Assessing excess profits from different entry regulations

Entry regulations affecting professional services such as pharmacies are common practice in many European countries. We assess the impact of entry regulations on profits estimating a structural model of entry using the information provided by a policy experiment. We use the case of different regional policies governing the opening of new pharmacies in Spain to show that structural models of entry ought to be estimated with data from policy experiments to pin down how entry regulations change payoffs functions of the incumbents. Contrary to the public interest rationales, regulations are not boosting only small town pharmacies payoffs nor increasing all pharmacies payoffs alike. The gains from regulations are very unevenly distributed,suggesting that private interests are shaping the current mix of entry and markup regulations.

Free Mobility and Taste-Homogeneity of Jurisdiction Structures

We consider a population of agents distributed on the unit interval. Agents form jurisdictions in order to provide a public facility and share its costs equally. This creates an incentive to form large entities. Individuals also incur a transportation cost depending on their location and that of the facility which makes small jurisdictions advantageous. We consider a fairly general class of distributions of agents and generalize previous versions of this model by allowing for non-linear transportation costs. We show that, in general, jurisdictions are not necessarily homogeneous. However, they are if facilities are always intraterritory and transportation costs are superadditive. Superadditivity can be weakened to strictly increasing and strictly concave when agents are uniformly distributed. Keywords: Consecutiveness, stratification, local public goods, coalition formation, country formation. JEL Classification: C71 (Cooperative Games), D71 (Social Choice; Clubs; Committees; Associations), H73 (Interjurisdictional Differentials and Their Effects).

Congested hubs

Hub congestion is a major problem and a relevant policy issue because it causes delays and many organizational problems at airports that end up implying unpleasant consequences both for air travelers and airlines. In a competitive framework in which carriers choose aircraft size, this paper suggests that airlines schedule too many flights using overly small aircraft, which constitutes a major contributor to congestion. Two- part congestion tolls, accounting for the congestion imposed on other carriers and the congestion imposed on all passengers, are needed to recover e¢ ciency. Finally, we analyze the validity of the results by studying the effects of network size, airport capacity, competition in layover time, and the formation of airline alliances. Keywords: congestion; hub-and-spoke networks; overprovision of frequency; con- gestion internalization; congestion tolls JEL Classiffication Numbers: L13; L2; L93

Scheduled Service Versus Personal Transportation: The Role of Distance

This paper presents a theoretical and empirical analysis of the relationship be- tween frequency of scheduled transportation services and their substitutability with personal transportation (using distance as a proxy). We study the interaction between a monopoly firm providing a high-speed scheduled service and private transportation (i.e., car). Interestingly, the carrier chooses to increase the frequency of service on longer routes when competing with personal transportation because by providing higher frequency (at extra cost) it can also charge higher fares which can boost its profits. However, in line with the results of earlier studies, frequency decreases for longer flights when driving is not a viable option. An empirical application of our analysis to the European airline industry confirms the predictions of our theoretical model. Keywords: short-haul routes; long-haul routes; flight frequency; distance JEL Classification Numbers: L13; L2; L93

Capacitat de segrest de carboni dels sòls de Sant Feliu de Guíxols, Santa Cristina d'Aro i Castell d'Aro (Baix Empordà)

En l’actualitat s’està generant una consciència col·lectiva sobre les repercussions que pot tenir l’escalfament global causat pels gasos d’efecte hivernacle (GEH). Amb l’objectiu de reduir les emissions de CO2 (segon gas responsable del canvi climàtic) cap a l’atmosfera, s’estan buscant possibles embornals de carboni. El sòl tot i ser el principal reservori de carboni del planeta, mai s’ha considerat com un factor important per la reducció de les emissions de GEH. Amb aquest projecte es pretén concretar quina és la capacitat de segrest de carboni per part dels sòls de les zones de St. Feliu de Guíxols i la Vall d’Aro, prenent en consideració les diferents variables que puguin influenciar.

Proposta d'ecoetiqueta per nuclis rurals de muntanya: prova pilot a Araós

Per poder avaluar ambientalment els nuclis rurals s’ha observat una manca d’indicadors per les etapes de planificació, construcció i ús d’aquests. Aquest article, presenta una proposta d’ecoetiqueta per a nuclis rurals de muntanya. S’ha realitzat una prova pilot al nucli d’Araós, el qual pertany al municipi d’Alins, situat dins el Parc Natural de l’Alt Pirineu (Catalunya). S’han desenvolupat 30 indicadors, 15 d’obligat compliment i 15 optatius en els vectors d’aigua, atmosfera, autosuficiència, energia, mobilitat, paisatge, residus, serveis i ús del sòl. S’ha verificat de forma positiva l’aplicació de l’ecoetiqueta al nucli pilot. Els resultats indiquen no compliment a causa dels vectors aigua, atmosfera, energia i ús del sòl.

