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Socio-ecological theories have long been in search of general principles to characterise anthropogenic activity-environmental change dynamics. Besides allowing for more flexible hypothesis testing, stochastic-extended IPAT and ImPACT baselines opened the door to multiple environmental applications in which solid waste generation took a growing stage. This paper surveys Waste Kuznets Curve's original foundations and underlines why the nature and shape of the hypothetical curvilinear income-waste response function tend to compare to a "black-box". It then stresses why diverging conclusions are linked to heterogeneous estimators' choices differing in their statistical assumptions and powers; whereas generic patterns hardly emerge (e.g., income elasticities of waste generation vary even when the mathematical functional form does not; population elasticities are sensitive to time-varying data and income groups). Next, we identify persisting biases of endogeneity which threaten the internal validity of WKC conclusions, if uncontrolled for (e.g., simultaneity, waste measurement errors and garbage policy confounding effect); along with other identification problems including within-panel heterogeneity with systematic slope variations and cross-sectional and spatially dependent income series. Although we propose a set of theoretically justified instrumental variables to exogenously predict income levels and ensure unbiased elasticities, we also detect and underline that additional threats to external invalidity do play out in practice (e.g., asymmetric geographical coverage and bias of case study selection due to environmental data constraints; missing policy-realm; within-waste heterogeneity hidden by widely aggregated indicators; and a non-systematic treatment of the technological effect). All prevent the waste literature from converging and should be considered by future empirical assessments. [ABSTRACT FROM AUTHOR]

International agricultural markets are an important part of the global food resource chain. Tapping into the potential of agricultural trade between China and countries along the "Belt and Road" (B&R) is conducive to safeguarding China's and the world's food security, but there is less literature on the potential of bilateral trade demand. This paper ranks the B&R countries according to the scale of imports and exports, and calculates the elasticity of demand for imports, the elasticity of substitution for exports, and, finally, the potential of elasticity of demand for trade between China and the major B&R countries. The results show that China's agricultural export potential to major B&R countries is ranked as follows: Indonesia, Thailand, Russia, Poland, Turkey, Vietnam, Malaysia, Ukraine, India, and Singapore. The major B&R countries are also ranked in terms of their export potential to China: Vietnam, India, Ukraine, Russia, Malaysia, Thailand, Indonesia, Poland, Singapore, and Turkey. The findings of this paper provide a decision-making basis for promoting agricultural trade between China and B&R countries. [ABSTRACT FROM AUTHOR]

Purpose: In international business (IB), the discussion of COVID-19-related global value chain (GVC) models driving resilience has taken momentum since May 2020. The purpose of this study is to uncover insights that the pandemic provided as a unique research opportunity, holistically, revealing the significant role of non-lead firms in GVC outcomes and resilience. This allows to extend theory as the authors critically identify impact criteria and assess interdependence and valence, thus progressing the traditional (pre-pandemic) IB view of GVC governance and orchestration. Design/methodology/approach: This study opts for an integrative review to help create a much-needed extension of IB theory by means of a critical perspective on GVC theory. The authors examine the extant body of IB literature as the relevant stock of collective IB knowledge prompted by the COVID-19 pandemic, uncovering contributions – with a focus on the role of non-lead firms in orchestration and resilience – that allows to clarify what was not evident pre-pandemic. With this, the authors move the theory from its efficiency focus to a better recognition of the interdependencies of power and profit outcomes stemming from asymmetries of interrelationships. By design, the authors focus on the unique research period of the pandemic and orchestration complexities along the development of configurational arguments beyond simple correlations (Fiss, 2011), revealing key dependencies as key themes. The authors highlight further research avenues following Snyder (2019) that are called upon to strengthen that understanding and that helps extend theory. Findings: This research provides a critical perspective on the application of the traditional IB views for GVC governance (designed for efficiency, cost and proximity to markets with pre-dominance for just in time), which has shifted during the pandemic to accommodate for adaptation and adjustment to resilience and just in case considerations. The holistic review reveals not only the key country- and multinational enterprise (MNE)-dependencies with residual impact determining the balance between just-in-time and just-in-case. Also, the authors advance the understanding of the (un)balance of the traditional GVC – focused on just-in-case rather than just-in-time through a lead and non-lead GVC participation and power lens yet rarely observed. The authors find that governance should not be construed as "management" such that it resolves into decisions undertaken in lead firms for execution in subordinate GVC participants. Autonomy allows to subsidiary units by MNE lead firms and/or exercised by (mainly, innovative) non-subsidiary GVC participant firms, is uncovered as a key driver in this. Greater delegation capacity appears to help provide resilience to loss in profit, with a recognition that there may be a dynamic trade-off between power and profit. In addition, the authors are able to identify correlations with innovation, demand elasticity, digital uptake, investment and other, that the authors trust will set the scene for additional research deepening and extending the findings. Research limitations/implications: Integrative literature reviews include a problem formulation (i.e. that is limited to published topics around an emerging theme) and are hence very focused in nature and approach. This applies to this paper. Data analysis in this method is not typically using statistical methods in contrast to meta-analyses. Also, the authors limit the sample to a relatively short time period with 33 publications analysed, purposefully focusing on the most prompt and "acute" insights into GVCs during the pandemic. Practical implications: The traditional GVC governance model is designed for efficiency, cost and proximity to markets with pre-dominance for just in time. The authors reveal dependencies that are instrumental to better understand lead and non-lead interaction and relative autonomy, with a focus on residual impact determining the balance between just-in-time and just-in-case that, if in the sought equilibrium and agile, can allow alignment with context and this resilience. This paper specifically provides practical insights and visualization that highlights stages/"ripple" effects and their impact and the questions to ask as stakeholders look for GVC resilience. This includes, int.al., firms and their role as strategic agents, prompting participants through the learnings from exogenous shock to realign their strategies, redistributed manufacturing of production across subsidiary and non-subsidiary non-lead firms, greater competition and hence power for suppliers leveraging resilience and innovation, greater understanding of localization and regionalization of production of essential supplies, interaction with governments, and of investment impacts abroad especially to secure GVC participation. Social implications: The insights provided through this extension of theory with its literature review reveal the importance of aligning IB research into GVCs to factors that became visible through alternative or unusual settings, as they have the power to reveal the limitations of traditional views. In this case, a mainly efficiency-led, just-in-time focused GVC governance model is reviewed through the literature that emanated during the pandemic, with a critical perspective, which helped uncover and underline the complexities and evolution of GVC governance, providing fundamental support to solutioning the continuing global supply chain challenges that started as a result of the pandemic and are yet again accelerated by the Ukraine and Middle Eastern wars and its impact with, int.al., concerns over possible severe global food, labour/migration and resources crises. IB holds a social responsibility to help identify critical challenges from the disciplinary perspective and help advance resilience for social benefit. Originality/value: This paper supports the original IB theory development by extending GVC theory into the lead – non-lead dynamics that may, under certain conditions, provide a "Resilience wall" for GVCs. The value created through insights stemming from a unique period of time for GVC is significant. It allows us thus also to pave the way to an emerging and critical research adaption looking into equilibrium, nuancing demand elasticity, better understanding trade and investment impacts along GVCs and more. By examining views on the sources of pandemic risks in a possibly unique setting, the authors offer added value from extant IB research insights by combining them, revealing the importance for GVCs to investigate not only key dependencies between the exogenous shock, i.e. context, and the impacts assessed through this literature but to further use their inherent value to create a framework for further conceptualization and extension of the traditional IB view on GVC governance. This work illustrates the urgency and importance for IB to take a timely and possibly more critical approach to the investigation of governance models that have, to date, shown some significant limitations. [ABSTRACT FROM AUTHOR]

