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Climate change policy and strategic interactions in a standard economic growth model
(02/03/2021) Rozakis Konstantinos; Athens University of Economics and Business, Department of Economics; Economides, George; Philippopoulos, Apostolis; Xepapadeas, Anastasios
This dissertation introduces different issues concerning climate change. We analyze the interactions among countries under either global mean temperature dynamics or regional temperature dynamics in a very standard economic growth model and provide a detailed mathematical appendix of how these solutions are derived. At first, we develop a zero dimensional energy balance climate model with global temperature dynamics. We solve the social planner's problem and characterize the competitive equilibrium for three equilibrium concepts. These equilibrium concepts depend on whether countries decide to cooperate with each other or not. We distinguish two cases in the case of non cooperation; a non cooperative game under open loop strategies and feedback strategies. We define optimal taxes on fossil fuel use and make the appropriate comparisons among the different equilibrium concepts. Also, we define the additional carbon tax that is needed to bridge the gap between those equilibrium concepts. Next, we introduce polar Amplification into our model, which is one of the well established feedbacks of the climate system. This feedback indicates that, under global warming, the Arctic warms faster because significant positive feedback occurs in the region. This new aspect entering into our model relates to the possibility that temperature changes in a location like the Arctic may generate damages to a location further away, e.g., the South. In both model specifications, we conclude that cooperative policies tend to be more conservative than noncooperative policies. In cooperative solutions, the proposed emission taxes that are imposed to combat climate change tend to be larger in magnitude than the one from non cooperative solutions. In addition, when polar Amplification is introduced, it results in a better and more accurate representation of the fossil fuel taxes that have to be imposed in order to combat climate change.
Cost benefit analysis of a renewable energy investment project: an offshore wind farm project for Greece
Makri, Vasiliki K.; Athens University of Economics and Business, Department of International European Economic Studies; Xepapadeas, Anastasios
The present Thesis aims to provide a Cost-Benefit Analysis of a renewable energy investment project involving the integration of an offshore wind farm in Limnos Island. This project can be seen as a part of the wider European effort to fight climate change, improve energy security and enhance Europe competitiveness and independence towards the energy sector. The project’s coherence with the strategic direction of both the European and national renewable energy policy is also demonstrated. The results of the study, contingent upon the assumptions made, suggest that the economic benefits stemming from the project are adequate enough to outweigh the high initial cost.
Cost- benefit analysis of an investment project: a hydrogen fuel cell bus project for the city of Athens, Greece
Mitsotaki, Eleana; Athens University of Economics and Business, Department of International and European Economic Studies; Xepapadeas, Anastasios
The present Master Thesis aims to provide a cost-benefit analysis of a project involving the intergration of a small fleet of Hydrogen Fuel Cell Buses in a daily public transport operation in the capital of Greece, along with the development of the associated infrastructure. The study illustrates the potential that FC technology has in tackling the challenge of decarbonisation, a majon challenge strongly connected with concerns surroundings national security, the economy and the environment.
Cost-benefit analysis in infrastructure investments: The case of crossrail
(11-01-2016) Tzallas, Dimitris; Athens University of Economics and Business, Department of International and European Economic Studies; Xepapadeas, Anastasios
The main objective of this dissertation on Cost/Benefit Analysis (CBA hereinafter) of infrastructure investments is to evaluate and assess the financial and socio-economic impacts of one of the greatest infrastructure projects ever made in the European continent. The case is about the new urban railway network in London, UK called Crossrail, the constructing operations of which are about to be completed by December 2018-January 2019 (rail services are about to be introduced by 2017 progressively)1. As it is obvious, the adequate type of CBA that is going to be used during the rest of this thesis is the ex-post evaluation2, given that construction period has been underway since mid-2009 and the new railway system has reached almost the 60% of its estimated construction and function capacity3. One of the most useful tools that CBA of an ongoing program provides is the concreteness of some values which have already been calculated and applied properly (e.g. investment/construction costs). In this way, given that certain values already belong to the data set and not to the estimated data, the projection of financial and socio-economic indicators can be more accurate.
Robust decision making and convex risk measures computation
(27-08-2015) Papayiannis, Georgios; Athens University of Economics and Business, Department of Statistics; Yannacopoulos, Athanasios; Xepapadeas, Anastasios
The main aim of the present thesis is to investigate the effect of diverging priors concerning modeluncertainty on decision making. One of the main issues in the thesis is to assess the effect of differentnotions of distance in the space of probability measures and their use as loss functionals in theprocess of identifying the best suited model among a set of plausible priors. Another issue, is thatof addressing the problem of \inhomogeneous" sets of priors, i.e. sets of priors that highly divergentopinions may occur, and the need to robustly treat that case. As high degrees of inhomogeneity maylead to distrust of the decision maker to the priors it may be desirable to adopt a particular prior correspondingto the set which somehow minimizes the \variability" among the models on the set. Thisleads to the notion of Frechet risk measure. Finally, an important problem is the actual calculationof robust risk measures. An account of their variational definition, the problem of calculation leadsto the numerical treatment of problems of the calculus of variations for which reliable and effectivealgorithms are proposed. The contributions of the thesis are presented in the following three chapters.
Spatial externalities and agglomerations in spatiotemporal economics
Tsangaris, Spyridon; Τσαγγάρης, Σπυρίδων; Athens University of Economics and Business, Department of Economics; Vlachou, Andriana; Yannacopoulos, Athanasios; Philippopoulos, Apostolis; Kyriakopoulou, Efthymia; Vasilatos, Evangelos; Economides, George; Xepapadeas, Anastasios
Economic activity is distributed very unequally across regions and countries. This phenomenon is caused by variations of exogenous geographical characteristics and endogenous economic reasons. Although location is a central feature in the study of economic activity and economic growth, space is rarely considered an essential element of economic models, if it is even mentioned at all. The overall aim of this thesis is to contribute to the spatial economic theory and, specifically, to spatial growth theory. The thesis is structured as follows. Chapter 1 discusses the literature and describes the tools and methods to model spatial movements, and capture capital flows across space. Moreover, we present dynamic optimization methods in a spatial setting and specifically optimal control in space-time. Lastly, we present simplification that may deal with some issues that arise in models with forward-looking agents and a continuum of spatial domain.Chapter 2 presents an endogenous spatial growth model with forward-looking agents. Trying to identify the spatial misallocation of labor, we solve the market equilibrium and optimal allocations. The internalization of spatial interactions reveals distortions to the allocation of resources to R&D that have not been previously studied. Therefore, we claim that when the spatial dimension is not embedded in growth models, it may lead to regulatory inefficiencies.Chapter 3 builds a dynamic spatial endogenous growth model. We propose a methodology to analyze equilibrium allocation when locations can differ on initial productivity, amenities, and the population's initial level while agents are free to migrate. We present numerical examples to illustrate how labor mobility can affect economic growth and the level of amenities. Finally, we study migration restrictions' welfare impact.