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External Costs (external + cost)
Selected AbstractsISO 14001 EMS standard registration decisions among Canadian organizationsAGRIBUSINESS : AN INTERNATIONAL JOURNAL, Issue 4 2003Emmanuel K. Yiridoe This study characterized the costs and benefits associated with adopting ISO 14001 environmental management system (EMS) standard, based on a survey of ISO 14001-registered organizations in Canada. Decision makers are contemplating whether it is necessary to register to one or more of the ISO and other international standards and, if so, which ones. Furthermore, an organization that has registered separate departments to different standards and contemplates integrating such standards across the different units may be interested in attributes of particular units that will facilitate integration. Discriminant analysis was conducted to characterize the factors that distinguish between organizations that adopted ISO 14001 alone (single standard), versus those that registered to ISO 14001 along with other quality, health, and safety standards (i.e., multiple standards). The most important factor that motivated adoption to ISO 14001 was to establish a positive environmental profile, thereby promoting goodwill and integrity. Internal factors tended to dominate the motivations for adopting ISO 14001, supporting the hypothesis that external benefits may not be fully realized due to market and policy failure. Internal costs associated with registration depended on the size of the organization and ranged, on average, from CND$17,000 (for organizations with less than 100 employees), to CND$42,000 (for organizations with more than 500 employees). External costs depended more on the type (i.e., sector of the Canadian economy) than on size of the organization. The most important variable that distinguished between Canadian organizations that adopted ISO 14001 alone versus those that adopted ISO 14001 and other standards was whether the organization had an international orientation, that is, those with more than 50% of services or exports to other countries. [EconLit citations: L150, L200, Q290]. © 2003 Wiley Periodicals, Inc. Agribusiness 19: 439,457, 2003. [source] Energy tax harmonization in the European Union: a proposal based on the internalization of environmental external costsENVIRONMENTAL POLICY AND GOVERNANCE, Issue 1 2002Susanna Dorigoni Energy tax harmonization represents a fundamental target within the European Union. In fact fiscal harmonization is a crucial step towards the creation of a single market. In this article the possibility of achieving such an objective is discussed. The paper consists of two sections. In the first the European taxation on energy products is analysed. This analysis is useful in showing the differences that exist between the European countries that account for the difficulties met so far in the process of harmonization. In this respect we comment on the recent proposal of the Directive of the European Union, which lays down the obligation of minimum levels of taxation in all European member states. In the second section, after simulating the effects related to the adoption of a common environmental taxation (a first best solution based on the internalization of environmental external costs), we propose, as a second best solution, an excise tax harmonization model taking into consideration the specificity of each country and being, as far as possible, coherent with the environmental objective. This model proposes: the introduction of a minimum level of taxation on all products equal to the external cost due to the greenhouse effect (a common carbon tax); the possibility, given to the member states, of deviating from such minimum levels, in accordance with their specific requirements, internalizing in the price of the different products, by means of taxes additional to that CO2 minimum, the external costs associated with other pollutant agents (the same in all countries); the opportunity, in case it should be necessary to exceed the entire external cost, for the member states to apply increases that are in accordance with the environmental objective. Copyright © 2002 John Wiley & Sons, Ltd. and ERP Environment [source] EXTERNALITIES AND PARTIAL TAX REFORM: DOES IT MAKE SENSE TO TAX ROAD FREIGHT (BUT NOT PASSENGER) TRANSPORT?,JOURNAL OF REGIONAL SCIENCE, Issue 4 2007Edward Calthrop ABSTRACT Externalities such as pollution and road congestion are jointly produced by the use of intermediate inputs by firms and the consumption of final goods by households. To cope with such externalities, policy proposals often suggest partial tax reforms. This paper uses a simple general equilibrium model to explore the effects of a reform of taxes on freight transport in a second-best setting. The theoretical model shows that the welfare effect of higher freight taxes is positive, unless passenger transport is severely under-taxed and the tax reform attracts substantially more passenger transport. Moreover, the optimal freight tax may be below or above marginal external cost. Budgetary neutral tax reform exercises with a numerical simulation model for the U.K. suggest that, under a wide variety of parameter values, higher freight transport taxes are indeed welfare increasing. The welfare gain of freight tax reform rises with the level of the passenger tax, but the optimal freight tax declines