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Hedonic Price Functions for Zurich and Lugano with Special Focus on Electrosmog
(2007)CEPE Working PaperThis paper evaluates the impacts of electrosmog, noise and air pollution on the dwellings’ rents in the cities of Zurich and Lugano. The hedonic price regressions are estimated using a large micro-level data set and taking into account the spatial correlation in unobserved factors. The results suggest that the presence of mobile phone antenna has a negative impact on the rent, but this effect is not statistically significant in Lugano. ...Working Paper -
Benchmarking and Regulation in the Electricity Distribution Sector
(2007)CEPE Working PaperIn the last two decades electricity distribution sector have witnessed a wave of regulatory reforms aimed at improving efficiency through incentive regulation. Most of these regulation schemes use benchmarking namely measuring a company’s efficiency and rewarding them accordingly. The reliability of efficiency estimates is crucial for an effective implementation of those incentive mechanisms. A main problem faced by the regulators is the ...Working Paper -
A Benchmarking analysis of electricity distribution utilities in Switzerland
(2005)CEPE Working PaperThis paper studies the sensitivity problems of the benchmarking methods used in the regulation practice. Three commonly used methods have been applied to a sample of 52 electricity distribution utilities to estimate their cost efficiency. These methods include stochastic frontier, corrected ordinary least squares and data envelopment analysis. The results indicate that both efficiency scores and ranks are significantly different across ...Working Paper -
Allowance Price Drivers in the First Phase of the EU ETS
(2009)CEPE Working PaperIn the first phase of the EU Emissions Trading Scheme (EU ETS), the price per ton of CO2 rose to over €30 before decreasing to zero by mid 2007. I examine to what extent this variation can be explained by marginal abatement costs by deriving a structural model of the allowance price under the assumption of efficient markets. I then gradually relax the model by allowing for delayed adjustment of price to fundamentals, as well as by introducing ...Working Paper -
An Options Pricing Approach for CO2 Allowances in the EU ETS
(2009)CEPE Working PaperIf firms are unable to fully control their emissions, the cap in a permit market may be exceeded. Using stochastic aggregate emissions as the underlying I derive an options pricing formula that expresses the permit price as a function of the penalty for noncompliance and the probability of a binding cap. I apply my model to the EU ETS, where rapid market setup made it difficult for firms to adjust their production technology in time for ...Working Paper -
How much do journal titles tell us about the academic interest and relevance of economic research?
(2009)Working PaperUnlike in other disciplines, research output in economics is commonly measured based on the journal titles in which an author has published. Here, I examine how much output measures based on journal titles tell us about the academic interest and relevance of economic papers as measured by citation frequency. Using data from the 2008 Handelsblatt ranking of economists in German speaking countries and interdisciplinary citation data from ...Working Paper -
A model of West African Millet prices in rural markets
(2009)CEPE Working PaperIn this article we specify a model of millet prices in the three West African countries of Burkina Faso, Mali, and Niger. Using data obtained from USAID’s Famine Early Warning Systems Network (FEWS NET) we present a unique regional cereal price forecasting model that takes advantage of the panel nature of our data, and accounts for the flow of millet across markets. Another novel aspect of our analysis is our use of the Normalized Difference ...Working Paper -
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Sperimentazione dell'impegno di un modello econometrico di funzione di costo nell'ambito del progetto contratti di prestazione nel settore sociosanitario ticinese
(2003)CEPE Working PaperWorking Paper -