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  • 51.
    Aronsson, Thomas
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Johansson-Stenman, Olof
    Göteborgs universitet.
    Sjögren, Tomas
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Social Comparisons and Optimal Taxation in a Small Open Economy2019In: Scandinavian Journal of Economics, ISSN 0347-0520, E-ISSN 1467-9442, Vol. 121, no 4, p. 1500-1532Article in journal (Refereed)
    Abstract [en]

    In this paper, we analyze how international capital mobility affects the optimal labor and capital income tax policy in a small open economy when consumers care about relative consumption. The main results crucially depend on whether the government can tax returns on savings abroad. If the government can use flexible residence-based capital income taxes, then the optimal policy rules from a closed economy largely carry over to the case of a small open economy. If it cannot, then capital income taxes become completely ineffective. The labor income taxes must then indirectly also reflect the corrective purpose that the absent capital income tax would have had.

  • 52.
    Aronsson, Thomas
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Johansson-Stenman, Olof
    Göteborgs universitet.
    Wendner, Ronald
    University of Graz, Österrike.
    Charity as income redistribution: a model with optimal taxation, status, and social stigma2019Report (Other academic)
    Abstract [en]

    In light of the increasing inequality in many countries, this paper analyzes redistributive charitable giving from the rich to the poor in a model of optimal nonlinear income taxation. Our framework integrates (i) public and private redistribution, (ii) the warm glow of giving and stigma of receiving charitable donations, and (iii) status concerns emanating from social comparisons with respect to charitable donations and private consumption. Whether charity should be taxed or supported largely depends on the relative strengths of the warm glow of giving and the stigma of receiving charity, respectively, and on the positional externalities caused by charitable donations. In addition, imposing stigma on the mimicker (which relaxes the self-selection constraint) strengthens the case for subsidizing charity. We also consider a case where the government is unable to target the charitable giving through a direct tax instrument, and we examine how the optimal marginal income tax structure should be adjusted in response to charitable giving. Numerical simulations demonstrate that the quantitative effects of the aforementioned mechanisms can be substantial.

  • 53.
    Aronsson, Thomas
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Johansson-Stenman, Olof
    Göteborgs universitet.
    Wendner, Ronald
    Úniversity of Graz, Österrike.
    Charity, status, and optimal taxation: welfarist and paternalist approaches2019Report (Other academic)
    Abstract [en]

    This paper deals with tax policy responses to charitable giving, defined in terms of voluntary contributions to a public good, to which the government also contributes through public revenue; the set of tax instruments contains general, nonlinear taxes on income and charitable giving. In addition to consumption, leisure and a public good, individuals obtain utility from the warm glow of giving and social status generated by their relative contributions to charity as well as their relative consumption compared with others. We analyze the conditions under which it is optimal to tax or subsidize charitable giving and derive corresponding optimal policy rules. Another aim of the paper is to compare the optimal tax policy and public good provision by a conventional welfarist government with those by two kinds of paternalist governments: The first kind does not respect the consumer preferences for status in terms of relative giving and relative consumption, while the second kind in addition does not respect preferences for warm glow of giving. The optimal policy rules for marginal taxation and public good provision are similar across governments, except for the stronger incentive to tax charitable giving at the margin under the more extensive kind of paternalism. Numerical simulations supplement the theoretical results.

  • 54.
    Aronsson, Thomas
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Johansson-Stenman, Olof
    Göteborgs universitet.
    Wendner, Ronald
    University of Graz.
    Redistribution through Charity and Optimal Taxation when People are Concerned with Social Status2016Report (Other academic)
  • 55.
    Aronsson, Thomas
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Löfgren, Karl-Gustaf
    Umeå University, Faculty of Social Sciences, Department of Economics.
    National product related welfare measures in the presence of technological change, externalities and uncertainty2011In: Green national accounting and sustainability / [ed] Chuan-Zhong Li och Karl-Gustaf Löfgren, Cheltenham: Edward Elgar Publishing, 2011, p. 178-189Chapter in book (Refereed)
    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.

