[E] Enhancing Energy Efficiency to tackle Climate Change: the impact of Environmental Policy Stringency in European OECD countries
Le 30 janv. 2025 de 13h00 à 14h00
Séminaire le 30 janvier 2025 à 13h à Pau, en Salle des thèses ; en visioconférence à Bayonne en Salle 110 ; via Teams.
Abstract The increasing urgency of the climate crisis necessitates massive energy efficiency enhancement. This study investigates the impact of environmental policy stringency on energy efficiency across 18 European OECD countries from 2000 to 2020, using quantile regression analysis. Our research question centers on how different environmental policy instruments affect the level of energy efficiency across various quantiles and economic sectors. The analysis reveals that environmental policy stringency significantly enhances energy efficiency, particularly in the 50th to 90th quantiles, indicating heterogeneous effects. Non-market based (NMB) policies have the most substantial impact on countries with lower improvements in energy efficiency, suggesting these should be prioritized in such contexts. Market based (MB) policies show more pronounced effects in countries with higher energy efficiency improvements. Our findings highlight the necessity of tailored policy interventions to maximize efficiency. Policymakers should prioritize NMB policies, such as mandatory emission limits and standards on some detrimental molecules. Additionally, encouraging MB mechanisms, such as high carbon pricing, expanded energy taxes can accelerate improvements where these are already effective. Continued efforts for Technology Support (TS) instruments are also crucial across all countries. Future research could expand the temporal and geographical scope to capture the full spectrum of environmental policy impacts in energy efficiency.
[E] Exporters' behavior in the face of climate volatility
Le 5 déc. 2024 de 13h00 à 14h00
Séminaire le 5 décembre 2024 à 13h à Bayonne, en salle 110 ; en visioconférence à Pau en Salle des thèses (bâtiment DEG) ; via Teams.
Abstract This study investigates how exporters when confronted with hybrid production and demand shocks make export decisions. We exploit a unique dataset compiling French wine shipments from 2001 to 2020 for 134 Protected Denomination of Origin (PDO) regions, supplemented with daily weather data from Météo-France. Employing a series of gravity estimations, our findings indicate that extreme weather conditions significantly affect both the intensive and extensive margins of trade, while favorable weather conditions bolster them. A heterogeneity analysis further reveals that volumes exported to core markets exhibit less sensitivity to extreme weather events, suggesting that French wine exporters discriminate between importing markets and prioritize maintaining market shares in core destinations amidst weather disruptions. Subsequently, we offer a theoretical analysis elucidating how the volatility of climate shocks, affecting production and quality, shapes export behavior. Firms may opt to reduce marketing investments aimed at reaching consumers while reallocating resources to the most promising markets. Additionally, some firms may find it advantageous to streamline their portfolio by exiting less favorable markets.
[E] The Effect of Energy Efficiency Obligations on Residential Energy Use: Empirical Evidence from France
Le 14 nov. 2024 de 13h00 à 14h00
Matthieu GLACHANT, enseignant chercheur à Mines Paris - PSL
Séminaire le 14 novembre 2024 à 13h à Pau, en Salle des thèses (bâtiment DEG) ; en visioconférence à Bayonne, en salle 110 ; via Teams.
Abstract Energy Efficiency Obligations are widespread policy instruments to reduce energy use. They require energy suppliers to deliver a set amount of energy savings. The obligated parties then comply by offering subsidies for energy-efficient investments to energy users. We use a new dataset covering over 3.1 million energy retrofit projects from 2018 to 2020 to assess the impact of the French program on residential electricity and gas use. We find that the official reporting on the program’s outcome significantly overstates the energy savings by at least 62%. We then exploit the fact that obligations are tradable to recover the implied marginal abatement cost of carbon. Importantly, this cost exceeds EUR 160 per ton of CO2 equivalent. Matthieu Glachant, Guillaume Wald
[E] Stocks as Lotteries? An Experimental Test of Expected Utility vs Prospect Theory Models
Le 17 oct. 2024 de 13h00 à 14h00
Yao Thibaut KPEGLI, Maître de conférences en économie à l'UPPA
Séminaire le 17 octobre 2024 à 13h à Pau, en salle du Conseil (bâtiment de lettres); à Bayonne, en salle 110 ; via Teams.
We examine the impact of positive skewness on asset prices using CAPM experiments. Contrary to the predictions of expected utility models but consistent with prospect theory, our findings reveal that skewed assets available in small supply exhibit negative excess returns. In line with prospect theory models, we show that the negative excess return of the positively skewed asset is most pronounced in market sessions in which traders overweight the low probability of receiving a large payoff.
