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  • 401.
    Karimu, Amin
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Effects of demography and labor supply on household gasoline demand in Sweden: a semiparametric approachManuscript (preprint) (Other academic)
    Abstract [en]

    A typical gasoline demand model generally assumes that demand and labor supply are weakly separable. In this study, I relaxed the weak separability assumption by examining the effect of labor supply, measured by male and female working hours, on gasoline demand. I used a flexible semiparametric model that allowed for differences in response to income, age and labor supply, respectively. Using Swedish household survey data, the results indicated that the relationship between gasoline demand and income, age and labor supply were non-linear. The formal separability test rejects the null of separability between gasoline demand and labor supply. Furthermore, there was evidence indicating small bias in the estimates when one ignored labor supply in the model. 

  • 402.
    Karimu, Amin
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics. Umeå University, Faculty of Social Sciences, Center for Environmental and Resource Economics (CERE).
    Essays on Energy Demand and Household Energy Choice2013Doctoral thesis, comprehensive summary (Other academic)
    Abstract [en]

    This thesis consists of four self-contained papers related to energydemand and household cooking energy.Paper [I] examine the impact of price, income and non-economicfactors on gasoline demand using a structural time series model. Theresults indicated that non-economic factors did have an impact ongasoline demand and also one of the largest contributors to changes ingasoline demand in both countries, especially after the 1990s. Theresults from the time varying parameter model (TVP) indicated thatboth price and income elasticities were varying over time, but thevariations were insignificant for both Sweden and the UK. Theestimated gasoline trend also showed a similar pattern for the twocountries, increasing continuously up to 1990 and taking a downturnthereafter.Paper [II] studies whether the commonly used linear parametricmodel for estimating aggregate energy demand is the correctfunctional specification for the data generating process. Parametricand nonparametric econometric approaches to analyzing aggregateenergy demand data for 17 OECD countries are used. The resultsfrom the nonparametric correct model specification test for theparametric model rejects the linear, log-linear and translogspecifications. The nonparametric results indicate that the effect of theincome variable is nonlinear, while that of the price variable is linearbut not constant. The nonparametric estimates for the price variable isrelatively low, approximately −0.2.Paper [III] relaxed the weak separability assumption betweengasoline demand and labor supply by examining the effect of laborsupply, measured by male and female working hours on gasolinedemand. I used a flexible semiparametric model that allowed fordifferences in response to income, age and labor supply, respectively.Using Swedish household survey data, the results indicated that therelationship between gasoline demand and income, age and laborsupply were non-linear. The formal separability test rejects the null ofseparability between gasoline demand and labor supply. Furthermore,there was evidence indicating small bias in the estimates when oneignored labor supply in the model.Paper [IV] investigated the key factors influencing the choice ofcooking fuels in Ghana. Results from the study indicated thateducation, income, urban location and access to infrastructure werethe key factors influencing household’s choice of the main cookingfuels (fuelwood, charcoal and liquefied petroleum gas). The study alsofound that, in addition to household demographics and urbanization,the supply (availability) of the fuels influenced household choice forthe various fuels. Increase in household income was likely to increasethe probability of choosing modern fuel (liquefied petroleum gas andelectricity) relative to solid (crop residue and fuelwood) and transitionfuel (kerosene and charcoal).

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  • 403.
    Karimu, Amin
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Impact of economic and non-economic factors on gasoline demand: a varying parameter model for Sweden and the UKManuscript (preprint) (Other academic)
    Abstract [en]

    This paper investigated the impact of price, income and non-economic factors on gasoline demand using a structural time series model. The results indicated that non-economic factors did have an impact on gasoline demand and also one of the largest contributors to changes in gasoline demand in both countries, especially after the 1990s. The results from the time varying parameter model (TVP) indicated that both price and income elasticities were varying over time, but the variations were insignificant for both Sweden and the UK. The estimated gasoline trend also showed a similar pattern for the two countries, increasing continuously up to 1990 and taking a downturn thereafter.

  • 404.
    Karimu, Amin
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Brännlund, Runar
    Umeå University, Faculty of Social Sciences, Center for Environmental and Resource Economics (CERE).
    Functional form and aggregate energy demand elasticities: a nonparametric panel approach for 17 OECD countries2013In: Energy Economics, ISSN 0140-9883, E-ISSN 1873-6181, Vol. 36, p. 19-27Article in journal (Refereed)
    Abstract [en]

    This paper studies whether the commonly used linear parametric model for estimating aggregate energy demand is the correct functional specification for the data generating process. Parametric and nonparametric econometric approaches to analyzing aggregate energy demand data for 17 OECD countries are used. The results from the nonparametric correct model specification test for the parametric model rejects the linear, log-linear and translog specifications. The nonparametric results indicate that the effect of the income variable is nonlinear, while that of the price variable is linear but not constant. The nonparametric estimates for the price variable is relatively low, approximately -0.2. 