  • 56.
    Aronsson, Thomas
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Mannberg, Andrea
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Positional preferences for housing: income taxation as a second best policy2014Report (Other academic)
    Abstract [en]

    This paper analyzes whether marginal taxation of labor and capital income might be useful second best instruments for internalizing the externalities caused by conspicuous housing consumption, when the government is unable to implement a first best corrective tax on housing wealth. The rationale for studying income taxation in this particular context is that first best taxes on housing wealth may be infeasible (at least in a shorter time perspective), while income taxes indirectly affect both the level and composition of accumulated wealth. We show that a suboptimally low tax on housing wealth provides an incentive for the government to subsidize financial saving and tax labor income at the margin.

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  • 57.
    Aronsson, Thomas
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Mannberg, Andrea
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics. Tromsø University Business School, Tromsø, Norway.
    Relative consumption of housing: marginal saving subsidies and income taxes as a second-best policy?2015In: Journal of Economic Behavior and Organization, ISSN 0167-2681, E-ISSN 1879-1751, Vol. 116, p. 439-450Article in journal (Refereed)
    Abstract [en]

    This paper analyzes whether marginal taxation of labor and capital income are useful second best instruments for internalizing the externalities caused by conspicuous housing consumption, when the government is unable to implement a first best corrective tax on housing wealth. The rationale for studying income taxation in this particular context is that first best taxes on housing wealth may be infeasible (at least in a shorter time perspective), while income taxes indirectly affect both the level and composition of accumulated wealth. We show that a suboptimally low tax on housing wealth provides an incentive for the government to subsidize financial saving and tax labor income at the margin.

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  • 58.
    Aronsson, Thomas
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Mannberg, Andrea
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Self-Control Problems and Conspicuous Housing Consumption: Implications for Tax Policy2013Report (Other academic)
  • 59.
    Aronsson, Thomas
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Micheletto, Luca
    University of Milan.
    Optimal Redistributive Income Taxation and Efficiency Wages2017Report (Other academic)
  • 60.
    Aronsson, Thomas
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Micheletto, Luca
    Milan State University.
    Optimal Redistributive Income Taxation and Efficiency Wages2020In: Scandinavian Journal of Economics, ISSN 0347-0520, E-ISSN 1467-9442Article in journal (Refereed)
    Abstract [en]

    In this paper, we integrate efficiency wage setting with the theory of optimal redistributive income taxation. In doing so, we use a model with two skill types, where efficiency wage setting characterizes the labor market faced by the low‐skilled, whereas the high‐skilled face a conventional, competitive labor market. We show that the marginal income tax implemented for the high‐skilled is negative under plausible assumptions. The marginal income tax facing the low‐skilled can be either positive or negative, in general. An increase in unemployment benefits contributes to a relaxation of the binding self‐selection constraint, which makes this instrument particularly useful from the perspective of redistribution.

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  • 61.
    Aronsson, Thomas
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Micheletto, Luca
    Uppsala Center for Fiscal Studies (UCFS), Uppsala University, SE 753 13 Uppsala, Sweden; Bocconi University, Italy .
    Sjögren, Tomas
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    A Note on Public Goods in a Decentralized Fiscal Union: Implications of a Participation Constraint2014In: Journal of Urban Economics, ISSN 0094-1190, E-ISSN 1095-9068, Vol. 84, p. 1-8Article in journal (Refereed)
    Abstract [en]

    This paper re-examines the question of whether federal ex-post redistribution in terms of public funds leads to under-provision of public goods when member states may leave the economic federation. We show that federal ex-post redistribution under a binding participation constraint does not necessarily mean under-provision of local and federal public goods.

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  • 62.
    Aronsson, Thomas
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Micheletto, Luca
    Sjögren, Tomas
    Umeå University, Faculty of Social Sciences, Department of Economics.
    A Note on Public Goods in a Voluntary Federal Union: Implications of a Participation Constraint2012Report (Other academic)
  • 63.
    Aronsson, Thomas
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Micheletto, Luca
    Bocconi University, Milan, Italy.
    Sjögren, Tomas
    Umeå University, Faculty of Social Sciences, Department of Economics.
    Public Goods in a Voluntary Federal Union: Implications of a Participation Constraint2012Report (Other academic)
  • 64.
    Aronsson, Thomas
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Persson, Lars
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Decentralized fiscal federalism revisited: Optimal income taxation and public goods under horizontal leadership2012In: Economics Letters, ISSN 0165-1765, E-ISSN 1873-7374, Vol. 117, no 1, p. 223-226Article in journal (Refereed)
    Abstract [en]

    This paper concerns optimal taxation and public goods in an economic federation with decentralized leadership, where one lower level government is the first mover also in the horizontal dimension. Under plausible assumptions, horizontal leadership reinforces the incentives created by decentralized leadership.

