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Is There Still a Case for Merchant Interconnectors? Insights from an Analysis of Welfare and Distributional Aspects of Options for Network Expansion in the Baltic Sea Region 商业互连器是否仍然存在?波罗的海地区网络扩张选择的福利与分配分析
Pub Date : 2014-08-01 DOI: 10.2139/ssrn.2487759
Clemens Gerbaulet, Alexander Weber
Despite the ongoing appetite of financial investors for merchant investments into the European electricity network, the EC is reluctant to approve such undertakings, thus implicitly favoring regulated investments. Based on a two-level model, we analyze the impact of profit-maximizing merchant transmission investment as compared to welfare-maximizing regulated transmission investment. We apply the model to the Baltic Sea region, which has in the past been subject to rapid interconnector development and still would benefit from increased interconnection. We obtain stable results indicating that merchant investment may well contribute to overall welfare, but at the same time, “the merchant takes it all”, i.e. in many cases merchant profits are close to the overall efficiency gain, and sometimes even higher. These results underline that that distributional aspects, besides mere welfare arguments should be taken into account when analyzing the impact of merchant transmission investment.
尽管金融投资者对欧洲电力网络的商业投资有持续的兴趣,但欧盟委员会不愿批准此类项目,因此暗含着对受监管投资的青睐。基于一个两级模型,我们分析了利润最大化的商业输电投资与福利最大化的监管输电投资的影响。我们将该模型应用于波罗的海地区,该地区过去一直受到互联互通快速发展的影响,现在仍将受益于互联互通的增加。我们得到了稳定的结果,表明商人投资可以很好地促进整体福利,但与此同时,“商人拿走了一切”,即在许多情况下,商人的利润接近整体效率收益,有时甚至更高。这些结果强调,在分析商业输电投资的影响时,除了单纯的福利论点外,还应考虑分配方面的因素。
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引用次数: 4
The Investment Performance of Art and Other Collectibles 艺术品和其他收藏品的投资表现
Pub Date : 2013-09-02 DOI: 10.2139/ssrn.2319338
E. Dimson, C. Spaenjers
We assess the long-term financial returns from high-quality collectible real assets, and review the unique risks that are associated with such investments. Over the period 1900-2012, art, stamps, and musical instruments (violins) have appreciated at an average annual rate of 6.4%-6.9% in nominal terms, or 2.4%-2.8% in real terms. Despite the similarity in long-term returns, short-term trends can vary substantially across these different types of emotional assets. Collectibles have enjoyed higher average returns than government bonds, bills, and gold. However, it is important to recognize the quantitative importance of transaction costs in collectibles markets. In addition, price volatility is larger than is suggested by conventional measures of risk, and these assets are also exposed to fluctuating tastes and potential frauds. Yet, despite the large costs and many pitfalls, investment in emotional assets can pay off, because of the non-financial yield they provide.
我们评估高质量可收集实物资产的长期财务回报,并审查与此类投资相关的独特风险。1900年至2012年期间,艺术品、邮票和乐器(小提琴)的名义年平均升值幅度为6.4%-6.9%,实际升值幅度为2.4%-2.8%。尽管长期回报相似,但这些不同类型的情感资产的短期趋势可能存在很大差异。收藏品的平均回报率高于政府债券、票据和黄金。然而,重要的是要认识到在收藏品市场中交易成本的数量重要性。此外,价格波动比传统的风险衡量标准所显示的要大,这些资产也容易受到口味波动和潜在欺诈的影响。然而,尽管成本高昂、陷阱重重,但投资情感资产是可以获得回报的,因为它们提供了非金融收益。
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引用次数: 10
Factoryless Goods Producers in the US 美国的无工厂产品生产商
Pub Date : 2013-06-01 DOI: 10.2139/ssrn.2285677
A. Bernard, Teresa C. Fort
This paper documents the extent and characteristics of plants and firms in the US that are outside the manufacturing sector according to official government statistics but nonetheless are heavily involved in activities related to the production of manufactured goods. Using new data on establishment activities in the Census of Wholesale Trade conducted by the US Bureau of the Census in 2002 and 2007, this paper provides evidence on so-called "factoryless goods producers" (FGPs) in the US economy. FGPs are formally in the wholesale sector but, unlike traditional wholesale establishments, FGPs design the goods they sell and coordinate the production activities. This paper documents the extent of FGPs in the wholesale sector and how they differ from traditional wholesalers in terms of their employment, wages, productivity and output. Reclassifying FGP establishments to the manufacturing sector using our definition would have shifted at least 595,000 workers to as many as 1,311,000 workers from wholesale to manufacturing sectors in 2002 and at least 431,000 workers to as many as 1,934,000 workers in 2007.
