Microsoft Word - 63-05.doc econstor Make Your Publications Visible. A Service of zbw Leibniz-Informationszentrum Wirtschaft Leibniz Information Centre for Economics Bosetti, Valentina; Locatelli, Gianni Working Paper A Data Envelopment Analysis Approach to the Assessment of Natural Parks� Economic Efficiency and Sustainability. The Case of Italian National Parks Nota di Lavoro, No. 63.2005 Provided in Cooperation with: Fondazione Eni Enrico Mattei (FEEM) Suggested Citation: Bosetti, Valentina; Locatelli, Gianni (2005) : A Data Envelopment Analysis Approach to the Assessment of Natural Parks� Economic Efficiency and Sustainability. The Case of Italian National Parks, Nota di Lavoro, No. 63.2005, Fondazione Eni Enrico Mattei (FEEM), Milano This Version is available at: http://hdl.handle.net/10419/74248 Standard-Nutzungsbedingungen: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. 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If the documents have been made available under an Open Content Licence (especially Creative Commons Licences), you may exercise further usage rights as specified in the indicated licence. www.econstor.eu This paper can be downloaded without charge at: The Fondazione Eni Enrico Mattei Note di Lavoro Series Index: http://www.feem.it/Feem/Pub/Publications/WPapers/default.htm Social Science Research Network Electronic Paper Collection: http://ssrn.com/abstract=718621 The opinions expressed in this paper do not necessarily reflect the position of Fondazione Eni Enrico Mattei Corso Magenta, 63, 20123 Milano (I), web site: www.feem.it, e-mail: working.papers@feem.it A Data Envelopment Analysis Approach to the Assessment of Natural Parks’ Economic Efficiency and Sustainability. The Case of Italian National Parks Valentina Bosetti and Gianni Locatelli NOTA DI LAVORO 63.2005 MAY 2005 NRM – Natural Resources Management Valentina Bosetti, Fondazione Eni Enrico Mattei Gianni Locatelli, DISCo, Università di Milano Bicocca A Data Envelopment Analysis Approach to the Assessment of Natural Parks’ Economic Efficiency and Sustainability. The Case of Italian National Parks Summary Wilderness protection is a growing necessity for modern societies, and this is particularly true for areas where population density is extremely high, as for example Europe. Conservation, however, implies very high opportunity costs. It is thus crucial to create incentives to efficient management practices, to promote benchmarking and to improve conservation management. In the present paper we propose a methodology based on Data Envelopment Analysis, DEA, a non parametric benchmarking technique specifically developed to assess the relative efficiency of decision-making units. In particular, the objective of the discussed methodology is to assess the relative efficiency of the management units of the protected area and to indicate how it could be improved, by providing a set of guidelines. The main advantage of this methodology is that it allows to assess the efficiency of natural parks’ management not only internally (comparing the performance of the park to itself in time) but also by external benchmarking, thus providing new and different perspectives on potential improvements. Although the proposed methodology is fairly general, we have applied it to the context of Italian National Parks in order to produce a representative case study. Specifically, the choice of adequate cost and benefit indicators is a very important and delicate phase of any benchmark analysis. For this purpose, a questionnaire was used to investigate the opinions of Italian National Parks managers and stakeholders and to define the relevant indicators for the analysis. Finally, relevant policy implications for the case study are given. Keywords: Data envelopment analysis, Natural park management JEL Classification: Q01, Q26, Q56 Address for correspondence: Valentina Bosetti Fondazione Eni Enrico Mattei Corso Magenta 63 20123 Milano Italy Phone: +390252036938 Fax: +390252036946 E-mail: valentina.bosetti@feem.it 2 Introduction Since ancient eras, the idea of protecting portions of the land has appeared as a necessity. The reasons for this have intrinsically changed over time, going from the mere necessity of preserving hunting areas to the idea of biological conservation, which remains one of today’s driving causes. Although in different times and places, and motivated by different concerns, this idea has led to the same result: the conservation of ecosystems that would otherwise have disappeared. Indeed, if on the one hand the first example of a modern National Park is quite recent (Yellowstone, Wyoming, instituted in 1872), on the other hand, examples of protected areas can be traced back to game reserves. The first example, which can be dated back to 7.500-7000 B.C., shows the existence of hunting areas in archaeological sites in South-west Iran. During the history of Indo-European civilizations, the aristocracy used to create game preserves in forests with the effect of conserving wide pristine areas which solely a very restricted number of individuals could make use of. This was also the case for Italy where many areas which are still protected today, were originally game preserves. The preservation of wilderness is also linked to religious activities, for example the holy woods of Mediterranean cultures. During the Middle Ages, almost all of the forests surrounding monasteries were turned into preserves and the population was forbidden