This paper aims to explore the impact of China's value-added tax (VAT) credit refunds policy on the enterprises' labor demand through a paradigm combining ex-ante analysis and ex-post test. By introducing the VAT credit refunds into the production-decision model of the enterprise, calibrating the parameters and conducting the dynamic effects tests using the data of Chinese A-share listed enterprises, this paper finds that the labor employment of the pilot enterprises exhibits a V-shaped fluctuation trend. In the initial implementation of the policy, due to the existence of layoff costs, iso-cost line of the enterprise bends, which results in that the enterprise with a capital-labor substitution elasticity greater than 1 will not reduce labor hiring, as it has already deployed labor force before the implementation of the policy. When the enterprise enter the next production cycle where the labor force can be freely allocated, the labor employment of the enterprise with a capital-labor elasticity of substitution greater than 1 will decline compared to that without the policy. In the long run, as output increases, the labor demand will recover. The results of ex-post test are consistent with that of the ex-ante analysis. Additionally, heterogeneity test reveals that the greater the elasticity of capital-labor substitution of the sub-industry is, the more severe the degree of the V-shaped fluctuation is. Following the implementation of the policy, the continuous increase in enterprise output and capital stock verifies the relevant transmission mechanism. This study provides a more detailed perspective for comprehensively understanding the impact of VAT credit refunds policy on employment. [ABSTRACT FROM AUTHOR]

This paper examines the role of exchange rate changes on India's trade. The drivers of exports and imports (income, exchange rate including sectoral differences, and exchange rate variability) are estimated for the short and long run including a structural break. Using annual data from 1994 to 2022, the results of dynamic fixed effects estimation show that both exports and imports are income-elastic in the short and long run, but income elasticity is far stronger for exports. Moreover, exports are responsive to the real effective exchange rate in the short run but not in the long run, and the reverse is true for imports. Furthermore, exchange rates have asymmetric effects for high-volume and primary sectors for exports and imports. The combined impacts show the ineffectiveness of using currency depreciation to address trade imbalances. [ABSTRACT FROM AUTHOR]

Different social progress indices assess well-being and development differently and thus reflect distinct conceptions of social progress. Broadly, these conceptions fall into two categories: 'subjective'—the attitudes of individuals; and 'objective'—external standards. Our starting point is a strong 'dual necessity' claim, namely that the two categories of conception have joint-special significance. Such a strong dual necessity conception, when operationalized, demands very low compensability/degree of substitution between the two independent indices, objective and subjective. Experimenting with this idea, we hypothesize that implementing low substitution empirically influences outcomes. Previous research presented this concept and exemplified initial empirical outcomes. The present work enhances and broadens this research by employing the constant elasticity of substitution (CES) function, which allows for the adjustment of substitution levels and comparison of resulting rankings. Furthermore, we demonstrate the results using two different well-known and commonly used indices: Human Development Index (HDI) and Sustainable Development Goals Index (SDGI). Our findings show that using a low substitution approach alters the social progress rankings of many countries in comparison to the original components' rankings and to a high substitution combination of the two. This holds particularly true for countries in the middle of the original rankings. The paper's original contribution is that it establishes the CES function as a useful device for implementing the idea of 'dual necessity.' Importantly, by experimenting with low substitution, and exemplifying its empirical significance with the CES function, the paper also contributes to further validating a strong dual necessity conception and justifies its own measurement. Such measurement should be of value to social scientists, practitioners and policymakers who care for balanced social progress: social progress that does not neglect either of the two aspects (subjective or objective). [ABSTRACT FROM AUTHOR]

There is growing concern among policymakers and researchers about the negative health and climate impacts of meat consumption. Consumers are encouraged to re-evaluate their dietary choices to preserve our ecosystem and reduce the burden of diet-related diseases. However, limited information is available about how price changes in animal protein sources affect plant-based protein demand and the consequences for nutrient intake and/or diet quality. The goal of the present paper is to fill this gap by explaining how consumers react to price changes in animal protein types and to present the implications for nutrition or diet quality. This paper applied the exact affine stone index implicit (EASI) Marshallian demand system to 2021 home scan panel data collated by the Kantar Worldpanel to estimate both price and expenditure elasticities. Twelve food groups of seven animal-based protein products and five plant-based protein products were considered. The results revealed that dairy and eggs are daily necessities for the people of Scotland. The demand for fish and non-dairy milk are the most sensitive to price. Estimates based on expenditure elasticities show that beef is considered a luxury and a highly substitutable product in the Scottish diet. Peas are relatively basic, essential foodstuffs. In general, increasing the price of animal protein sources will shift demand towards plant protein. On the positive side, there will be a significant reduction in cholesterol and fat purchases. However, there would also be a significant reduction in the total amount of protein, carbohydrates, and healthy fats, such as unsaturated fatty acids, purchased by the average household. This shows that increases in plant-based protein are not enough to compensate for the reductions in essential macro- and micronutrient purchases from animal protein. From the climate perspective, reductions in meat purchases could reduce emissions from production and consumption. [ABSTRACT FROM AUTHOR]

The integrated energy system considering comprehensive demand response can realize cascade utilization of energy and reduce carbon emissions. However, few studies explore the operation of Integrated energy system considering the coupling markets of electricity and carbon trading. Based on the characteristics and specific needs of the integrated energy system, this paper establishes the mathematical model of each energy supply equipment, and studies the optimal energy supply method of the system. First, demand response is categorized into price and substitution types based on load response characteristics. Second, the price demand response models are established utilizing the price elasticity matrix, and substitution demand response models are developed considering the mutual conversion of electric and heat energy on the user-side. Subsequently, a baseline method is employed to allocate carbon emission quotas to the system without charge with considering the actual carbon emissions from gas turbines and gas boilers. This results in the formulation of an improved carbon trading mechanism tailored for integrated energy system. Finally, a low-carbon optimization operational model for integrated energy system is constructed with the multi-objective functions. The results of numerical case studies are presented to validate the performance of the proposed control method. [ABSTRACT FROM AUTHOR]

