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  • 1.
    Aronsson, Thomas
    et al.
    Umeå universitet, Samhällsvetenskapliga fakulteten, Handelshögskolan vid Umeå universitet, Nationalekonomi.
    Backlund, Kenneth
    Umeå universitet, Samhällsvetenskapliga fakulteten, Handelshögskolan vid Umeå universitet, Nationalekonomi.
    Löfgren, Karl-Gustaf
    Umeå universitet, Samhällsvetenskapliga fakulteten, Handelshögskolan vid Umeå universitet, Nationalekonomi.
    Environmental policy, sustainability, and welfare: an economic analysis2018Bok (Fagfellevurdert)
  • 2.
    Aronsson, Thomas
    et al.
    Umeå universitet, Samhällsvetenskapliga fakulteten, Handelshögskolan vid Umeå universitet, Nationalekonomi.
    Cialani, Catia
    Umeå universitet, Samhällsvetenskapliga fakulteten, Handelshögskolan vid Umeå universitet, Nationalekonomi.
    Löfgren, Karl-Gustaf
    Umeå universitet, Samhällsvetenskapliga fakulteten, Handelshögskolan vid Umeå universitet, Nationalekonomi.
    Genuine saving and the social cost of taxation2012Inngår i: Journal of Public Economics, ISSN 0047-2727, E-ISSN 1879-2316, Vol. 96, nr 1-2, s. 211-217Artikkel i tidsskrift (Fagfellevurdert)
    Abstract [en]

    Following the 1987 report by The World Commission on Environment and Development, the genuine saving has come to play a key role in the context of sustainable development, and the World Bank regularly publishes numbers for genuine saving on a national basis. However, these numbers are typically calculated as if the tax system is non-distortionary. This paper presents an analogue to genuine saving in a second best economy, where the government raises revenue by means of distortionary taxation. We show how the social cost of public debt, which depends on the marginal excess burden, ought to be reflected in the genuine saving. By presenting calculations for Greece, Japan, Portugal, U.K., U.S. and OECD average, we also show that the numbers published by the World Bank are likely to be biased and may even give incorrect information as to whether the economy is locally sustainable.

  • 3.
    Aronsson, Thomas
    et al.
    Umeå universitet, Samhällsvetenskapliga fakulteten, Institutionen för nationalekonomi.
    Löfgren, Karl-Gustaf
    Umeå universitet, Samhällsvetenskapliga fakulteten, Institutionen för nationalekonomi.
    An introduction to the theory of social accounting2010Inngår i: Handbook of environmental accounting / [ed] Thomas Aronsson & Karl-Gustaf Löfgren, Cheltenham: Edward Elgar Publishing, 2010, s. 1-27Kapittel i bok, del av antologi (Fagfellevurdert)
  • 4.
    Aronsson, Thomas
    et al.
    Umeå universitet, Samhällsvetenskapliga fakulteten, Institutionen för nationalekonomi.
    Löfgren, Karl-GustafUmeå universitet, Samhällsvetenskapliga fakulteten, Institutionen för nationalekonomi.
    Handbook of environmental accounting2010Collection/Antologi (Fagfellevurdert)
  • 5.
    Aronsson, Thomas
    et al.
    Umeå universitet, Samhällsvetenskapliga fakulteten, Handelshögskolan vid Umeå universitet, Nationalekonomi.
    Löfgren, Karl-Gustaf
    Umeå universitet, Samhällsvetenskapliga fakulteten, Institutionen för nationalekonomi.
    National product related welfare measures in the presence of technological change, externalities and uncertainty2011Inngår i: Green national accounting and sustainability / [ed] Chuan-Zhong Li och Karl-Gustaf Löfgren, Cheltenham: Edward Elgar Publishing, 2011, s. 178-189Kapittel i bok, del av antologi (Fagfellevurdert)
    Abstract [en]

    The purpose of this paper is to discuss under what conditions welfare can be measured by observables related to the national product (or Hamiltonian along the optimal trajectory). Under nonattributable technological or environmental change, welfare will depend on time itself, meaning that the Hamiltonian along the optimal trajectory will be a biased measure of welfare. This result will also hold if we make the time dependence of welfare endogenous, by replacing technological change will externalities that are not internalized during optimization. On the other hand, if we take the externalities fully into account, then the Hamiltonian will represent the appropriate measure of welfare. Similar results also hold in the case of uncertainty, where we show that a ‘generalized’ Hamiltonian provides a welfare measure, and that the deterministic measures are special cases of their stochastic counterparts.