at higher taxes on passenger transport. Substantial net benefits of tax reform are obtained only under labor tax recycling of the revenues. [source] Integrated Environmental and Financial Performance Metrics for Investment Analysis and Portfolio ManagementCORPORATE GOVERNANCE, Issue 3 2007Simon Thomas This paper introduces a new measure, based on a study by Trucost and Dr Robert Repetto, combining external environmental costs with established measures of economic value added, and demonstrates how this measure can be incorporated into financial analysis. We propose that external environmental costs are relevant to all investors: universal investors are concerned about the scale of external costs whether or not regulations to internalise them are likely; mainstream investors need to understand external costs as an indication of future regulatory compliance costs; and SRI investors need to evaluate companies on both financial and social performance. The paper illustrates our new measure with data from US electric utilities and illustrates how the environmental exposures of different fund managers and portfolios can be compared. With such measures fund managers can understand and control portfolio-wide environmental risks, demonstrate their environmental credentials quantitatively and objectively and compete for the increasing number of investment mandates that have an environmental component. [source] Food Industrialisation and Food Power: Implications for Food GovernanceDEVELOPMENT POLICY REVIEW, Issue 5-6 2003Tim Lang Food supply chains of developed countries industrialised in the second half of the twentieth century, with significant implications for developing countries over policy priorities, the ensuing external costs and the accompanying concentration of market power. Very powerful corporations dominate many sectors. Primary producers are locked into tight specifications and contracts. Consumers may benefit from cheaper food but there are quality implications and health externalities. As consumer confidence has been shaken, new quality agencies have been created. Tensions have emerged about the state's role as facilitator of industrial efficiencies. Food policy is thus torn between the pursuit of productivity and reduced prices and the demand for higher quality, with implications for both producers and consumers in the developing world. [source] Energy tax harmonization in the European Union: a proposal based on the internalization of environmental external costsENVIRONMENTAL POLICY AND GOVERNANCE, Issue 1 2002Susanna Dorigoni Energy tax harmonization represents a fundamental target within the European Union. In fact fiscal harmonization is a crucial step towards the creation of a single market. In this article the possibility of achieving such an objective is discussed. The paper consists of two sections. In the first the European taxation on energy products is analysed. This analysis is useful in showing the differences that exist between the European countries that account for the difficulties met so far in the process of harmonization. In this respect we comment on the recent proposal of the Directive of the European Union, which lays down the obligation of minimum levels of taxation in all European member states. In the second section, after simulating the effects related to the adoption of a common environmental taxation (a first best solution based on the internalization of environmental external costs), we propose, as a second best solution, an excise tax harmonization model taking into consideration the specificity of each country and being, as far as possible, coherent with the environmental objective. This model proposes: the introduction of a minimum level of taxation on all products equal to the external cost due to the greenhouse effect (a common carbon tax); the possibility, given to the member states, of deviating from such minimum levels, in accordance with their specific requirements, internalizing in the price of the different products, by means of taxes additional to that CO2 minimum, the external costs associated with other pollutant agents (the same in all countries); the opportunity, in case it should be necessary to exceed the entire external cost, for the member states to apply increases that are in accordance with the environmental objective. Copyright © 2002 John Wiley & Sons, Ltd. and ERP Environment [source] Transport and environment: policy directions for europeENVIRONMENTAL POLICY AND GOVERNANCE, Issue 3 2001Robert Tinch Transport externalities are among the most important environmental problems affecting quality of life in Europe. Forecasts suggest that past environmental improvements may now be rolled back by traffic growth, and current traffic trends are not sustainable. The theory of environmental policy proposes pricing external costs at their marginal social costs as one solution. Although full marginal social cost pricing is impracticable, advances in tolling technology and environmental valuation mean that it is now a viable option to approximate such charging. There are signs that the European Commission and other bodies are starting to favour pricing over regulatory instruments. However, often overlooked is the potential for non-convexities in the transport sector or between transport and the rest of the economy. For example it may be that small increases in resources for public transport would not result