This paper constructs a dynamic model of household consumption decisions and accordingly designs empirical analyses to identify how infrastructure investment affects private consumption. The estimation results of provincial panel data reveal that infrastructure investment can not only indirectly promote household consumption through the income channel but also directly promote household consumption expansion through the expectations channel, with a significant "crowding-in" effect. However, the effect is significantly weaker in provinces with a lower housing supply elasticity, showing the "crowding-out" pattern through the wealth channel. Household survey data provide an explanation for individual heterogeneity. Infrastructure investment has a greater pushing effect on house prices in provinces with a lower housing supply elasticity. Rapid house price growth has significant "crowding-out" effects on the consumption of wealthy households. This not only significantly weakens the driving effect of infrastructure investment on aggregate household consumption, but also increases wealth inequality in the long term. This paper explains how infrastructure investment affects household consumption and the corresponding role played by house prices, providing empirical evidences for theoretical studies related to macro-regulatory policies in China. [ABSTRACT FROM AUTHOR]

Since the socio-economic reform in 1978, rural China has undergone drastic spatial restructuring, and the trend of multifunctional development and dynamic evolution of settlements in the countryside have become increasingly obvious. Functions and settlements are the important parts of rural areas. Rural multifunction is a new perspective to explore the diversified development paths of the countryside, and rural settlements provide basic support for rural multifunction. Clarifying the complex coupling coordination relationship between rural functional diversification (RFD) and rural settlement evolution (RSE), and identifying the spatial heterogeneity of their interactions is the key to promoting the rural revitalization strategy. This study analyzes the spatiotemporal changes in rural functions and rural settlements at the township level, alongside assessing various forms and the extent of coupled development. Therein, we consider the advantages of different coupling types of townships and propose four development paths for rural settlements to improve the adaptability of rural functions and settlements. The results show that: (1) The functions and settlements in the study area are characterized by significant spatial and temporal dynamics, indicating that the traditional mountainous countryside is in a process of rapid development and change. (2) The coupling coordination degree of RFD and RSE increases yearly, generally transitioning from the moderate imbalance to the basic coordination stage, and the coordinated townships have obvious spatial agglomeration. (3) Based on the elasticity coefficient model, this paper summarizes four coupling models of RFD and RSE to guide the optimization of rural settlement development paths. This research provides scientific guidance for developing countries in the spatial planning of rural territories and the optimization of rural settlements. [ABSTRACT FROM AUTHOR]

Resident consumption is an important link to smooth the domestic circulation and promote the economy to achieve high-quality development. To stimulate the vitality of residents' consumption and achieve the expansion and quality of consumption, we should not only focus on the scale and willingness of residents to consume, but also consider the motivation of consumption. The paper analyzes the impact of intergenerational income mobility on residents' marginal propensity to consume and consumption altruism motive by expanding the Over Lapping Generation Models and combining the China Family Panel Studies (CFPS) data. The results of the study show: Intergenerational Income Elasticity has a significant positive effect on residents' marginal propensity to consume. When Intergenerational Income Elasticity increases, the "altruistic motive" of residents' consumption will also increase significantly. Compared with rural residents, Intergenerational Income Elasticity has a stronger positive effect on urban residents' marginal propensity to consume and marginal propensity to consume education. With the effect of intergenerational factors, urban residents' consumption shows stronger altruistic motives. [ABSTRACT FROM AUTHOR]

The paper uses bids submitted by primary dealer banks at auctions of sovereign bonds to quantify the price elasticity of demand. The price elasticity of demand correlates strongly with the volatility of returns of the same bonds traded in the secondary market but only weakly with their bid-ask spread. It predicts same-bond post-auction returns in the secondary market, even after controlling for pre-auction volatility. The evidence suggests that the price elasticity of demand is associated with the magnitude of price pressure in the secondary market around auction days and proxies for primary dealer risk-bearing capacity. [ABSTRACT FROM AUTHOR]

Benchmark models taught in undergraduate macro do not attribute any role for labor supply as an important determinant of macroeconomic outcomes. The first part of this paper documents three facts. First, differences in hours of work across OECD economies are large and imply large differences in GDP per capita. Second, there are large differences in the size of tax and transfer programs across countries, as proxied by differences in government revenues relative to the GDP. Third, these two outcomes are strongly negatively correlated. Taken together, these facts suggest an important role for labor supply in affecting macroeconomic outcomes. I conjecture that the reason why macro textbooks do not include a discussion of labor supply stems from a belief that labor supply elasticities are sufficiently small that even large differences in work incentives do not generate important macroeconomic effects. The second part of this paper argues that this belief is based on incorrect inference linking small elasticities for prime age male to small aggregate labor supply elasticities. The role of labor supply at the extensive margin plays a critical role in understanding this mistake in this inference. [ABSTRACT FROM AUTHOR]

As a leading industry in the national economy, circulation industry can not only guide production and consumption, but also play a vital role in absorbing employment. With the progress of science and technology, technical change has penetrated into the circulation industry of China, which has not only improved its development, but also affected its employment. This paper uses the standardized supply-side system approach to measure the biased technical progress of circulation industry in China and investigates the influence of the biased technical progress index on the employment scale of circulation industry in China with panel regression model. We find that the overall technical progress in China's circulation industry during 2004–2018 is biased toward capital, and the elasticity of substitution between capital and labor is less than 1. We also find capital-biased technical progress in China's circulation industry is negatively related to the overall employment scale of circulation industry. The heterogeneity analysis indicates that the employment of non-state-owned units in circulation industry is significantly negatively affected by capital-biased technical progress, while state-owned units doesn't. [ABSTRACT FROM AUTHOR]

In this paper, we provide empirical evidence that real wage rigidity is not a major cause of unemployment volatility. We argue that there is a disconnect between the theoretical and empirical literatures on this topic. While theoretical studies define real wage rigidity as the response of wages to changes in unemployment following productivity shocks, the empirical literature measures real wage rigidity as the estimated semi‐elasticity of wages with respect to unemployment, averaged over all shocks. We show that averaging over shocks gives a biased measure of real wage rigidity, as the impact of other shocks confounds the response to productivity shocks. Our results indicate that the estimated semi‐elasticity with respect to productivity shocks is twice as large as the estimated semi‐elasticity averaged over all shocks. This implies that one cannot attribute unemployment volatility to real wage rigidity. [ABSTRACT FROM AUTHOR]

