| 1. |
- Aronsson, Thomas, 1963-, et al.
(författare)
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An introduction to the theory of social accounting
- 2010
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Ingår i: Handbook of environmental accounting. - Cheltenham : Edward Elgar Publishing. - 9781847203847 - 9781849805704 ; , s. 1-27
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Bokkapitel (refereegranskat)
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| 2. |
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| 3. |
- Aronsson, Thomas, 1963-, et al.
(författare)
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Genuine saving and the social cost of taxation
- 2012
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Ingår i: Journal of Public Economics. - Amsterdam : Elsevier. - 0047-2727 .- 1879-2316. ; 96:1-2, s. 211-217
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Tidskriftsartikel (refereegranskat)abstract
- Following the 1987 report by The World Commission on Environment and Development, the genuine saving has come to play a key role in the context of sustainable development, and the World Bank regularly publishes numbers for genuine saving on a national basis. However, these numbers are typically calculated as if the tax system is non-distortionary. This paper presents an analogue to genuine saving in a second best economy, where the government raises revenue by means of distortionary taxation. We show how the social cost of public debt, which depends on the marginal excess burden, ought to be reflected in the genuine saving. By presenting calculations for Greece, Japan, Portugal, U.K., U.S. and OECD average, we also show that the numbers published by the World Bank are likely to be biased and may even give incorrect information as to whether the economy is locally sustainable.
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| 4. |
- Aronsson, Thomas, 1963-, et al.
(författare)
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National product related welfare measures in the presence of technological change, externalities and uncertainty
- 2011
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Ingår i: Green national accounting and sustainability. - Cheltenham : Edward Elgar Publishing. - 9781848446915 - 1848446918 ; , s. 178-189
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Bokkapitel (refereegranskat)abstract
- 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.
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| 5. |
- Aronsson, Thomas, 1963-, et al.
(författare)
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On output of the Swedish education sector : Additional remarks
- 1999
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Ingår i: The Review of Income and Wealth. - : John Wiley & Sons. - 0034-6586 .- 1475-4991. ; 45:4, s. 535-542
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Tidskriftsartikel (refereegranskat)abstract
- The main purpose of this paper is to relate the empirical attempt of measuring output from the education sector to theoretical results about the welfare significance of an extended net national product (NNP) measure. We show that economic theory provides a more focused way of interpreting such output estimates, which has not been recognized in previous studies. The paper also contains new estimates of the output from the Swedish education sector.
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| 6. |
- Aronsson, Thomas, 1963-, et al.
(författare)
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Welfare equivalent NNP and habit formation
- 2008
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Ingår i: Economics Letters. - : Elsevier BV. - 0165-1765 .- 1873-7374. ; 98:1, s. 84-88s
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Tidskriftsartikel (refereegranskat)abstract
- This note concerns the importance of habit formation for social accounting. With internal habit formation, earlier procedures for welfare measurement in the first best apply with minor modifications. This result strengthens the idea behind using the comprehensive net national product as a welfare indicator. If, on the other hand, part of the habit formation is exogenous to each consumer, the exact welfare measure will also reflect the associated external effect.
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| 7. |
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| 8. |
- Gong, Peichen, et al.
(författare)
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Did Pressler fully understand how to use the indicator per cent?
- 2010
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Ingår i: Journal of Forest Economics. - : Elsevier. - 1104-6899 .- 1618-1530. ; 16:3, s. 195-203
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Tidskriftsartikel (refereegranskat)abstract
- A classical problem in forest economics is the determination of the optimal rotation age. It is commonly acknowledged that Martin Faustmann and Max Robert Pressler contributed the most to the solution of this problem. Faustmann formulated the renowned land expectation value formula, which laid the foundation for economic analyses of the optimal rotation problem. He also provided several hints on how to correctly solve the problem. Pressler's work focused on the growth of the capital in a forest stand. He invented the concept of Indicator Per Cent, and argued that the Indicator Per Cent should be used to guide forestry decision-making. Pressler correctly stated how to use the Indicator Per Cent to determine when a stand should be harvested. However, his suggestions about the choice among silviculture options indicate that he did not fully understand the economic implication of the Indicator Per Cent.
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| 9. |
- Gong, Peichen, et al.
(författare)
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Economic evaluation of biotechnological progress : The effect of changing management behavior
- 2013
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Ingår i: Natural Resource Modeling. - : Wiley. - 0890-8575 .- 1939-7445. ; 26:1, s. 26-52
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Tidskriftsartikel (refereegranskat)abstract
- The paper assesses the welfare effects of biotechnological progress, as exemplified by tree improvements, using a partial equilibrium model. Timber demand is assumed to be stochastic and the distributions of its coefficients known. The coefficients of a log-linear supply function are determined by maximizing the expected present value of the total surplus of timber production, both in the presence and in the absence of genetically improved regeneration materials. The supply functions are then used to estimate the expected present values of the total surplus in different cases through simulation. These estimates enable us to assess the direct effect and the effect of changing harvest behavior on the expected present value of the total surplus. The main results of the study are (i) the presence of genetically improved regeneration materials has significant impacts on the aggregate timber supply function; (ii) the application of genetically improved regeneration materials leads to a significant increase in the expected present value of the total surplus; and (iii) a considerable proportion of the welfare gain results from the change in harvest behavior. A conclusion we draw from this study is that ignoring the influences of technological and policy changes on behavior can lead to significantly biased welfare estimates. We view the model as a potential approach to conducting counterfactual policy comparisons in economics without forward-looking data.
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| 10. |
- Gong, Peichen, et al.
(författare)
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The impacts of risk aversion on optimal rotation
- 2008
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Ingår i: Natural Resource Modeling. - Oxford : John Wiley & Sons. - 0890-8575 .- 1939-7445. ; 21:3, s. 385-415
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Tidskriftsartikel (refereegranskat)abstract
- This paper examines the effect of risk aversion on the optimal rotation when the stumpage price is stochastic. Assuming that the stumpage price is normally distributed, we show that the optimal rotation under risk aversion may be shorter than, equal to, or longer than the corresponding optimal rotation under risk neutrality. Which of these cases holds true depends on the interest rate and the real regeneration cost, and can be determined based on the marginal variance (i.e., the derivative of the variance function with respect to rotation age) evaluated at the optimal rotation under risk neutrality. Furthermore, we show that there exists a monotone continuous curve, which divides the interest rate-regeneration cost space into two regions where risk aversion affects the optimal rotation differently. For a given interest rate, risk aversion shortens (prolongs) the optimal rotation if the regeneration cost lies below (above) the curve. Along the separating curve the optimal rotation under risk aversion coincides with the optimal rotation under risk neutrality. Two examples are presented to demonstrate the separating curve and the impacts of risk aversion on the optimal rotation.
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