Pub Date : 2022-06-13DOI: 10.1146/annurev-resource-111920-011624
G. Hochman, R. Palatnik
This review examines global microalgae, seaweeds, and duckweed (MSD) production status and trends. It focuses on cultivation, recognizing the sector's existing and potential contributions and benefits, highlighting a variety of constraints and barriers over the sector's sustainable development. It also discusses lessons learned and ways forward to unlock the sector's full potential. In contrast to conventional agriculture crops, MSD can rapidly generate large amounts of biomass and carbon sequestration yet does not compete for arable land and potable water, ensuring minimal environmental impacts. Moreover, MSD's applications are ubiquitous and reach almost every industrial sector, including ones essential to meeting the increasing needs of human society, such as foods, pharmaceuticals, and chemicals. To this end, the growing public awareness regarding climate change, sustainable food, and animal welfare yields a significant shift in consumer preference and propels the demand for MSD. In addition, once governments usher in durable and stable carbon policies, the markets for MSD are likely to increase severalfold. Expected final online publication date for the Annual Review of Resource Economics, Volume 14 is October 2022. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.
{"title":"The Economics of Aquatic Plants: The Case of Algae and Duckweed","authors":"G. Hochman, R. Palatnik","doi":"10.1146/annurev-resource-111920-011624","DOIUrl":"https://doi.org/10.1146/annurev-resource-111920-011624","url":null,"abstract":"This review examines global microalgae, seaweeds, and duckweed (MSD) production status and trends. It focuses on cultivation, recognizing the sector's existing and potential contributions and benefits, highlighting a variety of constraints and barriers over the sector's sustainable development. It also discusses lessons learned and ways forward to unlock the sector's full potential. In contrast to conventional agriculture crops, MSD can rapidly generate large amounts of biomass and carbon sequestration yet does not compete for arable land and potable water, ensuring minimal environmental impacts. Moreover, MSD's applications are ubiquitous and reach almost every industrial sector, including ones essential to meeting the increasing needs of human society, such as foods, pharmaceuticals, and chemicals. To this end, the growing public awareness regarding climate change, sustainable food, and animal welfare yields a significant shift in consumer preference and propels the demand for MSD. In addition, once governments usher in durable and stable carbon policies, the markets for MSD are likely to increase severalfold. Expected final online publication date for the Annual Review of Resource Economics, Volume 14 is October 2022. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.","PeriodicalId":48856,"journal":{"name":"Annual Review of Resource Economics","volume":"3 1","pages":""},"PeriodicalIF":5.8,"publicationDate":"2022-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82515845","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-06-09DOI: 10.1146/annurev-resource-111820-020204
Bernardo A. Bastien-Olvera, Frances C. Moore
The effects of climate change on natural systems will be substantial, widespread, and likely irreversible. Warmer temperatures and changing precipitation patterns have already contributed to forest dieback and pushed some species toward extinction. Natural systems contribute to human welfare both as an input to the production of consumption goods and through the provision of nonuse values (i.e., existence and bequest values). But because they are often unpriced, it can be difficult to constrain these benefits. Understanding how climate change effects on the natural capital stock affect human well-being, and therefore the social cost of carbon (SCC), requires understanding not just the biophysical effects of climate change but also the particular role they play in supporting human welfare. This article reviews a range of topics from natural capital accounting through climate change economics important for quantifying the ecological costs of climate change and integrating these costs into SCC calculations.
