods for achieving overall energy sustainability.
Book Synopsis The World Bank Research Program, 2005-2007 by :
Download or read book The World Bank Research Program, 2005-2007 written by and published by World Bank Publications. This book was released on 2008 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: This pocket-sized reference on key environmental data for over 200 countries includes key indicators on agriculture, forestry, biodiversity, energy, emission and pollution, and water and sanitation. The volume helps establish a sound base of information to help set priorities and measure progress toward environmental sustainability goals.
Book Synopsis Sustainable Resource Development by : Gary M. Zatzman
Download or read book Sustainable Resource Development written by Gary M. Zatzman and published by John Wiley & Sons. This book was released on 2012-12-10 with total page 337 pages. Available in PDF, EPUB and Kindle. Book excerpt: Taking a fresh new look at the energy industry and how the Earth's resources are being developed, the aim of this book is to aid engineers and scientists in attaining sustainability in this field, both from an economic and environmental perspective. The author herein presents engineering research and practice that is focused on achieving energy sustainability from a global perspective, as is also outlined in other Scrivener books, such as The Greening of Petroleum Operations and the author's own recently published book, Sustainable Energy Pricing, the companion volume to this book. The author applies the principles of economic sustainability developed there to re-examine actual engineering practices in fossil fuel and alternative energy (such as wind and tidal power) exploration and development. One of the book’s unique features is its analysis of what is deficient in the thinking and analytical frameworks that inform engineering work done in the field. The book addresses the complex issues surrounding our quest for sustainability and the key causes of the challenges that face the energy industry and its resource development. From this standpoint, the book challenges the reasoning and conclusions drawn from the often-quoted theory of "peak oil".
Book Synopsis Do Workers in Chile Choose Informal Employment? by : Truman Packard
Download or read book Do Workers in Chile Choose Informal Employment? written by Truman Packard and published by . This book was released on 2007 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: The degree to which a labor market is segmented and jobs in the formal sector of the economy are rationed is critical to the analysis of coverage of social insurance and pensions. Using unique panel data spanning the 1998-99 contraction in Chile, the author finds little evidence that self-employment is the residual sector of a dualistic labor market, as is often depicted in the literature. Data on transitions between sectors show that self-employment is not a free-entry sector, and that entrepreneurs can be "pushed" out of self-employment just as others are pushed out of formal employment during economic downturns. But employment without a contract does exhibit many of the features of the free-entry, employment safety net depicted in the dualistic literature. An annex to this paper presents supportive evidence from static analysis of selection-corrected wage differentials and a comment on the drawbacks of this approach.
Book Synopsis Underlying Dimensions of Knowledge Assessment by : Derek Hung Chiat Chen
Download or read book Underlying Dimensions of Knowledge Assessment written by Derek Hung Chiat Chen and published by . This book was released on 2007 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Knowledge Assessment Methodology (KAM) database measures variables that may be used to assess the readiness of countries for the knowledge economy and has many policy uses. Formal analysis using KAM data is faced with the problem of which variables to choose and why. Rather than make these decisions in an ad hoc manner, the authors recommend factor-analytic methods to distill the information contained in the many KAM variables into a smaller set of "factors." Their main objective is to quantify the factors for each country, and to do so in a way that allows comparisons of the factor scores over time. The authors investigate both principal components as well as true factor analytic methods, and emphasize simple structures that help provide a clear political-economic meaning of the factors, but also allow comparisons over time.
Book Synopsis Measuring Welfare Gains from Better Quality Infrastructure by : Irina Klytchnikova
Download or read book Measuring Welfare Gains from Better Quality Infrastructure written by Irina Klytchnikova and published by . This book was released on 2007 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Projects and reforms targeting infrastructure services can affect consumer welfare through changes in the price, coverage, or quality of the services provided. The benefits of improved service quality-while significant-are often overlooked because they are difficult to quantify. This paper reviews methods of evaluating the welfare implications of changes in the quality of infrastructure services within the broader theoretical perspective of welfare measurement. The study outlines the theoretical assumptions and data requirements involved, illustrating each method with examples that highlight common methodological features and differences. The paper also presents the theoretical underpinnings and potential applications of a new approach to analyzing the effects of interruptions in the supply of infrastructure services on household welfare."--Cover verso.
Book Synopsis Indian Manufacturing by : Devashish Mitra
Download or read book Indian Manufacturing written by Devashish Mitra and published by . This book was released on 2007 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the determinants of productivity in Indian manufacturing industries during the period 1988-2000. Using two-digit industry level data for the Indian states, we find evidence of imperfect interindustry and interstate labor mobility as well as misallocation of resources across industries and states. Trade liberalization increases productivity in all industries across all states, and productivity is higher in the less protected industries. These effects of protection and trade liberalization are more pronounced in states that have relatively more flexible labor markets. Similar effects are also found in the case of employment, capital stock and investment. Furthermore, labor market flexibility, independent of other policies, has a positive effect on productivity. Importantly, per capita state development expenditure seems to be the strongest and the most robust predictor of productivity, employment, capital stock and investment. Industrial delicensing increases both labor productivity and employment but only in the states with flexible labor market institutions. Even after controlling for delicensing, the analysis shows that trade liberalization has a productivity-enhancing effect. Finally, trade liberalization benefits most the export-oriented industries located in states with flexible labor-market institutions.
