1,721,039 research outputs found
Investing in biogas: timing, technological choice and the value of flexibility from inputs mix
No full textIn a stochastic dynamic frame, we study the technology choice problem of a continuous co-digestion biogas plant where input factors are substitutes but need to be mixed together to provide output. Given any initial rule for the composition of the feedstock, we consider the possibility of revising it if economic circumstances make it profitable. Flexibility in the mix is an advantage under randomly fluctuating input costs and comes at a higher investment cost. We show that the degree of flexibility in the productive technology installed depends on the value of the option to profitably re-arrange the input mix. Such option adds value to the project in that it provides a device for hedging against fluctuations in the input relative convenience. Accounting for such value we discuss the trade-off between investment timing and profit smoothing flexibility. © 2011 Elsevier B.V
Deforestation Rate in the Long-run: The case of Brazil
Full text linkIn this article we study the long-run average rate of forest conversion in Brazil. Deforestation results from the following trade-off: on the one hand, the uncertain value of benefits associated with forest conservation (biodiversity, carbon sequestration and other ecosystem services), on the other hand, the economic profits associated with land development (agriculture, ranching, etc.). We adopt as theoretical frame for studying land conversion the model by Bulte et al. (2002). We then derive, following Di Corato et. al. (2013), the associated long-run average rate of forest conversion. Then, we identify the parameters to be used in our model. The object of our simulation is Brazil and 27 regions. Our aim is to compute under several scenarios the time required to develop the remaining forested land in these regions. We provide potential future scenarios in terms of forest coverage for the next 20, 100 and 200 years. Our results suggest that the uncertain value of forest benefits plays a relevant role for deterring deforestation. These benefits, if growing at a sufficiently high rate, may significantly slow down the conversion process. In contrast, their volatility accellerate the process of deforestation. Our results show that some Brazilian regions are saturated earlier than others. In general, forestland currently available may be expected to be fully converted within a 200-year horizon
Deforestation and Government Conservation Policies
No full textIn this paper we investigate land conversion in the presence of voluntary and mandatory habitat conservation policies. Conversion decisions are taken under uncertainty about the value of environmental services by a multitude of landholders competing on the market for agricultural products. We show that land conversion can be delayed by compensating landholders providing environmental services and by limiting the individual extent of developable land. In contrast, we find that setting a ceiling on aggregate land conversion may lead to runs which rapidly exhaust the targeted amount of land. Finally, studying conversion dynamics under different policy scenarios, we show that uncertainty, even if inducing conversion postponement in the short-run, increases the average rate of deforestation and reduces the expected time for total conversion in the long run
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Profit Sharing under the Threat of Nationalization
Full text linkA government bargains a mutually convenient agreement with a multinational corporation to extract a natural resource. The corporation bears the initial investment and earns as a return a share on the profits. The host country provides access and guarantee conditions of operation. Being the investment totally sunk, the corporation must account in its plan not only for uncertainty on market conditions but also for the threat of nationalization. In a real options framework where the government holds an American call option on nationalization we show under which conditions a Nash bargaining is feasible and leads to attain a cooperative agreement maximizing the joint venture surplus. We find that the threat of nationalization does not affect the investment time trigger but only the feasible bargaining set. Finally, we show that the optimal sharing rule results from the way the two parties may differently trade off rents with option value.Real Options, Nash Bargaining, Expropriation, Natural Resources, Foreign Direct Investment
Variations on the Author
Full text link“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Mechanism design for biodiversity conservation
No full textAbstract This paper deals with the design of voluntary incentive contracts to conserve biodiversity in the context of forested areas in developing countries. The aim of the environmental agency implementing the conservation program is to induce the landowners to set aside a part of their land from agriculture conversion, compensating them for the resulting profit loss. A principal-agent model under adverse selection is developed to analyse the effect of information asymmetry arising from the lack of information of the environmental agency about the type of land
Mechanism Design for Biodiversity Conservation in Developing Countries
No full textIn this paper the theory and practical limits of a voluntary incentive program for the conservation of biodiversity are presented. The design of conservation contracts in the context of still forested areas in developing countries is considered. The aim of the governmental agency implementing the conservation program is to induce the landowners to set aside a part of their land from agriculture conversion, compensating them for the resulting profit loss. The optimal contract scheme needs to deal with information asymmetry on the opportunity cost of conservation and reduces the information rents due to the landholder incentive to misreport her "type". I show how information asymmetry can seriously impact on the optimal mechanism design and may lead to contracts by which types cannot be separated and/or landholders may receive some payments even if they are conserving the same extent of land they would have conserved without contract.
Appropriate Similarity Measures for Author Cocitation Analysis
Full text linkWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
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