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REFERENCE LINKING PLATFORM OF KOREA S&T JOURNALS
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Environmental and Resource Economics Review
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Korean Resource Economics Association
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Volume & Issues
Volume 25, Issue 2 - Jun 2016
Volume 25, Issue 1 - Mar 2016
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Study on Variability of WTP Estimates by the Estimation Methods using Dichotomous Choice Contingent Valuation Data
Shin, Youngchul ;
Environmental and Resource Economics Review, volume 25, issue 1, 2016, Pages 1~25
DOI : 10.15266/KEREA.2016.25.1.001
This study investigated the variability of WTP estimates(i.e. mean or median) with ad hoc assumptions of specific parametric probability distributions(i.e. normal, logistic, lognormal, and exponential distribution) to estimate WTP function using dichotomous choice CV data on mortality risk reduction. From the perspective of policy decision, the variability of these WTP estimates are intolerable in comparison with those of Turnbull nonparametric estimation method which is free from ad hoc distribution assumptions. The Turnbull nonparametric estimation can avoid a kind of misspecification bias due to ad hoc assumption of specific parametric distributions. Furthermore, the WTP estimates by Turnbull nonparametric estimation are robust because the similar estimates are elicited from a dichotomous choice or double dichotomous choice CV data, and the statistically significant WTP estimates can be obtained even though it is not possible by parametric estimation methods. If there are considerable variability among those WTP estimates by parametric estimation methods in condition with no criteria of model adequacy, the mean WTPs from Turnbull nonparametric estimation can be the robust estimates without ad hoc assumptions, which can avoid controversial issues in the perspective of policy decisions.
Comparative Analysis of Regional Integrated Assessment Models of Climate and the Economy
Hwang, In Chang ;
Environmental and Resource Economics Review, volume 25, issue 1, 2016, Pages 27~60
DOI : 10.15266/KEREA.2016.25.1.027
An integrated assessment model of climate and the economy (IAM) has been a standard tool for the economic analysis of climate change and policy recommendations. Since policy measures to address climate change take places at a national level, a regional integrated assessment model of climate and the economy (RIAM) is gaining more importance. A RIAM is a useful tool for the assessment of regional (or national) impacts of climate change. This paper investigates the main features of the currently available RIAMs. The focus is social welfare functions and the regional aspects of climate change. The comparative analysis shows that there is a huge gap between the economics of climate change and its applications to RIAMs. As an application, this paper examines the effect of social welfare functions on optimal solutions of the RICE (Regional Integrated model of Climate and the Economy) model. It is found that optimal climate policy such as carbon tax or emissions control rate is very sensitive to the assumptions on social welfare functions of RIAMs. It is better for each country to have their own RIAM as a basic tool for national climate policy-making and for international bargaining in greenhouse-gas mitigation. This is because a country`s own preferences such as efficiency, equity, and sustainable development as well as national circumstances can be reflected in RIAM. The Republic of Korea has not developed its own RIAM yet. The comparative analysis and the numerical model in this paper can be a stepping stone for the development of such a national model.
A Study on Renewable Energy Policy and Sustainable Development Strategy: German Model and Implication
Park, Sang-Chul ;
Environmental and Resource Economics Review, volume 25, issue 1, 2016, Pages 61~87
DOI : 10.15266/KEREA.2016.25.1.061
Germany has carried out its environment friendly energy policy to prevent
emission that affects directly to the global warming phenomenon. Based on this direction, it has performed a sustainable development strategy through the R & D activities in environment and energy technologies. Accordingly, the core elements of German energy and sustainable development policies are renewable energy, ecological energy tax, and emission trading system. In particular, Germany has supported to develop renewable energy resources that prevents from consuming fossil energy resources. At the same time, it has set the ecological energy tax and initiated the emission trading system in order to support the renewable energy policy continuously. This paper analyze whether or not it is possible to generate an economic growth and a sustainable development while using renewable energy resources based on the renewable energy policy that minimize the negative effects on the environment. For that, the paper adopts Germany as a model country. In fact, it is possible to achieve the economic growth and the sustainable development if a nation can substitute increasing energy consumption for the economic growth to renewable energy resources that does not affect to the environment negatively. This model is the German energy policy and sustainable development strategy, and it is the purpose of the paper to prove it logically.
R&D and Environmental Kuznets Curve Hypothesis: CO
Kang, Heechan ; Hwang, Sangyeon ;
Environmental and Resource Economics Review, volume 25, issue 1, 2016, Pages 89~112
DOI : 10.15266/KEREA.2016.25.1.089
In this paper, as a determining factor of the Environment Kuznets Curve hypothesis, we analyzed the impact of technological innovation. In this paper, in order to empirically validate the role of technological innovation to an inverted U-shaped Environments Kuznets Curve hypothesis, we utilize the 2SLS considering relationship between R&D and the GDP per capita. Also, using the Panel VAR (Panel Vector Auto Regression) model to analyze with what time lag R&D per capita has impact on the emissions of greenhouse gases per capita. Empirical results show that R&D per capita(proxy of innovation) is a important factor to explain Environmental Kuznets Curve hypothesis, and that the external shock such as R&D per capita reduces greenhouse gas emissions per capita with about 3 time lag.
Dual Capacity Price Mechanism to Provide Stable Remuneration for Generation Capacity
Kim, Yung San ;
Environmental and Resource Economics Review, volume 25, issue 1, 2016, Pages 113~140
DOI : 10.15266/KEREA.2016.25.1.113
Achieving the two goals of providing stable remuneration and promoting market based incentive for generation capacity with only one kind of capacity price is a difficult proposition. This paper suggests a market design in which two different kinds of capacity prices are used to achieve these goals. It maintains the current capacity price that is determined administratively based on the fixed cost of the gas-turbine generator. A second capacity price is added that covers generators with higher fixed costs and lower fuel costs such as combined-cycle gas turbine, coal-powered, and nuclear generators. This second capacity price is conditional on a lower energy price ceiling and determined by the interaction of the market supply and a demand schedule derived from the optimal fuel mixed principle.