  • 6.
    Aronsson, Thomas
    et al.
    Umeå universitet, Samhällsvetenskapliga fakulteten, Institutionen för nationalekonomi.
    Löfgren, Karl-Gustaf
    Umeå universitet, Samhällsvetenskapliga fakulteten, Institutionen för nationalekonomi.
    Welfare equivalent NNP and habit formation2008Inngår i: Economics Letters, ISSN 0165-1765, E-ISSN 1873-7374, Vol. 98, nr 1, s. 84-88sArtikkel i tidsskrift (Fagfellevurdert)
    Abstract [en]

    This note concerns the importance of habit formation for social accounting. With internal habit formation, earlier procedures for welfare measurement in the first best apply with minor modifications. This result strengthens the idea behind using the comprehensive net national product as a welfare indicator. If, on the other hand, part of the habit formation is exogenous to each consumer, the exact welfare measure will also reflect the associated external effect.

  • 7.
    Aronsson, Thomas
    et al.
    Umeå universitet, Samhällsvetenskapliga fakulteten, Institutionen för nationalekonomi.
    Löfgren, Karl-Gustaf
    Umeå universitet, Samhällsvetenskapliga fakulteten, Institutionen för nationalekonomi.
    Backlund, Kenneth
    Umeå universitet, Samhällsvetenskapliga fakulteten, Institutionen för nationalekonomi.
    Welfare measurement in imperfect markets: A growth theoretical approach2004Bok (Fagfellevurdert)
  • 8.
    Aronsson, Thomas
    et al.
    Umeå universitet, Samhällsvetenskapliga fakulteten, Institutionen för nationalekonomi.
    Löfgren, Karl-Gustaf
    Umeå universitet, Samhällsvetenskapliga fakulteten, Institutionen för nationalekonomi.
    Marklund, Per-Olov
    Umeå universitet, Samhällsvetenskapliga fakulteten, Institutionen för nationalekonomi.
    On output of the Swedish education sector: Additional remarks1999Inngår i: The Review of Income and Wealth, ISSN 0034-6586, E-ISSN 1475-4991, Vol. 45, nr 4, s. 535-542Artikkel i tidsskrift (Fagfellevurdert)
    Abstract [en]

    The main purpose of this paper is to relate the empirical attempt of measuring output from the education sector to theoretical results about the welfare significance of an extended net national product (NNP) measure. We show that economic theory provides a more focused way of interpreting such output estimates, which has not been recognized in previous studies. The paper also contains new estimates of the output from the Swedish education sector.

  • 9. Calmfors, Lars
    et al.
    Holmlund, Bertil
    Krusell, Per
    Löfgren, Karl-Gustaf
    Umeå universitet, Samhällsvetenskaplig fakultet, Nationalekonomi.
    2006 års ekonomipris till Edmund Phelps: Intertemporala Avvägningar i makroekonomisk politik2006Inngår i: Ekonomisk debatt, ISSN 0345-2646, Vol. 34, nr 8, s. 4-15Artikkel i tidsskrift (Annet vitenskapelig)
  • 10. Gong, Peichen
    et al.
    Löfgren, Karl-Gustaf
    Umeå universitet, Samhällsvetenskapliga fakulteten, Handelshögskolan vid Umeå universitet, Nationalekonomi. Umeå universitet, Samhällsvetenskapliga fakulteten, Centrum för miljö- och naturresursekonomi (CERE).
    Could the Faustmann model have an interior minimum solution?2016Inngår i: Journal of Forest Economics, ISSN 1104-6899, E-ISSN 1618-1530, Vol. 24, s. 123-129Artikkel i tidsskrift (Fagfellevurdert)
    Abstract [en]

    The growth of an even-aged stand usually follows a S-shaped pattern, implying that the growth function is convex when stand age is low and concave when stand age is high. Given such a growth function, the Faustmann model could in theory have multiple optima and hence an interior local minimum solution. To ensure that the rotation age at which the first derivative of the land expectation value equals zero is a maximum, it is often assumed that the growth function is concave in stand age. Yet there is no convincing argument for excluding the possibility of conducting the final harvest before the growth function changes to concave. We argue that under normal circumstances the Faustmann model does not have any interior minimum. It is neither necessary nor proper to assume that the growth function is concave in the vicinity of the optimal rotation age. When the interest rate is high, the optimal rotation may lie in the interval on which the growth function is convex, i.e. before volume or value growth culminates.

  • 11.
    Gong, Peichen
    et al.
    Department of Forest Economics, SLU, SE-901 83 Umeå, Sweden.
    Löfgren, Karl-Gustaf
    Umeå universitet, Samhällsvetenskapliga fakulteten, Institutionen för nationalekonomi.
    Did Pressler fully understand how to use the indicator per cent?2010Inngår i: Journal of Forest Economics, ISSN 1104-6899, E-ISSN 1618-1530, Vol. 16, nr 3, s. 195-203Artikkel i tidsskrift (Fagfellevurdert)
    Abstract [en]

    A classical problem in forest economics is the determination of the optimal rotation age. It is commonly acknowledged that Martin Faustmann and Max Robert Pressler contributed the most to the solution of this problem. Faustmann formulated the renowned land expectation value formula, which laid the foundation for economic analyses of the optimal rotation problem. He also provided several hints on how to correctly solve the problem. Pressler's work focused on the growth of the capital in a forest stand. He invented the concept of Indicator Per Cent, and argued that the Indicator Per Cent should be used to guide forestry decision-making. Pressler correctly stated how to use the Indicator Per Cent to determine when a stand should be harvested. However, his suggestions about the choice among silviculture options indicate that he did not fully understand the economic implication of the Indicator Per Cent.

