Cooperative and market-based solutions to pollution abatement problems

This work concerns itself with the possibility of solutions, both cooperative and market based, to pollution abatement problems. In particular, we are interested in pollutant emissions in Southern California and possible solutions to the abatement problems enumerated in the 1990 Clean Air Act. A tradable pollution permit program has been implemented to reduce emissions, creating property rights associated with various pollutants.

Before we discuss the performance of market-based solutions to LA's pollution woes, we consider the existence of cooperative solutions. In Chapter 2, we examine pollutant emissions as a trans boundary public bad. We show that for a class of environments in which pollution moves in a bi-directional, acyclic manner, there exists a sustainable coalition structure and associated levels of emissions. We do so via a new core concept, one more appropriate to modeling cooperative emissions agreements (and potential defection from them) than the standard definitions.

However, this leaves the question of implementing pollution abatement programs unanswered. While the existence of a cost-effective permit market equilibrium has long been understood, the implementation of such programs has been difficult. The design of Los Angeles' REgional CLean Air Incentives Market (RECLAIM) alleviated some of the implementation problems, and in part exacerbated them. For example, it created two overlapping cycles of permits and two zones of permits for different geographic regions. While these design features create a market that allows some measure of regulatory control, they establish a very difficult trading environment with the potential for inefficiency arising from the transactions costs enumerated above and the illiquidity induced by the myriad assets and relatively few participants in this market.

It was with these concerns in mind that the ACE market (Automated Credit Exchange) was designed. The ACE market utilizes an iterated combined-value call market (CV Market). Before discussing the performance of the RECLAIM program in general and the ACE mechanism in particular, we test experimentally whether a portfolio trading mechanism can overcome market illiquidity. Chapter 3 experimentally demonstrates the ability of a portfolio trading mechanism to overcome portfolio rebalancing problems, thereby inducing sufficient liquidity for markets to fully equilibrate.

With experimental evidence in hand, we consider the CV Market's performance in the real world. We find that as the allocation of permits reduces to the level of historical emissions, prices are increasing. As of April of this year, prices are roughly equal to the cost of the Best Available Control Technology (BACT). This took longer than expected, due both to tendencies to mis-report emissions under the old regime, and abatement technology advances encouraged by the program. Vve also find that the ACE market provides liquidity where needed to encourage long-term planning on behalf of polluting facilities.

Economic Evaluation of Energy Efficiency Labelling in Domestic Appliances: the Spanish Market

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A Model For Residential Adoption of Photovoltaic Systems

The rapid rise in the residential photo voltaic (PV) adoptions in the past half decade has created a need in the electricity industry for a widely-accessible model that estimates PV adoption based on a combination of different business and policy decisions. This work analyzes historical adoption patterns and finds fiscal savings to be the single most important factor in PV adoption, with significantly greater predictive power compared to all other socioeconomic factors including income and education. We can create an application available on Google App Engine (GAE) based on our findings that allows all stakeholders including policymakers, power system researchers and regulators to study the complex and coupled relationship between PV adoption, utility economics and grid sustainability. The application allows users to experiment with different customer demographics, tier structures and subsidies, hence allowing them to tailor the application to the geographic region they are studying. This study then demonstrates the different type of analyses possible with the application by studying the relative impact of different policies regarding tier structures, fixed charges and PV prices on PV adoption.

'Fa Tsai', a Chinese edible Nostoc in market. [Translation from: Bulletin of the Japanese Society of Phycology 8 124-126, 1960. ]

The Nostoc 'Fa Tsai' is sometimes seen in Chinese cooking materials stores. It is investigated what 'Fa Tsai' consists of and where it originates.

Marketing of the Spanish film industry in the entertainment market

This project analyzes the role that marketing plays at present.It is a distinctive in the film industry because of the emergence of new patterns of production, distribution and exhibition due to the unstoppable progress of digital technologies, the expansion of the internet and consumer changes in the spectator. To perform this analysis, a description of the situation of the film industry in the competitive market, Hollywood, and the evolution of digital technology in general are included. It is also essential in the project, to observe, the marketing applied to the different phases of the globalized cinema. And then introduce the potential Spanish marketing strategies.

