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  • 1
    Publication Date: 2019-03-21
    Description: To be aware of the potential for energy savings in their homes, individuals need specific energy-related and financial knowledge. In addition, they also need the cognitive skills to apply this knowledge, for example when it comes to the calculation of the lifetime cost of household appliances or energy-efficient renovations. This set of knowledge and skills is related to two literacy concepts, i.e. energy and financial literacy. In this paper, we propose a new concept of literacy that we call "energy-related financial literacy". Further, we present information on the level of financial literacy as well as on the level of energy-related financial literacy for a sample of European households. In the empirical part of the paper we estimate several ordered probit models in order to analyse the determinants of the level of energy-related financial literacy, with a particular interest to understanding the role of gender. Our results show that the level of energy-related financial literacy is relatively low and heterogeneous across the European countries. Moreover, the results confirm previous findings about the gender gap in financial literacy, with males being associated with higher levels of the index. We also identify such a gender gap for energy-related financial literacy.
    Keywords: Q52 ; Q54 ; O10 ; ddc:330 ; Energy literacy ; financial literacy ; energy-related financial literacy ; consumer awareness ; energy knowledge
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 2
    Publication Date: 2019-03-21
    Description: From both health and environmental policy perspectives, it is advisable to ensure that individuals maximise the nutritional gains from eating meat, without having a significantly adverse environmental impact, i.e. sustainable meat consumption pathways are imperative. This is especially true for developing countries, where rising incomes and growing populations have meant that meat consumption has also risen. India is an example of a country where a large share of the population has been vegetarian due to religious and cultural factors, although this is rapidly changing. In this paper, we hypothesise that social interactions and globalisation are two factors that explain this shift in consumption behaviour, especially amongst Hindu households. These hypotheses are based on the theoretical findings of Levy and Razin (2012). The empirical results show that Hindus that are members of religious groups are less likely to eat meat than non-member Hindus, whereas Hindus that are members of non-religious types of groups are more likely to eat meat than non-members. We also find that Hindu households that frequently use sources of media such as newspapers, the radio or television are more likely to consume meat compared to Hindus that do not. This paper provides important policy implications, both in terms of the formulation of Nationally Recommended Diets in developing countries, and in terms of identifying the channel of influence of both social networks and globalisation on social and religious norms, consumption behaviour, and ultimately, on climate change.
    Keywords: D83 ; Q18 ; Q54 ; C23 ; C26 ; ddc:330 ; Meat consumption ; Religious norms ; Social interactions ; Globalisation ; India
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 3
    Publication Date: 2019-04-18
    Description: By means of a single-bounded, referendum format contingent valuation, this paper estimates willingness to pay (WTP) for improved air quality among residents of Mexico City Metropolitan Area (MCMA). Findings from this paper illustrate heterogeneity in WTP associated with environmental and social attitudes, and family concerns. For instance, WTP is higher than average if respondents state a very high priority to air pollution but smaller than average if respondent's household contains more adults than the sample median. This contingent valuation exercise provides elements to carry out cost-benefit analysis of environmental policies both recently implemented and currently under discussion in the MCMA context. For instance, a cost-benefit analysis using estimates from this paper suggests benefits from improved air quality surpass the costs of investing in hybrid buses. Usefulness of this study is underscored by pointing out recent evidence suggesting that (1) air pollution in MCMA has larger health impacts than in similar cities located in developed countries, and (2) policies tackling air pollution in MCMA have had no impact on pollution levels.
    Keywords: Q51 ; Q53 ; D61 ; ddc:330 ; Air quality ; Willingness to pay ; Mexico City ; Contingent valuation ; Attitudes
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 4
    Publication Date: 2018-11-29
    Description: This paper analyses the impact of electromagnetic pollution, noise and air pollution on the rent level for the aggregated and disaggregated market in the city of Zurich, Switzerland. Although there is no conclusive assessment about the health impacts of electromagnetic radiation people are nonetheless concerned about possible long term risks associated with the exposure. This risk perception may affect the price of dwellings located close to antenna. The regression results show that the environmental variables considered have the expected sign and are highly significant, with exception of the presence of an antenna and the air pollution for the non-profit submarket. However, the greatest part of the variation is explained by the structural variables.