  • 405.
    Karimu, Amin
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics. Umeå University, Faculty of Social Sciences, Centre for Environmental and Resource Economics (CERE).
    Brännlund, Runar
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics. Umeå University, Faculty of Social Sciences, Centre for Environmental and Resource Economics (CERE).
    Lundgren, Tommy
    Umeå University, Faculty of Social Sciences, Centre for Environmental and Resource Economics (CERE). Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Söderholm, Patrik
    Energy intensity and convergence in Swedish industry: a combined econometric and decomposition analysis2017In: Energy Economics, ISSN 0140-9883, E-ISSN 1873-6181, Vol. 62, p. 347-356Article in journal (Refereed)
    Abstract [en]

    How to reduce the carbon footprint associated with energy use is still a major concern for most decision-makers. Against this background, a better understanding of energy intensity—the ratio of energy use to output and its convergence could be important in the design of policies targeting the reduction in the carbon footprint related to energy use. This paper analyzes the determinants of energy intensity and tests for energy intensity convergence across 14 Swedish industrial sectors. This analysis builds on a nonparametric regression analysis of an intensity index constructed at the industry sector level as well as indices constructed from a decomposition of this index. The latter isolates two key determinants of changes in energy intensity and convergence patterns: the ef- ficiency channel-fundamental improvement in the use of energy and activity channel-structural shifts in the economy. The empirical analysis relies on a detailed sectorial dataset covering the period 1990–2008. The findings indicate that input prices, including the price of energy, have been significant determinants of energy intensity in the Swedish industrial sectors. This effect can primarily be attributed to the efficiency channel and with a less profound influence from the activity channel. We also find evidence of energy intensity convergence among the industrial sectors, and this primarily stems from the activity channel rather than from the efficiency channel.

  • 406.
    Karimu, Amin
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics. Umeå University, Faculty of Social Sciences, Center for Environmental and Resource Economics (CERE).
    Mensah, Justice Tei
    Climate change and electricity consumption in Sub-Saharan Africa: assessing the dynamic responses to climate variability2015In: Opec Energy Review, ISSN 1753-0229, E-ISSN 1753-0237, Vol. 39, no 3, p. 322-345Article in journal (Refereed)
    Abstract [en]

    Electricity consumption in Sub-Saharan Africa has surged over the past two decades, whereas economic fundamentals like growth in gross domestic product (GDP) might have contributed to this trend, the impact of changing climatic conditions cannot be underestimated. This study therefore investigates the dynamics among electricity consumption, temperature variability (a proxy for climate change) and economic growth, while controlling for urbanization within a structural vector error correction model for 11 countries in Sub-Saharan Africa. Findings from the study indicate that a positive shock in temperature variability has a positive permanent effect on electricity consumption for all the countries except Togo, South Africa and Zimbabwe. In the case of Togo we find only transitory effects of positive shocks in temperature variability on electricity consumption. However, these effects are minimal, given the low penetration rate for air conditioners and heating devices in these countries. Moreover the findings further indicate that the effects of a positive shock in temperature variability on real GDP is consistent in terms of the direction of the effects, which is negative, but only vary across the sampled countries in relation to the period(s) the effects of the shocks completely diminished.

  • 407.
    Karimu, Amin
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Mensah, Justice Tei
    Adu, George
    Who Adopts LPG as the Main Cooking Fuel and Why?: Empirical Evidence on Ghana Based on National Survey2016In: World Development, ISSN 0305-750X, E-ISSN 1873-5991, Vol. 85, p. 43-57Article in journal (Refereed)
    Abstract [en]

    The aim of this paper is to identify the factors that influence the probability of adopting LPG as the main cooking fuel in Ghana using household level data gleaned from last two nationwide household surveys (GLSS 5 & GLSS 6). Using a flexible semi parametric specification, the following were uncovered. First, we find socioeconomic and demographic factors such as income, education, access to urban infrastructure, and location of household, as key drivers of households' choice of LPG as main cooking energy source. Again the influences of these factors are stable across time, and with a strong price effect. The evidence shows that urban households with better socioeconomic and demographic factors are likely to adopt LPG as the main cooking fuel relative to households in rural areas and also urban households with poor socioeconomic and demographic factors. Finally, we observe that the imposition of fully parametric structure (functional form) prior to estimation on factors such as age of household head, income, and household size as done in the literature is inappropriate, at least in the case of Ghana and tend to bias the marginal effects. There is strong evidence of variations in the response rate of LPG adoption over the domains of income, household size, and the age of the household head. The results suggest a policy dichotomy between rural and urban dwellers for it to be effective.