Condicions socioecològiques de la riera d'Arbúcies pel retorn de la llúdriga (Lutra lutra)

La llúdriga (Lutra lutra) va desaparèixer de la conca de la Tordera a causa de la pressió humana sobre ella i el seu hàbitat. Recentment les seves poblacions s’estan recuperant a las conques nord de Catalunya. En aquest context es presenta els resultats dels anàlisis dels requeriments socioecològics de la llúdriga en l’afluent del riu Tordera de la riera d’Arbúcies: qualitat del bosc de ribera, valoració de la contaminació de l’aigua i l’anàlisi de les poblacions d’ictiofauna, a més de l’estimació de l’espècie més abundant. L’evolució de l’ús i cobertes del sòl del sòl mostren que existeix una tendència augment en las masses forestals, zones urbanitzades i infraestructures; també una disminució del camps de cultiu, fruiters i vinyes. La qualitat del bosc de ribera es va valorar a partir del l’índex QBR, obtenint que la màxima qualitat es localitza en el tram alt, disminuint a mesura que s’apropa a la desembocadura al Tordera. La contaminació de l’aigua a estat valorada, per una banda analitzant la qualitat biològica a partir dels índexs IPS i BMWPC, obtenint que la qualitat de l’aigua disminueix a mesura que transcorre riu avall, segons l’IPS. Amb el BMWPC es troba que existeix una recuperació de la qualitat de l’aigua en l’últim tram. Per altra banda s’han analitzat el compostos químics que afecten a la llúdriga, obtenint que les concentracions d’aquest no són rellevants a l’aigua. S’ha analitzat l’estructura de la població d’ictiofauna present, trobant que el Barbus meridionalis és l’espècie més abundant en tots el trams, a més d’augmentar en captures a mesura que l’aigua s’apropa al aiguabarreig amb la Tordera. S’ha estimat la biomassa present d’aquesta espècie, concloent que es suficient per mantenir una població no gaire densa de llúdrigues, inferior a 0,15 individus per kilòmetre de riu.

Small firms, growth and financial constraints

This paper analyses the impact of different sources of finance on the growth of firms. Using panel data from Spanish manufacturing firms for the period 2000-2006, we investigate the effects of internal and external finances on firm growth. In particular, we examine three dimensions of these financial sources: a) the performance of the firms’ capital structure in accordance with firm size; b) the effects of internal and external financial sources on growth performance; c) the combined effect of equity, external debt and cash flow on firm growth. We find that low-growth firms are sensitive to cash flow and short-term bank debt, while high-growth firms are more sensitive to long-term debt. Furthermore, equity capital seems to reduce barriers to external finance. Our main conclusion is that during the start-up phase, firms are unable to increase their financial leverage and so their capital structure fails to promote correct investment strategies. However, as their equity capital increases, alternative financial mechanisms, in particular long-term debt, become available, which have a positive impact on firm growth.

Traffic forecasts under uncertainty and capacity constraints

Traffic forecasts provide essential input for the appraisal of transport investment projects. However, according to recent empirical evidence, long-term predictions are subject to high levels of uncertainty. This paper quantifies uncertainty in traffic forecasts for the tolled motorway network in Spain. Uncertainty is quantified in the form of a confidence interval for the traffic forecast that includes both model uncertainty and input uncertainty. We apply a stochastic simulation process based on bootstrapping techniques. Furthermore, the paper proposes a new methodology to account for capacity constraints in long-term traffic forecasts. Specifically, we suggest a dynamic model in which the speed of adjustment is related to the ratio between the actual traffic flow and the maximum capacity of the motorway. This methodology is applied to a specific public policy that consists of suppressing the toll on a certain motorway section before the concession expires.

