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  • 1. Bostian, Moriah
    et al.
    Färe, Rolf
    Grosskopf, Shawna
    Umeå University, Faculty of Social Sciences, Center for Environmental and Resource Economics (CERE). Department of Economics, Oregon State University, Corvallis, OR, USA.
    Lundgren, Tommy
    Weber, William L.
    Time substitution for environmental performance: The case of Swedish manufacturing2018In: Empirical Economics, ISSN 0377-7332, E-ISSN 1435-8921, Vol. 54, no 1, p. 129-152Article in journal (Refereed)
    Abstract [en]

    We extend recent advances in time substitution modeling to a directional distance function framework, in order to examine the environmental performance of firms in Sweden's pulp and paper industry for the years 2002-2008. Our data allow us to estimate the optimal reallocation of environmental investments, expenditures and energy use to simultaneously maximize production output and minimize emissions in the years immediately before and after the implementation of the European Union Emissions Trading Scheme. We find some evidence of overall productivity decline when considering both emissions and output objectives, due primarily to technological decline, and that cumulative dynamic inefficiency outweighs static inefficiency. A comparison of optimal investment with observed investment indicates that firms could have improved their performance by reallocating environmental investments to early periods and production-oriented investment to later periods.

  • 2.
    Hellström, Jörgen
    et al.
    Umeå University, Faculty of Social Sciences, Department of Economics.
    Nordström, Jonas
    Umeå University, Faculty of Social Sciences, Department of Economics.
    A count data model with endogenous household specificcensoring: the number of nights to stay2008In: Empirical Economics, ISSN 0377-7332, E-ISSN 1435-8921, Vol. 35, no 1, p. 179-192Article in journal (Refereed)
    Abstract [en]

    In this paper a count data regression model accounting for endogenous censoring with household specific censoring thresholds is presented. The presented modelling approach is utilized in an analysis of household choice of total number of nights to spend on monthly recreational trips. The empirical study reveals that the suggested approach is feasible and that accounting for endogenous censoring gives a better fit to the data.

  • 3.
    Hellström, Jörgen
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business.
    Rudholm, Niklas
    Department of Economics, Dalarna University, 781 88 Borlänge Sweden..
    Uncertainty in the generic versus brand name prescription decision2010In: Empirical Economics, ISSN 0377-7332, E-ISSN 1435-8921, Vol. 38, no 3, p. 503-521Article in journal (Refereed)
    Abstract [en]

    This paper analyzes the impact of uncertainty concerning product qualityof generic drugs on the substitution behavior of prescribing physicians. It is shown thatuncertainty about the generic drug quality gives the physician a value of waiting formore information before switching to the generic version. In addition, it is shown thatreducing the approval requirements for generic drugs, thereby increasing uncertaintyabout quality, may discourage physicians from prescribing such drugs. An empiricalstudy testing the theoretical predictions is presented at the end of the paper.

  • 4.
    Lönnbark, Carl
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics. Umeå University.
    Asymmetry with respect to the memory in stock market volatilities2016In: Empirical Economics, ISSN 0377-7332, E-ISSN 1435-8921, Vol. 50, no 4, p. 1409-1419Article in journal (Refereed)
    Abstract [en]

    The empirically most relevant stylized facts when it comes to modeling time-varying financial volatility are the asymmetric response to return shocks and the long memory property. Up till now, these have largely been modeled in isolation. To capture asymmetry also with respect to the memory structure, we introduce a new model and apply it to stock market index data. We find that although the effect on volatility of negative return shocks is higher than for positive ones, the latter are more persistent and relatively quickly dominate negative ones.

  • 5.
    Nordström, Jonas
    Umeå University, Faculty of Social Sciences, Department of Economics.
    Dynamic and stochastic structures in tourism demand modeling2005In: Empirical Economics, ISSN 0377-7332, E-ISSN 1435-8921, Vol. 30, no 2, p. 379-392Article in journal (Refereed)
    Abstract [en]

    In this paper we consider a model for international tourism demand. The point of departure of the analysis is a utility function that is both dynamic and stochastic. In the model the stochastic component is interpreted as random changes in preferences for goods and services, while the dynamic component can be seen as either habit formation or as interdependent preferences. The resulting demand functions are estimated as a multivariate state space model, where the stochastic components enter the model as stochastic seasonal and trend components. An application is constructed for different segments of the Swedish tourism market. The results indicate the importance of including both dynamic and stochastic components in the utility function, and the importance of using disaggregate data to enable investigation of each market segment.

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