本文记录了根据官方政府统计数据,美国制造业以外的工厂和公司的范围和特征,但仍然大量参与与制成品生产相关的活动。本文利用美国人口普查局在2002年和2007年进行的批发贸易普查中有关企业活动的新数据,为美国经济中所谓的“无工厂商品生产者”(FGPs)提供了证据。fgp正式属于批发部门,但与传统的批发机构不同,fgp设计他们销售的商品并协调生产活动。本文记录了fgp在批发部门的程度,以及他们在就业、工资、生产率和产出方面与传统批发商的不同之处。根据我们的定义,将FGP机构重新分类为制造业,将使2002年至少59.5万名工人从批发部门转移到制造业,最多可达131.1万名工人,并将至少43.1万名工人转移到2007年多达193.4万名工人。
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引用次数: 39
Procurement Efficiency in Public Procurement Auctions: Analysis of Different Types of Products 公共采购拍卖中的采购效率:不同类型产品的分析
Pub Date : 2012-09-18 DOI: 10.2139/ssrn.2148638
B. Tas
Different types of products are procured in government procurement auctions. This paper empirically analyzes the effect of competition (number of bidders) on procurement price of different types of products. In other words, we investigate the optimal number of bidders which minimizes procurement costs in auctions for services, goods and construction. We use a unique data set provided by the Public Procurement Authority (PPA) of Turkey that covers all government procurement auctions for the years 2004-2009. This paper has three major results. First, after controlling for possible endogeneity, we show that the number of bidders significantly and negatively affects the procurement price. Thus, existence of a more competitive environment significantly decreases procurement costs in Turkey. Second, when auctions are open to foreign participation, the auction price tends to be lower. This is caused by an increase in the competitiveness of the auctions; detailed analysis of bidder participation to Turkish procurement auctions shows that number of bidders is significantly higher when auctions are open to foreign participation. Finally, the optimal number of bidders to take the full advantage of competition differs among auctions for different types of products. At least eight bidders are needed for services, seven for the goods sectors and at least thirteen bidders are required to be able to achieve the lowest procurement price possible for the construction auctions. The results of this paper has several policy implications for efficient procurement design.
在政府采购拍卖中采购不同类型的产品。本文实证分析了竞争(投标人数量)对不同类型产品采购价格的影响。换句话说,我们研究了在服务、货物和工程的拍卖中使采购成本最小化的最优投标人数量。我们使用土耳其公共采购局(PPA)提供的独特数据集,涵盖2004-2009年所有政府采购拍卖。本文有三个主要结果。首先,在控制了可能的内生性后,我们发现投标人的数量对采购价格有显著的负向影响。因此,竞争性较强的环境大大降低了土耳其的采购成本。其次,当拍卖对外资开放时,拍卖价格往往较低。这是由于拍卖的竞争力增强所致;对土耳其采购拍卖投标人参与情况的详细分析表明,当拍卖向外国开放时,投标人的数量要高得多。最后,在不同类型产品的拍卖中,充分利用竞争优势的最佳竞标者人数是不同的。服务部门至少需要8个投标人,货物部门至少需要7个投标人,至少需要13个投标人才能在建筑拍卖中获得尽可能低的采购价格。本文的研究结果对有效的采购设计具有若干政策意义。
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引用次数: 1
Does Risk Management Matter? Evidence from the U.S. Agricultural Industry 风险管理重要吗?来自美国农业产业的证据
Pub Date : 2012-07-15 DOI: 10.2139/ssrn.1314439
Jess Cornaggia
This article constructs triple-difference tests around shifts in the supply of risk management instruments available to agricultural producers to reveal a positive relation between risk management and productivity. This relation is more robust when producers adopt instruments with payoffs linked to group performance and weaker when payoffs are linked to individual performance. Additionally, productivity is particularly high among risk-managing producers in counties containing high levels of bank deposits, a proxy for access to finance. Overall, this article illuminates the relation between hedging and real firm outcomes as well as the interaction between access to finance and firms' risk management choices.