    Keywords: C21 ; Q2 ; R31 ; ddc:330 ; hedonic pricing ; electrosmog ; noise ; air pollution ; market segmentation
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 5
    Publication Date: 2017-11-29
    Description: In this paper we propose a general approach for estimating stochastic frontier mod- els, suitable when using long panel data sets. We measure efficiency as a linear combi- nation of a finite number of unobservable common factors, having coefficients that vary across firms, plus a time-invariant component. We adopt recently developed economet- ric techniques for large, cross sectionally correlated, non-stationary panel data models to estimate the frontier function. Given the long time span of the panel, we investigate whether the variables, including the unobservable common factors, are non-stationary, and, if so, whether they are cointegrated. To empirically illustrate our approach, we estimate a stochastic frontier model for energy demand, and compute the level of the “underlying energy efficiency” for 24 OECD countries over the period 1980 to 2008. In our specification, we control for variables such as Gross Domestic Product, energy price, climate and technological progress, that are known to impact on energy consumption. We also allow for hetero- geneity across countries in the impact of these factors on energy demand. Our panel unit root tests suggest that energy demand and its key determinants are integrated and that they exhibit a long-run relation. The estimation of efficiency scores points at European countries as the more efficient in consuming energy.
    Keywords: C10 ; C31 ; C33 ; ddc:330 ; Energy demand ; panels ; common factors ; principal components
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 6
    Publication Date: 2017-11-29
    Description: In this paper we estimate the long- and short-run price elasticities of residential electricity consumption in Switzerland from a household survey by constructing an index of the stock of household appliances as well as by using energy services. We create the index by aggregating the information on the major household appliances. The index is used to estimate the impact of appliances on residential electricity demand. Furthermore, we also use energy services to estimate the electricity demand. We adopt an instrumental variables approach to obtain consistent estimates of the price elasticity to account for potential endogeneity concerns with the average price as well as the appliance index. Our results suggest that the price elasticity is around -0.6. We conclude that Swiss households are price inelastic in electricity prices. This can be used for policy makers as well as by utility companies to design pricing instruments to modify electricity consumption. We also find that estimates of the electricity demand when we substitute the usual residential characteristics with energy services are quite comparable.
    Keywords: D ; D1 ; Q ; Q4 ; Q5 ; ddc:330 ; Residential electricity ; appliance stock index ; energy services ; instrumental variables
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 7
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    Zurich: ETH Zurich, CER-ETH - Center of Economic Research
    Publication Date: 2017-11-29
    Description: Energy efficiency policy is seen as a very important activity by almost all policy makers. In practical energy policy analysis, the typical indicator used as a proxy for energy efficiency is energy intensity. However, this simple indicator is not necessarily an accurate measure given changes in energy intensity are a function of changes in several factors as well as ‘true’ energy efficiency; hence, it is difficult to make conclusions for energy policy based upon simple energy intensity measures. Related to this, some published academic papers over the last few years have attempted to use empirical methods to measure the efficient use of energy based on the economic theory of production. However, these studies do not generally provide a systematic discussion of the theoretical basis nor the possible parametric empirical approaches that are available for estimating the level of energy efficiency. The objective of this paper, therefore, is to sketch out and explain from an economic perspective the theoretical framework as well as the empirical methods for measuring the level of energy efficiency. Additionally, in the second part of the paper, some of the empirical studies that have attempted to measure the energy efficiency using such an economics approach are summarised and discussed.
    Keywords: D ; D2 ; Q ; Q4 ; Q5 ; ddc:330 ; economic foundations of energy efficiency ; energy demand ; stochastic frontier analysis
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 8
    Publication Date: 2017-11-29
    Description: This paper presents an empirical analysis of residential electricity demand considering the existence of spatial effects. This analysis has been performed using aggregate panel data at the province level for 46 Spanish provinces for the period from 2001 to 2009. For this purpose, we estimated a log-log demand equation using a spatial autoregressive model with autoregressive disturbances (SARAR). The purpose of this empirical analysis is to determine the influence of price, income, and spatial spillovers on residential electricity demand in Spain. We are particularly interested in analyzing the impact of household disposable income variation across provinces observed during the economic crisis period from 2008-2009. The estimation results show relatively high income elasticity and relatively low price elasticity. Furthermore, the results show the presence of spatial effects in Spanish residential electricity consumption.
