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Holzmann A.,Economy Energy | Adensam H.,Japanese Ministry of Economy, Trade, and Industry | Kratena K.,Austrian Institute of Economic Research | Schmid E.,University of Natural Resources and Life Sciences, Vienna
Energy Policy | Year: 2013

In Austria a considerable number of measures have been implemented to reduce final energy use for residential heating since the 1990s. The aim of this analysis is to investigate, why - despite these implemented measures - final energy use for heating has not decreased in the expected way. The impact of eight factors on final energy use for heating is quantified by applying the Logarithmic Mean Divisia Index (LMDI I) method. The dataset covers the sector of private households in Austria for the period from 1993 to 2009. The main findings of the analysis are: (1) while technical improvements reduce final energy use for heating significantly, rising comfort needs nearly outweigh these savings. (2) Consumer behaviour reduces calculated final energy use considerably. (3) The extent of this reduction is declining significantly in the period observed. (4) The growing share of single-family houses has increased energy demand for heating in the observed period, though a reversal of this trend is detected from 2007 onwards. (5) The impact of growing floor space per person is the major effect revealed by the analysis. (6) Weather conditions have a major impact on annual fluctuations of energy consumption. © 2013 Elsevier Ltd. Source


Smeral E.,Austrian Institute of Economic Research | Smeral E.,MODUL University Vienna | Song H.,Hong Kong Polytechnic University
International Journal of Tourism Research | Year: 2015

This study assumes that tourists' demand reactions to income and price changes are asymmetric at different phases of the business cycle. In order to test this hypothesis, we analyzed the demand for international tourism in five source markets using a modified growth rate (MGR) model. The empirical evidence demonstrates that income elasticity is indeed asymmetric across the business cycle in four source markets. In addition, asymmetric price effects were found for one source market. To compare forecasting performance, we also estimated a time-varying parameter (TVP) model. The results show that the MGR model generally outperforms the TVP model. © 2013 John Wiley & Sons, Ltd. Source


Pfaffermayr M.,University of Innsbruck | Pfaffermayr M.,Austrian Institute of Economic Research
Journal of Regional Science | Year: 2012

This paper argues that one should account for the endogeneity of important explanatory variables and the initial differences in technological efficiency when analyzing spatial income convergence among regions. In addition, the approach of Wooldridge (2005), who proposes a convenient solution to the initial condition problem in dynamic panels, proves to be fruitful. In a panel of 211 European regions observed from 1980 to 2005, the estimated speed of convergence is substantially higher, on average, than the legendary 2 percent found in many cross-section studies. Moreover, it exhibits pronounced variation across regions due to factor mobility and knowledge spillovers. © 2012 Wiley Periodicals, Inc. Source


Pfaffermayr M.,University of Innsbruck | Pfaffermayr M.,Austrian Institute of Economic Research
International Regional Science Review | Year: 2013

In many cases, only an unbalanced panel data set with some observations missing at random is available. This note derives a Cliff and Ord test for spatially autocorrelated disturbances for such data. In a small Monte Carlo simulation exercise, the performance of the proposed test is similar to its balanced counterpart. In almost all simulation experiments, the test is properly sized. Naturally, the lower the power of the test, the higher the share of missing data. © 2013 SAGE Publications. Source


Egger P.,Ifo Institute for Economic Research | Egger P.,Ludwig Maximilians University of Munich | Hahn F.R.,Austrian Institute of Economic Research
International Journal of Industrial Organization | Year: 2010

This paper is aimed at examining the actual performance effects of horizontal mergers among companies. The view taken in this paper holds that evaluating actual mergers' efficiency effects be similar in spirit to estimating causal treatment effects. By applying the matching framework we use a methodology that, given a rich enough dataset, is capable of resolving a twofold problem of empirical merger analysis: the missing data and the selection problem. A high-quality panel dataset of more than 800 Austrian universal banks covering the period from 1996 to 2002 allows us to estimate a logit selection model based on recent developments in dynamic merger analysis to explain the adoption of a merger strategy, and to apply various matching techniques to cope with the missing data and self-selection problem linked to the estimation of merger effects. The analysis provides evidence in favor of the view that horizontal mergers exert positive effects on bank performance, especially, in terms of improved cost performance. The findings also suggest that pre-merger effects are likely to occur in terms of lower costs immediately before the establishment of the merger. Finally, smaller banks involved in merger activities are more likely to enjoy cost-performance gains earlier than larger banks. © 2009 Elsevier B.V. All rights reserved. Source

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