  • 12.
    Gong, Peichen
    et al.
    SLU.
    Löfgren, Karl-Gustaf
    Umeå universitet, Samhällsvetenskapliga fakulteten, Handelshögskolan vid Umeå universitet, Nationalekonomi.
    Forest taxation2013Inngår i: Encyclopedia of energy, natural resource, and environmental economics: Volume 2 / [ed] Jason Shogren, Elsevier, 2013, s. 176-182Kapittel i bok, del av antologi (Fagfellevurdert)
    Abstract [en]

    This article presents an overview of the application of taxation as a policy instrument in forestry. Forests cover about 30% of the total land area and constitute one of the most important natural resources on the planet. Forests worldwide produce a great amount of timber and various non-wood products, and they provide a wide range of ecological services. Following a brief review of the major forms of inefficiency of forest management in free markets, we discuss the behavioral effects of the general types of taxes targeted at forest assets and forestry income. This is followed by a review of the forest taxation systems in four selected countries (China, Finland, Sweden, and the United States). It is concluded that forest taxation has been used mainly for the purpose of collecting public revenues. Two common forms of inefficiency with respect to forest management are overharvesting (especially in developing countries) of existing forests and underinvestment in reforestation. Forest taxes and subsidies that are effective in correcting one type of inefficiency usually intensify the type of inefficiency. The effectiveness of taxes as a policy instrument to promote sustainable management of forest resources, remain to be evaluated.

  • 13. Gong, Peichen
    et al.
    Löfgren, Karl-Gustaf
    Umeå universitet, Samhällsvetenskapliga fakulteten, Handelshögskolan vid Umeå universitet, Nationalekonomi.
    Impact of risk aversion on the optimal rotation with stochastic price2008Inngår i: Natural Resource Modeling, ISSN 0890-8575, E-ISSN 1939-7445, Vol. 21, nr 3, s. 385-415Artikkel i tidsskrift (Fagfellevurdert)
    Abstract [en]

    This paper examines the effect of risk aversion on the optimal rotation when the stumpage price is stochastic. Assuming that the stumpage price is normally distributed, we show that the optimal rotation under risk aversion may be shorter than, equal to, or longer than the corresponding optimal rotation under risk neutrality. Which of these cases holds true depends on the interest rate and the real regeneration cost, and can be determined based on the marginal variance (i.e., the derivative of the variance function with respect to rotation age) evaluated at the optimal rotation under risk neutrality. Furthermore, we show that there exists a monotone continuous curve, which divides the interest rate-regeneration cost space into two regions where risk aversion affects the optimal rotation differently. For a given interest rate, risk aversion shortens (prolongs) the optimal rotation if the regeneration cost lies below (above) the curve. Along the separating curve the optimal rotation under risk aversion coincides with the optimal rotation under risk neutrality. Two examples are presented to demonstrate the separating curve and the impacts of risk aversion on the optimal rotation.

  • 14. Gong, Peichen
    et al.
    Löfgren, Karl-Gustaf
    Umeå universitet, Samhällsvetenskapliga fakulteten, Institutionen för nationalekonomi.
    Market and Welfare Implications of Adaptive Harvest Strategy2007Inngår i: Journal of Forest Economics, ISSN 1104-6899, E-ISSN 1618-1530Artikkel i tidsskrift (Fagfellevurdert)
  • 15. Gong, Peichen
    et al.
    Löfgren, Karl-Gustaf
    Umeå universitet, Samhällsvetenskaplig fakultet, Nationalekonomi.
    Market and Welfare Implications of the Reservation Price Strategy for Forest Harvest Decisions2007Inngår i: Journal of Forest Economics, ISSN 1104-6899, Vol. 13, s. 217-43Artikkel i tidsskrift (Fagfellevurdert)
  • 16.
    Gong, Peichen
    et al.
    Department of Forest Economics Swedish University of Agricultural Sciences Umeå, Sweden.
    Löfgren, Karl-Gustaf
    Umeå universitet, Samhällsvetenskapliga fakulteten, Institutionen för nationalekonomi.
    The impacts of risk aversion on optimal rotation2008Inngår i: Natural Resource Modeling, ISSN 0890-8575, E-ISSN 1939-7445, Vol. 21, nr 3, s. 385-415Artikkel i tidsskrift (Fagfellevurdert)
    Abstract [en]