本文围绕农业生产者可获得的风险管理工具的供应变化构建了三差异检验,揭示了风险管理与生产力之间的正相关关系。当生产者采用收益与群体绩效挂钩的工具时,这种关系更加牢固,而当收益与个人绩效挂钩时,这种关系就会减弱。此外,在银行存款水平高的县,风险管理型生产者的生产率特别高,银行存款是获得融资的一个指标。总体而言,本文阐明了套期保值与企业实际收益之间的关系,以及融资渠道与企业风险管理选择之间的相互作用。
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引用次数: 89
Kauffman Firm Survey (KFS) Sixth Follow Up Methodology Report 考夫曼公司调查(KFS)第六次跟踪方法报告
Pub Date : 2012-03-21 DOI: 10.2139/ssrn.2027044
David DesRoches, F. Potter, Betsy Santos, Ae Sengmavong, Yuhong Zheng
Although entrepreneurship is crucial to a capitalist economy, little information is available about U.S. businesses in their first years of operation. As part of an effort to gather more data on new businesses in the United States, the Ewing Marion Kauffman Foundation sponsored the Kauffman Firm Survey (KFS), a panel study of businesses founded in 2004 and tracked over their first years of operation. The KFS collects data about the nature of new business formation; the characteristics of the strategy, offerings, and employment patterns; the nature of the financial and organizational arrangements of these businesses; and the characteristics of those who own and operate them. With the completion of the Sixth Follow-Up Survey, the KFS has collected this information from the panel of diverse businesses over seven years, providing a unique look at business dynamics over this formative period.
尽管企业家精神对资本主义经济至关重要,但有关美国企业最初几年运营的信息却很少。为了收集更多关于美国新企业的数据,考夫曼基金会(Ewing Marion Kauffman Foundation)发起了考夫曼公司调查(KFS),这是一项对2004年成立的企业进行的小组研究,并对它们运营的头几年进行跟踪。金融服务中心收集有关新业务性质的数据;战略、产品和就业模式的特点;这些业务的财务和组织安排的性质;以及拥有和经营它们的人的特点。随着第六次跟进调查的完成,金管局在过去七年里从不同行业的调查小组收集了这些信息,为这一形成时期的商业动态提供了一个独特的视角。
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引用次数: 9
Role of Glass & Glass Products Manufacturing in the Economy of Huntingdon County 玻璃及玻璃制品制造业在亨廷顿县经济中的作用
Pub Date : 2010-04-09 DOI: 10.2139/SSRN.1587035
R. Baker, Dawn Renee Dixon, D. Passmore
The Penn State Workforce Education and Development Initiative conducted an analysis of the economic impact of glass and glass products manufacturing in Huntingdon County in Pennsylvania. The analysis was designed to help understand the impact of the layoff of 77 employees at the AGY Products, Inc. plant in Huntingdon, Pennsylvania, effective April 3, 2010, that was announced on the Department of Labor and Industry's WARN notice website. AGY Products Inc., headquartered in Aiken, South Carolina, manufactures fiberglass yarns and reinforcements. The layoff generated considerable discussion in the community, which is documented in the Huntingdon County Alexandria Forum on topix.com.Products provided by AGY Products, Inc. are classified in the North American Industrial Classification System, code 32721. According to the U.S. Bureau of the Census, establishments in this industry "are primarily engaged in manufacturing glass and/or glass products. Establishments in this industry may manufacture glass and/or glass products by melting silica sand or cullet, or purchasing glass." During 2007, 97,876 workers were employed in 2,102 establishments in this industry throughout the U.S., with a payroll of $4.2 billion.
