scholarly journals Asymmetric Information on the Market for Energy Efficiency: Insights from the Credence Goods Literature

2021 ◽  
Vol 42 (4) ◽  
Author(s):  
Bruno Lanz ◽  
Evert Reins
Keyword(s):  
Energy Efficiency ◽  
Asymmetric Information ◽  
Credence Goods

scholarly journals The Economics of Credence Goods: An Experiment on the Role of Liability, Verifiability, Reputation, and Competition

2011 ◽  
Vol 101 (2) ◽  
pp. 526-555 ◽  
Author(s):  
Uwe Dulleck ◽  
Rudolf Kerschbamer ◽  
Matthias Sutter
Keyword(s):  
Asymmetric Information ◽  
Minor Effect ◽  
Credence Goods ◽  
Yield Efficiency ◽  
A Minor

Credence goods markets are characterized by asymmetric information between sellers and consumers that may give rise to inefficiencies, such as under- and overtreatment or market breakdown. We study in a large experiment with 936 participants the determinants for efficiency in credence goods markets. While theory predicts that liability or verifiability yield efficiency, we find that liability has a crucial, but verifiability at best a minor, effect. Allowing sellers to build up reputation has little influence, as predicted. Seller competition drives down prices and yields maximal trade, but does not lead to higher efficiency as long as liability is violated. (JEL D12, D82)

Application of Incentive Mechanism in Building Energy Efficiency Regulation

2011 ◽  
Vol 71-78 ◽  
pp. 242-245
Author(s):  
Hong Wei Liu ◽  
Zhuo Fu Wang ◽  
Jun Li
Keyword(s):  
Energy Efficiency ◽  
Asymmetric Information ◽  
Incentive Mechanism ◽  
Incentive Compatibility ◽  
Building Energy ◽  
Building Energy Efficiency ◽  
Energy Regulation ◽  
Asymmetry Of Information ◽  
Symmetric Information ◽  
The Government

Considering the external characteristics of building energy efficiency, the essay points out the necessity for incentive mechanism design. Building energy regulation should take into account the building owner's participation constraint and incentive compatibility constraint. The asymmetry of information about building energy should be considered, then the game model under asymmetric information can be established. This paper proved that optimal mechanism of non-symmetric information was different from the asymmetric information. According to the analysis of the paper，incentive mechanism is necessary for the government.

Drying and heating of scrap metal at steelmaking: industrial safety, economics, ecology

2020 ◽  
Vol 76 (12) ◽  
pp. 1353-1258
Author(s):  
V. A. Spirin ◽  
V. E. Nikol’skii ◽  
D. V. Vokhmintsev ◽  
A. A. Moiseev ◽  
P. G. Smirnov ◽  
...  
Keyword(s):  
Energy Efficiency ◽  
High Efficiency ◽  
Steel Production ◽  
Scrap Metal ◽  
Industrial Safety ◽  
Technical Solution ◽  
Metal Charge ◽  
Basic Task ◽  
Scrap Heating ◽  
Winter Time

At steel production based on scrap metal utilization, the scrap heating before charging into a melting facility is an important way of energy efficiency increase and ecological parameters improving. In winter time scrap metal charging with ice inclusions into a metal melt can result in a considerable damage of equipment and even accidents. Therefore, scrap preliminary drying is necessary to provide industrial safety. It was shown, that in countries with warm and low-snow climate with no risk of scrap metal icing up during its transportation and storing in the open air, the basic task being solved at the scrap drying is an increase of energy efficiency of steelmaking. InRussiathe scrap metal drying first of all provides the safety of the process and next - energy saving. Existing technologies of scrap metal drying and heating considered, as well as advantages and drawbacks of technical solutions used at Russian steel plants. In winter time during scrap metal heating at conveyers (Consteel process) hot gases penetrate not effectively into its mass, the heat is not enough for evaporation of wetness in the metal charge. At scrap heating by the furnace gases, a problem of dioxines emissions elimination arises. Application of shaft heaters results in high efficiency of scrap heating. However, under conditions of Russian winter the upper scrap layers are not always heated higher 0 °С and after getting into a furnace bath the upper scrap layers cause periodical vapor explosions. The shaft heaters create optimal conditions for dioxines formation, which emit into atmosphere. It was shown, that accounting Russian economic and nature conditions, the metal charge drying and heating in modified charging buckets by the heat of burnt natural gas or other additional fuel is optimal. The proposed technical solution enables to burnt off organic impurities ecologically safely, to melt down ice, to evaporate the wetness in the scrap as well as to heat the charge as enough as the charging logistics enables it. The method was implemented at several Russian steel plants. Technical and economical indices of scrap metal drying in buckets under conditions of EAF-based shop, containing two furnaces ДСП-100, presented.

Perspectives and Regulation of the Russian Market for Project-based Transactions under the Kyoto Protocol

2008 ◽  
pp. 108-125
Author(s):  
K. Zavodov
Keyword(s):  
Energy Efficiency ◽  
Market Mechanism ◽  
Point Of View ◽  
Market Regulation ◽  
Foreign Investments ◽  
Russian Market ◽  
Increase Energy Efficiency ◽  
New Form ◽  
Contract Structure ◽  
Carbon Fund

Project-based transactions (PBTs) are a market mechanism of attracting foreign investments in order to abate greenhouse gas emissions and increase energy efficiency of the country’s enterprises. The article provides a classification and analyzes advantages and drawbacks of PBTs from the point of view of a host country. The main trends and factors determining the dynamics of the PBT market are described. Given that Russia currently lags behind the leaders of the PBT market, an incorporation of a state carbon fund is put forward with an aim of channelling PBTs through it. This paper proposes a form of PBT market regulation by incorporating an option mechanism into the contract structure of a transaction. A comparison of the new form of regulation with the tools that are currently in use in Russia and other countries demonstrates its greater economic efficiency under uncertainty.

AGENCY PROBLEM DALAM PENERAPAN PEMBIAYAAN AKAD MUDHARABAH PADA PERBANKAN SYARIAH

ALQALAM ◽  
2016 ◽  
Vol 33 (1) ◽  
pp. 46
Author(s):  
Aswadi Lubis
Keyword(s):  
High Risk ◽  
Asymmetric Information ◽  
Human Resources ◽  
Moral Hazard ◽  
Adverse Selection ◽  
Agency Problem ◽  
Agency Problems ◽  
Islamic Banking ◽  
The Public

The purpose of writing this article is to describe the agency problems that arise in the application of the financing with mudharabah on Islamic banking. In this article the author describes the use of the theory of financing, asymetri information, agency problems inside of financing. The conclusion of this article is that the financing is asymmetric information problems will arise, both adverse selection and moral hazard. The high risk of prospective managers (mudharib) for their moral hazard and lack of readiness of human resources in Islamic banking is among the factors that make the composition of the distribution of funds to the public more in the form of financing. The limitations that can be done to optimize this financing is among other things; owners of capital supervision (monitoring) and the customers themselves place restrictions on its actions (bonding).

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