    This paper examines the effect of risk aversion on the optimal rotation when the stumpage price is stochastic. Assuming that the stumpage price is normally distributed, we show that the optimal rotation under risk aversion may be shorter than, equal to, or longer than the corresponding optimal rotation under risk neutrality. Which of these cases holds true depends on the interest rate and the real regeneration cost, and can be determined based on the marginal variance (i.e., the derivative of the variance function with respect to rotation age) evaluated at the optimal rotation under risk neutrality. Furthermore, we show that there exists a monotone continuous curve, which divides the interest rate-regeneration cost space into two regions where risk aversion affects the optimal rotation differently. For a given interest rate, risk aversion shortens (prolongs) the optimal rotation if the regeneration cost lies below (above) the curve. Along the separating curve the optimal rotation under risk aversion coincides with the optimal rotation under risk neutrality. Two examples are presented to demonstrate the separating curve and the impacts of risk aversion on the optimal rotation.

  • 17.
    Gong, Peichen
    et al.
    Department of Forest Economics, Swedish University of Agricultural Sciences.
    Löfgren, Karl-Gustaf
    Umeå universitet, Samhällsvetenskapliga fakulteten, Institutionen för nationalekonomi.
    Roswall, Ola
    The Forestry Research Institute of Sweden Box 3, SE-918 21 Sävar, Sweden.
    Economic evaluation of biotechnological progress: The effect of changing management behavior2013Inngår i: Natural Resource Modeling, ISSN 0890-8575, E-ISSN 1939-7445, Vol. 26, nr 1, s. 26-52Artikkel i tidsskrift (Fagfellevurdert)
    Abstract [en]

    The paper assesses the welfare effects of biotechnological progress, as exemplified by tree improvements, using a partial equilibrium model. Timber demand is assumed to be stochastic and the distributions of its coefficients known. The coefficients of a log-linear supply function are determined by maximizing the expected present value of the total surplus of timber production, both in the presence and in the absence of genetically improved regeneration materials. The supply functions are then used to estimate the expected present values of the total surplus in different cases through simulation. These estimates enable us to assess the direct effect and the effect of changing harvest behavior on the expected present value of the total surplus. The main results of the study are (i) the presence of genetically improved regeneration materials has significant impacts on the aggregate timber supply function; (ii) the application of genetically improved regeneration materials leads to a significant increase in the expected present value of the total surplus; and (iii) a considerable proportion of the welfare gain results from the change in harvest behavior. A conclusion we draw from this study is that ignoring the influences of technological and policy changes on behavior can lead to significantly biased welfare estimates. We view the model as a potential approach to conducting counterfactual policy comparisons in economics without forward-looking data.

  • 18.
    Granberg, Malin
    et al.
    Umeå universitet, Samhällsvetenskapliga fakulteten, Institutionen för nationalekonomi.
    Löfgren, Karl-Gustaf
    Umeå universitet, Samhällsvetenskapliga fakulteten, Institutionen för nationalekonomi.
    Sick pay, health and work2006Rapport (Annet (populærvitenskap, debatt, mm))
    Abstract [en]

    The purpose of this paper is to analyze the effects of different sickness insurance regimes on the employee decision reporting sick or not. We can think of the design problem as a representative employer’s decision to determine the optimal relationship between the wage and the sickness pay. The employee bases her decision to work or not on this relative price and her exogenously given health status that varies between individuals. We believe that the incentives present in the model are able to tell as about relevant aspects of the incentives involved in a state managed sickness insurance system. We calculate how the control variables depend on parameters such as the average productivity of the worker, the average productivity of the substitute, the wage of the substitute, and the search cost to find a substitute. Since we assume that the health status of the work force is heterogeneous and represented by a distribution function, we are also able to calculate the change in the work participation rate, as a function of the parameters.

  • 19. Li, Chuan Zhong
    et al.
    Löfgren, Karl-Gustaf
    Umeå universitet, Samhällsvetenskapliga fakulteten, Institutionen för nationalekonomi.
    The role of the Hamiltonian in dynamic index theory2004Rapport (Annet vitenskapelig)
    Abstract [en]

    This paper is an attempt to investigate the cost-of-living index problem in a general equilibrium multi-sector growth model. Instead of using the utility function as a compensation criterion as Konüs’ (1924) did in his original contribution, we take advantage of the current-value Hamiltonian in constructing our dynamic price index. Since the Hamiltonian is a constancy-equivalent of future utilities (Weitzman, 1976), the dynamic price index is defined in terms of the minimum expenditure that, under alternative prices, would support the constancy-equivalent-utility level in the future. We show that, when properly deflated by the dynamic price index, the real comprehensive net national product becomes an ideal measure for dynamic welfare comparisons. For some special cases, we show that the dynamic price index reduces to the simple static index.

