Prices and Wages in Ireland, 1700-1850

The article presents primary research on rural wages and the prices of agricultural goods and draws conclusions concerning the trend in the living conditions of rural workers in the century before the Great Irish Famine of 1845-1850.

Combining bio- and chemo-catalysis: from enzymes to cells, from petroleum to biomass

In the future, biomass will continue to emerge as a viable source of chemicals. The development of new industries that utilize bio-renewables provides opportunities for innovation. For example, bio- and chemo-catalysts can be combined in 'one pot' to prepare chemicals of commercial value. This has been demonstrated using isolated enzymes and whole cells for a variety of chemical transformations. The one-pot approach has been successfully adopted to convert chemicals derived from biomass, and, in our opinion, it has an important role to play in the design of a more sustainable chemical industry. To implement new one-pot bio- and chemo-catalytic processes, issues of incompatibility must be overcome; the strategies for which are discussed in this opinion article.

Property rights and competing for the affections of Demos: The Impact of the 1867 Reform Act on stock prices

The 1867 Reform Act in Britain extended the electoral franchise to the skilled but propertyless urban working classes. Using stock market data and exploiting the fact that foreign and domestic equities traded simultaneously on the London market, this paper finds that investors in British firms reacted negatively to the passage of this Act. We suggest that this finding is consistent with investors foreseeing future alterations of property rights arising from the pressure that the large newly enfranchised group would bring to bear on government policy. We also suggest that our findings appear to be more consistent with the Tory political competition explanation for the Act rather than the Whig threat-of-revolution explanation.

Residential consumption of gas and electricity in the U.S.: The role of prices and income

We study the residential demand for electricity and gas, working with nationwide household-level data that cover recent years, namely 1997-2007. Our dataset is a mixed panel/multi-year cross-sections of dwellings/households in the 50 largest metropolitan areas in the United States as of 2008. We estimate static and dynamic models of electricity and gas demand. We find strong household response to energy prices, both in the short and long term. From the static models, we get estimates of the own price elasticity of electricity demand in the -0.860 to -0.667 range, while the own price elasticity of gas demand is -0.693 to -0.566. These results are robust to a variety of checks. Contrary to earlier literature (Metcalf and Hassett, 1999; Reiss and White, 2005), we find no evidence of significantly different elasticities across households with electric and gas heat. The price elasticity of electricity demand declines with income, but the magnitude of this effect is small. These results are in sharp contrast to much of the literature on residential energy consumption in the United States, and with the figures used in current government agency practice. Our results suggest that there might be greater potential for policies which affect energy price than may have been previously appreciated. (C) 2011 Elsevier B.V. All rights reserved.

Harvest Shortfalls, Grain prices, and Famines in Preindustrial England

The frequency of bad harvests and price elasticity of demand are measured using new data on English grain yields 1268–1480 and 1750–1850 and a revised price series. The analysis shows that major harvest shortfalls were a significant component of most historical subsistence crises, as back-to-back shortfalls were of the worst famines. Although serious harvest shortfalls long remained an unavoidable fact of economic life, by c.1800 yields had become less variable and prices less harvest sensitive. By the eve of the Industrial Revolution, England had become effectively famine-free.

Energy efficiency investments in the home: Swiss homeowners and expectations about future energy prices

Using conjoint choice experiments, we surveyed 473 Swiss homeowners about their preferences for energy efficiency home renovations.We find that homeowners are responsive to the upfront costs of the renovation projects, governmentoffered rebates, savings in energy expenses, time horizon over which such savings would be realized, and thermal comfort improvement. The implicit discount rate is low, ranging from 1.5 to 3%, depending on model specification. This is consistent with Hassett and Metcalf (1993) and Metcalf and Rosenthal (1995), and with the fact that our scenarios contain no uncertainty. Respondents who feel completely uncertain about future energy prices are more likely to select the status quo (no renovations) in any given choice task and weight the costs of the investments more heavily than the financial gains (subsidies and savings on the energy bills). Renovations are more likely when respondents believe that climate change considerations are important determinants of home renovations. Copyright © 2013 by the IAEE. All rights reserved.