Manifestació dels canvis en la interacció entre el medi natural i la societat: la influència del despoblament a Alins i Farrera

L’objectiu principal d’aquest projecte és analitzar les manifestacions dels canvis produïts en els medis natural i social influenciats pel despoblament (a la segona meitat del s.XX), als municipis d’Alins i Farrera, situats al Pallars Sobirà, i fer-ne una comparació, ja que es tracta de municipis de característiques diferents. Per dur a terme l’estudi, es fa un anàlisi de l’evolució del poblament, un anàlisi dels canvis físics, mitjançant l’avaluació dels canvis en les cobertes del sòl i de la transformació del paisatge amb les fotografies, i un anàlisi dels canvis en les activitats i comportaments socials mitjançant la realització d’entrevistes per elaborar un retrat social de cada època, distingint entre les aportacions de la població autòctona respecte de la nouvinguda. Amb tot, es pretén la realització d’una diagnosi transversal que permeti integrar les diferents temàtiques, i definir unes conclusions generals per mitjà d’uns patrons detectats. Finalment, la conclusió que millor permet recollir tota la informació és la que en resulta d’acceptar el fenomen de despoblament generalitzat, combinat amb el d’un canvi de l’estil de vida global, no només local, que és eina de justificació de moltes de les dinàmiques de canvi observades.

Human capital spillovers, productivity and regional convergence in Spain

This paper analyses the differential impact of human capital, in terms of different levels of schooling, on regional productivity and convergence. The potential existence of geographical spillovers of human capital is also considered by applying spatial panel data techniques. The empirical analysis of Spanish provinces between 1980 and 2007 confirms the positive impact of human capital on regional productivity and convergence, but reveals no evidence of any positive geographical spillovers of human capital. In fact, in some specifications the spatial lag presented by tertiary studies has a negative effect on the variables under consideration.

(Optimal) Spatial Aggregation in the Determinants of Industrial Location

Empirical studies on the determinants of industrial location typically use variables measured at the available administrative level (municipalities, counties, etc.). However, this amounts to assuming that the effects these determinants may have on the location process do not extent beyond the geographical limits of the selected site. We address the validity of this assumption by comparing results from standard count data models with those obtained by calculating the geographical scope of the spatially varying explanatory variables using a wide range of distances and alternative spatial autocorrelation measures. Our results reject the usual practice of using administrative records as covariates without making some kind of spatial correction. Keywords: industrial location, count data models, spatial statistics JEL classification: C25, C52, R11, R30

Innovation sources and productivity in Catalonian firms: a quantile regression analysis

This paper explores the effects of two main sources of innovation - intramural and external R&D— on the productivity level in a sample of 3,267 Catalonian firms. The data set used is based on the official innovation survey of Catalonia which was a part of the Spanish sample of CIS4, covering the years 2002-2004. We compare empirical results by applying usual OLS and quantile regression techniques both in manufacturing and services industries. In quantile regression, results suggest different patterns at both innovation sources as we move across conditional quantiles. The elasticity of intramural R&D activities on productivity decreased when we move up the high productivity levels both in manufacturing and services sectors, while the effects of external R&D rise in high-technology industries but are more ambiguous in low-technology and knowledge-intensive services. JEL codes: O300, C100, O140 Keywords: Innovation sources, R&D, Productivity, Quantile Regression

Mobility and Housing Satisfaction: An Empirical Analysis for Twelve EU Countries

Using panel data for twelve EU countries, we analyze the relationship between selfreported housing satisfaction and residential mobility. Our results indicate the existence of a positive link between the two variables and that housing satisfaction exerts a mediating effect between residential characteristics and dwellers' mobility propensities. Some interesting cross-country differences regarding the effect of other variables on mobility are also observed. Our results can be used in defining, implementing and evaluating housing and neighbourhood policies. Residential satisfaction is put forward as one of the most appropriate indicators of the success or failure of such policies. Keywords: Housing satisfaction, residential mobility JEL classification: R21, D19

Disentangling the Housing Satisfaction Puzzle: Does Homeownership Really Matter?

There is a general consensus that homeownership has beneficial effects for both individuals and society in many outcomes. However, research regarding the effect of homeownership on individuals' subjective well-being remains inconclusive. In this paper, for the first time, we provide empirical evidence for the link between homeownership and housing satisfaction using panel data. We use the eight waves of the European Community Household Panel (ECHP) covering the period 1994-2001. We observe that renters who become homeowners not only experience a significant increase in housing satisfaction, but also after changing their tenure status, they obtain a different utility from the same housing context. This evidence might provide support to the hypothesis that a share of the differences in the perceived utility derived from housing can be attributed to (un)fulfilled expectations or aspirations regarding homeownership. Keywords: Housing satisfaction, subjective well-being, homeownership, fixed-effects, housing aspirations JEL classification: D1, R2.