Modeling in Natural Resource Economics
- Editore:
VDM Verlag
- EAN:
9783639065145
- ISBN:
363906514X
- Pagine:
- 356
- Formato:
- Paperback
- Lingua:
- Tedesco
Descrizione Modeling in Natural Resource Economics
This work presents three modeling techniques applied to natural resource economics. Chapter I makes use of ordinary least-squares regression analysis (OLS) to investigate the effects of climate warming on electricity demand. Using hourly models and data for the U.S. mid-Atlantic, the model predicts a 4.6% Chapter II offers an introduction to modeling with artificial neural networks (ANNs) for researchers familiar with OLS techniques. The general form of an ANN is shown to be equivalent to a nested series of OLS models. The forecasting exercise from Chapter I is recast in the ANN framework to provide an example of applying ANNs to economic studies, including an analysis of the forecast residuals. Chapter III presents a model of forest-landowner behavior in the context of managing timberland subject to wildfire. The model is used to examine the impacts of externalities associated with fire risk: (1) the public-good aspect of privately funded fire prevention, and (2) moral hazard associated with publicly funded fire suppression. Chapter III concludes with a consideration of policy options for addressing these externalities.