to harvest these areas. In Italy, the Apennine forest of Abetone and the “Foreste Casentinesi” National Park have been preserved to the present day thanks to the presence of eremitical places (Massa, 1999). However, the origins of the concept of ‘holy forests’ can be traced back to the Etruscan and Greek civilizations, when natural areas 3 surrounding towns were consecrated to divinities and any human activity was forbidden. The modern idea of protected areas, which underpinned the Yellowstone Park institution, was based on the recognition of the value of wilderness amenity and of the recreational services it produces. The American “Protection Ethics” sprung from the ideas of three naturalists: Ralph Waldo Emerson, Henry David Thoreau and John Muir. In their interpretation, for the first time wilderness was as important as religion. Nature could not be exploited for purely economic reasons. Moreover, the beauty of Nature had to be safeguarded in that its contemplation was recognized as a basic need for human beings; this ‘use value’, mainly centered on human needs, was at the foundation of this early protection ethic. At the beginning of the twentieth century, a new idea took shape: that of Gifford Pinchot. He based his thought on the philosophical outlook of John Stuart Mill and believed that preserving nature has first of all an economic rationale behind it. It was only around the 1950s that along with these different interpretations of nature’s conservation, essentially based on an anthropocentric perspective, a new thought emerged: that of Aldo Leopold. It was based on the recognition of the intrinsic value of the existence of nature and it constituted, in subsequent years, the foundation of modern evolutionary ecology. During the twentieth century, particularly in Europe, the erosion of territory, hence of ecosystems, due to human activities was dramatically increasing. This led to a growing concern for wilderness conservation issues, tracing back from the first meetings in Paris (1902) and London (1937), up to the 1987 report “Our Common Future”, prepared as a discussion basis for the Earth Summit held in Rio de Janeiro in 4 1992. During these subsequent meetings, the concept of a preserved natural area, the ‘natural park’, has undergone several successive transformations, until a new interpretation emerged. Natural parks should be government- managed territories, where development and preservation forces are kept in balance. Management should not only be concerned with environmental issues, but more broadly with the socio-economic features of the territory. Indeed, in a dynamic perspective, it might turn out more appropriate for conservation purposes, to open a protected area to some human activities, rather than to close it completely, preventing any development, even under a pure non-anthropocentric ethic of conservation. Indeed, it is now widely recognized that untouchable territories are bound to slowly disappear, because of land scarcity, and this is particularly true for highly populated areas as Europe. Therefore, in a long-term perspective, the involvement and sustainable development of human activities within protected areas may prove to be a win-win strategy. Within this enlarged vision, natural areas’ management entails the dynamic assessment of environmental quality indicators as well as the sustainability level of management activities, thus increasing the need for comprehensive indicators. Qualitative and quantitative indicators may support the decision- maker in comparing different realities, in evaluating the environmental and economic performance of its management’s policies, and in trying to forecast the effectiveness of potential changes in management strategies. There is a long tradition of benchmarking methodologies, however most of them are commonly restrained to cover an internal perspective and do not investigate how the analysed protected area is performing when compared to others. 5 The main objective of the present paper is the external benchmarking of protected areas. To this aim, it is necessary to introduce a common benchmarking methodology, capable of taking into account specific features of different realities. Data Envelopment Analysis (DEA) is an extremely flexible and useful methodology, which provides an indicator of the relative efficiency for each different analysed decision- making unit (in our case National Park Management offices), where efficiency is a measure of different features related to the environmental as well as to the economic or social impacts of the protected area. In this paper we present and discuss the application of DEA to the case of Italian National Parks. In order to create a common set of indicators, a preliminary questionnaire was administered to investigate the opinion of parks’ managers and other stakeholders at a qualitative level. A follow-up questionnaire was subsequently carried out in order to collect intertemporal quantitative data for all the indicators that were considered more relevant by managers and stakeholders. DEA analysis was carried out on the data set. The paper is organized as follows. Section 1 provides a brief literature review. In Section 2 a brief description of the DEA methodology is given, while in Section 3 the data set and the data collection methodology are discussed, together with the types of DEA analysis performed. Section 4 is a description of the main results and Section 5 concludes with a summary of the main findings along with the final remarks and future extensions. 