  • 65.
    Aronsson, Thomas
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Persson, Lars
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Sjögren, Tomas
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Mixed Taxation and Transboundary Externalities: A Model with Large Jurisdictions2014In: Public Finance Review, ISSN 1091-1421, E-ISSN 1552-7530, Vol. 42, no 2, p. 254-282Article in journal (Refereed)
    Abstract [en]

    This paper concerns income taxation and commodity taxation in a multi-jurisdiction framework with transboundary environmental damage. The decision-problem facing the government in each such jurisdiction is represented by a two-type model (with asymmetric information between the government and the private sector). We show how the possibility to influence the world-market producer price adds mechanisms of relevance for redistribution and externality-correction which, in turn, affect the domestic use of taxation. Finally, with the noncooperative Nash equilibrium as a reference case, we consider the welfare effects of policy coordination.

  • 66.
    Aronsson, Thomas
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Persson, Lars
    Umeå University, Faculty of Social Sciences, Department of Economics.
    Sjögren, Tomas
    Umeå University, Faculty of Social Sciences, Department of Economics.
    Mixed taxation, public goods and transboundary externalities: a model with large jurisdictions2008Report (Other academic)
    Abstract [en]

    This paper concerns income taxation, commodity taxation, production taxation and public good provision in a multi-jurisdiction framework with transboundary environmental damage. We assume that each jurisdiction is large in the sense that its government is able to influence the world-market producer price of the externality-generating commodity. The decision-problem facing the government in each such jurisdiction is represented by a two-type model (with asymmetric information between the government and the private sector). We show how the possibility to influence the world-market producer price adds mechanisms of relevance for redistribution and externality-correction which, in turn, affect the domestic use of taxation and public goods. Finally, with the noncooperative Nash equilibrium as a reference case, we consider the welfare effects of policy coordination.

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  • 67.
    Aronsson, Thomas
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Schöb, Ronnie
    Adaptation, Anticipation-Bias and Optimal Income Taxation2012Report (Other academic)
    Abstract [en]

    Adaptation is omnipresent but people systematically fail to correctly anticipate the degree to which they adapt. This leads individuals to make inefficient intertemporal decisions. This paper concerns optimal income taxation to correct for such anticipation-biases in a framework where consumers adapt to earlier consumption levels through a habit-formation process. The analysis is based on a general equilibrium OLG model with endogenous labor supply and savings where each consumer lives for three periods. Our results show how a paternalistic government may correct for the effects of anticipation-bias through a combination of time-variant marginal labor income taxes and savings subsidies. Furthermore, the optimal policy mix remains the same, irrespective of whether consumers commit to their original life-time plan for work hours and savings decided upon in the first period of life or re-optimize later on when realizing the failure to adapt.

  • 68.
    Aronsson, Thomas
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Schöb, Ronnie
    Freie Universität, Berlin.
    Adaptation, taxation and public goods2014Report (Other academic)
    Abstract [en]

    This paper shows how the first-best and second-best rules for optimal public good provision depend on the adaptation to private and public consumption. Adaptation in private consumption typically leads to over-provision relative to the Samuelson condition, while adaptation in public consumption works the other way around. The two sources of adaptation only cancel out in the extreme case of full adaptation.

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  • 69.
    Aronsson, Thomas
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Schöb, Ronnie
    Freie Universität, Berlin.
    Climate change and psychological adaptation: a behavioral environmental economics approach2014Report (Other academic)
    Abstract [en]

    Economic models of climate policy (or policies to combat other environmental problems) typically neglect psychological adaptation to changing life circumstances. People may adapt or become more sensitive, to different degrees, to a deteriorated environment. The present paper addresses these issues in a simple model of tax policy to combat climate change and elaborates on the consequences for optimal climate policies, and argues from a normative point of view that psychological adaptation needs to be taken into account by a pure welfarist government, which aims at internalizing an intertemporal externality.