{"title":"Climate Impacts on Natural Capital: Consequences for the Social Cost of Carbon","authors":"Bernardo A. Bastien-Olvera, Frances C. Moore","doi":"10.1146/annurev-resource-111820-020204","DOIUrl":"https://doi.org/10.1146/annurev-resource-111820-020204","url":null,"abstract":"The effects of climate change on natural systems will be substantial, widespread, and likely irreversible. Warmer temperatures and changing precipitation patterns have already contributed to forest dieback and pushed some species toward extinction. Natural systems contribute to human welfare both as an input to the production of consumption goods and through the provision of nonuse values (i.e., existence and bequest values). But because they are often unpriced, it can be difficult to constrain these benefits. Understanding how climate change effects on the natural capital stock affect human well-being, and therefore the social cost of carbon (SCC), requires understanding not just the biophysical effects of climate change but also the particular role they play in supporting human welfare. This article reviews a range of topics from natural capital accounting through climate change economics important for quantifying the ecological costs of climate change and integrating these costs into SCC calculations.","PeriodicalId":48856,"journal":{"name":"Annual Review of Resource Economics","volume":"24 5","pages":""},"PeriodicalIF":5.8,"publicationDate":"2022-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138507966","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-06-08DOI: 10.1146/annurev-resource-111920-014804
J. Bayham, J. Yoder, P. Champ, D. Calkin
Wildfire is a natural phenomenon with substantial economic consequences, and its management is complex, dynamic, and rife with incentive problems. This article reviews the contribution of economics to our understanding of wildfire and highlights remaining knowledge gaps. We first summarize economic impacts to illustrate scale and trends. We then focus on wildfire management in three phases: mitigation before fires occur, response during fires, and response after fires. The literature highlights economic interdependencies and spillover effects across fire-prone landscapes as the source of economic inefficiencies and motivation for public institutional response. The literature illustrates the complexity of this problem with its myriad threads, including the trade-offs of living in fire-prone environments, the prospects for using controlled fire and mechanical fuel removal for reducing wildfire severity, the decision-making environment that firefighters face, and the economic consequences of wildfire smoke on health. Economics provides valuable insights, but fundamental questions remain unanswered. Expected final online publication date for the Annual Review of Resource Economics, Volume 14 is October 2022. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.
{"title":"The Economics of Wildfire in the United States","authors":"J. Bayham, J. Yoder, P. Champ, D. Calkin","doi":"10.1146/annurev-resource-111920-014804","DOIUrl":"https://doi.org/10.1146/annurev-resource-111920-014804","url":null,"abstract":"Wildfire is a natural phenomenon with substantial economic consequences, and its management is complex, dynamic, and rife with incentive problems. This article reviews the contribution of economics to our understanding of wildfire and highlights remaining knowledge gaps. We first summarize economic impacts to illustrate scale and trends. We then focus on wildfire management in three phases: mitigation before fires occur, response during fires, and response after fires. The literature highlights economic interdependencies and spillover effects across fire-prone landscapes as the source of economic inefficiencies and motivation for public institutional response. The literature illustrates the complexity of this problem with its myriad threads, including the trade-offs of living in fire-prone environments, the prospects for using controlled fire and mechanical fuel removal for reducing wildfire severity, the decision-making environment that firefighters face, and the economic consequences of wildfire smoke on health. Economics provides valuable insights, but fundamental questions remain unanswered. Expected final online publication date for the Annual Review of Resource Economics, Volume 14 is October 2022. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.","PeriodicalId":48856,"journal":{"name":"Annual Review of Resource Economics","volume":"33 1","pages":""},"PeriodicalIF":5.8,"publicationDate":"2022-06-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87968129","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-06-08DOI: 10.1146/annurev-resource-111820-014312
L. Christiaensen, M. Maertens
Africa's rural population continues to expand rapidly, and labor productivity in agriculture and many rural-off farm activities remain low. This review uses the lens of a dual economy and the associated patterns of agricultural, rural, and structural transformation to review the evolution of Africa's rural employment and its inclusiveness. Many African countries still find themselves in an early stage of the agricultural and rural transformation. Given smaller sectoral productivity gaps than commonly assumed, greater size effects, and larger spillovers, investment in agriculture and the rural off-farm economy remains warranted to broker the transition to more and more productive rural employment. The key policy questions thus become how best to invest in the agri-food system (on and increasingly also off the farm) and how best to generate demand for nonagricultural goods and services that rural households can competitively produce. Informing these choices continues to present a major research agenda, with digital technologies, the imperative of greening, and intra-African liberalization raising many unarticulated and undocumented opportunities and challenges. Expected final online publication date for the Annual Review of Resource Economics, Volume 14 is October 2022. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.