  • 20.
    Li, Chuan-Zhong
    et al.
    Nationalekonomiska Institutionen Uppsala Universitet.
    Löfgren, Karl-Gustaf
    Umeå universitet, Samhällsvetenskapliga fakulteten, Institutionen för nationalekonomi.
    A Note on the theory of investment: Hotelling’s rule under process independence2010Inngår i: Letters of Spatial and Resource Sciences, Vol. 3, nr 2, s. 55-60Artikkel i tidsskrift (Fagfellevurdert)
    Abstract [en]

    This note shows that the well-known Hotelling rule holds for a wider class of capital investment projects satisfying the property of process independence. Optimality behavior is therefore not a necessary condition for deriving the result.

  • 21.
    Li, Chuan-Zhong
    et al.
    Uppsala University.
    Löfgren, Karl-Gustaf
    Umeå universitet, Samhällsvetenskapliga fakulteten, Institutionen för nationalekonomi.
    Evaluating projects in a dynamic economy: some new envelope results2008Inngår i: The German Economic Review, ISSN 1465-6485, E-ISSN 1468-0475, Vol. 9, nr 1, s. 1-16Artikkel i tidsskrift (Fagfellevurdert)
    Abstract [en]

    This paper deals with the modern theory of social cost–benefit analysis in a dynamic economy. The theory emphasizes the role of a comprehensive, forward-looking, dynamic welfare index within the period of the project rather than that of a project's long-term consequences. However, what constitutes such a welfare index remains controversial in the recent literature. In this paper, we attempt to shed light on the issue by deriving three equivalent cost–benefit rules for evaluating a small project. In particular, we show that the direct change in a net national product (NNP) qualifies as a convenient welfare index without involving any other induced side effects. The project evaluation criterion thus becomes the present discounted value of the direct changes in NNP over the project period. We also illustrate the application of this theory in a few stylized examples.

  • 22. Li, Chuan-Zhong
    et al.
    Löfgren, Karl-Gustaf
    Umeå universitet, Samhällsvetenskapliga fakulteten, Handelshögskolan vid Umeå universitet, Nationalekonomi.
    Genuine saving under stochastic growth2012Inngår i: Letters in spatial and resource sciences, ISSN 1864-4031, E-ISSN 1864-404X, Vol. 5, nr 3, s. 167-174Artikkel i tidsskrift (Fagfellevurdert)
    Abstract [en]

    The concept of genuine saving has in recent years become widely accepted as a dynamic welfare indicator, which first appeared in Weitzman (Q. J. Econ. 99:1–13, 1976) and then formalized by Pearce and Atkinson (Ecol. Econ. 8:103–108, 1993). This paper attempts to generalize this concept in a stochastic setting using an extended version of the standard Ramsey growth model (Merton in Rev. Econ. Stud. 42:375–379, 1975). We find that the genuine saving formula in a stochastic setting also involves a variance component reflecting the welfare loss from risk aversion.

  • 23. Li, Chuan-Zhong
    et al.
    Löfgren, Karl-Gustaf
    Umeå universitet, Samhällsvetenskapliga fakulteten, Handelshögskolan vid Umeå universitet, Nationalekonomi.
    Genuine savings measurement under uncertainty and its implications for depletable resource management2013Inngår i: Environmental Economics, ISSN 1998-6041, E-ISSN 1998-605X, Vol. 4, nr 3, s. 20-25Artikkel i tidsskrift (Fagfellevurdert)
    Abstract [en]

    The concept of genuine savings has in recent years become widely accepted as a dynamic welfare indicator, which first appeared in Weitzman (1976) and then "formalized" by Pearce and Atkinson (1993). This paper attempts to generalize this concept in a stochastic setting using the Dasgupta-Heal-Solow growth model under the Merton (1975) type of population growth uncertainty. It is shown that the formula for genuine savings under uncertainty also involves a variance component reflecting the welfare loss from risk aversion (cf. Li and Lofgren, 2012). Moreover, the welfare implications of the risk-adjusted genuine savings on depletable resource management are explored.

  • 24.
    Li, Chuan-Zhong
    et al.
    Uppsala University - Department of Economics.
    Löfgren, Karl-Gustaf
    Umeå universitet, Samhällsvetenskapliga fakulteten, Handelshögskolan vid Umeå universitet, Nationalekonomi.
    Growth, Pollution and Money-Metric Welfare in Imperfect Markets2012Rapport (Fagfellevurdert)
    Abstract [en]

    This paper shows how utility-based welfare measures in dynamic general equilibrium under imperfect markets can be transferred into a money metrics. In order to do this, we need to price forward looking components measured in units of utility. The typical comprehensive (green or inclusive) quasi-static welfare measure contains a core that looks like a comprehensive NNP component, as well as additional consumer surplus terms for both consumption goods and the externality. In addition, it contains a forward looking component with the discounted value of the marginal externality as a function to be integrated over time. To accomplish this, we need a price index that is independent of the market basket, or to assume that the marginal utility of income is constant over time. With respect to local welfare measures it turns out that growth in traditional NNP will surprisingly work, provided that we condition on a positive average marginal rate of return of investment, and use an augmented genuine saving concept.