6 1 DEA and the environment DEA is a multivariate technique for monitoring productivity and providing insights on the possible directions of improvement of the status quo, when inefficient. It is a non- parametric technique, i.e. it can compare input/output data, making no prior assumptions about the probability distribution under study. The origin of non- parametric programming methodology, with respect to the relative efficiency measurement, lies in the work of Charnes et al. (1978, 1979, 1981). DEA has been applied to several benchmarking studies and to the performance analysis of public institutions, such as schools (Charnes et al., 1981), hospitals (Nyman and Bricker, 1989), but also of private ones, such as banks (Charnes et al., 1990). An exhaustive analysis of its underlying theory and main applications can be found in Charnes et al. (1993), while a comprehensive literature review in Tavaresa (2002). Applications to environmental and resource management problems are less frequent. An interesting overview of the role of DEA in environmental valuation can be found in Kortelainen and Kuosmanen (2004), while a survey of indicators of firm’s environmental behavior can be found in Tyteca (1996). We briefly report some application studies in the following. Application Author Measure ecological efficiency Dyckhoff and Allen, (2001) Measure environmental impacts of different production technology De Koeijer, et al. (2002) Measure different systems of waste management Sarkis and Weinrach (2001) Measure efficiency of environmental regulation schemes Hernandez-Sancho et al. (2000) 7 2 Methodology Although DEA is based on the concept of efficiency that approaches the idea of a classical production function, the latter is typically determined by a specific equation, while DEA is generated from the data set of observed operative units (Decision Making Units or DMUs). The DEA efficiency score of any DMU is derived from the comparison with the other DMUs that are included in the analysis, considering the maximum score of unity (or 100%) as a benchmark. The score is independent of the units in which outputs and inputs are measured, and this allows for a greater flexibility in the choice of inputs and outputs to be included in the study. An important assumption of the DEA is that all DMUs face the same unspecified technology and operational characteristics, which defines the set of their production possibilities. The idea of measuring the efficiency of DMUs with multiple inputs and outputs is specified as a linear fractional programming model. A commonly accepted measure of efficiency is given by the ratio of the weighted sum of outputs over the weighted sum of inputs. It is however necessary to assess a common set of weights and this may give rise to some problems. With DEA methodology each DMU can freely assess its own set of weights, that can be inferred through the process of maximizing the efficiency. Given a set of N DMUs, each producing J outputs from a set of I inputs, let us denote by yjn and xin the vectors representing the quantities of outputs and inputs relative to the m-th DMU, respectively. The efficiency of the m-th DMU can thus be calculated as: 8 ⎥ ⎦ ⎤ ⎢ ⎣ ⎡ = = = ∑ ∑ = = Ii Jj xv yu e I i imi J j jmj m ,..,1 ,..,1 , 1 1 (1) where uj and vi are two vectors of weight that DMU m uses in order to measure the relative importance of the consumed and the produced factors. As mentioned, the set of weights, in DEA, is not given, but is calculated through the DMU’s maximization problem, that is stated below for the m-th DMU. 10 10 ,.,,.,1 1 .. max 1 1 ≤≤ ≤≤ =∀≤ ∑ ∑ = = i j I i ini J j jnj m v u Nmn xv yu ts e (2) To simplify computations it is possible to scale the input prices so that the cost of the DMU m’s inputs equals 1, thus transforming problem set in (2) in the ordinary linear programming problem stated below: + == = = ℜ∈≤≤≤≤ =∀≤− = = ∑∑ ∑ ∑ εεε ,1 ,1 ,.,,.,1 0 1 .. max 11 1 1 ij I i ini J j jnj I i imi J j jmjm vu Nmnxvyu xv ts yuh (3) 9 In addition to the linearization constraint, weights have to be strictly positive in order to avoid the possibility that some inputs or outputs may be ignored in the process of determination of the efficiency of each DMU. If the solution to the maximization problem gives a value of efficiency equal to 1, the corresponding DMU is considered to be efficient or non-dominated, if the efficiency value is inferior to 1 then the corresponding DMU is dominated, therefore does not lie on the efficiency frontier, which is defined by the efficient DMUs. As for every linear programming problem, there is a dual formulation of the primal formulation of the maximization problem outlined in (3), which has an identical solution. While the primal problem can be interpreted as an output- oriented formulation (for a given level of input, DMUs maximizing output are preferred), the dual problem can be interpreted as an input- oriented formulation (for a given level of output, DMUs minimizing inputs are preferred). Scale effects can be accounted for modifying the model as presented in (3), in order to account for variable returns to scale (we adopt the solution suggested in Banker et al., 1984). Finally, the dynamic analysis was performed using the window approach, first put forward by Charnes and others (Charnes et al., 1978), in order to produce not only a static picture of efficiency, but also the evolution