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SPATIAL EQUILIBRIUM (2) answer(s).
 
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ID:   167039


Policy measures targeting a more integrated gas market: Impact of a merger of two trading zones on prices and arbitrage activity / Dukhanina, Ekaterina   Journal Article
Dukhanina, Ekaterina Journal Article
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Summary/Abstract Under way to a European integrated energy market, policymakers need to find efficient measures aimed at increasing liquidity in local natural gas markets. The paper answers the question whether a merger of gas trading zones contributes to the development of liquid trading activities through a more efficient allocation and pricing of natural gas and an increased competition between market players. We analyse the effects of a policy decision to merge two gas trading zones in France on the observed degree of spatial market integration and the efficiency of the spatial arbitrage activity between the northern and southern French gas markets. An extended parity bounds model confirms a positive impact of the zone merger on the market's spatial equilibrium and indicates the causes of remaining market inefficiencies. The model offers a tool for the assessment of the efficiency of policy decisions in the context of policy initiatives to create an integrated and liquid natural gas market in Europe.
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2
ID:   182802


Quality of life in Chinese cities / Shi, Tie; Zhu, Wenzhang; Fu, Shihe   Journal Article
Fu, Shihe Journal Article
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Summary/Abstract The Rosen-Roback spatial equilibrium theory states that cross-city variations in wages and housing prices reflect urban residents' willingness to pay for urban amenities or quality of life. This paper is the first to quantify and rank the quality of life in Chinese cities based on the Rosen-Roback model. Using the 2005 1% Population Intercensus Survey data, we estimate the wage and housing hedonic models. The coefficients of urban amenity variables in both hedonic models are considered the implicit prices of amenities and are used as the weights to compute the quality of life for each prefecture-level city in China. In general, provincial capital cities and cities with nice weather, good air quality, and accessible public transit have high quality of life. We also find that urban quality of life is positively associated with the subjective well-being of urban residents.
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