  • 408.
    Karlsson, Jens
    et al.
    Department of Ecology, Grimsö Wildlife Research Station, Swedish University of Agricultural Sciences.
    Sjöström, Magnus
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Subsidized fencing of livestock as a means of increasing tolerance for wolves2011In: Ecology & society, ISSN 1708-3087, E-ISSN 1708-3087, Vol. 16, no 1, article id 16Article in journal (Refereed)
    Abstract [en]

    Studies of how proactive measures to reduce livestock depredation by carnivores affect human tolerance toward carnivores are extremely rare. Nevertheless, substantial amounts of money are spent each year on proactive measures to facilitate large carnivore conservation. The objective of this study was to assess how subsidies for proactive measures to reduce sheep losses to wolves are associated with public attitudes toward wolves. The respondents were 445 people living inside wolf territories in Sweden. Our data set is unique because we combine wolf territory level information regarding proactive subsidies and wolf attacks on dogs and sheep with geographical information of the respondents. Consequently, the respondents can be assigned to a specific wolf territory. The number of wolf attacks on sheep and dogs in the respective territories as well as the number of years that the wolf territory had existed did not affect human attitudes toward wolves. Subsidies for proactive measures to reduce wolf predation on sheep significantly increased positive attitudes toward wolf presence on the local scale. The magnitude of the effect of subsidies for proactive measures was comparable to the effect of other variables well known to affect human attitudes toward wolves such as age or education. Our data show that subsidies not only made the already positive more positive, but also made people with negative attitudes to wolf presence locally, less negative. Our conclusion is, therefore, that subsidies for proactive measures are an effective tool when working with "the human dimension" of conservation biology.

  • 409.
    Karlsson, Linn
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Att spela eller inte spela?: En studie om digitala spels påverkan på svenska elevers testresultat i PISA 2012.2016Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [sv]

    Tv och datorspel är ett allt vanligare fenomen i och med att teknik för spelande utvecklas och spelskapare söker sig till en bredare publik. Konsekvenserna av spel är ett kontroversiellt ämne, där flera studier redovisar motsägande resultat. Syftet med denna studie är att med hjälp av PISA data beskriva hur spelande påverkar elevers testresultat i matematik, läsförståelse och naturvetenskap. Elevenkäten frågar hur ofta och vilken typ av spel som eleverna spelar. För att uppskatta skillnader mellan single- och multi-player spelare används individernas testresultat som rapporteras i sannolika värden och analyseras gentemot olika spelintervall. Resultatet visar att sällan-spelande i de flesta fall inte har någon negativ effekt på skolresultat utan snarare en positiv effekt i samtliga ämnen. Slutsatsen är att spelande sannolikt påverkar den akademiska produktionsfunktionen positivt, givet att individen inte spelar i alternativfallet.

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  • 410.
    Karlsson, Linn
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Selling, Emma
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Värdet av kulturhistoria: En cost-benefit analys av Olofsfors bruk2015Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
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  • 411.
    Katsela, Konstantina
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    The impact of economic crisis on human behavior and labour market: a minor field study2014Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
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  • 412.
    Kayal, Elias
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Lindgren, Charlie
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Multivariate approaches for Value-At-Risk and Expected Shortfall on electricity forwards2014Independent thesis Advanced level (professional degree), 20 credits / 30 HE creditsStudent thesis
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    Multivariate approches for Value-At-Risk and Expected Shortfall on electricity forwards
  • 413.
    Kazukauskas, Andrius
    et al.
    Umeå University, Faculty of Social Sciences, Center for Environmental and Resource Economics (CERE). Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Broberg, Thomas
    Umeå University, Faculty of Social Sciences, Center for Environmental and Resource Economics (CERE). Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Jaraite, Jurate
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics. Umeå University, Faculty of Social Sciences, Center for Environmental and Resource Economics (CERE).
    The peer comparison in real time: a field experiment of water and electricity consumption2017Report (Other academic)
    Abstract [en]

    A large body of literature shows that the provision of social comparisons can cause households to reduce residential energy and water use. In this paper, we carry out a field experiment that contributes to this literature in two important ways. First, we study a social comparison treatment that is continuous and communicated via pre-installed in-home displays, which are salient and updated in real time. Second, we estimate the effects of provision of social comparisons on two distinguished resources – electricity and water – in the same experimental setting. We find that, on average, our social comparison reduces daily residential energy consumption by 6.7 percent but has no effect on overall residential water use. The electricity savings are impersistent and occur in the evening hours, which only slightly overlap with peak hours. We argue that electricity conservation due to social comparisons is driven by short-run changes in households’ electricity saving behavior

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  • 414.
    Kazukauskas, Andrius
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Jaraite, Jurate
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    The Profitability of Power Generating Firms and Policies Promoting Renewable Energy2012In: 2012 9TH INTERNATIONAL CONFERENCE ON THE EUROPEAN ENERGY MARKET (EEM), 2012Conference paper (Refereed)
    Abstract [en]

    With policies to promote power generation from renewable energy sources (RES) becoming important part of climate and energy policy worldwide, there is now considerable interest in understanding how these different market-based mechanisms affect power generating firms in practice. The existing theory provides conflicting guidance regarding profitability of Tradable Green Certificates (TGC) over Feed-in-Tariff (FIT) based policies. Thus, the main goal of this study is to empirically assess the performance of power generating firms operating in the TGC scheme environment relative to the performance of power generating firms operating under alternatives RES support mechanisms. The main finding of this study is that, in Europe, TGC schemes are associated with higher returns for power generating firms. This supports the hypothesis that higher investment uncertainty induced by the TGC policy nature coupled with some market imperfections lead to higher profits for electricity producers operating in TGC schemes.

