Preferences elicitation can be a challenging exercise for citizens participating in assessment surveys. It is even more challenging when it comes to complex and unfamiliar ecosystems and the threatened ecosystem services they provide. Making people aware of the characteristics of the ecosystem services being valued is determinant for the assessment process. We investigated the impact of familiarity and academic information supply on people's preferences for twenty selected ecosystem services of French Mediterranean coastal lagoons. The results show that regardless of familiarity and information supply, there is a strong consensus about the highest importance of regulation and maintenance ecosystem services as well as environmental education and research opportunity ecosystem services. By contrast, nine of the cultural ecosystem services, together with two provisioning ecosystem services showed heterogeneous preferences among the different citizen groups. Using a combination of descriptive and inferential statistics these eleven ecosystem services split up into three clusters characterized as (i) contemplative leisure, (ii) heritage, and (iii) consumptive activities. Familiarity and academic information supply had a strong impact on the preferences for these three clusters of ecosystem services.
We study the joint determination of optimal investment and optimal depollution in a spatiotemporal framework where pollution is transboundary. Pollution is controlled at a global level. The regulator internalizes that: (i) production generates pollution, which is bad for the wellbeing of population, and that (ii) pollution flows across space driven by a diffusion process. We solve analytically for the optimal investment and depollution spatiotemporal paths and characterize the optimal long-term spatial distribution when relevant. We finally explore numerically the variety of optimal spatial distributions obtained using a core/periphery model where the core differs from the periphery either in terms of input productivity, depollution efficiency, environmental awareness or self-cleaning capacity of nature. We also compare the distributions with and without diffusion. Key aspects in the optimal policy of the regulator are the role of aversion to inequality, notably leading to smoothing consumption across locations, and the control of diffusive pollution adding another smoothing engine.
Using a new and original database, our paper contributes to the growth accounting literature by singling out the contribution of robots through two channels: capital deepening and TFP. The contribution of robots to productivity growth through capital deepening and TFP appears to have been significant in Germany and Japan in the sub-period 1975–1995 and in several Eastern European countries in 2005–2019. However, robotization does not appear to be the source of a significant revival in productivity.
We establish an equivalence between three criteria for comparing distributions of an ordinal variable taking finitely many values. The first criterion is the possibility of going from one distribution to the other by a finite sequence of increments and/or Hammond transfers. The latter transfers are like the Pigou–Dalton ones, but without the requirement that the amount transferred be fixed. The second criterion is the unanimity of all comparisons of the distributions performed by a class of additively separable social evaluation functions. The third criterion is a new statistical test based on a weighted recursion of the cumulative distribution. We also identify an exact test for the possibility of going from one distribution to another by a finite sequence of Hammond transfers only. An illustration of the usefulness of our approach for evaluating distributions of self-reported happiness level is also provided.
We offer a flexible latent type approach to rank populations according to unequal health opportunities. Building upon the latent-class method, an approch increasingly adopted to estimate health inequalities, our contribution is to let the number of socioeconomic groups considered vary to obtain an opportunity-inequality curve for a population that gives how the between-type inequality varies with the number of types. A population A is said to have less inequality of opportunity than population B if its curve is statistically below that of population B. This version of the latent class approach allows for a robust ranking of 31 European countries regarding inequality of opportunity in health.
The distinction between effort and other factors, such as family background, matters for correcting policies and normative reasons when we appeal to inequality of opportunity. We take advantage of a purposefully designed survey on secondary schools in rural Bangladesh to offer a comprehensive view of the importance of overall effort when measuring inequalities of opportunity in education. The analysis comprises decomposition exercises of the predicted variance of student performance in mathematics and English by source (effort, circumstances, etc.) and subgroup (within- and between-schools) based on parametric estimates of educational production functions. Pupils’ effort, preferences, and talents contribute between 31% and 40% of the total predicted variances in performance scores. The contribution of overall effort falls by 10% when the correlation between effort and circumstances is taken into account. These findings are robust to the choice of estimation strategy (i.e. combined within- and between-schools variation models versus multilevel random-effect models). All in all, these results advocate that social determinism in education can be mitigated by individual effort at school.
The book provides a comprehensive overview of the latest econometric methods for studying the dynamics of macroeconomic and financial time series. It examines alternative methodological approaches and concepts, including quantile spectra and co-spectra, and explores topics such as non-linear and non-stationary behavior, stochastic volatility models, and the econometrics of commodity markets and globalization. Furthermore, it demonstrates the application of recent techniques in various fields: in the frequency domain, in the analysis of persistent dynamics, in the estimation of state space models and new classes of volatility models.
The book is divided into two parts: The first part applies econometrics to the field of macroeconomics, discussing trend/cycle decomposition, growth analysis, monetary policy and international trade. The second part applies econometrics to a wide range of topics in financial economics, including price dynamics in equity, commodity and foreign exchange markets and portfolio analysis. The book is essential reading for scholars, students, and practitioners in government and financial institutions interested in applying recent econometric time series methods to financial and economic data.
To what extent do childhood experiences continue to affect adult wellbeing over the life course? Previous work on this link has been carried out either at one particular adult age or for some average over adulthood. We here use two British birth-cohort datasets (the 1958 NCDS and the 1970 BCS) to map out the time profile of the effect of childhood experiences on adult outcomes, including life satisfaction. We find that the effects of many aspects of childhood do not fade away over time but are rather remarkably stable. In both birth-cohorts, child non-cognitive skills are the strongest predictors of adult life satisfaction at all ages. Of these, emotional health is the strongest. Childhood cognitive performance is more important than good conduct in explaining adult life satisfaction in the earlier NCDS cohort, whereas this ranking is inverted in the more recent BCS.
Currently, countries across the world are applying policies designed to combat the COVID-19 pandemic, such as lockdowns, international travel restrictions, subsectoral closures, and adjustments in public transportation. Although these restrictions can be effective in controlling the epidemiological dynamics, they also need to be assessed in terms of their acceptability by populations. The preferences of populations should matter, particularly after months of efforts, and the new requirements of lockdowns in several European countries despite these efforts.
We investigate the link between resource revenues volatility and institutions. We build a stochastic differential game with two players (conservatives vs. liberals) lobbying for changing the institutions in their preferred directions. First, uncertainty surrounds the dynamics of institutions and the resource revenues. Second, the lobbying power is asymmetric, the conservatives’ power being increasing with resource revenues. We show the existence of a unique equilibrium in the set of affine strategies. We then examine to which extent uncertainty leads to more liberal institutions in the long run, compared to the deterministic case. We finally explore the institutional impact of volatility using a database covering 91 countries over the period 1973–2005. Focusing on financial liberalization, we find that as oil revenue volatility increases, liberalization goes down. This result is robust to different specifications and sample distinctions.