Synergy Between an Improved Covariate Unit Root Test and Cross-sectionally Dependent Panel Data Unit Root Tests, with two Applications

This paper proposes the use of an improved covariate unit root test which exploits the cross-sectional dependence information when the panel data null hypothesis of a unit root is rejected. More explicitly, to increase the power of the test, we suggest the utilization of more than one covariate and offer several ways to select the ‘best’ covariates from the set of potential covariates represented by the individuals in the panel. Employing our methods, we investigate the Prebish-Singer hypothesis for nine commodity prices. Our results show that this hypothesis holds for all but the price of petroleum.

Reciclagem termoquímica de resíduos de plásticos e de pneus por pirólise

A sociedade moderna encontra-se cada vez mais dependente dos combustíveis líquidos bem como de produtos derivados do petróleo. Em virtude do limitado tempo de vida das reservas naturais de petróleo, torna-se imperativo encontrar fontes alternativas de produção de hidrocarbonetos. A pirólise de resíduos de pneus e plásticos pode ser uma dessas possíveis fontes. Neste processo, o tratamento termoquímico implementado aos resíduos permite, não só, a valorização económica resultante da sua transformação em produtos de valor acrescido, como também a recuperação do conteúdo orgânico. O referido processo conduz à formação de hidrocarbonetos em fase líquida que podem ser utilizados pela indústria como combustíveis líquidos e/ou como matéria-prima. O presente trabalho tem como objectivo principal a definição das condições experimentais mais propícias à obtenção de combustíveis líquidos (maximização) resultantes da pirólise de misturas de resíduos de borracha de pneus e plásticos nomeadamente polietileno (PE), polipropileno (PP) e poliestireno (PS). Como instrumento de optimização das condições experimentais optou-se pela Metodologia dos Planos Factoriais de Ensaios. Os resultados experimentais obtidos mostram que as taxas de conversão em fase líquida podem atingir valores superiores a 80% (m/m) dependendo das condições experimentais utilizadas bem como do tipo e mistura de resíduos a pirolisar. Os rendimentos das fracções gasosa e sólida podem atingir valores na ordem dos 5% e 12% (respectivamente). Foi também estudado o efeito das condições experimentais nomeadamente a temperatura de reacção, pressão inicial, tempo de reacção e composição da mistura. Este estudo revelou que a maximização da fracção líquida é favorecida por uma temperatura de ensaio de 370ºC, uma pressão inicial de 0,48MPa e um tempo de ensaio de 15 minutos. Relativamente à composição da mistura, os melhores resultados foram obtidos com 30% (m/m) de resíduos de borracha de pneus (BP) associados a uma mistura de 70% (m/m) de resíduos de plásticos composta por 20% polietileno, 30% polipropileno e 20% poliestireno. Igualmente foi feita a caracterização física e química da matéria-prima e dos produtos obtidos pelo referido processo, bem como, o estudo da presença de diferentes substâncias potencialmente doadores de hidrogénio ao meio reaccional de forma a melhorar o rendimento líquido. Por último, foram realizados estudos cinéticos das reacções químicas de formação dos diferentes produtos aos resíduos de borracha de pneus (BP), misturas de resíduos de plástico (PE, PP e PS) e suas misturas. Ainda, foram ajustados os resultados obtidos pelo modelo teórico aos resultados experimentais, propostos mecanismos reaccionais de formação dos produtos e calculados os parâmetros cinéticos. De acordo com os resultados obtidos, a pirólise pode representar um papel significativo na valorização energética e orgânica destes resíduos apesar de, ainda, ser necessário o desenvolvimento de alguns aspectos tecnológicos de modo a tornar mais atraente a implementação desta tecnologia à escala industrial.