  • 415.
    Kazukauskas, Andrius
    et al.
    Umeå University, Faculty of Social Sciences, Center for Environmental and Resource Economics (CERE). Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Newman, Carol
    Trinity College Dublin, Ireland.
    Clancy, Daragh
    Central Bank of Ireland.
    Sauer, Johannes
    University of Kiel, Germany.
    Disinvestment, farm size, and gradual farm exit: the impact of subsidy decoupling in a European context2013In: American Journal of Agricultural Economics, ISSN 0002-9092, E-ISSN 1467-8276, Vol. 95, no 5, p. 1068-1087Article in journal (Refereed)
    Abstract [en]

    The recent reform of the Common Agricultural Policy, which decouples farm subsidies from production, is expected to impact on farmers' production decisions. We perform a cross-country farm-level empirical analysis of farmers' production responses to these reforms using a panel dataset for the EU15 countries for the period 2001-2007. We apply quasi-experimental empirical methods and find that the probability of a farm disinvesting decreased due to the policy change for most farms. However, the policy change facilitated exit for farms engaged in livestock production and those that were already in the process of leaving the sector.

  • 416.
    Khan, Haseebullah
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Determinantsof Terrorism in Pakistan: A Time Serie Analysis2012Independent thesis Advanced level (degree of Master (Two Years)), 10 credits / 15 HE creditsStudent thesis
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    Determinants of Terrorism in Pakistan: A Time Serie Analysis
  • 417.
    Kima, Richard
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Portfolio Market and Credit Risks Aggregaton using Economic Scenarios Generators and student t-copulae2014Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
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  • 418.
    Kiran B. Krishnamurthy, Chandra
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE). Beijer Institute of Ecological Economics, The Royal Academy of Sciences, Stockholm.
    Vesterberg, Mattias
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Bayrak, Oben
    Department of Forest Economics, SLU, Umeå.
    Determinants of Residential end-use electricity demand: Evidence from SwedenManuscript (preprint) (Other academic)
    Abstract [en]

    Using a household appliance metering data set from the Swedish Energy Agency, this paper focuses on understanding the determinants of end-use electricity demand for Sweden. The focal point of the analysis is the estimation of end-use-specific income elasticity of electricity demand, for the first time for Sweden. A seemingly unrelated regression framework is used for understanding the determinants of end-use demand, with the end-uses being heating, kitchen, lighting, and residual. The main results of the analysis are: high aggregate elasticity (above 0.6), and very high income elasticity of electric heating (above 0.8). Other size-related variables (size of home, number of people) do not appear to have significant explanatory power. Overall, our analysis indicates that income is a key factor determining the demand for electricity, and to a much larger extent than usually considered

  • 419.
    Klacar, Dorde
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Assessing portfolio risk for a pairs trading strategy.2012Independent thesis Advanced level (degree of Master (Two Years)), 10 credits / 15 HE creditsStudent thesis
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    Assessing portfolio risk for a pairs trading strategy
  • 420.
    Klacar, Dorde
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Estimating Expected Exposure for the Credit Value Adjustment risk measure2013Independent thesis Advanced level (degree of Master (Two Years)), 10 credits / 15 HE creditsStudent thesis
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    Estimating Expected Exposure for the Credit Value Adjustment risk measure
  • 421.
    Klintåker, Sean
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Hedgefonder på den svenska marknaden: Genererar hedgefondstrategier absolut avkastning oavsett marknadsklimat och korrelerar de med marknaden?2016Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The interest for alternative investment methods has grown during times of financial turbulence. This has led to an increased interest in hedge funds that consist of a variety of strategies with the goal to generate a long term positive return on investment regardless of how the market goes. This study has examined 40 hedge funds within the 5 most common hedge fund strategies between 1998 and 2016 on the Swedish market to examine which strategies generated positive return regardless of the climate on the market. The correlation between hedge funds and the market has been studied to see if hedge funds correlate to the market or if they have been able to go against the market at turbulent times. It has also studied if hedge funds have achieved better than the market with consideration to the risk adjusted return in comparison with the stock market on Stockholmsbörsen.

    The conclusions drawn from the study show that hedge funds in general don’t perform better than the Swedish stock market with consideration to risk. The only strategy that generated positive return during the time covered in this study was interest rate arbitrage, even if it didn’t perform better than the market every year. For the other hedge funds, it could be seen that those who performed best in regards to both generating positive return and risk adjusted return varied with time and strategy. The strategies that had high correlation to the market were long/short and multi strategy. Managed futures had the lowest correlation followed by fund of hedge funds and interest rate arbitrage. The only strategy that generated a high return during the financial crisis was managed futures. However, this strategy had a negative return when the market had positive.