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  • 70.
    Aronsson, Thomas
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Schöb, Ronnie
    Climate change and psychological adaptation: A behavioral environmental economics approach2018In: Journal of Behavioral and Experimental Economics, ISSN 2214-8043, E-ISSN 2214-8051, Vol. 74, p. 79-84Article in journal (Refereed)
    Abstract [en]

    Economic models of climate policy (or policies to combat other environmental problems) typically neglect psychological adaptation to changing life circumstances. People may adapt, to different degrees, to a deteriorated environment. The present paper addresses these issues in a model of optimal tax policy to combat climate change and discusses the consequences for optimal climate policies. Furthermore, from a normative-methodological point of view, we argue that psychological adaptation needs to be taken into account even by a pure welfarist policy maker, who aims at internalizing an intertemporal externality.

  • 71.
    Aronsson, Thomas
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Schöb, Ronnie
    Freie Universität, Berlin.
    Consumption adaptation, anticipation-bias, and optimal income taxation2017In: Journal of Public Economic Theory, ISSN 1097-3923, E-ISSN 1467-9779, Vol. 19, no 3, p. 713-731Article in journal (Refereed)
    Abstract [en]

    Adaptation is omnipresent but people systematically fail to correctly anticipate the degree to which they adapt, leading them to make irrational intertemporal decisions. This paper concerns optimal income taxation to correct for such anticipation-biases in a framework where consumers adapt to earlier consumption levels. The analysis is based on a general equilibrium OLG model with endogenous labor supply and savings where each consumer lives for three periods. The results show how a paternalistic government may correct for the effects of anticipation-bias through a combination of time-variant-marginal labor income taxes and savings subsidies/taxes. The optimal policy mix remains the same, irrespective of whether consumers commit to their original life time plan for work hours and consumption or reoptimize later on when realizing that they have already adapted more than expected.

  • 72.
    Aronsson, Thomas
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Schöb, Ronnie
    Freie Universität, Berlin.
    Habit Formation and the Pareto-Efficient Provision of Public Goods2017Report (Other academic)
  • 73.
    Aronsson, Thomas
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Sjögren, Tomas
    Umeå University, Faculty of Social Sciences, Department of Economics.
    Income Taxation, Commodity Taxation and Provision of Public Goods under Labor Market Distortions2003In: FinanzArchiv, Vol. 59, no 3, p. 347-370Article in journal (Refereed)
  • 74.
    Aronsson, Thomas
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Sjögren, Tomas
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Optimal Taxation, Redistribution, and Environmental Externalities2017Report (Other academic)
  • 75.
    Aronsson, Thomas
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Sjögren, Tomas
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Optimal Taxation, Redistribution, and Environmental Externalities2017In: International Review of Environmental and Resource Economics, ISSN 1932-1465, E-ISSN 1932-1473, Vol. 11, no 3, p. 233-308Article in journal (Refereed)
    Abstract [en]

    This paper surveys research on optimal redistributive taxation in economies with environmental externalities. A key question is whether externality correction only motivates an adjustment of the tax policy rule for the externality-generating activity, or whether the marginal value of the externality directly enters the policy rules for other tax instruments as well. In a static benchmark model with an atmospheric consumption externality, where the government uses a mix of a nonlinear income tax and linear commodity taxes, one can show that Sandmo's (1975) additivity property applies. This means that externality correction leads to an additional term (measuring the marginal value of the externality) in the commodity tax formula for the externality-generating good, while the policy rules for commodity taxation of clean goods and marginal income taxation take the same form as in the absence of any externality. We also extend this benchmark model to capture a number of scenarios (such as non-atmospheric externalities, border trade in the externality-generating good, and competition between governments in a multi-country framework), where the additivity property no longer applies. We end by examining an intertemporal model of optimal taxation with a stock-externality, allowing us to integrate the study of optimal redistributive taxation with literature on environmental economics and policy based on dynamic models.

  • 76.
    Aronsson, Thomas
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Sjögren, Tomas
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Quasi-hyperbolic discounting, paternalism and optimal mixed taxation2016In: Mathematical Social Sciences, ISSN 0165-4896, E-ISSN 1879-3118, Vol. 84, p. 24-36Article in journal (Refereed)
    Abstract [en]

    This paper develops a dynamic model with endogenous labor supply, savings and health capital, where the consumers differ in ability as well as suffer from a self-control problem generated by quasi-hyperbolic discounting. The purpose is to analyze how a paternalistic government, which implements a time-consistent mix of labor income taxation, capital income taxation and commodity taxation, ought to use this tax system for purposes of redistribution and correction when individual ability is private information. Among the results, we show how the (nonlinear) income taxes ought to be used as indirect instruments for influencing the commodity demand behavior at the individual level: the intuition is that linear commodity taxes are not flexible enough to achieve proper incentives for consumption of unhealthy goods.