Demand-side management (DSM) schemes play a crucial role in managing renewable energy generation and load fluctuations by utilizing demand–response programmes (DRPs). This paper aims to provide a detailed overview of DRPs that help microgrid operators to keep costs and reliability within acceptable ranges. Additionally, this review paper provides a detailed economic load model for DRPs based on initial load, demand–response (DR) incentive, DR penalty and elasticity coefficients. This article also aims to guide researchers in identifying research gaps in DSM applications in microgrids by comparing various DSM schemes from different countries and regions in terms of DSM strategies, objective functions and optimization techniques. Furthermore, this study analyses the impact of DRPs on microgrid configuration from the perspective of utilities and customers, considering technical and economic performance metrics. As a result, it can be concluded that none of the studied cases provides models or guidelines for choosing appropriate DSM schemes that consider different consumer interests or load-type features. Furthermore, a few researchers have addressed the features of a modern price-based DR strategy, renewable generation-based dynamic pricing DR, which offers higher customer satisfaction than traditional DRPs. [ABSTRACT FROM AUTHOR]

Gansu Province in China has the characteristics of an underdeveloped economy, low forest carbon sink, and rich non-fossil energy, making it a typical area for research to achieve the "double carbon" target. In this paper, the primary energy consumption and carbon emissions and their development trends in Gansu Province during the "double carbon" target period were predicted by the fixed-base energy consumption elasticity coefficient method, and the possibility of achieving the "double carbon" target in Gansu Province was explored. In the three hypothetical scenarios, it was estimated that the total primary energy consumption of Gansu Province will be 91.9–94.81 million tons of standard coal by 2030 and 99.35–110.76 million tons of standard coal by 2060. According to the predicted share of different energy consumption in Gansu Province, the CO2 emissions of Gansu Province in the three scenarios were calculated and predicted to be between 148.60 and 153.31 million tons in 2030 and 42.10 and 46.93 million tons in 2060. The study suggests that Gansu Province can reach the carbon peak before 2030 in the hypothetical scenarios. However, to achieve the goal of carbon neutrality by 2060, it was proposed that, in addition to increasing carbon sinks by afforestation, it is also necessary to increase the share of non-fossil energy. As long as the share is increased by 0.3% on the basis of 2030, the goal of carbon neutrality by 2060 in Gansu Province can be achieved. The results show that the increase in the share of non-fossil energy consumption is the most important way to achieve the goal of carbon neutrality in Gansu Province, and it also needs to be combined with the optimization of industrial structure and improvement of technological progress. Based on the research results, some countermeasures and suggestions are put forward to achieve the goal of carbon neutrality in Gansu Province. [ABSTRACT FROM AUTHOR]

Car-sharing is a travel mode that can serve as an alternative to private cars, helping to reduce urban pollution. However, currently, there is a low willingness among travelers to use car-sharing, which is reflected in both low market penetration and user frequency. Therefore, it is essential for the government to encourage the use of car-sharing by providing subsidies. To better encourage the usage of car-sharing, this paper applies a two-fold evolutionary game model involving travelers and the government to explore the impact of subsidies on travelers' choices, and the factors that could affect the subsidies' efficiency. A simulation, using data from Beijing, was conducted to determine the implications of subsidy policies. The results show that a mileage-based subsidy and a fixed subsidy are applicable to travel of high and low mileages respectively, and under both subsidy modes, subsidies for trips with short duration or short pick-up and return time are more effective. Furthermore, we find that the efficiency of subsidies increases as the scale of car-sharing users, demand elasticity, or total number of travelers increases. Additionally, the subsidy levels should be lower than the environmental benefits of car-sharing but higher than the difference in travel costs between private cars and car-sharing. Future work will involve other game players such as car-sharing operators in order to draw deeper conclusions, and will involve the collection of data from more countries and cities to develop the robustness of the conclusions. [ABSTRACT FROM AUTHOR]

The integration of large-scale wind power into power systems has exacerbated the challenges associated with peak load regulation. Concurrently, the ongoing advancement of electricity marketization reforms highlights the need to assess the impact of direct electricity procurement by large consumers on enhancing the flexibility of power systems. In this context, this paper introduces a Distributed Robust Optimal Scheduling (DROS) model, which addresses the uncertainties of wind power generation and direct electricity purchases by large consumers. Firstly, to mitigate the effects of wind power uncertainty on the power system, a first-order Markov chain model with interval characteristics is introduced. This approach effectively captures the temporal and variability aspects of wind power prediction errors. Secondly, building upon the day-ahead scenarios generated by the Markov chain, the model then formulates a data-driven optimization framework that spans from day-ahead to intra-day scheduling. In the day-ahead phase, the model leverages the price elasticity of the demand matrix to guide consumer behavior, with the primary objective of maximizing the total revenue of the wind farm. A robust scheduling strategy is developed, yielding an hourly scheduling plan for the day-ahead phase. This plan dynamically adjusts tariffs in the intra-day phase based on deviations in wind power output, thereby encouraging flexible user responses to the inherent uncertainty in wind power generation. Ultimately, the efficacy of the proposed DROS method is validated through extensive numerical simulations, demonstrating its potential to enhance the robustness and flexibility of power systems in the presence of significant wind power integration and market-driven direct electricity purchases. [ABSTRACT FROM AUTHOR]

Changes in taxable income can capture many of the behavioural responses to changes in tax policies. In this paper, using the publicly available Current Population Survey (CPS) data and analysing two of the most recent tax reforms (Tax Cuts and Jobs Act of 2017 and the American Taxpayer Relief Act of 2012), we provide a new estimate for the elasticity of taxable income with respect to marginal tax rates. As is common in the literature, the paper conducts a panel data analysis and compares taxable income from before and after tax reforms to estimate the elasticity. Using an instrumental variable approach, we find an elasticity of 0.81, a value that is within the range of estimates found in previous studies. [ABSTRACT FROM AUTHOR]