  • 422.
    Kotyrlo, Elena
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Childbearing and Labor Market: Time and Space Dynamics2015In: The Emerging Techniques in Applied Demography / [ed] L. Potter, N. Hoque, Springer, 2015, 4, p. 169-188Chapter in book (Refereed)
  • 423.
    Kotyrlo, Elena
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics. Department of Applied Economics, National Research University Higher School of Economics, 28 Shabolovka Ulitsa, Building 2, Moscow, Russia.
    Fertility and commuting: evidence based on first-birth rates of young working women2017In: Journal of Population Research, ISSN 1443-2447, Vol. 34, no 2, p. 135-163Article in journal (Refereed)
    Abstract [en]

    The paper studies how commuting, as a demographic, social and economic process, is linked to fertility. It is hypothesised that daily mobility may have changed marriage and cohabitation propensities and, consequently, birth rates. Fertility is affected by cross-space income flows and by their impact on well-being at municipal level caused by commuting. The empirical evidence reveals common and distinct effects of commuting on fertility of those women who involved in daily mobility and not. Increase in the proportion of commuters is associated with a decrease in first-birth rates for both commuters and non-commuters, as they probably tend to stay childless while interacting with single co-workers, friends, and acquaintances. However, first-birth rates of commuting women increase with growth of individual earnings and the average levels of taxable earnings in places of residence. First-birth rates of non-commuting women increase with individual earnings, but drop with growth of average levels of taxable earnings in the place of residence.

  • 424.
    Kotyrlo, Elena
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Kontseptsiia upravleniia razvitiem chelovecheskogo potentsiala Rossiiskogo Severa: stsenarii realizatsii2012In: Čelovek i trud : ežemesjačnyj naučno-praktičeskij žurnal, ISSN 0132-1552, Vol. 2, p. 62-65Article in journal (Refereed)
  • 425.
    Kotyrlo, Elena
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Stationarity Conditions for the Spatial First-order and Serial Second-order Model2013In: Letters in spatial and resource sciences, ISSN 1864-4031, E-ISSN 1864-404X, Vol. 6, no 1, p. 19-29Article in journal (Refereed)
    Abstract [en]

    The stationarity conditions for a spatial first-order and serial second-order model in the presence of time-lagged spatial interactions are discussed. The stationarity conditions for serial autoregressive parameters were found on the basis of the structural vector autoregression form of the model. The temporal stationarity was a function of the spatial autoregressive parameters. The value of the time-lagged spatial autoregressive parameter defined the shift of the interval for the first-order serial parameter. However, the sizes of intervals for the values of both serial parameters depended only on the value of the simultaneous autoregressive parameter.

  • 426.
    Krishnamurthy, Chandra Kiran B
    et al.
    Umeå University, Faculty of Social Sciences, Center for Environmental and Resource Economics (CERE). Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Kriström, Bengt
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics. Umeå University, Faculty of Social Sciences, Center for Environmental and Resource Economics (CERE).
    How large is the owner-renter divide in energy efficient technology? Evidence from an OECD cross-section.2015In: Energy Journal, ISSN 0195-6574, E-ISSN 1944-9089, Vol. 36, no 4, p. 85-104Article in journal (Refereed)
    Abstract [en]

    When the agent making an investment decision is different from the one bearing the costs of the decision, the outcome (energy usage, here) is socially sub-optimal, a scenario known in the energy efficient technology case as "split incentive" effect. Using a sample of households (from a survey conducted in 2011) from 11 OECD countries, this paper investigates the magnitude of the "split incentive" effect between home occupants who are owners and those who are renters. A wide variety of energy-related "technologies" are considered: appliances, energy efficient bulbs, insulation, heat thermostat, solar panels, ground source heat pumps and wind turbines. Mean difference in patterns of access to these technologies are consistent with the "split incentives" hypothesis. Regression results suggest that, even after controlling for the sizeable differences in observed characteristics, owners are substantially more likely to have access to energy efficient appliances and to better insulation as well as to heat thermostats. For relatively immobile investments such as wind turbines and ground source heat pumps, we find no differences between owners and renters.

  • 427.
    Kuhl, Hannes
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Passing the Hot Potato: On trickle-down regulation and the influence of trade on domestic CO2 emissions2016Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The environmental Kuznets’ curve suggests that after per capita income has passed acertain threshold, pollution will begin to decrease as further economic progress is made. Thisthesis deals with the impact of trade on said decrease. A recursive regression of per capita CO2emissions on GDP per capita and the ratio of manufactured imports to GDP disentangles theevolution of trade as a pollution mitigating factor. Looking at Denmark, Finland, Norway, andSweden because of their homogeneity and the fact that they begin to present a similar decreasein their economic pollution-intensities, this thesis discovers an increasingly negative impact ofimports on the incidence of domestic carbon emission. Based on this de facto export of emissions,this thesis concludes with the potential design of, and the abating effects from an increasein pollution internalization.