  • 77.
    Aronsson, Thomas
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Sjögren, Tomas
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Tax policy and present-biased preferences: paternalism under international capital mobility2014In: Journal of Economic Behavior and Organization, ISSN 0167-2681, E-ISSN 1879-1751, Vol. 106, no October, p. 298-316Article in journal (Refereed)
    Abstract [en]

    This paper deals with tax-policy responses to quasi-hyperbolic discounting. Earlier research on optimal paternalism typically abstracts from capital mobility. If capital is mobile between countries, it may no longer be possible for national governments to control domestic savings via capital taxation (as in a closed economy). In this paper, we take a broad perspective on public policy responses to self-control problems by showing how these responses vary (i) between closed and open economies, (ii) between small open and large open economies, and (iii) depending on whether or not both source based and residence based capital taxes can be used.

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  • 78.
    Aronsson, Thomas
    et al.
    Umeå University, Faculty of Social Sciences, Department of Economics.
    Sjögren, Tomas
    Umeå University, Faculty of Social Sciences, Department of Economics.
    Dalin, Torbjörn
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Optimal taxation and redistribution in an OLG model with unemployment2009In: International Tax and Public Finance, ISSN 0927-5940, E-ISSN 1573-6970, Vol. 16, no 2, p. 198-218Article in journal (Refereed)
  • 79.
    Auib Said, Victoria
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Re-visiting the Puzzle: The causal relationship between economic growth and financial development.Case Study of South Africa2012Independent thesis Advanced level (degree of Master (Two Years)), 10 credits / 15 HE creditsStudent thesis
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  • 80.
    Azarnia Sadat, Mona
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Mona Sadat Azarnia How migrants choose their destination country: The case of Sweden2013Independent thesis Advanced level (degree of Master (Two Years)), 10 credits / 15 HE creditsStudent thesis
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  • 81.
    B. Krishnamurthy, Chandra Kiran
    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. The Beijer Institute of Ecological Economics, The Royal Swedish Academy of Sciences.
    Optimal management of groundwater under uncertainty: a unified approach2017In: Environmental and Resource Economics, ISSN 0924-6460, E-ISSN 1573-1502, Vol. 67, no 2, p. 351-377Article in journal (Refereed)
    Abstract [en]

    Discrete-time stochastic models of management of groundwater resources have been extensively used for understanding a number of issues in groundwater management. Most models used suffer from two drawbacks: relatively simplistic treatment of the cost of water extraction, and a lack of important structural results (such as monotonicity of extraction in stock and concavity of the value function), even in simple models. Lack of structural properties impede both practical policy simulation and clarity of understanding of the resulting models and the underlying economics. This paper provides a unifying framework for these models in two directions; first, the usual cost function is extended to encompass cases where marginal cost of pumping depends on the stock and second, the analysis dispenses with assumptions of concavity of the objective function and compactness of the state space, using instead lattice-theoretic methods. With these modifications, a comprehensive investigation of which structural properties can be proved in each of the resulting cases is carried out. It is shown that for some of the richer models more structural properties may be proved than for the simpler model used in the literature. This paper also introduces to the resource economics literature an important method of proving convergence to a stationary distribution which does not require monotonicity in stock of resource. This method is of interest in a variety of renewable resource model settings.