Reform of Spain's profesional services market: Implementation of the EU Services Directive

The implementation of the European Commission Services Directive initiated the modernization process of services markets within the European Union. The objective was to guarantee the creation of a single market by ensuring the freedom of establishment and circulation. The transposition of the Directive in Spain triggered an initial wave of reforms in the Spanish legal system. A second package of reforms is currently underway, following recommendations by the EC, IMF and OECD, which highlight the relative lack of competition in Spain’s services as one of the major imbalances in its economy, alongside the public deficit and unemployment. Both the implemented and planned reforms represent a major step forward. Nevertheless, the government has recently announced modifications to the draft bill of the Professional Services and Associations Law, which is expected to soon be submitted for parliamentary debate and approval. Taking into consideration modifications already introduced, together with anticipated further changes, it will be important to maintain the main points of the draft bill and to introduce a deeper review of the legal framework for professional services, of the professional associations themselves, and for the activities that are subject to compulsory membership within a professional association. Spain’s territorial map of professional associations must too be redrawn.

Geographical mobility and the labour market

This paper studies the e ect of home-owners' migration costs on migration and unemployment in an economy where workers move both for work- and nonwork- related reasons. To this end, a search model with heterogeneous locations is developed and calibrated to the U.S. economy. Consistent with the empirical evidence, the model predicts that home-owners have a lower unemployment rate than renters despite their higher migration costs. The result is due to home-owners' higher transition rate to employment and lower transition rate to unemployment.In addition, the model generates lower inequality in home-owners' local unemployment rates than in renters'. In line with this result, it is documented that, for the period 1996-2013, home-owners had less unemployment dispersion across metropolitan areas than renters.

Systematic liquidity: commonality and inter-temporal variation in the Portuguese stock market

[EN] The aim of this paper is to study systematic liquidity at the Euronext Lisbon Stock Exchange. The motivation for this research is provided by the growing interest in financial literature about stock liquidity and the implications of commonality in liquidity for asset pricing since it could represent a source of non-diversifiable risk. Namely, it is analysed whether there exist common factors that drive the variation in individual stock liquidity and the causes of the inter-temporal variation of aggregate liquidity. Monthly data for the period between January 1988 and December 2011 is used to compute some of the most used proxies for liquidity: bid-ask spreads, turnover rate, trading volume, proportion of zero returns and the illiquidity ratio. Following Chordia et al. (2000) methodology, some evidence of commonality in liquidity is found in the Portuguese stock market when the proportion of zero returns is used as a measure of liquidity. In relation to the factors that drive the inter-temporal variation of the Portuguese stock market liquidity, the results obtained within a VAR framework suggest that changes in real economy activity, monetary policy (proxied by changes in monetary aggregate M1) and stock market returns play an important role as determinants of commonality in liquidity.

Lançamentos imobiliários na Freguesia: consumo da habitação na hipermodernidade. O marketing do discurso verde de do lazer

A Freguesia de Jacarepaguá, do Rio de Janeiro, nos últimos cinco anos recebeu mais de 80 lançamentos. Juntamente com a Barra da Tijuca, vem sendo um dos principais alvos do mercado imobiliário carioca, correspondendo a 95% das construções da cidade. Tornou-se bairro na década de 1980. Nas últimas décadas, tem sido foco de expansão urbana. Foi escolhida como espaço privilegiado para a análise das construções e práticas discursivas do mercado imobiliário. O objetivo foi entender o processo de comercialização e lançamento das habitações. Anúncios e materiais de propaganda de 52 empreendimentos permitiram identificar 21 grupos de discursos, ancorados em enunciados e imagens do verde, de famílias felizes e inúmeros itens de lazer que se constituíram em objetos de análise. Novos conceitos e produtos habitacionais são postos no mercado com o uso de inúmeras táticas e estratégias, embasadas no imaginário carioca do verde local e no ideário da casa própria. O marketing dos discursos é utilizado como produtor de sentido sobre o consumidor, sujeito urbano hipermoderno, desejoso de segurança, maior qualidade de vida, sustentabilidade, novos luxos e facilidades a sua disposição. O discurso sedutor é voltado para uma sociedade de consumo, onde inovações mercadológicas, crescentes facilidades financeiras e de crédito fomentam e retroalimentam o desejo e o sonho da casa própria. O crescente número de unidades lançadas estimula a concorrência, assume o posto de investimento lucrativo e fomenta a lógica de uma economia neoliberal. Paradoxalmente, destrói a casa-oïkos planetária. A nova habitação ganha itens ecoeficientes, certificações ecológicas e itens de entretenimento, serviços e lazer que extrapolam as necessidades básicas de abrigo e proteção para atingir o encantamento e o novo status do público alvo: o consumidor da classe média. Surgem novos conceitos de moradia, spas, clubes e boutiques. O mundo urbano é transportado para dentro dos muros. O espaço da habitação ganha inúmeros atributos de distinção e consumo. Desta forma, o produto habitação assume definitivamente a categoria de bem de consumo.