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  • 428.
    Kuhl, Hannes
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Trade-Labour-Dynamics: An industry-level analysis of the impact of trade on the adjustment of domestic labour demands2017Independent thesis Advanced level (degree of Master (Two Years)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    In line with the canonical Heckscher-Ohlin model, trade liberalization instigates a pro-cess during which production of goods and services moves where it can be conducted in the most efficient way. Naturally, this process also entails changes in the labour demand of domes-tic industries. The most prominent example for this is the decline in employment in manufactur-ing industries due to increasing import competition from China. While the impact of this “China-Shock” on manufacturing employment in developed economies is widely acknowl-edged, research on how imports and exports interact to affect manufacturing and other indus-tries is scarce. For a panel of eleven Western European and Scandinavian countries, this thesis analysed how the occurrence of imports and exports has influenced labour demands in six in-dustries (both service and manufacturing) from 1996 to 2011 using data from Eurostat and the OECD. In general, the findings show that imports do put domestic industry-level labour demand in distress, especially in manufacturing industries. On the other hand, the findings also show that exports help to increase labour demand, especially in high-skill service industries.

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  • 429.
    Kushch, Paul
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Commodities or not commodities?: Portfolio optimization with robust Mean-Variance and Mean-Conditional Value at Risk strategies2012Independent thesis Advanced level (professional degree), 20 credits / 30 HE creditsStudent thesis
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  • 430.
    Lackson Daniel, Mudenda
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Pollution, Electricity Consumption, and Income in the Context of Trade Openness in Zambia2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    This paper examines the Environmental Kuznets Curve (EKC) hypothesis and tests for causality using Dynamic Ordinary Least Squares (DOLS) and the Vector Error Correction Model (VECM). There is evidence of long-run relationships in the three models under consideration. The Dynamic Ordinary Least Squares (DOLS) finds no evidence to support the existence of an environmental Kuznets curve (EKC) hypothesis for Zambia in the long-run. The evidence from the long-run suggests an opposite of the Environmental Kuznets Curve (EKC), in that the results indicate a U-shaped curve relationship between income and carbon emission. The conclusion on causality based on the VECM is that there is evidence of neutrality hypothesis between either total electricity and income or between industrial electricity and income in the short-run Additionally, there is evidence of conservation hypothesis in the context of residential and agricultural electricity consumption.

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  • 431.
    Laffond, Gilbert
    et al.
    Conservatoire National des Arts et Metiers.
    Lainé, Jean
    Lanot, Gauthier
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Un modèle dynamique de compétition électorale2000In: Décision, prospective, auto-organisation: mélanges en l'honneur de Jacques Lesourne / [ed] J. Thépot, M. Godet, F. Roubelat, A.E. Saab, Paris: Dunod Editeur, 2000, p. 425-454Chapter in book (Other academic)
  • 432.
    Landström, Mats
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics. Högskolan Dalarna.
    Determinants and Effects of Central Bank Independence Reforms2013Doctoral thesis, comprehensive summary (Other academic)
    Abstract [en]

    This thesis consists of four empirically oriented papers on central bank independence (CBI) reforms.   

    Paper [1] is an investigation of why politicians around the world have chosen to give up power to independent central banks, thereby reducing their ability to control the economy. A new data-set, including the possible occurrence of CBI-reforms in 132 countries during 1980-2005, was collected. Politicians in non-OECD countries were more likely to delegate power to independent central banks if their country had been characterized by high variability in inflation and if they faced a high probability of being replaced. No such effects were found for OECD countries.   

    Paper [2], using a difference-in-difference approach, studies whether CBI reform matters for inflation performance. The analysis is based on a dataset including the possible occurrence of CBI-reforms in 132 countries during the period of 1980-2005. CBI reform is found to have contributed to bringing down inflation in high-inflation countries, but it seems unrelated to inflation performance in low-inflation countries.   

    Paper [3] investigates whether CBI-reforms are important in reducing inflation and maintaining price stability, using a random-effects random-coefficients model to account for heterogeneity in the effects of CBI-reforms on inflation. CBI-reforms are found to have reduced inflation on average by 3.31 percent, but the effect is only present when countries with historically high inflation rates are included in the sample. Countries with more modest inflation rates have achieved low inflation without institutional reforms that grant central banks more independence, thus undermining the time-inconsistency theory case for CBI. There is furthermore no evidence that CBI-reforms have contributed to lower inflation variability   

    Paper [4] studies the relationship between CBI and a suggested trade-off between price variability and output variability using data on CBI-levels, and data the on implementation dates of CBI-reforms. The results question the existence of such a trade-off, but indicate that there may still be potential gains in stabilization policy from CBI-reforms.

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    spikblad
  • 433.
    Lang, Pernilla
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Okun's Law and Gender in Sweden2014Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
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  • 434.
    Lanot, Gauthier
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    French idiosyncracies2016In: The contradictions of Capital in the twenty-first century: the Piketty opportunity / [ed] Pat Hudson and Keith Tribe, Agenda , 2016, p. 67-85Chapter in book (Other academic)
  • 435.
    Lanot, Gauthier
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Maximum likelihood and economic modeling: maximum likelihood is a general and flexible method to estimate the parameters of models in labor economics2017In: IZA World of Labor, ISSN ISSN: 2054-9571Article in journal (Refereed)
    Abstract [en]

    The data available to economists is rarely the outcome of natural or quasi experiments. Inaddition, it is common for distinct individuals to exhibit similar responses in a given environment whileobservationally identical individuals will respond differently to similar incentives. In such situations the useof an economic model fitted using maximum likelihood methods provide a general approach to thedescription of the observed data whatever its nature. The predictions obtained from a fitted model providecrucial information about the distributional consequences of economic policies.