  • 25.
    Li, Chuan-Zhong
    et al.
    Department of Economics, Uppsala University.
    Löfgren, Karl-Gustaf
    Umeå universitet, Samhällsvetenskapliga fakulteten, Institutionen för nationalekonomi.
    Measuring Welfare in Dynamic Models with Externalities: Towards Money Metrics Measures2006Rapport (Annet vitenskapelig)
    Abstract [en]

    This paper is concerned with welfare measurement in multisector dynamic general equilibrium models with externalities. We start with the utility metric theory under di¤erent settings, and then transfer them into money metric measures. With ideal accounting prices for all externalities, we show that a money measure of dynamic welfare should encompass both the comprehenstive NNP and consumer surpluses. Under externalities, a forward-looking term re.ecting the present value of the future externalities has to be taken into account. For a local-in-time welfare comparison, we show that growth in conventionally measured NNP would work, provided that an externality-adjusted genuine rate of return is positive.

  • 26. Li, Chuan-Zhong
    et al.
    Löfgren, Karl-Gustaf
    Umeå universitet, Samhällsvetenskapliga fakulteten, Institutionen för nationalekonomi.
    Money metrics welfare measures in imperfect markets under growth2006Rapport (Annet vitenskapelig)
    Abstract [en]

    This paper shows how utility based welfare measures in dynamic general equilibrium under imperfect markets can be transferred into a money metrics. In order to do this, we need to price forward looking components measured in units of utility. The typical comprehensive quasi-static welfare measure contains a core that looks like a comprehensive (green) NNP component, as well as additional consumer surplus terms for both consumption goods and the externality. In addition, it contains a forward looking component with the discounted value of the marginal externality as the function to be integrated over time is also required. To accomplish this, we need a price index that is independent of the market basket, or to assume that the marginal utility of income is constant over time. With respect to local welfare measures it turn out that growth in traditional NNP will surprisingly work, provided that we condition on a positive average marginal rate of return of investment, and use an augmented genuine saving concept.

  • 27. Li, Chuan-Zhong
    et al.
    Löfgren, Karl-Gustaf
    Umeå universitet, Samhällsvetenskapliga fakulteten, Handelshögskolan vid Umeå universitet, Nationalekonomi.
    The water and diamond paradox and green NNP as a welfare indicator2014Inngår i: Environmental Economics, ISSN 1998-6041, E-ISSN 1998-605X, Vol. 5, nr 2, s. 48-54Artikkel i tidsskrift (Fagfellevurdert)
    Abstract [en]

    A classical structure that is used to analyze the water and diamond paradox provides an intuitive underpinning to the modern theory of welfare measurement in a growth context. John Law’s and Adam Smith’s concepts of value-in-use and value-in-exchange have modern aggregated counterparts. Complemented with Dupuit’s extension in terms of a utility function with a declining marginal utility, they are close to enough to provide the intuition behind important aspects of modern dynamic welfare measurement. We answer four modern questions: (1) Will an increase in the level of NNP indicate a welfare improvement? (3) Will NNP growth indicate a local welfare improvement? (3) If the answers to (1), (2) are no, what are the underlying reasons? (4) How do the correct welfare indicators look like? At least Dupuit, as an inventor of the consumer surplus, may perhaps have agreed with some of the answers to the modern dynamic approach.

  • 28. Li, C-Z
    et al.
    Löfgren, Karl-Gustaf
    Umeå universitet, Samhällsvetenskapliga fakulteten, Institutionen för nationalekonomi.
    An Index Theory for Exact Welfare Measurement Applied to US Data2009Rapport (Annet vitenskapelig)
  • 29.
    Löfgren, Karl-Gustaf
    Umeå universitet, Samhällsvetenskapliga fakulteten, Handelshögskolan vid Umeå universitet, Nationalekonomi.
    Elinor Ostrom och Allmänningarnas problem: ElinorOstrom and the Problem of the Commons2012Inngår i: Ekonomiska Samfundets Tidskrift, ISSN 0013-3183 (Print), nr 2, s. 86-93Artikkel i tidsskrift (Annet vitenskapelig)
    Abstract [sv]

    Allmänningarnas problem har varit kända åtminstone sedan 1700-talet. Sätten att hantera dem är framtagna under 1900-talet. Det fanns till att börja med två skolor; s.k. Pigouvianska skatter och upprätthållandet av välspecificerade äganderätter. Den nyligen bortgångna Ekonomipristagaren Elinor Ostrom har under slutet av 1900-talet, i stort sett på egen hand, arbetat men en institutionell ansats som har fått ett stort genomslag i teori och praktik. Denna uppsats försöker sammanfatta vad hon åstadkommit. Vad hon tillfört är en fördjupad analys av detaljer i verkligheten som visar hur ett spektrum av institutionella lösningar kan uppstå, ofta endogent, inom samfälligheten.