{"title":"Rural Employment in Africa: Trends and Challenges","authors":"L. Christiaensen, M. Maertens","doi":"10.1146/annurev-resource-111820-014312","DOIUrl":"https://doi.org/10.1146/annurev-resource-111820-014312","url":null,"abstract":"Africa's rural population continues to expand rapidly, and labor productivity in agriculture and many rural-off farm activities remain low. This review uses the lens of a dual economy and the associated patterns of agricultural, rural, and structural transformation to review the evolution of Africa's rural employment and its inclusiveness. Many African countries still find themselves in an early stage of the agricultural and rural transformation. Given smaller sectoral productivity gaps than commonly assumed, greater size effects, and larger spillovers, investment in agriculture and the rural off-farm economy remains warranted to broker the transition to more and more productive rural employment. The key policy questions thus become how best to invest in the agri-food system (on and increasingly also off the farm) and how best to generate demand for nonagricultural goods and services that rural households can competitively produce. Informing these choices continues to present a major research agenda, with digital technologies, the imperative of greening, and intra-African liberalization raising many unarticulated and undocumented opportunities and challenges. Expected final online publication date for the Annual Review of Resource Economics, Volume 14 is October 2022. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.","PeriodicalId":48856,"journal":{"name":"Annual Review of Resource Economics","volume":"110 1","pages":""},"PeriodicalIF":5.8,"publicationDate":"2022-06-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73053614","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-06-08DOI: 10.1146/annurev-resource-090921-045011
A. de Janvry, E. Sadoulet
For many poor countries and for a majority of poor people in the world, agriculture broadly defined can be one of the most effective instruments for development. Yet using agriculture for development, while widely advocated in the development profession and effectively practiced by a number of countries, remains too often well below potential. At the invitation of the editors of the Annual Review of Resource Economics, we retrace how we have used our academic and activist careers to promote agriculture as an instrument for development. We show how access to assets, the design of agrarian institutions, the creation of income opportunities for rural households, and understanding their behavioral responses can lead to successful modernization of agriculture and its transformation toward farming systems, value chains, and local rural nonfarm economies instrumental for development. We encourage younger colleagues to pursue and fulfill this mission by combining analytical rigor, attention to behavior, commitment to activism, and a long-term vision of the development process. Expected final online publication date for the Annual Review of Resource Economics, Volume 14 is October 2022. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.
{"title":"Agriculture for Development: Analytics and Action","authors":"A. de Janvry, E. Sadoulet","doi":"10.1146/annurev-resource-090921-045011","DOIUrl":"https://doi.org/10.1146/annurev-resource-090921-045011","url":null,"abstract":"For many poor countries and for a majority of poor people in the world, agriculture broadly defined can be one of the most effective instruments for development. Yet using agriculture for development, while widely advocated in the development profession and effectively practiced by a number of countries, remains too often well below potential. At the invitation of the editors of the Annual Review of Resource Economics, we retrace how we have used our academic and activist careers to promote agriculture as an instrument for development. We show how access to assets, the design of agrarian institutions, the creation of income opportunities for rural households, and understanding their behavioral responses can lead to successful modernization of agriculture and its transformation toward farming systems, value chains, and local rural nonfarm economies instrumental for development. We encourage younger colleagues to pursue and fulfill this mission by combining analytical rigor, attention to behavior, commitment to activism, and a long-term vision of the development process. Expected final online publication date for the Annual Review of Resource Economics, Volume 14 is October 2022. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.","PeriodicalId":48856,"journal":{"name":"Annual Review of Resource Economics","volume":"55 1","pages":""},"PeriodicalIF":5.8,"publicationDate":"2022-06-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81394103","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-06-06DOI: 10.1146/annurev-resource-111820-015737
Jared C. Carbone, Linda T Bui, D. Fullerton, S. Paltsev, I. Wing
We describe the factors researchers should consider in deciding when and how to use computational general equilibrium (CGE) models for environmental policy analysis instead of partial equilibrium or engineering models. Special attention is given to modeling the social costs and benefits of regulations and the role played by labor markets. CGE models excel at quantifying interactions across different sectors of the economy, factor-market outcomes, and the distributional consequences of policy, all using a comprehensive set of the resource constraints faced by agents. The ceteris paribus nature of these experiments allows a skilled modeler to develop a systematic understanding of the connection between model assumptions and policy outcomes. Using CGE models to address environmental policy questions involves challenges, including the representation of narrow and technology-specific regulatory designs, data and aggregation issues, and the development of methods to improve model transparency and validity. Expected final online publication date for the Annual Review of Resource Economics, Volume 14 is October 2022. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.