  • 436.
    Lanot, Gauthier
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    The Marginal Rate of Substitution and the Specification of Labour Supply ModelsManuscript (preprint) (Other academic)
    Abstract [en]

    In this note I revisit Heckman's proposal, [Heckman, 1974], to specify a static labour supply model using a simple formulation for the Marginal Rate of Substitution between total expenditure on consumption and hours of work. I describe the analytical form of the expenditure function and I show how the direct and indirect utility functions can be recovered. I propose an alternative specification for the MRS and in this case I describe analytically the labour supply functions, the indirect and direct utility functions as well as the expenditure function.

  • 437.
    Lanot, Gauthier
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    The Marginal Rate of Substitution and the Specification of Labour Supply ModelsManuscript (preprint) (Other academic)
    Abstract [en]

    In this note I revisit Heckman's proposal, [Heckman, 1974], to specify a static labour supply model using a simple formulation for the Marginal Rate of Substitution between total expenditure on consumption and hours of work. I describe the analytical form of the expenditure function and I show how the direct and indirect utility functions can be recovered. I propose an alternative specification for the MRS and in this case I describe analytically the labour supply functions, the indirect and direct utility functions as well as the expenditure function.

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  • 438.
    Lanot, Gauthier
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Bingley, Paul
    SFI - Danish National Centre for Social Research.
    Pension benefit reform and the substitution of older for younger workers2014Conference paper (Refereed)
    Abstract [en]

    Early pension benefits encourage workers to retire before normal pensionable age. The age structure ofemployment reflects the relative prices of retaining workers of different ages. We use a recent reform to pension benefits in Denmark to analyze the relationship between the wages and employment of workers ofdifferent ages at the firm level. We find that the reform changed retirement ages of unskilled workers – the group with lowest wages and largest replacement rate changes due to the reform. This provides instrumental variables by which to identify parameters of a CES production function. For this group of unskilled workers we are able to estimate the elasticity of substitution between old and young at the firm level to be unity – they are perfect substitutes.

  • 439.
    Lanot, Gauthier
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Hartley, Roger
    University of Manchester.
    Walker, Ian
    Lancaster University.
    Who really wants to be a millionaire?: estimates of risk aversion from gameshow data2014In: Journal of applied econometrics (Chichester, England), ISSN 0883-7252, E-ISSN 1099-1255, Vol. 29, no 6, p. 861-879Article in journal (Refereed)
    Abstract [en]

    This paper estimates the degree of risk aversion from one of the most popular TV gameshows ever. The format of the show is straightforward; it involves no strategic decision making; we have a large number of observations; and the prizes are cash, which is paid immediately and covers a large range: from 100 pound up to 1 pound million. We provide non-parametric estimates of the utility function and then we test some parametric restrictions. We find that, although the restriction to CRRA utility is statistically rejected, a log function approximates the utility function quite well over a large range of potential winnings.

  • 440.
    Lanot, Gauthier
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Leece, David
    Keele University.
    Mortgage loan characteristics, unobserved heterogeneity and the performance of United Kingdom securitised sub-prime loansManuscript (preprint) (Other academic)
    Abstract [en]

    The research estimates a competing risk model of mortgage terminations on samples of UK securitised subprime mortgages. Given the argued role of these types of loan in the recent financial crisis then it is important to better understand their performance and supposed idiosyncratic behaviour. The methodological and empirical advance is the use of a general, flexible modelling of unobserved heterogeneity over several dimensions, controlling for both selection issues involving initial mortgage choices and dynamic selection over time. Moreover, we estimate specific coefficients for this unobserved heterogeneity and determine the correlation between the unobserved components of default and prepayment. The paper demonstrates the need for researchers and practitioners to jointly estimate household choices whiles controlling for selectivity through unobserved heterogeneity.

  • 441.
    Lanot, Gauthier
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Leece, David
    Keele University.
    Mortgage Loan Characteristics, Unobserved Heterogeneity and the Performance of United Kingdom Securitized Subprime Loans2016In: Real estate economics (Print), ISSN 1080-8620, E-ISSN 1540-6229, Vol. 44, no 4, p. 771-813Article in journal (Refereed)
    Abstract [en]

    We estimate a competing risk model of mortgage terminations on samples of U.K. securitized subprime mortgages. Given the role of these loans in the recent financial crisis it is important to understand their performance and supposed idiosyncratic behavior. We use a flexible modelling of unobserved heterogeneity over several dimensions, controlling for selection issues involving initial mortgage choices and dynamic selection over time. We estimate the characteristics of the unobserved heterogeneity and determine the correlation between the unobserved components of default and prepayment. The paper demonstrates the need to estimate initial household choices and the durations to default or prepayment jointly.