  • 82.
    B. Krishnamurthy, Chandra Kiran
    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.
    Cioffi, Francesco
    University of Rome ‘La Sapienza’, Italy.
    Lall, Upmanu
    Columbia University, New York.
    Rus, Ester
    Thames Water Innovation Centre, Reading, UK.
    Space-time Structure of Extreme Precipitation in Europe over the last CenturyArticle in journal (Refereed)
  • 83.
    B. Krishnamurthy, Chandra Kiran
    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
    SLU Umeå.
    A cross-country analysis of residential electricity demand in 11 OECD-countries2015In: Resources and Energy Economics, ISSN 0928-7655, E-ISSN 1873-0221, Vol. 39, p. 68-88Article in journal (Refereed)
    Abstract [en]

    We provide consistent, cross-country estimates of price and income elasticity for households in 11 OECD countries. Using survey data from 2011 on annual consumption of electricity and sample-derived average electricity price, we provide country-specific price elasticity estimates and average income elasticity estimates. For most countries in our sample, we find strong price responsiveness, with elasticities varying (in absolute value) between 0.27 for South Korea and 1.4 for Australia, and higher than 0.5 for most countries. Exploiting the presence of many attitudinal indicators in the dataset, we provide evidence that non-price related factors to affect energy demand; in particular, households' self-reported energy savings behaviour reduces demand between 2 and 4%. In contrast, we find very weak income responsiveness, with income elasticities varying from 0.07 to 0.16 and no evidence for heterogeneity across the countries in our sample. Our results regarding price elasticity are in contrast with those of many existing studies which find low-to-moderate price responsiveness, and adds to a few recent studies indicating more policy space for demand reduction than previously thought.

  • 84.
    B. Krishnamurthy, Chandra Kiran
    et al.
    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. The Beijer Institute of Ecological Economics, Royal Swedish Academy of Sciences, Stockholm, Sweden.
    Kriström, Bengt
    Determinants of the Price-Premium for Green Energy: Evidence from an OECD Cross-Section2016In: Environmental and Resource Economics, ISSN 0924-6460, E-ISSN 1573-1502, Vol. 64, no 2, p. 173-204Article in journal (Refereed)
    Abstract [en]

    Using data from a survey of households in 11 OECD countries, this paper investigates the determinants of preferences for a completely green residential electricity system. Three important questions are addressed: (i) how much are households willing to pay to use only renewable energy? (ii) does willingness-to-pay (WTP) vary significantly across household groups and countries? and (iii) what drives the decision to enter the (hypothetical) market for green energy and, given entry, what drives the level of WTP? The analysis here differs from previous studies on green energy in two ways: first, data and analyses are comparable across countries and second, a comprehensive attempt is made to understand 0 WTP, and to accommodate-using a censored quantile regression (CQR) framework-unobserved heterogeneity. The survey data indicate a low WTP, at 11-12 % of current electric bill. This study also addresses a key question: how important is income for understanding WTP, relative to more "attitudinal" determinants? The effect of income overall appears ambiguous, with Tobit-like models indicating that income is not significant while the CQR indicates that income exerts a significant effect near the center of the distribution of WTP. Across all frameworks used, a key determinant of WTP appears to be environmental attitudes, particularly membership in an environmental organization.

  • 85.
    Babanskiy, Alexander
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Determinants of bank failures.: The case of Russia2012Independent thesis Advanced level (degree of Master (Two Years)), 10 credits / 15 HE creditsStudent thesis
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    Determinants of bank failures. The case of Russia
  • 86.
    Backlund, Daniel
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Finns det en prisbubbla på bostadsmarknaden i Stockholm och/eller Göteborg?: En empirisk studie på bostadsprisernas utveckling i Stockholm och Göteborg under perioden 1994-20142016Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [sv]

    Denna uppsats handlar om huruvida det finns en prisbubbla på Stockholms- ochGöteborgs bostadsmarknad under perioden 1994-2014 och om det eventuellt kommeruppstå en prisbubbla i framtiden.

    Prisutvecklingen på bostadsmarknaden under perioden 1994-2014 analyseras med hjälp av en empirisk studie, där ett flertal fundamentala faktorer förklarar prisutvecklingen påbostadspriserna i Stockholm och Göteborg. Syftet med uppsatsen är att avgöra ifallprisutvecklingen på bostadsmarknaden går förklara med hjälp av fundamentala faktorereller inte, ifall priserna kan anses normala eller om de kommer sjunka i framtiden.

    Av resultatet i uppsatsen framgår att det inte går avgöra huruvida en prisbubbla existerarpå bostadsmarknaden i Stockholm och Göteborg eller inte med hjälp av teorier frånHans Lind (2008) och Case & Shiller (2004). Däremot finns det faktorer påbostadsmarknaden som hintar om en eventuell prisbubbla i framtiden. Bland annat harden procentuella kostnaden minskat samtidigt som bostadspriserna ökat. Gapet mellanbostadsprisförändringar och inkomstförändringar har även ökat markant understudieperioden.