of efficiency of each municipality. The DEA is performed over time using a similar moving average procedure, where parks’ performances in one year are compared with their performances in another year. 10 3 Data Collection and Analysis To define environmental efficiency is a very challenging task; several different definitions of ecological efficiency exist in the literature. In the case of protected areas, the problem becomes even more complicated, because management and financial features have to be considered as well. As mentioned above, in a DEA study, the most crucial phase is indeed the choice of the representative benefit and cost indicators, which will be extremely influential in defining each DMU level of efficiency. For this reason, the direct involvement of stakeholders is appropriate, if not fundamental. The managers of all the National Parks1 in Italy were therefore interviewed through mail questionnaires in order to understand what they perceived as the most relevant indicators. In particular, for each proposed indicator, the respondent could choose among different qualitative definitions (very relevant, VR, relevant, R, not very relevant, NVR, and not relevant, NR). On the basis of the survey’s results, which are summarized in Table 1, a second survey was designed in order to obtain quantitative definitions of each of the indicators (the final set of indicators used in the DEA analysis is reported in Table 2 divided in three models, see section 4). On the output side, first the number of visitors to the park was considered as an indicator of its attractiveness, providing potential indirect benefit to the local economy. Second, the number of the parks’ employees, as an indicator of the social and economic indirect and direct benefits. Third, the number of economic businesses which are directly linked empowered or created thanks to the presence of the park (e.g. parks 1 There are 21 National Parks in Italy. The analysis was performed on the 17 parks which were able to produce the required data, which are: Abruzzo, Lazio and Molise; Arcipelago la Maddalena; Arcipelago Toscano; Asinara; Aspromonte; Cilento and Vallo di Diano; Circeo; Monti Sibillini; Gargano; Dolomiti Bellunesi; Foreste Casentinesi; Gran Paradiso; Gran Sasso and Monti della Laga; Majella; Val Grande; Vesuvio. 11 certifying farmers producing within the protected area). Fourth, the number of protected species, which is a good proxy of the environmental quality and biodiversity of the park (in some models the inverse of this biodiversity indicator was included as an input). Finally, the number of students who visit the park for environmental education trips, as a proxy of the social and educational benefits deriving from the park. On the input side, economic costs, computed aggregating management costs and variable costs and extraordinary expenses were considered. Moreover, the area extension was also considered as a proxy of fixed costs, which are assumed to be proportional to the area covered by the park. 4 Results Three different models have been used to perform DEA analysis. The choice of using more than one model specification derives from the consideration that the DEA technique is extremely sensitive to the choice of indicators. Hence, coherent responses obtained by different models prove to be more reliable and robust, diminishing the degree of subjectivity of the efficiency scores produced. Moreover, each different model mimics the three main existing management strategies, namely a ‘pure socio-economic development oriented’ (Model 1), a ‘pure conservation oriented’ (Model 2) and an ‘in between’ strategy (Model 3). In Table 3, results for Model 1, 2 and 3 (for the maximization of outputs approach, MAXOUTPUT) are shown, respectively. Parks scoring a 100% efficiency in Model 1 (as for example the National Park Foreste Casentinesi) are successfully promoting the development of the area. DMUs efficient according to Model 2 prove to have a high 12 natural performance, in terms of biodiversity conservation, attractiveness and capacity of diffusing awareness among new generations (as for example the National Park Gran Sasso and Monti della Laga). When a DMU is scoring maximum efficiency according to all three models, then one can argue the management has attained the sustainable development goal in a very broad sense. In the case of DMUs which are partially inefficient (as for example the National Park Gran Paradiso) it is possible to use the DEA analysis to obtain information concerning potential improvements of the management2 (see Figure 1). Finally, the total potential improvements, described in Figure 2, are defined by aggregating over all inefficient DMUs, in order to provide guidelines to properly allocate government incentives. Conclusions In recent years, a substantial re-interpretation of wilderness management objectives has occurred. According to this conceptual ‘revolution’, management strategies should aim at harmonizing human and nature’s interests, in the attempt of finding a balance between development and preservation, rather than a “put under a glass bell” approach. Nowadays a protected area has a new function: it is also a place where the concept of sustainable development can be put into practice and where traditional economic activities can be consistent with preservation needs. This is the interpretation of nature protection, and specifically of Natural Parks, underpinning the design of environmental protection strategies. 