  • 442.
    Lanot, Gauthier
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Sousounis, Panos
    Keele Management School, Keele University, Keele, ST5 5BG, UK.
    The Minimum Wage and a Non-Competitive Market for QualificationsManuscript (preprint) (Other academic)
    Abstract [en]

    In this paper we consider an equilibrium model of demand and supply for several qualifications first in a competitive setting and then in a non-competitive setting. We propose a tractable analytical framework, i.e. when workers choose between qualifications according to a multinomial logit model of choice and when a CES production function describes the substitutions possibilities between the different types of labour. While in the competitive case the effects of the minimum wage are those we expect, in the imperfectly competitive case we find that a minimum wage can create unemployment and we find that the welfare of the population as a function of the minimum wage is not unimodal. We show furthermore that allowing one qualification to be exempted from the minimum wage does not mean that its relative demand is unaffected by changes to the minimum wage.

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  • 443.
    Lanot, Gauthier
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Sousounis, Panos
    The national minimum wage and the substitutability between young and old workers in low paid occupations2017In: Manchester School, ISSN 1463-6786, E-ISSN 1467-9957, Vol. 85, no 5, p. 601-633Article in journal (Refereed)
    Abstract [en]

    We study the effect of the National Minimum Wage (NMW) on the work force age composition within the low paying sectors of the British economy. Our interest is in the degree of substitutability between labour inputs (young and old employees). We find evidence that both the introduction and the regular upratings of the NMW have a significant effect on the observed changes to the relative wages and tothe relative wage bills but not to relative employment. We estimatethe elasticity of substitution, between “young” age groups and older workers (55+) to be zero, while that of “prime” (22+) age and older workers, to be around 0.79. Our estimates therefore imply significant complementarity between younger and old employees.

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  • 444.
    Lanot, Gauthier
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Sousounis, Panos
    Keele University, United Kingdom.
    The rate of substitution between low pay workers and the national minimum wageManuscript (preprint) (Other academic)
  • 445.
    Lanot, Gauthier
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Sousounis, Panos
    Keele University, UK.
    The Substitution Rate between Low Pay Workers and the National Minimum Wage2013Report (Other academic)
  • 446.
    Lanot, Gauthier
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Vesterberg, Mattias
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    An empirical model of the decision to switch between electricity price contracts2019In: Journal of Business Analytics, ISSN 2573-234X, Vol. 2, no 1Article in journal (Refereed)
    Abstract [en]

    In this paper, we explore how sensitive the timing of switches between electricity contracts is to current and past prices. We present a model for time series of individual binary decisions which depends on the history of past and present prices. The model is based on the Bayesian learning procedure which is at the core of sequential decision-making. Given a-priori distributions of the information conditional on the state of the world, we show that the model captures dependence on past prices in a straightforward fashion. We estimate by maximum likelihood the parameters of the model on a sample of Swedish households who decide over time between competing electricity price contracts. The estimated parameters suggest that households do respond to prices by switching between contracts and that the response to price can be sizeable for alternative price processes. Importantly, the model structure implies that in general, the response to a price change will not be immediate but delayed.

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  • 447.
    Lanot, Gauthier
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Vesterberg, Mattias
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    The price elasticity of electricity demand when marginal incentives are very largeManuscript (preprint) (Other academic)
    Abstract [en]

     Using unique data on Swedish households, we measure the price elas- ticity of electricity demand for households facing a mandatory non-linear distribution tariffs where households are charged based on their maximum consumption during a month, and where the marginal incentives are very large. We estimate the price elasticity using both 2SLS and bunching esti- mators, and we find that the price elasticity is smaller than what previous literature on electricity demand have found. Furthermore, we illustrate why charging households based on maxi- mum consumption during a month leads to weak incentives in the end of the month, and discuss alternative tariff designs.

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  • 448.
    Lanza, Victor
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    The Classical Approach to Capital Accumulation: Classical Theory of Economic Growth2012Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
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    The Classical Approach to Capital Accumulation
  • 449.
    Larsson, Carl
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Tobaksskattens påverkan på konsumtionen av tobaksprodukter: -En studie av priselasticiteten för en beroendevara enligt Becker-Murphymodellen2012Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
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    Tobaksskattens påverkan på konsumtionen av tobaksprodukter
  • 450.
    Larsson, Cristofer
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Empirical revelation of the Austrian business cycle theory in Japan2019Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The Austrian business cycle theory suggest that monetary policies can change relative prices in the economy, leadings to unsustainable changes in the structure of production and ultimately decreasing efficiency as the structure of production corrects. This paper uses VAR and VEC estimations with Impulse Response Functions to extract the impact of Japanese monetary policies on domestic structure of production, as defined in the Austrian capital theory, between the years 1983 and 2017. The measures of stages of production is calculated in similar manner as previous research by Lester & Wolff (2013). This means that early and late stage indexes of producer prices and production is normalized by intermediate stage indexes of producer prices and production. The findings are mixed between the different approaches utilized to capture the stance of monetary policies. However, the results suggest that the short-term target Policy rate of the Bank of Japan have had a negative correlation with early- and late stage production relative to intermediate production, which is reasonably in line with the conventional version of the Austrian business cycle theory.

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    Empirical revelation of the Austrian business cycle theory in Japan
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