To realize a carbon-efficient and economically optimized dispatch of the integrated energy system (IES), this paper introduces a highly efficient dispatch strategy that integrates demand response within a tiered carbon trading mechanism. Firstly, an efficient dispatch model making use of CHP and P2G technologies is developed to strengthen the flexibility of the IES. Secondly, an improved demand response model based on the price elasticity matrix and the capacity for the substitution of energy supply modes is constructed, taking into account three different kinds of loads: heat, gas, and electricity. Subsequently, the implementation of a reward and penalty-based tiered carbon trading mechanism regulates the system's carbon trading costs and emissions. Ultimately, the goal of the objective function is to minimize the overall costs, encompassing energy purchase, operation and maintenance, carbon trading, and compensation. The original problem is reformulated into a mixed-integer linear programming problem, which is solved using CPLEX. The simulation results from four example scenarios demonstrate that, compared with the conventional carbon trading approach, the aggregate system costs are reduced by 2.44% and carbon emissions are reduced by 3.93% when incorporating the tiered carbon trading mechanism. Subsequent to the adoption of demand response, there is a 2.47% decrease in the total system cost. The proposed scheduling strategy is validated as valuable to ensure the low-carbon and economically efficient functioning of the integrated energy system. [ABSTRACT FROM AUTHOR]

This paper develops a Schumpeterian growth model with considering consumption and leisure externalities. The main purpose of this study is to investigate the effect of patent protection policy on growth and inequality, as well as the interaction between policy effect and externalities. According to the log form utility function specification, this means that the elasticity of intertemporal substitution is unity. The following are the key findings of this paper. Patent protection policy encourages innovation and increases employment in the R&D industry, which enhances economic growth while increasing income inequality. In regard to externalities, an increase in the degree of consumption (leisure) externalities results in a higher (lower) growth rate and more (smaller) income inequality. When consumption (leisure) externality is greater intensity, the growth effect of patent protection policy becomes stronger (weaker), while its influence on expanding income inequality lessens (enhances). Finally, both the Pareto optimal patent protection policy and the optimal patent policy under the maximization of social welfare positively correlate with consumption externalities, but negatively correlate with leisure externalities. [ABSTRACT FROM AUTHOR]

The literature on fiscal policy has identified wealth elasticity of labor supply and agent heterogeneity as the linchpin of shaping different transmission mechanisms for fiscal policy. In this paper, I build these two important edifices on an otherwise canonical business-cycle model to conduct quantitative analyses of various fiscal policies. To underscore the relative importance of agent heterogeneity, I compare results from the model with agent heterogeneity with those from a standard model without agent heterogeneity. I also compare results from changes in wealth elasticity to analyze how the model ingredient delivers different macroeconomic and fiscal dynamics. The main finding reveals that in the context of the model formulated in this paper, the capital tax is the least detrimental to business cycles and fiscal states and the consumption tax is the most appropriate policy tool since it yields positive output and tax-revenue multipliers in the short and long runs. All the results from counterfactual experiments suggest that macroeconomic and fiscal outcomes hinge fundamentally on agent heterogeneity and wealth elasticity. An important value that this paper adds to the literature is to offer results from a comprehensive analysis of all possible fiscal policies by considering both essential forces. [ABSTRACT FROM AUTHOR]

The residual soil on a slope can slowly move downward under the influence of gravity, forming a creep landslide. These types of landslides are known for their extensive coverage, significant magnitude, and prolonged duration of hazard. A systematic study of the creep properties of creep landslide geotechnical bodies is essential for the analysis of the deformation process and long-term safety evaluation of landslides. This paper focuses on studying a creep landslide involving residual soil in western Henan Province. The creep characteristics of residual soil with different stone content are investigated through direct shear creep experiments. The findings reveal that stone content has a profound impact on the creep behavior of residual soil. As the stone content of the soil increased, the structure of the test soil changed significantly, resulting in a gradual decrease in its shear creep. The Burgers model can effectively fit the deceleration creep and steady-state creep stages of the residual soil. With the increase in stone content, the four parameters of the Burgers model show a significant increase, with the instantaneous elasticity coefficient G1 and the viscosity coefficient η1 experiencing more noticeable changes. The average long-term strength of specimens with different stone content is only 54% of their instantaneous strength. Additionally, as the stone content increases, the ratio of long-term strength to instantaneous strength also increases. Notably, the long-term strength of specimens with 10–30% stone content is significantly lower than that of specimens with 50–70% stone content. [ABSTRACT FROM AUTHOR]

Setting the right fares is a key lever for increasing operating profitability in the airline industry. It is crucial to design fares that are both appealing to passengers and contribute to an increase in airline revenue. Although airline revenue management techniques have evolved to capture customer-choice behavior, the pricing and allocation decisions continue to be taken independently. However, since they are linked, a single optimization model can address this shortcoming. This paper presents a joint optimization model (JOM) that considers product prices and their allocation quantities as decision variables. A sequential optimization technique that divides the model into two decision problems is adopted to cope with JOM's complexity. The problem is divided into a master problem and a sub-problem, wherein product price changes are made in the master problem and, with these fixed prices, optimization is performed in the sub-problem. The sub-problem is solved by simplifying the non-linear JOM into a linear programming problem. The direction of product price changes in the master problem is identified using price elasticity of demand. A heuristic based on this concept is proposed and tested. The Elasticity-integrated Pricing and Allocation Heuristic (EPAH) is observed to produce a consistent increase in existing revenues. [ABSTRACT FROM AUTHOR]

Located in the Yangtze River Delta region, Jiangsu Province has become the major grain production area of China and plays an important role in ensuring national food security. With rapid economic development and urbanization, the amount of cultivated land has decreased, which greatly affects food security. Based on the statistical data of grain production in Jiangsu Province since 2000 and the remote sensing data of 2000, 2010, and 2020, this paper used the stochastic frontier production function to calculate the output elasticity of various factors and the technical efficiency of grain production. The agglomeration effect of food production was investigated by using spatial correlation analysis. Finally, regression analysis was applied to examine the impact of land use change on grain yield and the technical efficiency of production. The results show that the grain-sown area is the decisive factor for the increase in grain output in Jiangsu Province. The technical efficiency of grain production in the province has been maintained at a relatively high level since 2000, showing a fluctuating upward trend, and the efficiency value in southern Jiangsu Province is greater than that in central and northern Jiangsu. The analysis of the spatial distribution characteristics of grain production technical efficiency shows that grain production has an agglomeration effect. The regression results showed that the complexity of land use and the density of the cultivated land patch were negatively correlated with grain yield and grain production technical efficiency, while the location of cultivated land was positively correlated with grain yield and grain production technical efficiency. The conclusion of this paper has important policy significance for promoting food production and ensuring food security. [ABSTRACT FROM AUTHOR]