2 Parco Nazionale del Gargano, Parco del Vesuvio, Parco delle Foreste Casentinesi and Parco del Gran Sasso e dei Monti della Laga compose the peer group for the Parco Nazionale delle Dolomiti, used to define the virtual efficient DMU, thus providing information on potential improvements, P. 13 Accordingly, it becomes increasingly important to monitor multi-objectives efficiency, a task which can be successfully accomplished by adopting benchmarking techniques (as for example DEA). These techniques provide information about efficiency, interpreted as a multi dimensional object, but also enable a detailed analysis of potential improvements. The present study represents the first attempt to apply this methodology to this complex and experimental area. In particular, the methodology has been applied to the case of Italian National Parks; the resulting rankings and information to improve the management status have been provided as a feedback to their questionnaires to Parks’ managers and to the Italian authority. The next step on the research agenda is the enlargement of the data set to include a broader variety of parks (for example national parks of other countries in Europe) in order to produce a more reliable and useful efficiency classification. 14 References Banker, R.D., Charnes, A., Cooper, W. W. 1984. Some models for estimating technical and scale inefficiencies in data envelopment analysis. Management Science. 30 (9), 1078-1092. 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Rutcor Researc Report, 01-02, JANUARY, 2002 16 Tables and Figures OUTPUT VR-R NVR-NR a Number of annual visitors 100% 0% b Number of historical buildings 100% 0% c Number of protected species 89% 11% d Number of students which visit the park for environmental education trips 88% 12% e Number of equipped areas 56% 44% f Area extension 56% 44% g Number of parks employees 56% 44% h Number of environmental illegal acts 55% 45% i Restored environmental area extension 45% 55% l Presence of a certification system with park labels 44% 56% m Gadget sale 22% 78% n Number of economic business directly linked, empowered or created thanks to the presence of the park 22% 78% INPUT VR-R NVR-NR a Management costs 100% 0% b Variable costs 89% 11% c Area extension 56% 44% Table 1 - Results to questionnaire. The column VR-R presents the sum of the answers VR and R. The column NVR-NR presents the sum of the answers NVR and NR. (author) 17 Output Input Model 1 Visitors Parks employees Economic business created thanks to the park Ind. of biodiversity Management costs Variable costs Model 2 Visitors protected species environmental education trips Total costs Area extension Model 3 Visitors Parks employees Economic business created thanks to the park Ind. of biodiversity Management costs Variable costs Area extension Table 2 - Definition of input-output for the three models. Grey indicates input assumed as uncontrollable. (author) 18 MODEL 1 MODEL 2 MODEL 3 DMU Efficiency Efficiency Efficiency Abruzzo, Lazio e Molise 100 100 100 Arcipelago la Maddalena 6,54 45,2 22,94 Arcipelago Toscano 54,82 100 100 Asinara 100 100 100 Aspromonte 7,3 51,77 21,81 Cilento Vallo di Diano 16,56 30,14 35,33 Circeo 93,27 100 100 Dolomiti Bellunesi 23,56 62,28 33,07 Foreste Casentinesi 100 68,07 100 Gargano 68,23 100 100 Gran Paradiso 58,62 48,16 65,62 Gran Sasso e Monti della Laga 34,02 42,94 100 Majella 100 100 100 Monti Sibillini 100 92,45 100 Val Grande 9,43 100 53,32 Vesuvio 100 100 100 Table 3 - Efficiency results for the three models. (author) 19 52 52 67 -31 -86 0 -42 -100 -80 -60 -40 -20 0 20 40 60 80 Visitors Parks employees Economic business created thanks to the park Ind. of biodiversity Management costs Variable costs Area extension Figure 1 - Suggested potential improvements to obtain full efficiency. (author) 20 Total potential improvements 22% 15% 57% 1% 2% 2% 1% Visitors Parks employees Economic business created thanks to the park Ind. of biodiversity Management costs Variable costs Area extension Figure 2 -Total potential improvements. (author) NOTE DI LAVORO DELLA FONDAZIONE ENI ENRICO MATTEI Fondazione Eni Enrico Mattei Working Paper Series Our Note di Lavoro are available on the Internet at the following addresses: http://www.feem.it/Feem/Pub/Publications/WPapers/default.html http://www.ssrn.com/link/feem.html http://www.repec.org NOTE DI LAVORO PUBLISHED IN 2004 IEM 1.2004 Anil MARKANDYA, Suzette PEDROSO and Alexander GOLUB: Empirical Analysis of National Income and So2 Emissions in Selected European Countries ETA 2.2004 Masahisa FUJITA and Shlomo WEBER: Strategic Immigration Policies and Welfare in Heterogeneous Countries PRA 3.2004 Adolfo DI CARLUCCIO, Giovanni FERRI, Cecilia FRALE and Ottavio RICCHI: Do Privatizations Boost Household Shareholding? 