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  • 87.
    Backlund, Kenneth
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    On the Role of Green Taxes in Social Accounting2003In: Environmental and Resource Economics, ISSN 0924-6460, E-ISSN 1573-1502, ISSN 0924-6460, Vol. 25, p. 33-50Article in journal (Refereed)
  • 88.
    Backlund, Kenneth
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    On the Role of Green Taxes in Social Accounting2003In: Environmental and Resource Economics, ISSN 0924-6460, E-ISSN 1573-1502, ISSN ISSN 0924-6460, no 25, p. 33-50Article in journal (Refereed)
  • 89.
    Backlund, Kenneth
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Sjögren, Tomas
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Stage, Jesper
    Luleå Tekniska Universitet.
    Optimal Tax and Expenditure Policy in the Presence of Emigration: Are Credit Restrictions Important?2014In: Indian Growth and Development Review, ISSN 1753-8254, E-ISSN 1753-8262, Vol. 7, no 2, p. 98-117Article in journal (Refereed)
    Abstract [en]

    Purpose - Empirical studies have found an 'inverted U-curve' relationship between emigration and per capita income. In this paper, a theoretical underpinning for this phenomenon is presented based on credit restrictions. The implications for tax policy are also analyzed.Design/methodology/approach - Using an intertemporal general equilibrium model, the authors characterize how the presence of an 'inverted U-curve' relationship between emigration and per capita income will influence the optimal tax and expenditure policy in a country where agents have the option to move abroad.Findings - Among the results it is shown that if age dependent taxes are available, the presence of an 'inverted U-curve' provides an incentive to tax young labor harder, but old labor less hard, than otherwise.

  • 90.
    Baishokanova, Shynar
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    How Consumers Value Health Related Food Characteristics2010Independent thesis Advanced level (degree of Master (Two Years)), 10 credits / 15 HE creditsStudent thesis
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  • 91.
    Bastiampillai, Vilton
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    En jämförelse mellan tre portföljvalsstrategier2015Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
  • 92.
    Bastiampillai, Vilton
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Income Velocity and Institutional Change: Seven Countries, 1960 - 20152018Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    This paper examines whether institutional factors in addition to income and interest rate can explain the long-run behaviour of velocity for the U.S., U.K., Canada, Japan, Sweden, Norway,and Denmark. To understand this, multivariate co-integration and error correction modelling approach will be used along with over a half-century of annual data. Changes in institutional proxies, such as monetization and financial development make a significant contribution to the determination of velocity in some countries studied. Evidence suggests, there is a unique longrun relationship of income velocity in a model which includes institutional factors. However, it rejects the hypothesis of co-integration between velocity and the traditional determinants for almost all countries considered. Moreover, the empirical results indicate that interest rate, percapita income, bank deposit to income and bank assets to income affect velocity negatively while currency-money ratio has a significant positive effect on velocity.

  • 93.
    Bedikanli, Mervan
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Quantitative easing and US stock prices: A study on unconventional monetary policy and its long-term effects on stocks2020Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Conventional monetary policy has traditionally been conducted through changes in the interest rate, in order to adjust the economy back to equilibrium by targeting stable inflation and prices. However, after the financial crisis in 2008, many central banks found themselves in the Zero Lower Bound, where interest rates were close to zero and conventional expansionary monetary policy was therefore ineffective. In order to combat this problem, central banks turned to quantitative easing (QE), which essentially boils down to large-scale asset purchases (LSAP’s) pursued by the central bank, resulting in increased liquidity in markets, with the purpose of stimulating the economy.

    This paper analyses the Federal Reserve Banks (FED) LSAP’s and how this has affected stock prices in the US. In doing this, the size of the FED’s balance sheet is used, since it directly captures the size of the LSAP’s and therefore acts as measurement of QE as conducted by the FED. Regarding stock prices, the Standard and Poor’s 500 stock index is used, which represents 500 major firms in the US. The analysis is carried out by using the Error Corrected (EC) version of the Autoregressive distributed-lagged model (ADL), with the purpose of evaluating the existence of a long-run relationship between the variables in the econometrical model. The results show that there is a statistically significant positive long-run relationship between the FED’s balance sheet and stock prices.

