Long Term Dynamics in CO2 Allowance Prices and Carbon Capture Investments

In this paper we analyse the behaviour of the EU market for CO2 emission allowances; specifically, we focus on the contracts maturing in the Kyoto Protocol's second period of application (2008 to 2012). We calibrate the underlying parameters for the allowance price in the long run and we also calibrate those from the Spanish wholesale electricity market. This information is then used to assess the option to install a carbon capture and storage (CCS) unit in a coal-fired power plant. We use a two-dimensional binomial lattice where costs and profits are valued and the optimal investment time is determined. In other words, we study the trigger allowance prices above which it is optimal to install the capture unit immediately. We further analyse the impact of several variables on the critical prices, among them allowance price volatility and a hypothetical government subsidy. We conclude that, at current permit prices, from a financial point of view, immediate installation does not seem justified. This need not be the case, though, if carbon market parameters change dramatically and/or a specific policy to promote these units is adopted.

Prices and the Real Exchange Rate in Hong Kong: 1985-2006

This paper has been presented at the XIII Encuentros de Economía Aplicada, Sevilla, Spain, 2010.

Testing the Forecasting Performance of Ibex 35 Option-implied Risk-neutral Densities

Published also as: Documento de Trabajo Banco de España 0504/2005.

Are Bar Associations Anticompetitive? An Empirical Analysis of Recommended Prices for Legal Services in Spain

The European Commission Report on Competition in Professional Services found that recommended prices by professional bodies have a significant negative effect on competition since they may facilitate the coordination of prices between service providers and/or mislead consumers about reasonable price levels. Professional associations argue, first, that a fee schedule may help their members to properly calculate the cost of services avoiding excessive charges and reducing consumers’ searching costs and, second, that recommended prices are very useful for cost appraisal if a litigant is condemned to pay the legal expenses of the opposing party. Thus, recommended fee schedules could be justified to some extent if they represented the cost of providing the services. We test this hypothesis using cross‐section data on a subset of recommended prices by 52 Spanish bar associations and cost data on their territorial jurisdictions. Our empirical results indicate that prices recommended by bar associations are unrelated to the cost of legal services and therefore we conclude that recommended prices have merely an anticompetitive effect.

Effects of the Maryland hydraulic clam dredge on populations of the soft-shell clam, Mya arenaria: final contract report

Final report on a three year study designed to investigate the effects of the Maryland hydraulic escalator clam dredge on populations and recruitment of the soft-shell clam, Mya arenaria. Experimental plots were established in the Potomac river, Maryland, and were dredged ina commerical manner by removing only legal size clams. quarterly samples were taken in the experimental and control plots by means of a van Veen grab for juvenile clams and the hydraulic dredge for older, deeper burrowing clams. Sediment samples were taken at selected periods for organic carbon and grain size analysis. Clams were separated into two size-groups. (PDF contains 38 pages)

A statistical investigation of fish prices in Nigeria

The main objective of this study is to describe and characterize the behaviour of fish prices in Nigeria. Drawing upon aspects of the data from a nationwide fish survey in 1980/81 and on various secondary data, the study analyses the pattern of fish price movement and makes projections of fish prices in Nigeria till 2002 A.D. It is concluded that unless efforts are directed at stemming inflation in fish prices, prices paid by fish consumers in Nigeria will be more than doubled within the next two decades

Market survey of the periwinkle Tympanotonus fuscatus in Rivers State: Sizes, prices, trade routes and exploitation levels

Tympanotonus fuscatus was collected from 23 markets through Rivers State (Nigeria), a few in neighbouring states, and from an unexploited population at Buguma. The size distribution of shells was determined,and information on prices and trade routes was also obtained. The mean shell length of specimens from the unexploited Buguma population was 46.4 mm, compared to 30.4 mm for the Buguma market samples. Mean sizes in other markets showed a geographic pattern: the smallest were from the Adoni-Ogoni-Opobo sector (28.1-30.9); the largest were from the Nembe-Brass sector (37.7-44.2) and Bendel State (35.7-45.6); The results suggest the population structure of Tympanotonus in much of Rivers State has been strongly impacted by overharvesting. They show that local market as well as some in Cross River State, are increasingly being supplied by road with specimens from the Benin River area of Bendel State. Differences between shell types; and relations between shell size, selling price and market distance from source, are also discussed

Evaluating the role of energy efficiency labels in the prices of household appliances: the case of refrigerators

4 p.