{"title":"When and How to Use Economy-Wide Models for Environmental Policy Analysis","authors":"Jared C. Carbone, Linda T Bui, D. Fullerton, S. Paltsev, I. Wing","doi":"10.1146/annurev-resource-111820-015737","DOIUrl":"https://doi.org/10.1146/annurev-resource-111820-015737","url":null,"abstract":"We describe the factors researchers should consider in deciding when and how to use computational general equilibrium (CGE) models for environmental policy analysis instead of partial equilibrium or engineering models. Special attention is given to modeling the social costs and benefits of regulations and the role played by labor markets. CGE models excel at quantifying interactions across different sectors of the economy, factor-market outcomes, and the distributional consequences of policy, all using a comprehensive set of the resource constraints faced by agents. The ceteris paribus nature of these experiments allows a skilled modeler to develop a systematic understanding of the connection between model assumptions and policy outcomes. Using CGE models to address environmental policy questions involves challenges, including the representation of narrow and technology-specific regulatory designs, data and aggregation issues, and the development of methods to improve model transparency and validity. Expected final online publication date for the Annual Review of Resource Economics, Volume 14 is October 2022. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.","PeriodicalId":48856,"journal":{"name":"Annual Review of Resource Economics","volume":"26 1","pages":""},"PeriodicalIF":5.8,"publicationDate":"2022-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86898215","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-06-01DOI: 10.1146/annurev-resource-111920-013613
R. Vos, John J. McDermott, J. Swinnen
The impacts of coronavirus disease 2019 (COVID-19) on food systems, poverty, and nutrition have been caused by generalized economic recession and disruptions in agrifood supply chains. This article reviews a growing empirical literature assessing those impacts. The review confirms that income shocks and supply disruptions have affected food security and livelihoods more where supply chains were poorly integrated and poverty where market informality had a greater presence before COVID-19. Yet, as the pandemic persists, outcomes remain uncertain and reliable data are still sparsely available. This review also reveals how methodological approaches have evolved during the pandemic, ranging from model-based scenario analyses, telephone survey evidence, case-study analyses, and data collection on policy responses and their effects. This review concludes that while we have good insight into the COVID-19 pandemic's impacts on food security, there is still much that we do not know, requiring much more rigorous hypothesis testing based on reliable and observed data. Expected final online publication date for the Annual Review of Resource Economics, Volume 14 is October 2022. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.