宾夕法尼亚州立大学劳动力教育和发展倡议对宾夕法尼亚州亨廷顿县玻璃和玻璃制品制造业的经济影响进行了分析。该分析旨在帮助理解AGY产品公司位于宾夕法尼亚州亨廷顿工厂的77名员工裁员的影响,该裁员于2010年4月3日生效,该裁员已在劳动和工业部的警告通知网站上宣布。AGY产品公司总部位于美国南卡罗来纳州艾肯市,主要生产玻璃纤维纱线和增强纤维。裁员在社区中引起了相当大的讨论,这在topix.com的亨廷顿县亚历山大论坛上有记录。AGY产品公司提供的产品在北美工业分类系统中分类,代码为32721。根据美国人口普查局的数据,该行业的机构“主要从事玻璃和/或玻璃产品的制造。该行业的企业可以通过熔化硅砂或玻璃片或购买玻璃来生产玻璃和/或玻璃制品。2007年,全美有2102家企业雇佣了97,876名员工,工资总额达42亿美元。
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引用次数: 0
Which Industries to Bail Out First in Economic Recession? Ranking U.S. Industrial Sectors by the Power-of-Pull 在经济衰退中,哪些行业应该首先救助?根据影响力对美国工业部门进行排名
Pub Date : 2009-01-01 DOI: 10.2139/SSRN.1430162
Jianxi Luo
There have been intense debates regarding which industrial sectors should be prioritized for receiving bailout in economic recessions. This paper takes a network perspective to rank sectors according to the Power-of-Pull (PoP), i.e. a sector's power to pull the overall economy. An eigenvector method is employed to assess the PoP of sectors in the USA, using input--output data from 1998 to 2010. The results support bailout to the motor vehicle sector, but argue against bailout to public infrastructure, health care and information technologies design and service sectors, and also reveal the continual decline of PoP ranking of computer and electronics manufacturing sector over time. These results confirm some but also show little support to some other economic revival policies of the Obama Administration in the USA.
在经济衰退时,哪些行业应该优先接受救助,一直存在激烈的争论。本文采用网络视角,根据拉动力量(power -of- pull, PoP),即一个部门拉动整体经济的力量,对行业进行排名。利用1998年至2010年的投入产出数据,采用特征向量法评估美国各行业的PoP。结果表明,支持对汽车行业的救助,反对对公共基础设施、医疗保健、信息技术设计和服务行业的救助,并揭示了计算机和电子制造业的PoP排名随着时间的推移而持续下降。这些结果在一定程度上证实了奥巴马政府在美国推行的其他一些经济复苏政策,但也没有显示出多少支持。
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引用次数: 21
Organizational Innovations and Labor Productivity in a Panel of Italian Manufacturing Firms 意大利制造业企业的组织创新与劳动生产率
Pub Date : 2008-08-28 DOI: 10.2139/ssrn.2526056
F. Biagi, M. Parisi, Lucia Vergano
We study determinants of the probability of introducing an organizational innovation using three large cross sections of Italian manufacturing firms in the period 1995-2003. We analyze the effect and complementarity of other types of investments, like ICT, R&D, human and physical capital and the adoption of product or process innovations. Furthermore, we estimate the effect of introducing organizational innovations and indirectly technical innovations on the growth rate of labor productivity for the unbalanced panel of firms. Disembodied technological change is well represented by OIs, while product innovations seem to heve an effect on the efficiency of capital inputs only (capital stock-embodied technical change). Process innovations do not have a statistical impact as an indirect input-efficiency driving force, in our data.
我们研究了引入组织创新的概率的决定因素使用三个大的意大利制造企业在1995-2003年期间的横截面。我们分析了其他类型投资的影响和互补性,如信息通信技术、研发、人力和物质资本以及采用产品或工艺创新。进一步,我们估计了引入组织创新和间接技术创新对非均衡面板企业劳动生产率增长率的影响。无实体的技术变革很好地代表了隔夜,而产品创新似乎只对资本投入的效率产生影响(资本存量体现的技术变革)。在我们的数据中,工艺创新不具有作为间接投入效率驱动力的统计影响。
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引用次数: 25
The Market for Pornography in Italy: Empirical Data and Theoretical Considerations 意大利的色情市场:经验数据和理论考虑
Pub Date : 2008-04-25 DOI: 10.2139/ssrn.1125129
Fabio D’Orlando
The market for pornography is of great economic relevance but has been totally ignored in economic investigation. The present paper focuses on the demand side of this market, with the main aim of proposing a preliminary theoretical assessment of the behavior of pornography purchasers. In this respect, certain contributions on hedonic adaptation have proved particularly useful, whereas models of addiction have proved less useful than might be expected. To link theoretical analysis more closely to reality, the first half of the paper describes the pornography industry in Italy, and may thus be considered a sort of case study.
色情市场具有重大的经济意义,但在经济研究中却被完全忽视。本文关注的是这个市场的需求方,主要目的是对色情购买者的行为提出一个初步的理论评估。在这方面,对享乐适应的某些贡献已被证明特别有用,而成瘾模型已被证明不如预期的有用。为了将理论分析更紧密地与现实联系起来,本文的前半部分描述了意大利的色情产业,因此可能被认为是一种案例研究。
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引用次数: 2
期刊
ERPN: Industrial Organization (Topic)
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