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Reading Governance in a Local Context KTHC 37.2004 Kristine CRANE (lxviii): Governing Migration: Immigrant Groups’ Strategies in Three Italian Cities – Rome, Naples and Bari KTHC 38.2004 Kiflemariam HAMDE (lxviii): Mind in Africa, Body in Europe: The Struggle for Maintaining and Transforming Cultural Identity - A Note from the Experience of Eritrean Immigrants in Stockholm ETA 39.2004 Alberto CAVALIERE: Price Competition with Information Disparities in a Vertically Differentiated Duopoly PRA 40.2004 Andrea BIGANO and Stef PROOST: The Opening of the European Electricity Market and Environmental Policy: Does the Degree of Competition Matter? CCMP 41.2004 Micheal FINUS (lxix): International Cooperation to Resolve International Pollution Problems KTHC 42.2004 Francesco CRESPI: Notes on the Determinants of Innovation: A Multi-Perspective Analysis CTN 43.2004 Sergio CURRARINI and Marco MARINI: Coalition Formation in Games without Synergies CTN 44.2004 Marc ESCRIHUELA-VILLAR: Cartel Sustainability and Cartel Stability NRM 45.2004 Sebastian BERVOETS and Nicolas GRAVEL (lxvi): Appraising Diversity with an Ordinal Notion of Similarity: An Axiomatic Approach NRM 46.2004 Signe ANTHON and Bo JELLESMARK THORSEN (lxvi): Optimal Afforestation Contracts with Asymmetric Information on Private Environmental Benefits NRM 47.2004 John MBURU (lxvi): Wildlife Conservation and Management in Kenya: Towards a Co-management Approach NRM 48.2004 Ekin BIROL, Ágnes GYOVAI and Melinda SMALE (lxvi): Using a Choice Experiment to Value Agricultural Biodiversity on Hungarian Small Farms: Agri-Environmental Policies in a Transition al Economy CCMP 49.2004 Gernot KLEPPER and Sonja PETERSON: The EU Emissions Trading Scheme. Allowance Prices, Trade Flows, Competitiveness Effects GG 50.2004 Scott BARRETT and Michael HOEL: Optimal Disease Eradication CTN 51.2004 Dinko DIMITROV, Peter BORM, Ruud HENDRICKX and Shao CHIN SUNG: Simple Priorities and Core Stability in Hedonic Games SIEV 52.2004 Francesco RICCI: Channels of Transmission of Environmental Policy to Economic Growth: A Survey of the Theory SIEV 53.2004 Anna ALBERINI, Maureen CROPPER, Alan KRUPNICK and Nathalie B. SIMON: Willingness to Pay for Mortality Risk Reductions: Does Latency Matter? NRM 54.2004 Ingo BRÄUER and Rainer MARGGRAF (lxvi): Valuation of Ecosystem Services Provided by Biodiversity Conservation: An Integrated Hydrological and Economic Model to Value the Enhanced Nitrogen Retention in Renaturated Streams NRM 55.2004 Timo GOESCHL and Tun LIN (lxvi): Biodiversity Conservation on Private Lands: Information Problems and Regulatory Choices NRM 56.2004 Tom DEDEURWAERDERE (lxvi): Bioprospection: From the Economics of Contracts to Reflexive Governance CCMP 57.2004 Katrin REHDANZ and David MADDISON: The Amenity Value of Climate to German Households CCMP 58.2004 Koen SMEKENS and Bob VAN DER ZWAAN: Environmental Externalities of Geological Carbon Sequestration Effects on Energy Scenarios NRM 59.2004 Valentina BOSETTI, Mariaester CASSINELLI and Alessandro LANZA (lxvii): Using Data Envelopment Analysis to Evaluate Environmentally Conscious Tourism Management NRM 60.2004 Timo GOESCHL and Danilo CAMARGO IGLIORI (lxvi):Property Rights Conservation and Development: An Analysis of Extractive Reserves in the Brazilian Amazon CCMP 61.2004 Barbara BUCHNER and Carlo CARRARO: Economic and Environmental Effectiveness of a Technology-based Climate Protocol NRM 62.2004 Elissaios PAPYRAKIS and Reyer GERLAGH: Resource-Abundance and Economic Growth in the U.S. NRM 63.2004 Györgyi BELA, György PATAKI, Melinda SMALE and Mariann HAJDÚ (lxvi): Conserving Crop Genetic Resources on Smallholder Farms in Hungary: Institutional Analysis NRM 64.2004 E.C.M. RUIJGROK and E.E.M. NILLESEN (lxvi): The Socio-Economic Value of Natural Riverbanks in the Netherlands NRM 65.2004 E.C.M. RUIJGROK (lxvi): Reducing Acidification: The Benefits of Increased Nature Quality. Investigating the Possibilities of the Contingent Valuation Method ETA 66.2004 Giannis VARDAS and Anastasios XEPAPADEAS: Uncertainty Aversion, Robust Control and Asset Holdings GG 67.2004 Anastasios XEPAPADEAS and Constadina PASSA: Participation in and Compliance with Public Voluntary Environmental Programs: An Evolutionary Approach GG 68.2004 Michael FINUS: Modesty Pays: Sometimes! NRM 69.2004 Trond BJØRNDAL and Ana BRASÃO: The Northern Atlantic Bluefin Tuna Fisheries: Management and Policy Implications CTN 70.2004 Alejandro CAPARRÓS, Abdelhakim HAMMOUDI and Tarik TAZDAÏT: On Coalition Formation with Heterogeneous Agents IEM 71.2004 Massimo GIOVANNINI, Margherita GRASSO, Alessandro LANZA and Matteo MANERA: Conditional Correlations in the Returns on Oil Companies Stock Prices and Their Determinants IEM 72.2004 Alessandro LANZA, Matteo MANERA and Michael MCALEER: Modelling Dynamic Conditional Correlations in WTI Oil Forward and Futures Returns SIEV 73.2004 Margarita GENIUS and Elisabetta STRAZZERA: The Copula Approach to Sample Selection Modelling: An Application to the Recreational Value of Forests CCMP 74.2004 Rob DELLINK and Ekko van IERLAND: Pollution Abatement in the Netherlands: A Dynamic Applied General Equilibrium Assessment ETA 75.2004 Rosella LEVAGGI and Michele MORETTO: Investment in Hospital Care Technology under Different Purchasing Rules: A Real Option Approach CTN 76.2004 Salvador BARBERÀ and Matthew O. JACKSON (lxx): On the Weights of Nations: Assigning Voting Weights ina Heterogeneous Union CTN 77.2004 Àlex ARENAS, Antonio CABRALES, Albert DÍAZ-GUILERA, Roger GUIMERÀ and Fernando VEGA- REDONDO (lxx): Optimal Information Transmission in Organizations: Search and Congestion CTN 78.2004 Francis BLOCH and Armando GOMES (lxx): Contracting with Externalities and Outside Options CTN 79.2004 Rabah AMIR, Effrosyni DIAMANTOUDI and Licun XUE (lxx): Merger Performance under Uncertain Efficiency Gains CTN 80.2004 Francis BLOCH and Matthew O. JACKSON (lxx): The Formation of Networks with Transfers among Players CTN 81.2004 Daniel DIERMEIER, Hülya ERASLAN and Antonio MERLO (lxx): Bicameralism and Government Formation CTN 82.2004 Rod GARRATT, James E. PARCO, Cheng-ZHONG