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ID: 117344

Estimating Arizona residents’ willingness to pay to invest in research and development in solar energy / Mueller, Julie M

Mueller, Julie M	Journal Article
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2013.

Summary/Abstract

We estimate Arizona residents' Willingness to Pay (WTP) to invest in a solar energy research and development fund using data obtained from a Dichotomous-Choice Contingent Valuation mail survey. We examine differences in WTP estimates using different categorizations for respondent uncertainty. We also employ both commonly used Maximum Likelihood and less frequently applied Bayesian estimation techniques. We find that respondent uncertainty has an economically significant impact on WTP estimates, while WTP estimates are robust to different estimation techniques. Our robust specification with strict uncertainty coding indicates the average Arizona household is WTP approximately $17 per month to invest in research and development in solar energy.

Key Words

Solar energy ; Contingent Valuation ; Bayesian Estimation

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ID: 173748

Financial factors, openness and the natural interest rate in China / Hongjin, Li; Naifang, Su

Hongjin Li	Journal Article
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Summary/Abstract

China's financial market has undergone significant changes since financial deleveraging commenced and regulatory supervision was tightened in 2017. Intensifying China–US trade tensions have further increased the uncertainties of external environments. In this article, we use a Bayesian approach instead of the standard maximum likelihood estimation in the Laubach–Williams model to estimate the natural interest rate by considering financial factors and open conditions, and analyze the relationships among the natural interest rate, economic activities and monetary policies. We find that technological and demographic factors are the main drivers of natural interest rates, while financial factors and open conditions also play important roles. In particular, shocks in the financial markets and the external economic environment in recent years are important reasons for the decline of China's natural interest rate. Therefore, it is necessary to strengthen research on the estimation of the natural interest rate to ensure China's transformation into more price‐based monetary policy and high‐quality development.

Key Words

Bayesian Estimation ; Financial Factors ; Natural Interest Rate ; Open Conditions ; State - Space Model

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