  • 30.
    Löfgren, Karl-Gustaf
    Umeå universitet, Samhällsvetenskapliga fakulteten.
    En studie i neokeynesiansk arbetslöshets- och inflationsteori1977Doktoravhandling, monografi (Annet vitenskapelig)
  • 31.
    Löfgren, Karl-Gustaf
    Umeå universitet, Samhällsvetenskapliga fakulteten, Institutionen för nationalekonomi.
    On envelope theorems in economics: inspired by a forgotten lecture2011Rapport (Annet vitenskapelig)
    Abstract [en]

    This paper studies how envelope theorems have been used in Economics, their history and also who first introduced them. The existing literature is full of them and the reason is that all families of optimal value functions can produce them. The paper is driven by curiosity, but hopefully it will give the reader some new insights.

  • 32.
    Löfgren, Karl-Gustaf
    Umeå universitet, Samhällsvetenskaplig fakultet, Nationalekonomi.
    Skidsporten i Sandviks IK 1905-502007Inngår i: Visuellt, ISSN 1100-2411, nr 32, s. 5-16Artikkel i tidsskrift (Annet (populærvitenskap, debatt, mm))
  • 33.
    Löfgren, Karl-Gustaf
    Umeå universitet, Samhällsvetenskapliga fakulteten, Institutionen för nationalekonomi.
    The economics of genetic modified trees in forestry: time to model and value?2005Inngår i: Journal of Forest Economics, ISSN 1104-6899, E-ISSN 1618-1530, Vol. 11, nr 2, s. 73-75Artikkel i tidsskrift (Fagfellevurdert)
  • 34.
    Löfgren, Karl-Gustaf
    Umeå universitet, Samhällsvetenskapliga fakulteten, Institutionen för nationalekonomi.
    The money metrics problem in dynamic welfare analysis2010Inngår i: Handbook of environmental accounting / [ed] Thomas Aronsson and Karl-Gustaf Löfgren, Cheltenham: Edward Elgar Publishing, 2010, s. 28-49Kapittel i bok, del av antologi (Annet vitenskapelig)
  • 35.
    Löfgren, Karl-Gustaf
    et al.
    Umeå universitet, Samhällsvetenskapliga fakulteten, Institutionen för nationalekonomi.
    Aronsson, Thomas
    Umeå universitet, Samhällsvetenskapliga fakulteten, Institutionen för nationalekonomi.
    Welfare theory: history and modern results2009Inngår i: Mathematical models in economics: Volume 1 / [ed] Wei-Bin Zhang, Oxford, UK: EOLSS Publishers , 2009, s. 374-425Kapittel i bok, del av antologi (Fagfellevurdert)
  • 36.
    Löfgren, Karl-Gustaf
    et al.
    Umeå universitet, Samhällsvetenskapliga fakulteten, Institutionen för nationalekonomi.
    Gong, Peichen
    Economic modeling in forestry: avoiding the Lucas critique2012Inngår i: Post-Faustmann Forest Resource Economics: New Frontiers of Natural Resource Economics / [ed] Kant, S., Springer, 2012, , s. 21Kapittel i bok, del av antologi (Annet vitenskapelig)
  • 37.
    Löfgren, Karl-Gustaf
    et al.
    Umeå universitet, Samhällsvetenskapliga fakulteten, Institutionen för nationalekonomi.
    Gong, Peichen
    Department of Forest Economics, Swedish University of Agricultural Sciences.
    Modeling forest harvest decisions: Advances and challenges2009Inngår i: International Review of Environmental and Resource Economics, ISSN 1932-1465, E-ISSN 1932-1473, Vol. 3, nr 3, s. 195-216Artikkel i tidsskrift (Fagfellevurdert)
    Abstract [en]

    Timber harvest decision is one of the most important topics of forest economics. Martin Faustmann presented in 1849 the first "correct model" for determining the optimal time to harvest a forest stand. The Faustmann model builds on a set of restrictive assumptions that are far from realistic. During the past four decades the Faustmann model has been extended substantially. One important extension is the inclusion of non-timber benefits. Another is the recognition of uncertainty, especially the adoption of the adaptive optimization framework to determine the optimal time to harvest a stand under conditions of uncertainty. Currently available economic models of forest harvest decisions can be used to determine the optimal time to harvest a forest stand in a variety of special cases, but their ability to describe a typical harvest decision problem remains unsatisfactory. To improve the decision models, researchers must pay more attention to the fact that forests usually are managed for multiple purposes and under conditions of economic, biological, and ecological uncertainties. Therefore, non-timber benefits and uncertainties need to be considered simultaneously, which often implies that the decisions for different stands are interdependent. The information needed for applying the decision models also requires much more research. A particularly important, yet difficult, matter is the rational expectations timber price process.

