Income risk of EU coal-fired power plants after Kyoto

Coal-fired power plants may enjoy a significant advantage relative to gas plants in terms of cheaper fuel cost. Still, this advantage may erode or even turn into disadvantage depending on CO2 emission allowance price. This price will presumably rise in both the Kyoto Protocol commitment period (2008-2012) and the first post-Kyoto years. Thus, in a carbon-constrained environment, coal plants face financial risks arising in their profit margins, which in turn hinge on their so-called "clean dark spread". These risks are further reinforced when the price of the output electricity is determined by natural gas-fired plants' marginal costs, which differ from coal plants' costs. We aim to assess the risks in coal plants' margins. We adopt parameter values estimated from empirical data. These in turn are derived from natural gas and electricity markets alongside the EU ETS market where emission allowances are traded. Monte Carlo simulation allows to compute the expected value and risk profile of coal-based electricity generation. We focus on the clean dark spread in both time periods under different future scenarios in the allowance market. Specifically, bottom 5% and 10% percentiles are derived. According to our results, certain future paths of the allowance price may impose significant risks on the clean dark spread obtained by coal plants.

Does Immigration Raise Natives’ Income? National and Regional Evidence from Spain

How immigration affects the labor market of the host country is a topic of major concern for many immigrant-receiving nations. Spain is no exception following the rapid increase in immigrant flows experienced over the past decade. We assess the impact of immigration on Spanish natives’ income by estimating the net immigration surplus accruing at the national level and at high immigrant-receiving regions while taking into account the imperfect substitutability of immigrant and native labor. Specifically, using information on the occupational densities of immigrants and natives of different skill levels, we develop a mapping of immigrant-to-native self-reported skills that reveals the combination of natives across skills that would be equivalent to an immigrant of a given self-reported skill level, which we use to account for any differences between immigrant self-reported skill levels and their effective skills according to the Spanish labor market. We find that the immigrant surplus amounts to 0.04 percent of GDP at the national level and it is even higher for some of the main immigrant-receiving regions, such as Cataluña, Valencia, Madrid, and Murcia.

Farm-raised shrimp: good aquacultural practices for product quality and safety

(PDF has 75 pages)

Income Taxation and Growth in an OLG Economy: Does Aggregate Uncertainty Play any Role?

We analyze the effects of capital income taxation on long-run growth in a stochastic, two-period overlapping generations economy. Endogenous growth is driven by a positive externality of physical capital in the production sector that makes firms exhibit an aggregate technology in equilibrium. We distinguish between capital income and labor income, and between attitudes towards risk and intertemporal substitution of consumption. We show necessary and sufficient conditions such that i) increments in the capital income taxation lead to higher equilibrium growth rates, and ii) the effect of changes in the capital income tax rate on the equilibrium growth may be of opposite signs in stochastic and in deterministic economies. Such a sign reversal is shown to be more likely depending on i) how the intertemporal elasticity of substitution compares to one, and ii) the size of second- period labor supply. Numerical simulations show that for reasonable values of the intertemporal elasticity of substitution, a sign reversal shows up only for implausibly high values of the second- period’s labor supply. The conclusion is that deterministic OLG economies are a good approximation of the effect of taxes on the equilibrium growth rate as in Smith (1996).

Assessing the sustainability of brackish water aquaculture systems in the Philippines. Working Paper 4: Aquaculture and poverty - a case study of five coastal communities in the Philippines

After reviewing the rather thin literature on the subject, we investigate the relationship between aquaculture and poverty based on a case study of five coastal communities in the Philippines. The analysis relies on a data set collated through a questionnaire survey of 148 households randomly selected in these five communities. The methodological approach combines the qualitative analysis of how this relationship is perceived by the surveyed households and a quantitative analysis of the levels and determinants of poverty and inequality in these communities. There is overwhelming evidence that aquaculture benefits the poor in important ways and that it is perceived very positively by the poor and non-poor alike. In particular, the poor derive a relatively larger share of their income from aquaculture than the rich, and a lowering of the poverty line only reinforces this result. Further, a Gini decomposition exercise shows unambiguously that aquaculture represents an inequality-reducing source of income. We believe that the pro-poor character of brackish water aquaculture in the study areas is explained by the fact that the sector provides employment to a large number of unskilled workers in communities characterized by large surpluses of labour. Our results also suggest that the analysis of the relationship between aquaculture and poverty should not focus exclusively on the socio-economic status of the farm operator/owner, as has often been the case in the past. [PDF contains 51 pages]

Fish pond management at the Onibonoje Agricultural Industries (Nigeria) Limited, RSH farm at ESA Oke Road'Ijebu Jesa Oyo State, Nigeria

A brief account is given of fish culture at the Anibonoje Agricultural Industries Ltd. fish farm in Nigeria. The pond culture of Tilapia, Clarias lazera, Heterotis niloticus and Cyprinus carpio is outlined, describing the feeding of the fish, the fertilization of the ponds, and pond management. The role of the government vis-a-vis that of the organized private sector is also examined

Investment prospects in integrated fish and poultry farming project: The Kainji Lake Research Institute integrated fish and poultry farm model

The paper examines the feasibility of a small-scale integrated fish and poultry farming project based on an existing experimental model currently in operation at the Kainji Lake Research Institute, New Bussa, Nigeria. Financial analysis reveals a viable investment based on the output from a 2 ha fish pond or reservoir

Food and feeding habits of Tilapia zilli (Pisces: Cichlidae) in Ondo State University fish farm