{"title":"COVID-19 and Global Poverty and Food Security","authors":"R. Vos, John J. McDermott, J. Swinnen","doi":"10.1146/annurev-resource-111920-013613","DOIUrl":"https://doi.org/10.1146/annurev-resource-111920-013613","url":null,"abstract":"The impacts of coronavirus disease 2019 (COVID-19) on food systems, poverty, and nutrition have been caused by generalized economic recession and disruptions in agrifood supply chains. This article reviews a growing empirical literature assessing those impacts. The review confirms that income shocks and supply disruptions have affected food security and livelihoods more where supply chains were poorly integrated and poverty where market informality had a greater presence before COVID-19. Yet, as the pandemic persists, outcomes remain uncertain and reliable data are still sparsely available. This review also reveals how methodological approaches have evolved during the pandemic, ranging from model-based scenario analyses, telephone survey evidence, case-study analyses, and data collection on policy responses and their effects. This review concludes that while we have good insight into the COVID-19 pandemic's impacts on food security, there is still much that we do not know, requiring much more rigorous hypothesis testing based on reliable and observed data. Expected final online publication date for the Annual Review of Resource Economics, Volume 14 is October 2022. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.","PeriodicalId":48856,"journal":{"name":"Annual Review of Resource Economics","volume":"72 1","pages":""},"PeriodicalIF":5.8,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76035259","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-06-01DOI: 10.1146/annurev-resource-111920-021401
M. Walls
The US national park system includes 423 sites covering more than 85 million acres of land and some of the most iconic landscapes in the country. The parks host approximately 320 million visitors a year. In this review, I survey the economics literature on national parks, focusing on four main topics: values and economic impacts of the parks, funding challenges, congestion and overcrowding, and resource management issues related mainly to climate change. In each area, I discuss gaps in the literature, new data and methods that could be applied to national parks, and important topics for future research. The most pressing needs are for more empirical research on use values, using new data sources and modern econometric methods, and relatedly, studies of the responsiveness of demand to pricing, which would be helpful for addressing both congestion and funding challenges. Expected final online publication date for the Annual Review of Resource Economics, Volume 14 is October 2022. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.
{"title":"Economics of the US National Park System: Values, Funding, and Resource Management Challenges","authors":"M. Walls","doi":"10.1146/annurev-resource-111920-021401","DOIUrl":"https://doi.org/10.1146/annurev-resource-111920-021401","url":null,"abstract":"The US national park system includes 423 sites covering more than 85 million acres of land and some of the most iconic landscapes in the country. The parks host approximately 320 million visitors a year. In this review, I survey the economics literature on national parks, focusing on four main topics: values and economic impacts of the parks, funding challenges, congestion and overcrowding, and resource management issues related mainly to climate change. In each area, I discuss gaps in the literature, new data and methods that could be applied to national parks, and important topics for future research. The most pressing needs are for more empirical research on use values, using new data sources and modern econometric methods, and relatedly, studies of the responsiveness of demand to pricing, which would be helpful for addressing both congestion and funding challenges. Expected final online publication date for the Annual Review of Resource Economics, Volume 14 is October 2022. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.","PeriodicalId":48856,"journal":{"name":"Annual Review of Resource Economics","volume":"39 1","pages":""},"PeriodicalIF":5.8,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88460984","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-05-24DOI: 10.1146/annurev-resource-111920-124353
Lauren Giandomenico, Maya Papineau, N. Rivers
We systematically review studies evaluating the energy savings and cost-effectiveness of residential energy efficiency retrofit programs. We review 39 evaluations of 23 residential retrofit programs that were evaluated between 1984 and 2021. Our sample is restricted to program evaluations that used postretrofit household energy billing or consumption data from 140,977 retrofitted households. We report four primary findings. First, none of the studies in our sample reported deep energy savings (e.g., 50% or greater) from retrofit programs. The mean reduction in measured electricity and/or fuel consumption due to energy efficiency retrofits for all programs included in our sample was roughly 7.2%. However, because many households use both fuel and electricity, total household energy savings from the retrofit programs evaluated in our sample are probably smaller. Second, reported program savings decreased as the internal validity of study design increased. Third, as measured by realized savings and cost-effectiveness, the most promising retrofits were insulation and programmable thermostats, whereas the least promising retrofits were storm windows and doors. Fourth, programs with high reported savings and low costs of conserved energy served low-income, fuel-heated households exclusively. Expected final online publication date for the Annual Review of Resource Economics, Volume 14 is October 2022. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.