  • 38.
    Löfgren, Karl-Gustaf
    et al.
    Umeå universitet, Samhällsvetenskapliga fakulteten, Institutionen för nationalekonomi.
    Li, Chuan Zhong
    Introduction to green national accounting and sustainability2011Inngår i: Green national accounting and sustainability / [ed] Chuan Zhong Li and Karl-Gustaf Löfgren, Cheltenham: Edward Elgar Publishing, 2011Kapittel i bok, del av antologi (Fagfellevurdert)
  • 39.
    Löfgren, Karl-Gustaf
    et al.
    Umeå universitet, Samhällsvetenskapliga fakulteten, Institutionen för nationalekonomi.
    Li, Chuang-Zhong
    Nationalekonomiska Institutionen Uppsala Universitet.
    Dynamic cost-benefit analysis of large projects: the role of capital cost2010Inngår i: Economics Letters, ISSN 0165-1765, E-ISSN 1873-7374, Vol. 109, nr 2, s. 128-130Artikkel i tidsskrift (Fagfellevurdert)
    Abstract [en]

    This paper derives a dynamic cost–benefit rule for evaluating large projects. We show that, in addition to the conventional income and consumer surplus measures, the rule also entails an extra term involving capital cost changes.

  • 40.
    Löfgren, Karl-Gustaf
    et al.
    Umeå universitet, Samhällsvetenskapliga fakulteten, Handelshögskolan vid Umeå universitet, Nationalekonomi.
    Li, Chuan-Zhong
    A dynamic price index theory for deflating green net national product: an illustrative application using data from the United States2015Inngår i: Environmental Economics, ISSN 1998-6041, E-ISSN 1998-605X, Vol. 6, nr 2, s. 21-29Artikkel i tidsskrift (Fagfellevurdert)
    Abstract [en]

    This paper is concerned with the welfare significance of real comprehensive NNP based on an exact dynamic price index. We extend the Konus classical index number theory by taking into account current environmental externalities and investment for future consumption enhancement. It is shown that, when deflated with the proper dynamic price index, the real green NNP becomes an ideal measure for welfare comparisons over time. We demonstrate the application of the theory using time series data from the United States over the period from 1959 to 2008.

  • 41.
    Löfgren, Karl-Gustaf
    et al.
    Umeå universitet, Samhällsvetenskapliga fakulteten, Institutionen för nationalekonomi.
    Li, Chuan-Zhong
    Department of Economics, Uppsala University, 751 20 Uppsala, Sweden.
    Comprehensive NNP-social welfare, and the rate of return2006Inngår i: Economics Letters, ISSN 0165-1765, E-ISSN 1873-7374, ISSN 0165-1765, Vol. 90, nr 2, s. 254-259Artikkel i tidsskrift (Fagfellevurdert)
    Abstract [en]

    We show that growth in NNP measured in constant prices indicates welfare improvement, provided that an observable rate of return measure is positive. This is an alternative welfare interpretation of growth in comprehensive NNP compared with that of Asheim and Weitzman [Asheim, B.G., Weitzman, M.L., 2001. Does NNP growth indicate welfare improvement? Economic Letters 73, 233–239] which is based on a Divisia consumer price index.

  • 42.
    Löfgren, Karl-Gustaf
    et al.
    Umeå universitet, Samhällsvetenskapliga fakulteten, Institutionen för nationalekonomi.
    Li, Chuan-ZhongUppsala University, Uppsala, Sweden.
    Green National Accounting and Sustainability2011Collection/Antologi (Annet vitenskapelig)
    Abstract [en]

    Description Concerns about natural resource scarcity, together with the increased awareness of environmental problems, have led to widespread interest in green accounting, which attempts to extend the standard national accounts to include the yields from natural and environmental resources. For this volume, Professors Löfgren and Li have selected the classic articles in this rapidly growing area, with particular reference to sustainability. They have also written an authoritative new introduction which offers a comprehensive overview of the literature both from a historical and a formal theoretical perspective.

  • 43.
    Löfgren, Karl-Gustaf
    et al.
    Umeå universitet, Samhällsvetenskapliga fakulteten, Institutionen för nationalekonomi.
    Li, CZ
    Nationalekonomiska Institutionen Uppsala Universitet.
    Att mäta välfärd och hållbar utveckling2010Rapport (Annet (populærvitenskap, debatt, mm))
  • 44.
    Löfgren, Karl-Gustaf
    et al.
    Umeå universitet, Samhällsvetenskapliga fakulteten, Institutionen för nationalekonomi.
    Marklund, Per-Olov
    Umeå universitet, Samhällsvetenskapliga fakulteten, Institutionen för nationalekonomi.
    The regional output from human capital: Do universities matter?1996Rapport (Annet vitenskapelig)
1 - 44 of 44
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