In addressing the critical interplay between market dynamics and food security within Romania's swine meat market, amidst evolving economic and social challenges, the research aimed to elucidate the roles of elasticity dynamics and trade balance performance in ensuring a high food security level. Utilizing data from 2011 to 2022, the analysis employed key elasticity metrics--price elasticity of demand (PED), income elasticity of demand (IED), factor elasticity of demand (FED), and income elasticity of the swine meat trade balance's deficit (IET)--to dissect the complex interactions configuring demand, supply, and international trade dependencies. The methodology was grounded on quantitative analyses, contrasting year-over-year and base-year elasticities to capture both immediate and longitudinal market responses to socio-economic stimuli. This detailed approach uncovered pertinent findings: despite general price inelasticity in swine meat demand, significant fluctuations in response to income changes and production factors were observed, with 2015 marking a year of heightened sensitivity due to external factors like the African swine fever outbreak. This study underscores the imperative of leveraging elasticity analyses to inform the development of agricultural policies aimed at enhancing domestic production, managing trade deficits, and ultimately reinforcing Romania's food security socio-economic infrastructure against the backdrop of global market volatilities and domestic supply constraints. [ABSTRACT FROM AUTHOR]

The traditional applied demand system estimation assumes that when consumer income and commodity prices change, the consumers instantaneously fully adjust to a new consumption equilibrium level and use a static demand system such as Static Linear Almost Ideal Demand System (Static LA-AIDS) for estimation. However, in real-life situations, such an assumption does not hold as consumers take time to settle to a new consumption equilibrium level. Hence, dynamic demand system estimations generate more nuanced insights into the short-run dynamics of consumer demand. This paper estimates two forms of dynamic versions of AIDS, Dynamic LA-AIDS and the error-corrected LA-AIDS, and compares the results with the Static LA-AIDS. The paper also models the consumption patterns of consumers in developed and developing countries and provides a comparative analysis of implied elasticities using recent data. The results show that the dynamic models support demand theory hypotheses—demand homogeneity and Slutsky symmetry—more than the static model. The estimated mean own-price elasticities reveal that the demand in the short-run and long-run is price inelastic across all countries. Long-run and short-run income elasticities demonstrated notable variation across various commodity groups and country groups. For example, the restaurant meal is a luxury in the short-run for all countries. In the long-run, it is a necessity in developed countries and a luxury in developing countries. Food and housing are necessities; durables, transport and recreation are luxuries in developed and developing countries in the long-run and short-run. [ABSTRACT FROM AUTHOR]

In the context of national efforts to promote country-wide distributed photovoltaics (DPVs), the installation of distributed energy storage systems (DESSs) can solve the current problems of DPV consumption, peak shaving, and valley filling, as well as operation optimization faced by medium-voltage distribution networks (DN). In this paper, firstly, a price elasticity matrix based on the peak and valley tariff mechanism is introduced to establish a master–slave game framework for DN-DESSs under the DPV multi-point access environment. Secondly, the main model optimizes the pricing strategy of peak and valley tariffs with the objective of the lowest annual operating cost of the DN, and the slave model establishes a two-layer optimization model of DESSs with the objective of the maximum investment return of the DESSs and the lowest daily operating costs and call the CPLEX solver and particle swarm optimization algorithm for solving. Finally, the IEEE33 node system is used as a prototype for simulation verification. The results show that the proposed model can not only effectively reduce the operating cost of the distribution network but also play a role in improving the energy storage revenue and DPV consumption capacity, which has a certain degree of rationality and practicality. [ABSTRACT FROM AUTHOR]

In this paper, DR programs are integrated with the unit commitment economic dispatch model for a single day to lower total operating costs for an insular microgrid. The proposed model takes into account the forecasting errors associated with wind, solar, and load demands. A new combined DR program is presented to enhance microgrid operation and financial effectiveness, benefiting microgrid consumers. The price elasticity and consumer profit are the foundation for DR modeling. The optimization problem is developed as mixed‐integer nonlinear programming (MINLP) and solved using GAMS software. For the case study, an insular microgrid consisting of two microturbines, a wind turbine, solar photovoltaic, and battery storage is considered. Optimization is carried out under both with and without the DR program. The outcomes show that by implementing TOU and DLC DR programs, the operating cost is reduced by 13.55% and 9.68%, respectively. While consumers experience a financial loss in TOU‐DR, they earn profit in DLC‐DR. Therefore, a combination of the two, i.e., TOU + DLC DR, is proposed, reducing operating costs by 10.73% while increasing profit for users. The suggested approach benefits the microgrid operator as well as its users, encouraging the construction and operation of insular microgrids in rural or isolated areas. [ABSTRACT FROM AUTHOR]

This paper examines the environmental, social, and governance (ESG) requirements for an industry in an n‐oligopolistic model and investigates the relationship between the degree of industry concentration and the degree of ESG requirements. It is shown that the factors influencing the degree of ESG requirements include the number of firms, the elasticity of market demand, and the market concentration ratio. In the case of linear market demand, the degree of requirements is negatively affected by firm number only, regardless of the elasticity of market demand or market concentration ratio. In addition, the degree of ESG requirements is positively (negatively) related to the industry profit/concentration, when market demand is convex (concave). This paper demonstrates that the degree of ESG requirements is sensitive to firm number, market demand, and market concentration ratio and serves as a pragmatic reference for the government. [ABSTRACT FROM AUTHOR]

Despite recent calls for increased taxation of firearms, there has been little quantification of the impact that this would have on the market. Using tax receipts and recent estimates of supply and demand elasticities, this paper measures the size of the U.S. gun market at equilibrium, and the effects of current and higher tax rates. Baseline estimates indicate that market equilibrium is $14.11 billion and current taxes reduce sales by 14.5 percent. Taxing firearms at rates comparable to taxes on alcohol would cut sales to roughly three-quarters of equilibrium and increase tax revenue by 58 percent; raising gun taxes to the rate on tobacco would reduce sales to about half of the equilibrium level and double federal tax revenue. [ABSTRACT FROM AUTHOR]

Despite the importance of financial development-international trade nexus and its implication for growth, studies have yet to look at the impact of new financial development indicators developed by the International Monetary Fund on international trade performance in Nigeria. This is one of the few attempts made to examine the elasticity of trade to financial development, given the inconclusive findings that permeate the literature. Therefore, this paper investigates the effect of financial development on aggregate trade performance in Nigeria using annual data from 1980 to 2021. The empirical framework is based on the ARDL approach to cointegration and error correction model. The findings revealed that (i) The ARDL bound test revealed the existence of a long-run equilibrium association between the variables; (ii) We find that a unit improvement in financial development induces a 1.1%-1.2% increase in trade performance in the short-run short term and a 9.7% in the long-run; (iii) The results show that a 1% increase in the exchange rate (depreciation) leads to a 0.01% improvement in trade performance in the short-term. The findings have important policy implications. The paper concludes that financial development contributes to trade performance. [ABSTRACT FROM AUTHOR]