QIN and Amnon RAPOPORT (lxx): Potential Maximization and Coalition Government Formation CTN 83.2004 Kfir ELIAZ, Debraj RAY and Ronny RAZIN (lxx): Group Decision-Making in the Shadow of Disagreement CTN 84.2004 Sanjeev GOYAL, Marco van der LEIJ and José Luis MORAGA-GONZÁLEZ (lxx): Economics: An Emerging Small World? CTN 85.2004 Edward CARTWRIGHT (lxx): Learning to Play Approximate Nash Equilibria in Games with Many Players IEM 86.2004 Finn R. FØRSUND and Michael HOEL: Properties of a Non-Competitive Electricity Market Dominated by Hydroelectric Power KTHC 87.2004 Elissaios PAPYRAKIS and Reyer GERLAGH: Natural Resources, Investment and Long-Term Income CCMP 88.2004 Marzio GALEOTTI and Claudia KEMFERT: Interactions between Climate and Trade Policies: A Survey IEM 89.2004 A. MARKANDYA, S. PEDROSO and D. STREIMIKIENE: Energy Efficiency in Transition Economies: Is There Convergence Towards the EU Average? GG 90.2004 Rolf GOLOMBEK and Michael HOEL : Climate Agreements and Technology Policy PRA 91.2004 Sergei IZMALKOV (lxv): Multi-Unit Open Ascending Price Efficient Auction KTHC 92.2004 Gianmarco I.P. OTTAVIANO and Giovanni PERI: Cities and Cultures KTHC 93.2004 Massimo DEL GATTO: Agglomeration, Integration, and Territorial Authority Scale in a System of Trading Cities. Centralisation versus devolution CCMP 94.2004 Pierre-André JOUVET, Philippe MICHEL and Gilles ROTILLON: Equilibrium with a Market of Permits CCMP 95.2004 Bob van der ZWAAN and Reyer GERLAGH: Climate Uncertainty and the Necessity to Transform Global Energy Supply CCMP 96.2004 Francesco BOSELLO, Marco LAZZARIN, Roberto ROSON and Richard S.J. TOL: Economy-Wide Estimates of the Implications of Climate Change: Sea Level Rise CTN 97.2004 Gustavo BERGANTIÑOS and Juan J. 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On the Incidence of Commissions in Auction Markets PRA 147.2004 Claudio MEZZETTI, Aleksandar PEKEČ and Ilia TSETLIN (lxxi): Sequential vs. Single-Round Uniform-Price Auctions PRA 148.2004 John ASKER and Estelle CANTILLON (lxxi): Equilibrium of Scoring Auctions PRA 149.2004 Philip A. HAILE, Han HONG and Matthew SHUM (lxxi): Nonparametric Tests for Common Values in First- Price Sealed-Bid Auctions PRA 150.2004 François DEGEORGE, François DERRIEN and Kent L. WOMACK (lxxi): Quid Pro Quo in IPOs: Why Bookbuilding is Dominating Auctions CCMP 151.2004 Barbara BUCHNER and Silvia DALL’OLIO: Russia: The Long Road to Ratification. Internal Institution and Pressure Groups in the Kyoto Protocol’s Adoption Process CCMP 152.2004 Carlo CARRARO and Marzio GALEOTTI: Does Endogenous Technical Change Make a Difference in Climate Policy Analysis? A Robustness Exercise with the FEEM-RICE Model PRA 153.2004 Alejandro M. MANELLI and Daniel R. 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Hossein FARZIN and Ken-Ichi AKAO: Non-pecuniary Value of Employment and Individual Labor Supply ETA 159.2004 William BROCK and Anastasios XEPAPADEAS: Spatial Analysis: Development of Descriptive and Normative Methods with Applications to Economic-Ecological Modelling KTHC 160.2004 Alberto PETRUCCI: On the Incidence of a Tax on PureRent with Infinite Horizons IEM 161.2004 Xavier LABANDEIRA, José M. LABEAGA and Miguel RODRÍGUEZ: Microsimulating the Effects of Household Energy Price Changes in Spain NOTE DI LAVORO PUBLISHED IN 2005 CCMP 1.2005 Stéphane HALLEGATTE: Accounting for Extreme Events in the Economic Assessment of Climate Change CCMP 2.2005 Qiang WU and Paulo Augusto NUNES: Application of Technological Control Measures on Vehicle Pollution: A Cost-Benefit Analysis in China CCMP 3.2005 Andrea BIGANO, Jacqueline M. HAMILTON, Maren LAU, Richard S.J. 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CCMP 6.2005 Valentina BOSETTI, Carlo CARRARO and Marzio GALEOTTI: The Dynamics of Carbon and Energy Intensity in a Model of Endogenous Technical Change IEM 7.2005 David CALEF and Robert GOBLE: The Allure of Technology: How France and California Promoted Electric Vehicles to Reduce Urban Air Pollution ETA 8.2005 Lorenzo PELLEGRINI and Reyer GERLAGH: An Empirical Contribution to the Debate on Corruption Democracy and Environmental Policy CCMP 9.2005 Angelo ANTOCI: Environmental Resources Depletion and Interplay Between Negative and Positive Externalities in a Growth Model CTN 10.2005 Frédéric DEROIAN: Cost-Reducing Alliances and Local Spillovers NRM 11.2005 Francesco SINDICO: The GMO Dispute before the WTO: Legal Implications for the Trade and Environment Debate KTHC 12.2005 Carla MASSIDDA: Estimating the New Keynesian Phillips Curve for Italian Manufacturing Sectors KTHC 13.2005 Michele MORETTO and Gianpaolo ROSSINI: Start-up Entry Strategies: Employer vs. Nonemployer firms PRCG 14.2005 Clara GRAZIANO and Annalisa LUPORINI: Ownership Concentration, Monitoring and Optimal Board Structure CSRM 15.2005 Parashar KULKARNI: Use of Ecolabels in Promoting Exports from Developing Countries to Developed Countries: Lessons from the Indian LeatherFootwear Industry KTHC 16.2005 Adriana DI LIBERTO, Roberto MURA and Francesco PIGLIARU: How to Measure the Unobservable: A Panel Technique for the Analysis of TFP Convergence KTHC 17.2005 Alireza NAGHAVI: Asymmetric Labor Markets, Southern Wages, and the Location of Firms KTHC 18.2005 Alireza NAGHAVI: Strategic Intellectual Property Rights Policy and North-South Technology Transfer KTHC 19.2005 Mombert HOPPE: Technology Transfer Through Trade PRCG 20.2005 Roberto ROSON: Platform Competition with Endogenous Multihoming CCMP 21.2005 Barbara