The food and feeding habits of Tilapia zillii in the fish farm of Ondo State University, Akungba - Akoko, Nigeria, were studied by gut analysis. Examinations of 150 specimens showed that Nymphea formed the main bulk of food consumed. Spirogyra, Pithophora and Compsopogon occurred frequently while Pistia detritus and plant remains featured less frequently. Variation in the frequency of occurrence of the various food items was observed among the various sizes of samples. The samples within the middle - size group fed on both higher plant and filamentous algae while the young and higher fish consumed exclusively filamentous algae. On the basis of food items found in the gut, Tilapia zillii was classified as primary consumers

The hydrology of a small fish pond at the University of Agriculture, Makurdi Experimental Fish Farm

The monthly and seasonal water requirements of a small fish pond (0.068ha; maximum capacity of 613.83m super(3)) at the University of Agriculture, Makurdi Fish Farm (Benue, Nigeria) were determined during the period of February to August 1996. The sources of water for the pond were rainfall, (103.4cm), run-off (6.3cm) and regulated inflow (95.0cm). The water loss for the period were Evapotranspiration, (106.74cm), Seepage (71.64cm) and regulated discharge (25.00cm). Evapotranspiration was identified as the main source of water loss while rainfall was the major source of water gain. The mean monthly water deficit was 24.56~c11.43cm while the mean monthly surplus was 9.84~c8.05cm. The quantity of water required to maintain the optimal water level in the pond was 474.00m super(3). Preliminary water budget of the study area showed that rainfed aquaculture can be effectively carried out at Makurdi during the months of June to October with supplementary inflows during the dry season months

Indication of pollution in a teaching and research farm reservoir

The production and productivity of a water body is largely dependent on its quality. One major source of water pollution is from the agrochemicals from nearby farmlands. The quality of water in the Obafemi Awolowo University Teaching and Research Farm Reservoir (Ile-Ife, Nigeria) was monitored between October, 1993 and March, 1994. Structured questionnaires were administered to obtain information on the types of agrochemicals in use on the farm. Water samples were collected fortnightly for analyses of the physico-chemical parameters and ionic content of the water. Investigation revealed that 21 agrochemicals had been in use on the farm. The physico-chemical parameters of the water showed that the water was very poor in nutrient. The high concentration of ammonium ion contents of the water shows an indication that the residues of certain agrochemicals got into the water to pollute it. Agrochemicals should be used with great caution on farmlands especially in areas close to water bodies from which man obtains fish and other proteinous foods. This paper also suggests a regular monitoring of water quality of reservoirs in order to pick the earliest signs of pollution

Identification of non fishing income opportunities around Kainji Lake

The findings are presented of a study carried out in the Kainji Lake region of Nigeria in order to identify alternative income opportunities for the fisherfolk, so as to increase their acceptance of fishery management measures and also to reduce the harmful short-term economic effects that such management options can have. A description is given of the main non-fishing income earning activities in the Kainji Lake area and an assessment is made of the economic viability and expected acceptance of the identified income earning opportunities. (PDF contains 84 pages)

Alternative income in Kainji Lake area: introduction of improved cocks to fisherfolk

Details are given of a study conducted in the framework of the Kainji Lake Fisheries Promotion Project to boost income from alternative sources. The project identified 'improved poultry keeping' as suitable for introduction around the Kainji Lake area. In the long term, the programme will assist increasing especially the income of female members of fishing families, since poultry is kept in the villages mainly by women. (PDF contains 35 pages)

Income, inequality, and criteria air pollutants in the CAMA counties

Socioeconomic factors have long been incorporated into environmental research to examine the effects of human dimensions on coastal natural resources. Boyce (1994) proposed that inequality is a cause of environmental degradation and the Environmental Kuznets Curve is a proposed relationship that income or GDP per capita is related with initial increases in pollution followed by subsequent decreases (Torras and Boyce, 1998). To further examine this relationship within the CAMA counties, the emission of sulfur dioxide and nitrogen oxides, as measured by the EPA in terms of tons emitted, the Gini Coefficient, and income per capita were examined for the year of 1999. A quadratic regression was utilized and the results did not indicate that inequality, as measured by the Gini Coefficient, was significantly related to the level of criteria air pollutants within each county. Additionally, the results did not indicate the existence of the Environmental Kuznets Curve. Further analysis of spatial autocorrelation using ArcMap 9.2, found a high level of spatial autocorrelation among pollution emissions indicating that relation to other counties may be more important to the level of sulfur dioxide and nitrogen oxide emissions than income per capita and inequality. Lastly, the paper concludes that further Environmental Kuznets Curve and income inequality analyses in regards to air pollutant levels incorporate spatial patterns as well as other explanatory variables. (PDF contains 4 pages)

On-farm feed: the potential for improving profitability in aquaculture

The urge to develop a standard practical diet for farmed fish in Nigeria has been on the increase since the last decade. Since ages diets has ever represent the largest single cost item of most fish farm operations. This is the reason why careful selection of feed ingredients for use in aqafeed plays a vital role in the resultant nutritional and economic success of farmed fish. In an attempt to meet the objectives of culturing fish two main sources of fish feed have been identified for meeting the nutritional requirements of fish. These include 'on-farm feeds' and 'commercial feeds'. However, 'on-farm feed' takes the lion share out of the total annual national aquafeed product which amounts to about 70% of the estimated total of 3,570 tones of fish feed produced in year 2000. This paper takes a look at the important of non-conventional feed resource in 'on-farm feed', the place of vitamins in 'on-farm feed', the need to develop and encourage on-farm feed production and feeding strategies if aquaculture will grow further to meet the projected million metric tones production within this decade