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    Quantitative easing and US stock prices
  • 94.
    Bedikanli, Mervan
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    The effects of central bank independence on inflation: A study on OECD-countries2018Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The ever-growing trends of globalization and open capital markets have changed world economics and the cooperation of monetary and political institutions. Since the breakdown of the Bretton-Woods system, defending the home currency has no longer been the main target for central banks. While flexible exchange rate regimes started dominating the area of economics, the role of the central banks changed simultaneously. Central banks nowadays focus on price stabilization, which has led to the targeting of low and stable inflation rates. Simultaneously, these new policies have increased the need for independence for central banks, in order for them to pursue their new policies. This paper analyzes whether central bank independence has an effect on inflation. The test is applied on 31 OECD-countries, over the time-span of 1998-2010. By the use of both fixed and random effects regression, higher central bank independence appears to have negative effect on inflation.

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  • 95.
    Belyaev, Yuri K
    et al.
    Umeå University, Faculty of Science and Technology, Department of Mathematics and Mathematical Statistics.
    Håkansson, C
    Kriström, Bengt
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Rounding it up! Interval and open ended valuation questions.2009Report (Other academic)
  • 96.
    Belyaev, Yuri K
    et al.
    Umeå University, Faculty of Science and Technology, Department of Mathematics and Mathematical Statistics.
    Kriström, Bengt
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Approach to analysis of self-selected interval data2010Report (Other academic)
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    fulltext
  • 97.
    Belyaev, Yuri K
    et al.
    Department of forest economics, SLU.
    Kriström, Bengt
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics. CERE, Centre for environmental and resource economics, SLU.
    Two-step approach to self-selected interval data in elicitation surveys2012Report (Other academic)
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    fulltext
  • 98.
    Berck, Peter
    et al.
    University of California, Berkeley.
    Tano, Sofia
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Westerlund, Olle
    Umeå University, Faculty of Social Sciences, Department of Economics. Umeå University, Faculty of Social Sciences, Centre for Population Studies (CPS).
    Regional sorting of human capital: the choice of location among young adults in Sweden2016In: Regional studies, ISSN 0034-3404, E-ISSN 1360-0591, Vol. 50, no 5, p. 757-770Article in journal (Refereed)
    Abstract [en]

    Migration rates are highest among young adults, especially students, and their location choices affect the regional distribution of human capital, growth and local public sector budgets. Using Swedish register data on young adults, the choice of whether to enroll in education and the choice of location are estimated jointly. The results indicate a systematic selection into investment in further education based on school grades and associated preferences for locations with higher per capita tax bases. For students, the estimates indicate lower preferences for locations with higher shares of older people.  The importance of family networks for the choice of location is confirmed.    

  • 99.
    Berck, Peter
    et al.
    Department of Agricultural and Resource Economics and Policy, University of California, Berkeley, USA.
    Tano, Sofia
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Westerlund, Olle
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics. Jyväskylä University School of Business and Economics, Jyväskylä, Finland.
    Regional sorting of human capital: the choice of location among young adults in Sweden2014Report (Other academic)
    Abstract [en]

    Migration rates are highest among young adults, especially students, and their location choices affect the regional distribution of human capital, growth and local public sector budgets. Using Swedish register data on young adults, the choice of whether to enroll in education and the choice of location are estimated jointly. The results indicate a systematic selection into investment in further education based on school grades and associated preferences for locations with higher per capita tax bases. For students, the estimates indicate lower preferences for locations with higher shares of older people.  The importance of family networks for the choice of location is confirmed. 

  • 100.
    Berglund, Elisabet
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Brännäs, Kurt
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Plants' entry and exit in Swedish municipalities2001In: The annals of regional science, ISSN 0570-1864, E-ISSN 1432-0592, Vol. 35, no 3, p. 431-448Article in journal (Refereed)
    Abstract [en]

    Plants' entry and exit behaviour in Swedish municipalities are studied within a fixed-effect, integer-valued autoregressive model. Based on eight industrial sectors, 1985-1993, and all municipalities, models are estimated by a generalized method of moment estimator. Influences on entry and exit are systematic and spatially as well as temporally variable. Responses to explanatory variables differ between sectors. Average income, local unemployment and higher education are found to be important determinants of both entry and exit across sectors.

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