Austrian Institute of Economic Research

Vienna, Austria

Austrian Institute of Economic Research

Vienna, Austria
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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.

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.

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.

Leibrecht M.,Austrian Institute of Economic Research | Riedl A.,Oesterreichische Nationalbank
Journal of International Trade and Economic Development | Year: 2014

Based on a spatially augmented gravity model, the current paper isolates spatial interrelationships in foreign direct investment (FDI) to Central and Eastern European Countries (CEECs) not only across the destination but also across the origin country dimension of FDI. Results show that (i) spatial interrelationships across destination countries are present and are consistent with the predominance of vertical-complex FDI in total FDI; (ii) spatial correlation across origin countries is given in earlier years of transition, while spillover and competition effects cancel over the whole sample period; and (iii) agglomeration forces gain in importance for FDI to CEECs. © 2013, © 2013 Taylor & Francis.

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.

Kratena K.,Austrian Institute of Economic Research | Streicher G.,Joanneum Research
Environmental and Resource Economics | Year: 2012

The aim of this paper is a sensitivity analysis with the core-periphery model of 'new economic geography' put forward in Grazi et al. (Environ Resour Econ 38:135-153, 2007). This model comprises interregional trade, agglomeration advantages and resource (land) use or environmental externalities. Grazi et al. (2007, GBR) compare a social welfare (SW) indicator with the ecological footprint (EF) indicator for measuring spatial sustainability of a set of land use configurations. Their main result is that the SW and the EF indicator can yield completely different rankings and only for extreme parameterizations of environmental externalities the rankings coincide. We adapt the model by interpreting total natural land as a resource constraint and differentiate between weak and strong sustainability. In a sensitivity analysis we show that the main results of GBR (2007) correspond to the case of weak sustainability in our adapted model version. In the case of strong sustainability our adapted model version shows the same welfare rankings for both indicators without the extreme parameterization that is necessary to obtain the same results in the original GBR (2007) model. © 2011 Springer Science+Business Media B.V.

Falk M.,Austrian Institute of Economic Research | Vanat L.,Laurent Vanat Consulting Sarl
Ecological Economics | Year: 2016

The process of making snow requires low temperatures as well as vast quantities of water and considerable amounts of energy for the air compression. In this article the effectiveness of investment in snowmaking systems is investigated (equipment, construction works) based on data for 109 French ski resorts covering eight winter seasons (2006/2007 to 2013/2014). Both static and dynamic panel data estimations show that ski areas with large investments in snowmaking systems have a higher number of skier visits. On average a 10% higher capital stock of snowmaking infrastructure leads to an increase in the number of skier visits by 8% over the winter seasons studied. However, positive effects of snowmaking can only be observed for ski areas located at high elevations, with a magnitude deceasing by higher cumulated investments in snowmaking, indicating diminishing returns to scale. Ski areas at lower elevations, benefit effectively from snowmaking to a lower degree and only in extremely dry or snow poor winter seasons. © 2016 Elsevier B.V.

Falk M.,Austrian Institute of Economic Research
International Journal of Tourism Research | Year: 2013

This study estimates the determinants of domestic and foreign tourism demand using data on 28 Austrian ski resorts for the winter seasons 1986-1987 to 2007-1908. Using the dynamic panel data analysis, we find that the effect of the weather variables (e.g. snow depth, cloudiness or sunshine) is quite small, with a change in one standard deviation of the variation over time in each weather variable, leading to a 2-3 % change in overnight stays. Furthermore, domestic tourists are more sensitive to changes in weather conditions than foreign tourists. By contrast, overnight stays of foreign visitors are much more responsive to changes in income than it is the case for domestic overnight stays. The occurrence of extreme snow-deficient winters, such as the winter of 2006-2007, in the future period will reduce overnight stays of foreign and domestic visitors by 2 and 5 %, respectively. © 2011 John Wiley & Sons, Ltd.

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.

Schwaiger H.,Joanneum Research | Tuerk A.,Joanneum Research | Pena N.,Joanneum Research | Sijm J.,Energy Research Center of the Netherlands | And 2 more authors.
Biomass and Bioenergy | Year: 2012

Based on research carried out within the NoE, this paper assesses possible impacts of changes to the European Emission Trading Scheme on solid and the possible future inclusion of liquid biomass use in the EU. Based on these assessments, recommendations are outlined for optimising support for solid and liquid biofuels. In December 2008 the European Council agreed on the European Energy and Climate Package. This agreement contains fundamental changes to the European Emission Trading Scheme (EU-ETS), which started in 2005. With some exceptions, emissions allowances in the power sector will be auctioned starting with the third trading period of the scheme in 2013. This may have significant impacts on the sector's fuel mix and investment decisions. To the extent to which the EU-ETS results in a price on CO 2 emissions, it increases the competitiveness of low carbon fuels. Under current regulations no CO 2 emissions are attributed to combustion of biomass, thus it functions as a zero-carbon fuel. The paper shows that while the use of biomass is already viable under CO 2 prices that have been reached within the EU-ETS, investments in new biomass plants need a higher price level as well as more stable prices, conditions which cannot be predicted with any confidence. The road transport sector, which has significant scope to increase its use of biofuels is currently not part of the EU-ETS, and will not be included in the third trading period which begins in 2013 but may be included later. The likely consequences of including transportation fuels under the EU-ETS are considered as well as options which involve separate trading schemes for liquid biofuels. The paper also reviews other trading mechanisms which might serve as more effective vehicles for increasing the share of liquid biofuels, taking sustainability issues into account. © 2011 Elsevier Ltd.

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