This paper uses neoclassical microeconomic theory to investigate the demand for energy and interfuel substitution in India at the sectoral level. It makes full use of the relevant economic theory and econometrics and generates inference in terms of Allen and Morishima elasticities of substitution that are internally consistent with the data and nonlinear models used. The results indicate that the interfuel substitution elasticities are consistently below unity in the household and power sectors, revealing the limited ability to substitute between major energy commodities in these two sectors. However, significant substitution relationships are found in the industrial and transportation sectors, suggesting that energy price changes in these sectors will significantly shift the demand for energy and consumption. Based on measured elasticities of substitution, we also discuss implications of energy price shocks on inflation and inflation targeting strategies by the central bank. [ABSTRACT FROM AUTHOR]

In this paper, we study unimodality conditions for distributions that describe markets with stochastic demand. Such conditions naturally emerge in the analysis of game-theoretic models of market competition (Cournot games) and supply chain coordination (Stackelberg games). We express the price elasticity of expected demand in terms of the mean residual life (MRL) function of the demand distribution and characterize optimal prices or equivalently, points of unitary elasticity, as fixed points of the MRL function. This leads to economic interpretable conditions on the demand distribution under which such fixed points exist and are unique. We find that markets with increasing price elasticity of expected demand that eventually become elastic correspond to distributions with decreasing generalized mean residual life (DGMRL) and finite second moment. DGMRL distributions strictly generalize the widely used increasing generalized failure rate (IGFR) distributions. We further elaborate on the relationship of the two classes, link their limiting behavior at infinity and examine moment and closure properties of DGMRL distributions that are important in economic applications. The DGMRL unimodality condition is useful in the analysis of optimal decisions under uncertainty in settings that are not covered by the widely-used IGFR condition; thus, it can be of broader interest to the game-theory and operations research literature. [ABSTRACT FROM AUTHOR]

This paper aims to understand whether a shift towards a more balanced cash transfer and service-based welfare system is valuable in terms of reducing income inequality and what factors mostly contribute to the income inequality evolution. To examine this, I first impute the monetary values of in-kind benefits and then reassess Gini coefficients across countries and welfare regimes. I also compare the role of cash transfers by functions and, more importantly, by how they are allocated. By means of factor source decomposition, the elasticities confirm wages as being the income source that creates most inequalities, while taxes play the most equalising role together with cash transfers. However, universal services such as healthcare and compulsory education outperform most of the cash transfers included in the analysis, with a stronger effect in the Mediterranean countries. Although in-kind services play a marginal role in explaining the changes in the Gini coefficient between 2008 and 2017, results suggest that a coordinated view of cash transfers and public services, as well as increasing the share of non-contributory means tested transfers, can reduce income inequality in all welfare regimes. [ABSTRACT FROM AUTHOR]

This paper addresses the substitution elasticity of capital on the labour force in the context of the development of intellectualization. Given the substitution of capital for labour, China's benchmark listed logistics companies are compared with an American company to discuss the evolution of capital – labour substitution. A large-scale intellectualization process began in 2017, and based on a variable elasticity of substitution, this paper creates an econometric model of substitution elasticity between capital and labour and its evolution between 2017 and 2021. The American logistics company UPS maintains a relatively high level of substitution elasticity, and Chinese logistics companies are quickly catching up. The substitution elasticity of capital on labour in Chinese enterprises trends upward year after year. In 2021, the capital – labour substitution elasticity of logistics enterprises in both countries showed considerable growth. The calculation model of substitution elasticity presented in this paper can be extended to different regions and industries to measure intelligent development levels and the relationship between capital and the labour force. [ABSTRACT FROM AUTHOR]

This study uses a simple dynamic general equilibrium model to demonstrate that the tax deductions affect the three elasticities: that of the Laffer curve (the Laffer elasticity, hereafter), taxable income, and the tax revenue. This study first decomposes the Laffer elasticity, which consists of the elasticity of taxable income and the tax revenue elasticity. The contributions of this paper are twofold. First, to quantitatively evaluate the importance of tax deductions, this study calculates the analytical solutions of these elasticities with respect to labor and capital income under the steady state in the general equilibrium model with exogenous deduction and a social security tax. Second, using Japanese data, this study conducts a numerical simulation with plausible parameter values. Furthermore, this study finds that the simulation results are consistent with the empirical literature on public finance: an unstable peak of the Laffer curve, a wide range of estimates for the elasticity of taxable income, and tax revenue elasticity greater than 1. The policy implication of these results is that tax rates that maximize tax revenues are unstable, depending on parameters and deductions. [ABSTRACT FROM AUTHOR]

This paper considers the agency selling channel in a supply chain under platform service investment. We construct Stackelberg game models to study the impact of the manufacturer's encroachment strategy on supply chain members. Research results indicate that the encroachment strategy always has a positive impact at the levels of the manufacturer and platform service, which should dynamically change in response to the manufacturer's action; the platform may actively implement a service strategy without encroachment, while the platform should be cautious in providing services to avoid backlash when encroachment occurs; the high commission rate may prompt the platform to increase the service effort and hinder manufacturer encroachment; when the channel substitution rate is high, both the manufacturer and platform may suffer from it and hence they should slow down their strategy implementation and consider cooperation; when the elasticity coefficient is large and the service cost is high, it may hinder the platform from providing services and the manufacturer may take the opportunity to encroach and thus seize the market. [ABSTRACT FROM AUTHOR]

This paper modeled the tension fluctuation during automated fiber placement (AFP), which depicted the tension variations under different operating conditions. The stability and validity of the model were demonstrated using Bode plots and experiments, respectively. According to the model, the tension fluctuations of AFP at different stages were obtained. Additionally, the passive dancer parameters with the better system performance were determined using the evaluation methodology presented in this paper. Moreover, it was discovered that the damping coefficient affects the tension variation more significantly than the elasticity coefficient. Finally, the placement experiments showed that the determined passive dancer parameters improved the laying quality significantly. [ABSTRACT FROM AUTHOR]

Introduction: Evidence shows that price is an important policy lever in reducing consumption of alcohol and tobacco. However, there is little evidence of the cross‐price effect between alcohol and tobacco. Methods: This paper uses an econometric model which estimates participation and consumption elasticities, on data from the UK Living Costs and Food Survey 2006–2017 and extends the literature by, for the first time, estimating joint price elasticities for disaggregated alcohol and tobacco products. This paper presents new price elasticities and compares them to the existing literature. Results: The own‐price elasticity estimates are all negative for both participation and consumption. There is no pattern to the estimates of cross‐price elasticities. The elasticity estimates, when used in the Sheffield Tobacco and Alcohol Policy Model, produce bigger changes in consumption for the same change in price compared to other elasticity estimates in the existing literature. Discussion and Conclusions: Consumption of alcohol and tobacco are affected by the prices of one another. Policymakers should bear this in mind when devising alcohol or tobacco pricing policies. [ABSTRACT FROM AUTHOR]