    Keywords: D ; D2 ; Q ; Q4 ; R2 ; ddc:330 ; residential electricity demand ; aggregate panel data ; spatial economic effects ; economic crisis ; spatial econometrics ; Energiekonsum ; Räumliche Verteilung ; Wirtschaftskrise ; Panel ; Spanien
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 9
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    Zurich: ETH Zurich, CER-ETH - Center of Economic Research
    Publication Date: 2017-11-29
    Description: China is one of the largest consumers of energy globally. The country also emits some of the highest levels of CO2 globally. In 2009, 18% of the world’s total energy was consumed in China and the growth rate of energy consumption in China is 6.4% per year. In recent years, the Chinese government decided to introduce several energy policy instruments to promote energy efficiency. For instance, reduction targets for the level of energy intensity have been defined for provinces in China. However, energy intensity is not an accurate proxy for energy efficiency because changes in energy intensity are a function of changes in several socioeconomic factors. For this reason, in this paper we present an empirical analysis on the measurement of the persistent and transient “underlying energy efficiency” of Chinese provinces. For this purpose, a log-log aggregate energy demand frontier model is estimated by employing data on 29 provinces observed over the period 1996 to 2008. Several econometric model specifications for panel data are used: the random effects model and the true random effects model along with other versions of these models. Our analysis shows that energy intensity cannot measure accurately the level of efficiency in the use of energy in Chinese provinces. Further, our empirical analysis shows that the average value of the persistent “underlying energy efficiency” is around 0.78 whereas the average value of the transient “underlying energy efficiency” is approximately 0.93.
    Keywords: D ; D2 ; Q ; Q4 ; Q5 ; ddc:330 ; Chinese energy demand ; Stochastic frontier analysis: Underlying energy efficiency ; Energy intensity
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 10
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    Zurich: ETH Zurich, CER-ETH - Center of Economic Research
    Publication Date: 2017-11-29
    Description: The productive efficiency of a firm can be seen as composed of two parts, one persistent and one transient. The received empirical literature on the measurement of productive efficiency has paid relatively little attention to the difference between these two components. Ahn, Good and Sickles (2000) suggested some approaches that pointed in this direction. The possibility was also raised in Greene (2004), who expressed some pessimism over the possibility of distinguishing the two empirically. Recently, Colombi (2010) and Kumbhakar and Tsionas (2012), in a milestone extension of the stochastic frontier methodology have proposed a tractable model based on panel data the promises to provide separate estimates of the two components of efficiency. The approach developed in the original presentation proved very cumbersome actually to implement in practice. Colombi (2010) notes that FIML estimation of the model is ‘complex and time consuming.’ In the sequence of papers, Colombi (2010), Colombi et al. (2011, 2014), Kumbhakar, Lien and Hardaker (2012) and Kumbhakar and Tsionas (2012) have suggested other strategies, including a four step least squares method. The main point of this paper is that full maximum likelihood estimation of the model is neither complex nor time consuming. The extreme complexity of the log likelihood noted in Colombi (2010), Colombi et al. (2011, 2014) is reduced by using simulation and exploiting the Butler and Moffitt (1982) formulation. In this paper, we develop a practical full information maximum simulated likelihood estimator for the model. The approach is very effective and strikingly simple to apply, and uses all of the sample distributional information to obtain the estimates. We also implement the panel data counterpart of the JLMS (1982) estimator for technical or cost inefficiency. The technique is applied in a study of the cost efficiency of Swiss railways.
    Keywords: C1 ; C23 ; D2 ; D24 ; ddc:330 ; productive efficiency ; stochastic frontier analysis ; panel data ; transient and persistent efficiency
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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