Book Synopsis Government Expenditures on Education, Health, and Infrastructure by : Antonio Estache
Download or read book Government Expenditures on Education, Health, and Infrastructure written by Antonio Estache and published by . This book was released on 2007 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: All interested parties seem to agree that it is important to be able to monitor public sector performance at the sectoral level, but most current work based on multi-country databases does not lend itself to country-specific conclusions. This is due to a large extent to major data limitations both on sectoral expenditures and on sectoral outcomes. This paper discusses the related issues and shows what we can do with the current data in spite of the drastic limitations. The main conclusions of the paper are that any efforts to assess country-specific performances in relative terms are likely to be difficult in view of the data problems. A rough sense of performance across sectors can be estimated for groups of countries, allowing some modest benchmarking exercises. These estimates show that low-income countries generally lag significantly behind higher-income countries. Efficiency has improved during the 1990s in energy and education but has not improved significantly in transport.
Book Synopsis Indigenous Peoples in Latin America by : Harry Anthony Patrinos
Download or read book Indigenous Peoples in Latin America written by Harry Anthony Patrinos and published by . This book was released on 2007 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite significant changes in poverty overall in Latin America, the proportion of indigenous peoples living in poverty did not change much from the early 1990s to the present. While earlier work focused on human development, much less has been done on the distribution and returns to income-generating assets and the effect these have on income generation strategies. The authors show that low income and low assets are mutually reinforcing. For instance, low education levels translate into low income, resulting in poor health and reduced schooling for future generations. Social networks affect the economic opportunities of individuals through two important channels-information and norms. However, the analysis shows that the networks available to indigenous peoples do not facilitate employment in nontraditional sectors.
Book Synopsis Rural Land Certification in Ethiopia by : Klaus W. Deininger
Download or read book Rural Land Certification in Ethiopia written by Klaus W. Deininger and published by . This book was released on 2007 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although many African countries have recently adopted highly innovative and pro-poor land laws, lack of implementation thwarts their potentially far-reaching impact on productivity, poverty reduction, and governance. The authors use a representative household survey from Ethiopia where, over a short period, certificates to more than 20 million plots were issued to describe the certification process, explore its incidence and preliminary impact, and quantify the costs. While this provides many suggestions to ensure sustainability and enhance impact, Ethiopia's highly cost-effective first-time registration process provides important lessons.
Book Synopsis Shock Waves by : Stephane Hallegatte
Download or read book Shock Waves written by Stephane Hallegatte and published by World Bank Publications. This book was released on 2015-11-23 with total page 227 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ending poverty and stabilizing climate change will be two unprecedented global achievements and two major steps toward sustainable development. But the two objectives cannot be considered in isolation: they need to be jointly tackled through an integrated strategy. This report brings together those two objectives and explores how they can more easily be achieved if considered together. It examines the potential impact of climate change and climate policies on poverty reduction. It also provides guidance on how to create a “win-win†? situation so that climate change policies contribute to poverty reduction and poverty-reduction policies contribute to climate change mitigation and resilience building. The key finding of the report is that climate change represents a significant obstacle to the sustained eradication of poverty, but future impacts on poverty are determined by policy choices: rapid, inclusive, and climate-informed development can prevent most short-term impacts whereas immediate pro-poor, emissions-reduction policies can drastically limit long-term ones.
Book Synopsis Does Money Matter? by : Christina H. Paxson
Download or read book Does Money Matter? written by Christina H. Paxson and published by World Bank Publications. This book was released on 2007 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors examine how a government-run cash transfer program targeted to poor mothers in rural Ecuador influenced the health and development of their children. This program is of particular interest because, unlike other transfer programs that have been implemented recently in Latin America, receipt of the cash transfers was not conditioned on specific parental actions, such as taking children to health clinics or sending them to school. This feature of the program makes it possible to assess whether conditionality is necessary for programs to have beneficial effects on children. The authors use random assignment at the parish level to identify the program's effects. They find that the cash transfer program had positive effects on the physical, cognitive, and socioemotional development of children, and the treatment effects were substantially larger for the poorer children than for less poor children. Among the poorest children in the sample, those whose mothers were eligible for transfers had outcomes that were on average more than 20 percent of a standard deviation higher than those for comparable children in the control group. Treatment effects are somewhat larger for girls and for children with more highly-educated mothers. The authors examine three mechanisms-better nutrition, greater use of health care, and better parenting-through which the transfers might influence child development. The program appeared to improve children's nutrition and increased the chance they were treated for helminth infections. But children in the treatment group were not more likely to visit health clinics for growth monitoring, and the mental health and parenting of their mothers did not improve.