in welfare gains, whereas large increases would. Non-convexities would mean that market forces under marginal social cost pricing might lead away from the optimal transport system. This is one reason why pricing instruments cannot in themselves be a panacea for transport externalities or bring about a sustainable transport system. Copyright © 2001 John Wiley & Sons, Ltd and ERP Environment [source] Urban Polycentricity and the Costs of Commuting: Evidence from Italian Metropolitan AreasGROWTH AND CHANGE, Issue 3 2010PAOLO VENERI ABSTRACT Polycentricity at the metropolitan scale is perhaps the model of spatial organisation that needs to be investigated more thoroughly as regards its effects on travel. The aim of this paper is to test the role of polycentricity,as well as other spatial characteristics, such as compactness, functional diversification and size,in the costs of commuting, taking into account an external cost component (per-capita CO2 emissions) and a private cost component (time spent on travelling). The degree of urban polycentricity has been measured by adopting a dynamic approach based on commuting flows and on social network analysis tools. The analysis is carried out using a database of 82 Italian metropolitan areas (MAs). Results show that MAs with a higher degree of polycentricity are more virtuous both in terms of private and external costs of mobility, while the degree of compactness is associated with lower environmental costs but with higher private costs. Size is associated with both higher external and private costs, while the role of functional diversification turns out to be statistically insignificant. Socio-demographics also play a role. [source] A comparative analysis of energy and CO2 taxes on the primary energy mix for electricity generationINTERNATIONAL JOURNAL OF ENERGY RESEARCH, Issue 10 2005Kris Voorspools Abstract In many countries, economies are moving towards internalization of external costs of greenhouse-gas (GHG) emissions. This can best be achieved by either imposing additional taxes or by using an emission-permit-trading scheme. The electricity sector is under scrutiny in the allocation of emission-reduction objectives, not only because it is a large homogeneous target, but also because of the obvious emission-reduction potential by decreasing power generation based on carbon-intensive fuels. In this paper, we discuss the impact of a primary-energy tax and a CO2 tax on the dispatching strategy in power generation. In a case study for the Belgian power-generating context, several tax levels are investigated and the impact on the optimal dispatch is simulated. The impact of the taxes on the power demand or on the investment strategies is not considered. As a conclusion, we find that a CO2 tax is more effective than a primary-energy tax. Both taxes accomplish an increased generation efficiency in the form of a promotion of combined-cycle gas-fired units over coal-fired units. The CO2 tax adds an incentive for fuel switching which can be achieved by altering the merit order of power plants or by switching to a fuel with a lower carbon content within a plant. For the CO2 tax, 13 ,/tonCO2 is withheld as the optimal value which results in an emission reduction of 13% of the electricity-related GHG emissions in the Belgian power context of 2000. A tax higher than 13 ,/tonCO2 does not contribute to the further reduction of GHGs. Copyright © 2005 John Wiley & Sons, Ltd. [source] Short Sellers and Financial MisconductTHE JOURNAL OF FINANCE, Issue 5 2010JONATHAN M. KARPOFF ABSTRACT We examine whether short sellers detect firms that misrepresent their financial statements, and whether their trading conveys external costs or benefits to other investors. Abnormal short interest increases steadily in the 19 months before the misrepresentation is publicly revealed, particularly when the misconduct is severe. Short selling is associated with a faster time-to-discovery, and it dampens the share price inflation that occurs when firms misstate their earnings. These results indicate that short sellers anticipate the eventual discovery and severity of financial misconduct. They also convey external benefits, helping to uncover misconduct and keeping prices closer to fundamental values. [source] Policy Framework for Transition to a Low-Carbon World EconomyASIAN ECONOMIC POLICY REVIEW, Issue 1 2010Ross GARNAUT Q5; F5 Climate change mitigation policy is the most difficult to come before our polity in living memory. There can be no solution without international agreement involving all substantial economies, and yet each country has an incentive to free ride on others. The international agreement must have five parts: agreement on the objective in terms of concentrations of greenhouse gases in the atmosphere, agreement on allocation of an emissions entitlements budget among countries, agreement on rules for international trade in entitlements, agreement on developed countries taking the lead on development of low-emissions technologies, and agreement on assistance from developed countries for climate change mitigation in developing countries. Two sources of market failure must be corrected to achieve emissions reduction targets efficiently: the external costs of emitting greenhouse gases and the external benefits of private investment in innovation in relation to low-emissions technologies. [source] | |||||||||||||||||||||||||