BUCHNER and Carlo CARRARO: Regional and Sub-Global Climate Blocs. A Game Theoretic Perspective on Bottom-up Climate Regimes IEM 22.2005 Fausto CAVALLARO: An Integrated Multi-Criteria System to Assess Sustainable Energy Options: An Application of the Promethee Method CTN 23.2005 Michael FINUS, Pierre v. MOUCHE and Bianca RUNDSHAGEN: Uniqueness of Coalitional Equilibria IEM 24.2005 Wietze LISE: Decomposition of CO2 Emissions over 1980–2003 in Turkey CTN 25.2005 Somdeb LAHIRI: The Core of Directed Network Problems with Quotas SIEV 26.2005 Susanne MENZEL and Riccardo SCARPA: Protection Motivation Theory and Contingent Valuation: Perceived Realism, Threat and WTP Estimates for Biodiversity Protection NRM 27.2005 Massimiliano MAZZANTI  and Anna MONTINI: The Determinants of Residential Water Demand Empirical Evidence for a Panel of Italian Municipalities CCMP 28.2005 Laurent GILOTTE and Michel de LARA: Precautionary Effect and Variations of the Value of Information NRM 29.2005 Paul SARFO-MENSAH: Exportation of Timber in Ghana: The Menace of Illegal Logging Operations CCMP 30.2005 Andrea BIGANO, Alessandra GORIA, Jacqueline HAMILTON and Richard S.J. TOL: The Effect of Climate Change and Extreme Weather Events on Tourism NRM 31.2005 Maria Angeles GARCIA-VALIÑAS: Decentralization and Environment: An Application to Water Policies NRM 32.2005 Chiara D’ALPAOS, Cesare DOSI and Michele MORETTO: Concession Length and Investment Timing Flexibility CCMP 33.2005 Joseph HUBER: Key Environmental Innovations CTN 34.2005 Antoni CALVÓ-ARMENGOL and Rahmi İLKILIÇ (lxxii): Pairwise-Stability and Nash Equilibria in Network Formation CTN 35.2005 Francesco FERI (lxxii): Network Formation with Endogenous Decay CTN 36.2005 Frank H. PAGE, Jr. and Myrna H. WOODERS (lxxii): Strategic Basins of Attraction, the Farsighted Core, and Network Formation Games CTN 37.2005 Alessandra CASELLA and Nobuyuki HANAKI (lxxii): Information Channels in Labor Markets. On the Resilience of Referral Hiring CTN 38.2005 Matthew O. 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The Case of Italian National Parks (lxv) This paper was presented at the EuroConference on “Auctions and Market Design: Theory, Evidence and Applications” organised by Fondazione Eni Enrico Mattei and sponsored by the EU, Milan, September 25-27, 2003 (lxvi) This paper has been presented at the 4th BioEcon Workshop on “Economic Analysis of Policies for Biodiversity Conservation” organised on behalf of the BIOECON Network by Fondazione Eni Enrico Mattei, Venice International University (VIU) and University College London (UCL) , Venice, August 28-29, 2003 (lxvii) This paper has been presented at the international conference on “Tourism and Sustainable Economic Development – Macro and Micro Economic Issues” jointly organised by CRENoS (Università di Cagliari e Sassari, Italy) and Fondazione Eni Enrico Mattei, and supported by the World Bank, Sardinia, September 19-20, 2003 (lxviii) This paper was presented at the ENGIME Workshop on “Governance and Policies in Multicultural Cities”, Rome, June 5-6, 2003 (lxix) This paper was presented at the Fourth EEP Plenary Workshop and EEP Conference “The Future of Climate Policy”, Cagliari, Italy, 27-28 March 2003 (lxx) This paper was presented at the 9th Coalition Theory Workshop on "Collective Decisions and Institutional Design" organised by the Universitat Autònoma de Barcelona and held in Barcelona, Spain, January 30-31, 2004 (lxxi) This paper was presented at the EuroConference on “Auctions and Market Design: Theory, Evidence and Applications”, organised by Fondazione Eni Enrico Mattei and Consip and sponsored by the EU, Rome, September 23-25, 2004 (lxxii) This paper was presented at the 10th Coalition Theory Network Workshop held in Paris, France on 28-29 January 2005 and organised by EUREQua. (lxxiii) This paper was presented at the 2nd Workshop on "Inclusive Wealth and Accounting Prices" held in Trieste, Italy on 13-15 April 2005 and organised by the Ecological and Environmental Economics - EEE Programme, a joint three-year programme of ICTP - The Abdus Salam International Centre for Theoretical Physics, FEEM - Fondazione Eni Enrico Mattei, and The Beijer International Institute of Ecological Economics. 2004 SERIES CCMP Climate Change Modelling and Policy (Editor: Marzio Galeotti ) GG Global Governance (Editor: Carlo Carraro) SIEV Sustainability Indicators and Environmental Valuation (Editor: Anna Alberini) NRM Natural Resources Management (Editor: Carlo Giupponi) KTHC Knowledge, Technology, Human Capital (Editor: Gianmarco Ottaviano) IEM International Energy Markets (Editor: Anil Markandya) CSRM Corporate Social Responsibility and Sustainable Management (Editor: Sabina Ratti) PRA Privatisation, Regulation, Antitrust (Editor: Bernardo Bortolotti) ETA Economic Theory and Applications (Editor: Carlo Carraro) CTN Coalition Theory Network 2005 SERIES CCMP Climate Change Modelling and Policy (Editor: Marzio Galeotti ) SIEV Sustainability Indicators and Environmental Valuation (Editor: Anna Alberini) NRM Natural Resources Management (Editor: Carlo Giupponi) KTHC Knowledge, Technology, Human Capital (Editor: Gianmarco Ottaviano) IEM International Energy Markets (Editor: Anil Markandya) CSRM Corporate Social Responsibility and Sustainable Management (Editor: Sabina Ratti) PRCG Privatisation Regulation Corporate Governance (Editor: Bernardo Bortolotti) ETA Economic Theory and Applications (Editor: Carlo Carraro) CTN Coalition Theory Network