{"title":"A Systematic Review of Energy Efficiency Home Retrofit Evaluation Studies","authors":"Lauren Giandomenico, Maya Papineau, N. Rivers","doi":"10.1146/annurev-resource-111920-124353","DOIUrl":"https://doi.org/10.1146/annurev-resource-111920-124353","url":null,"abstract":"We systematically review studies evaluating the energy savings and cost-effectiveness of residential energy efficiency retrofit programs. We review 39 evaluations of 23 residential retrofit programs that were evaluated between 1984 and 2021. Our sample is restricted to program evaluations that used postretrofit household energy billing or consumption data from 140,977 retrofitted households. We report four primary findings. First, none of the studies in our sample reported deep energy savings (e.g., 50% or greater) from retrofit programs. The mean reduction in measured electricity and/or fuel consumption due to energy efficiency retrofits for all programs included in our sample was roughly 7.2%. However, because many households use both fuel and electricity, total household energy savings from the retrofit programs evaluated in our sample are probably smaller. Second, reported program savings decreased as the internal validity of study design increased. Third, as measured by realized savings and cost-effectiveness, the most promising retrofits were insulation and programmable thermostats, whereas the least promising retrofits were storm windows and doors. Fourth, programs with high reported savings and low costs of conserved energy served low-income, fuel-heated households exclusively. Expected final online publication date for the Annual Review of Resource Economics, Volume 14 is October 2022. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.","PeriodicalId":48856,"journal":{"name":"Annual Review of Resource Economics","volume":"5 1","pages":""},"PeriodicalIF":5.8,"publicationDate":"2022-05-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87682783","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-05-24DOI: 10.1146/annurev-resource-111920-015758
A. James, Timothy Retting, J. Shogren, Brett Watson, S. Wills
Are natural resources a curse or a blessing? The answer may depend on how natural wealth is managed. By transforming a temporary windfall into a permanent stock in the form of a sovereign wealth fund, resource-rich economies can avoid volatility and Dutch disease effects, save for future generations, and invest locally. We review the theory behind these resource funds and explore the empirical evidence for their success. Our review is complemented by case studies that highlight some of the moresnuanced features, behaviord, and effects of resource funds. While the theoretical research highlights the situational success of funds, empirical examinations are minimal. We discuss possible reasons for this gap in the literature and, in doing so, highlight some of the challenges associated with empirical research in this area and discuss possible paths forward. Expected final online publication date for the Annual Review of Resource Economics, Volume 14 is October 2022. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.
{"title":"Sovereign Wealth Funds in Theory and Practice","authors":"A. James, Timothy Retting, J. Shogren, Brett Watson, S. Wills","doi":"10.1146/annurev-resource-111920-015758","DOIUrl":"https://doi.org/10.1146/annurev-resource-111920-015758","url":null,"abstract":"Are natural resources a curse or a blessing? The answer may depend on how natural wealth is managed. By transforming a temporary windfall into a permanent stock in the form of a sovereign wealth fund, resource-rich economies can avoid volatility and Dutch disease effects, save for future generations, and invest locally. We review the theory behind these resource funds and explore the empirical evidence for their success. Our review is complemented by case studies that highlight some of the moresnuanced features, behaviord, and effects of resource funds. While the theoretical research highlights the situational success of funds, empirical examinations are minimal. We discuss possible reasons for this gap in the literature and, in doing so, highlight some of the challenges associated with empirical research in this area and discuss possible paths forward. Expected final online publication date for the Annual Review of Resource Economics, Volume 14 is October 2022. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.","PeriodicalId":48856,"journal":{"name":"Annual Review of Resource Economics","volume":"5 1","pages":""},"PeriodicalIF":5.8,"publicationDate":"2022-05-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89683973","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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