scholarly journals Trade and Resource Sustainability with Asset Markets

2021 ◽  
Author(s):  
Larry Karp ◽  
Armon Rezai
Keyword(s):  
General Equilibrium ◽  
Natural Resource ◽  
Asset Markets ◽  
Asset Market ◽  
Formal Property ◽  
Closed Economy ◽  
Resource Sustainability ◽  
Resource Policy ◽  
Resource Sector ◽  
Privately Owned

AbstractTrade changes incentives to protect an open-access natural resource independently of its effect on the resource price. General equilibrium linkages cause resource policy to affect the price of privately owned assets regardless of whether they are used in the resource sector. In the closed economy, the asset market in our overlapping generations setting creates incentives for currently living agents to protect the natural resource. The interplay of the asset market and general equilibrium effects causes trade to reverse these incentives. Trade liberalization and the establishment of formal property rights are policy complements: the former makes the latter more important.

scholarly journals The Role of Trading Frictions in Real Asset Markets

2011 ◽  
Vol 101 (4) ◽  
pp. 1106-1143 ◽  
Author(s):  
Alessandro Gavazza
Keyword(s):  
Empirical Analysis ◽  
Capacity Utilization ◽  
Asset Markets ◽  
Asset Market ◽  
Commercial Aircraft ◽  
Average Productivity ◽  
Thin Market ◽  
Asset Allocations ◽  
The Empirical Analysis

This paper investigates how trading frictions vary with the thickness of the asset market by examining patterns of asset allocations and prices in commercial aircraft markets. The empirical analysis indicates that assets with a thinner market are less liquid—i.e., more difficult to sell. Thus, firms hold on longer to them amid profitability shocks. Hence, when markets for assets are thin, firms' average productivity and capacity utilization are lower, and the dispersions of productivity and of capacity utilization are higher. In turn, prices of assets with a thin market are lower and have a higher dispersion. (JEL A12, L11, L93)

scholarly journals Appraisal of the Fischer-DiPasquale-Wheaton (FDW) real estate model and development of an integrated property and asset market model

2004 ◽  
Vol 7 (2) ◽  
pp. 341-367 ◽  
Author(s):  
H Du Toit ◽  
CE Cloete
Keyword(s):  
Real Estate ◽  
South African ◽  
Stochastic Equations ◽  
Market Model ◽  
Asset Markets ◽  
Asset Market ◽  
Model Configuration ◽  
Property Markets ◽  
Micro Foundations

This paper provides a concise overview of the development of an integrated property and asset market model (IPAMM) for South African property markets, utilising the Pretoria office market as case study. The IPAMM simulates the interrelationships between property and asset markets in a diagrammatic quadrant model configuration. The Fischer-DiPasquale-Wheaton (FDW) real estate model, arguably the most advanced diagrammatic quadrant real estate model available at present, served as basis for the development of IPAMM. IPAMM is essentially a regression model based on a system of stochastic equations that captures the interrelationships between property and asset markets. The model advances beyond mere conceptualisation of these relationships to a quantified interpretation and application of the theoretical premises that represent the micro-foundations of economic behaviour in property and asset markets.

scholarly journals KAJIAN KEBIJAKAN SUMBERDAYA ALAM BERBASIS PADA EKOLOGI POLITIK

2018 ◽  
Vol 4 (2) ◽  
pp. 1-11
Author(s):  
Agus Lukman
Keyword(s):  
Resource Management ◽  
Political Ecology ◽  
Natural Resource Management ◽  
Natural Resource ◽  
Management Policy ◽  
Political Aspect ◽  
Policy Theory ◽  
Ecological Problems ◽  
Resource Policy ◽  
Multi Level

Abstract: The study of natural resource management policy is concentrated more on the implementation and evaluation of natural resource policies, whereas failure and lack of optimal public policies are mostly caused by public policy formulations that are not systematic, partial and have not touched the substance of the matter. SDA policy theory explains that ecological problems cannot be solved partially but with a multi-level approach by examining actors who play a role in the preparation of policy regulations so that the problems of natural resource management can no longer be analyzed with a technical approach but are more appropriate to use a political aspect approach.Keywords: Resource Policy, Political ecology, Polital aspect. Abstrak: Kajian kebijakan pengelolaan sumberdaya alam (SDA) lebih banyak dikonsentrasikan pada implementasi dan evaluasi kebijakan SDA padahal gagal dan kurang optimalnya kebijakan public lebih banyak disebabkan karena formulasi kebijakan public yang tidak sistematis, parsial dan belum menyentuh pada substansi persoalan. Teori kebijakan SDA menjelaskan bahwa persoalan ekologi tidak bisa diselesaikan secara parsial tetapi dengan pendekatan multi aras dengan mengkaji aktor-aktor yang berperan dalam penyusunan regulasi kebijakan sehingga persoalan pengelolaan SDA tidak bisa lagi dianalisis dengan pendekatan teknis tetapi lebih tepat menggunakan pendekatan political aspect.Kata kunci: Kebijakan SDA, Ekologi Politik, Aspek Politik.

Equilibrium with Constant Returns

2011 ◽  
Author(s):  
Yves Balasko
Keyword(s):  
General Equilibrium ◽  
Equilibrium Model ◽  
Convex Cone ◽  
Supply And Demand ◽  
Returns To Scale ◽  
Price System ◽  
Production Sector ◽  
The One ◽  
Constant Returns To Scale ◽  
Privately Owned

This chapter analyzes an equilibrium model where privately owned firms feature either smooth decreasing or constant returns to scale. Profit of the constant returns to scale firms being equal to zero at equilibrium, the equilibrium of the model does not depend on the ownership structure of these firms. In addition, the convex conical production sets of these firms sum up into a convex cone. It is as if the production sector operating under constant returns consists of a unique firm. The general equilibrium model with decreasing and constant returns to scale firms is essentially the same model as the one considered in Chapter 10 with the addition of a unique firm operating under constant returns to scale. Nevertheless, this addition is enough to hamstring the approach of the preceding chapters based on the concept of price system that equates aggregate supply and demand. The solution is to add to that price system the activity of the constant returns to scale firm.

Local Communities and ISDS

2021 ◽  
pp. 172-198
Author(s):  
Nicolás M. Perrone
Keyword(s):  
Natural Resource ◽  
Public Support ◽  
Local Communities ◽  
The State ◽  
The Political ◽  
Foreign Investors ◽  
Investment Projects ◽  
Host State ◽  
Resource Sector ◽  
Pyrrhic Victory

Foreign investors and states frequently cooperate to facilitate investment projects in the natural resource sector. National elites tend to be involved in these cases, acting like partners to the foreign investors, because they often benefit economically and have an interest in the continuation of extractivism. Meanwhile, local communities are in a weak position, with limited or no public support and few legal options. They may still resist a project, sometimes forcing the state to cancel it, yet cancellation may only be a pyrrhic victory. Foreign investors can rely on investment treaties and ISDS to interpret and enforce the political signals and givings granted by the host state. The cases analysed in this chapter show how ISDS tribunals overlook investor misconduct and the context of extractivist projects while making local communities invisible.

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