European Market Infrastructure Regulation

El trabajo trata de dar unas nociones básicas de la regulación EMIR y de la descripción de la implantación de la solución que toma la empresa en la que trabajé en prácticas. Y lo he realizado en castellano

Proceso de creación del “Competitor and Market Report” para cubrir las necesidades de información de la alta dirección de Zurich Insurance Ltd.

Proceso del Competitor and Market Report para cubrir las necesidades de información de la Alta Dirección de Zurich Insurance plc, para la unidad de negocio Global Corporate (GC) en la región de Europa Medio Oriente y África (EMEA) “ El Competitor and Market Report surge de la situación de desinformación en la que los altos directivos y los representantes de CD&M GCiEMEA de cada país se encuentran. Este trabajo consiste en estudiar todo el proceso de creación del Competitor and Market Report, empezando por la identificación del problema, búsqueda de soluciones e implementación y puesta en marcha de la solución. Este proceso nos obligara a inventariar y analizar los estudios que hasta el momento la empresa de seguros Zurich Insurance Ltd, recibía procedentes de fuentes externas o de distintos departamentos que rara vez estaban coordinados en la producción de estos informes. Analizaremos cuales son las áreas de información que estos informes no cubren. El proceso nos obligara a realizar un trabajo de campo. Haremos entrevistas que nos ayudaran a comprender mejor las necesidades de información de los altos directivos. A partir de los resultados anteriores se justificará la creación del Competitor and Market Report, y se estudiará todo el proceso de creación y puesta en marcha de un informe que cubra las necesidades anteriores.

The labour market in the Basque Country: University Employment Centers

This project is a study of the Labour Market in the Basque Country. First of all, we have analysed the position of the Basque Country in the European Union employment situation by gender and age. Secondly, we have studied the educational level of the Basque Country from the European Union perspective. Thirdly, we have showed the importance of labour orientation in educational level, especially in higher education. Finally, the design of new employment policies to promote the creation of jobs and stability of the labour market depends on: new industries and university employment policies.

The fishery for California market squid (Loligo opalescens) (Cephalopoda: Myopsida), from 1981 through 2003

The California market squid (Loligo opalescens) has been harvested since the 1860s and it has become the largest fishery in California in terms of tonnage and dollars since 1993. The fishery began in Monterey Bay and then shifted to southern California, where effort has increased steadily since 1983. The California Department of Fish and Game (CDFG) collects information on landings of squid, including tonnage, location, and date of capture. We compared landings data gathered by CDFG with sea surface temperature (SST), upwelling index (UI), the southern oscillation index (SOI), and their respective anomalies. We found that the squid fishery in Monterey Bay expends twice the effort of that in southern California. Squid landings decreased substantially following large El Niño events in 1982−83 and 1997−98, but not following the smaller El Niño events of 1987 and 1992. Spectral analysis revealed autocorrelation at annual and 4.5-year intervals (similar to the time period between El Niño cycles). But this analysis did not reveal any fortnightly or monthly spawning peaks, thus squid spawning did not correlate with tides. A paralarvae density index (PDI) for February correlated well with catch per unit of effort (CPUE) for the following November recruitment of adults to the spawning grounds. This stock– recruitment analysis was significant for 2000−03 (CPUE=8.42+0.41PDI, adjusted coefficient of determination, r2=0.978, P=0.0074). Surveys of squid paralarvae explained 97.8% of the variance for catches of adult squid nine months later. The regression of CPUE on PDI could be used to manage the fishery. Catch limits for the fishery could be set on the basis of paralarvae abundance surveyed nine months earlier.

A taste for live fish: Hong Kong's live reef fish market

This paper provides an overview of the live reef fish market in Hong Kong, which accounted for about 15,000 t/yr (US$345 million) of live fish imports in the mid-1990s. The live fish trade has spawned a number of management concerns, including overfishing of highly-valued species, use of destructive fishing techniques and human health risks. Recent actions by the Hong Kong government in response to these concerns are reported and possible region-wide initiatives are briefly discussed in this paper.