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Summary: This paper develops a maximum likelihood (ML) bunching estimator of the elasticity of taxable income (ETI). Our structural approach provides a natural framework to simultaneously account for unobserved preference heterogeneity and optimization errors and for measuring their relative importance. We characterize the conditions under which the parameters of the model are identified and show that the ML estimator performs well in terms of bias and precision. The paper also contains an empirical application using Swedish data, showing that both the ETI and the standard deviation of the optimization friction are precisely estimated, albeit relatively small. [ABSTRACT FROM AUTHOR]

The results of previous research suggest that the elasticity of employment with respect to output is not constant within each phase of the business cycle and might depend on the maturity of that phase. Nevertheless, empirical evidence is almost non-existent. Using the unemployment gap as the proxy for the maturity of the business cycle phase, this paper seeks to determine heterogeneous elasticity across different business cycle phases. Furthermore, we aim to evaluate specific elasticities for separate demographic groups, considering gender, age, and educational attainment level, to identify the most vulnerable to jobless growth. Our specification is based on the employment version of Okun's law, and estimates are provided for the whole EU-27 panel covering the period from 2000 to 2022. Our results suggest that elasticity is higher when the unemployment gap is positive and increasing and lower when the gap decreases, regardless of the business cycle phase. Thus, it can be argued that the possibility of growth increasing employment is very limited when the economy operates at its potential level (full employment) for all demographic groups. [ABSTRACT FROM AUTHOR]

Independently devised by John Hicks and Joan Robinson, the elasticity of substitution (σ) plays an important role in mainstream theories of inequality. This paper examines the role of σ in Robinson's writings, charting the differing ways in which she used it to examine questions of distribution. Robinson initially applied the concept to examine distribution in a Keynesian framework, proceeding to downplay its importance later on in spite of having played a central role in its formulation. Her criticisms of the nature of neoclassical production functions led her to dismiss mainstream theories of distribution as tautological, while seeing σ as an expression of the potential for rising profit shares under full employment. The use of a single parameter such as the substitution elasticity in mainstream frameworks neglected the important role played by investment and institutions, drawing focus away from an understanding of the ‘rules of the game’ that determined distributive shares in capitalist economies. Given the primacy of σ in discussions today — in textbooks and in the works of economists such as Thomas Piketty — her writings offer an important critique of established frameworks, while also advancing alternatives that stress the role of institutions and class conflict in modern economies. [ABSTRACT FROM AUTHOR]

Analyzing the changes in carbon storage in terrestrial ecosystems caused by land use changes is a crucial part of exploring the carbon cycle. In addition, enhancing carbon storage in terrestrial ecosystems is an effective and environmentally friendly measure to sequester anthropogenic carbon emissions, which is significant for achieving carbon neutrality and curbing global climate change. This paper uses land use data and carbon density tables with the InVEST model to obtain a carbon storage distribution map of China. It further applies land use response elasticity coefficients, Theil index multi-stage nested decomposition, and spatial autocorrelation analysis to examine the spatial-temporal patterns, causes of changes, and evolution characteristics of carbon storage in terrestrial ecosystems from 1980 to 2020. The results show that the temporal changes in China's carbon storage generally present an inverted S-curve, with an initial rapid decline followed by a slower decrease. Spatially, it features high levels in the northeast, low levels in the northwest, and a uniform distribution in the central and southern regions. The disturbance of land use type changes on terrestrial ecosystem carbon storage has been effectively mitigated. The significant reduction in grassland area in the Southwest region is the main source of carbon storage loss during the study period, and the encroachment of construction land on arable land in large urban agglomerations is one of the important causes of carbon storage loss. The Theil index multi-stage nested decomposition results indicate that the overall difference in carbon storage in China has decreased, while differences among cities within provinces and among counties within cities have increased. The influence of natural factors on the distribution of carbon storage is weakening, whereas the impact of human activities is becoming more profound, enhancing its influence on the spatial distribution of carbon storage in China. From 1980 to 2000, the carbon density in coastal metropolises generally showed a declining trend. From 2000 to 2020, the carbon density in the central urban areas of eastern coastal city clusters gradually showed an upward trend and continued to expand outward, revealing to some extent the "Environmental Kuznets Curve" characteristic in the development process of urban carbon storage. Therefore, in future ecological construction, the government should fully consider the impact of land management planning on carbon storage in different regions, promote the efficient use and standardized management of land, and strive to cross the "Environmental Kuznets Curve" inflection point of carbon storage as soon as possible. [ABSTRACT FROM AUTHOR]

The elicitation of the elasticity of intertemporal substitution (EIS), discount factor and risk attitude parameters in dynamic models is of central importance to economics, finance and public policy. This paper suggests an alternative method to jointly elicit and estimate these three parameters using experimental data. We employ a new model based on dynamic quantile preferences, where individuals maximize the stream of future τ‐quantile utilities, for τ∈0,1. These preferences are simple, dynamically consistent and monotonic. In the quantile model, the risk attitude is captured by the quantile τ of the payoff distribution, while the EIS and the discount factor are related to the utility function describing individual's intertemporal behaviour, hence allowing for complete separability between risk, EIS and discount factor. The estimation of the parameters of interest uses a structural maximum likelihood method. Individual's risk aversion is estimated below the median. The discount factor is marginally smaller than estimates reported in the literature, and the EIS is slightly larger than one, which suggests that utility over time is concave. The estimates for the elasticity contrast with those reported by the existing studies using observational disaggregated data, which in general find an elasticity smaller than one. [ABSTRACT FROM AUTHOR]

This paper examines the problem of unobserved heterogeneity in urban water demand. It uses a panel quantile regression (QR) approach to focus on segments of consumers with different levels of water consumption. This estimation strategy is applied to a rich set of panel microdata capturing the consumption of water for 4,023 households in Valencia (Spain) between the years 2009 and 2011. To capture heterogeneity in a city's residential household water consumption, a QR approach is applied to the specified water demand model, enabling analysis for different quantiles (levels) of consumption. The QR shows the behaviour of the parameters for different consumption levels. It enables differentiation of consumer reactions to different independent variables at each quantile of the distribution of the dependent variable. The results provide strong evidence of unobserved heterogeneity at different levels. This approach is useful in that it can lead to better-informed tariff design by providing an understanding of heterogeneity in price elasticities. [ABSTRACT FROM AUTHOR]