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Optimal Sovereign Debt Relief and Exclusion with Unobservable Physical Capital (2024)
Journal Article
Marsiliani, L., Renström, T. I., & Yaisawang, N. (2024). Optimal Sovereign Debt Relief and Exclusion with Unobservable Physical Capital. Theoretical Economics Letters, 14(1), 321-349. https://doi.org/10.4236/tel.2024.141018

We investigate the optimum lending arrangements when there is the possibility of partial default, in addition to full default, when physical capital is unobservable. In a model calibrated on Argentina, we find an optimal debt reduction of 39%, and op... Read More about Optimal Sovereign Debt Relief and Exclusion with Unobservable Physical Capital.

A non-parametric random effects model for the valuation of forest recreation services: An application to forest sites in Tuscany, Italy (2024)
Journal Article
Pellegrini, A., Lombardi, G. V., Scarpa, R., & Rose, J. M. (in press). A non-parametric random effects model for the valuation of forest recreation services: An application to forest sites in Tuscany, Italy. The Australian Journal of Agricultural and Resource Economics,

This study assesses individuals’ preferences for the use of forest sites for recreational purposes by means of the Logit Mixed Logit (LMNL) model (Train, 2016). The appeal of the LML is that the analyst need not assume any specific functional form fo... Read More about A non-parametric random effects model for the valuation of forest recreation services: An application to forest sites in Tuscany, Italy.

Theory of Socially Responsible Investment: A Review (2023)
Book Chapter
Marsiliani, L., Naga, L., Renström, T. I., & Spataro, L. (2023). Theory of Socially Responsible Investment: A Review. In L. Spataro, M. C. Quirici, & G. Iermano (Eds.), ESG Integration and SRI Strategies in the EU (11-45). Palgrave Macmillan. https://doi.org/10.1007/978-3-031-36457-0_2

Socially responsible investment (SRI), where individuals look beyond financial payoffs to integrate environmental, social and governance (ESG) factors into their investment decisions, is not fully explained by standard models of preferences. Conseque... Read More about Theory of Socially Responsible Investment: A Review.

Accounting for protected areas: Approaches and applications (2023)
Journal Article
King, S., Ginsburg, A., Driver, A., Belle, E., Campos, P., Caparrós, A., …Brown, C. (2023). Accounting for protected areas: Approaches and applications. Ecosystem Services, 63, Article 101544. https://doi.org/10.1016/j.ecoser.2023.101544

The System of Environmental-Economic Accounts Ecosystem Accounting (SEEA EA) provides a statistical framework for measuring ecosystems and the services they supply, complementing the System of National Accounts (SNA). Although accounting for protecte... Read More about Accounting for protected areas: Approaches and applications.

Evolutionary Dynamics in Heterogeneous Oligopolies for the Exploitation of Renewable Natural Resources (2023)
Journal Article
Bischi, G. I., & Sbragia, L. (2023). Evolutionary Dynamics in Heterogeneous Oligopolies for the Exploitation of Renewable Natural Resources. Rivista internazionale di scienze sociali, 2023(1), 35-64. https://doi.org/10.26350/000518_000109

In this paper we provide an overview of some dynamic oligopoly models proposed in the literature to describe the exploitation of a common pool renewable natural resource (e.g. fisheries) when agents can switch between different harvesting strategies.... Read More about Evolutionary Dynamics in Heterogeneous Oligopolies for the Exploitation of Renewable Natural Resources.

Self-image and the Stability of International Environmental Agreements (2023)
Journal Article
Breton, M., & Sbragia, L. (2023). Self-image and the Stability of International Environmental Agreements. Ecological Economics, 211, Article 107869. https://doi.org/10.1016/j.ecolecon.2023.107869

In this paper we examine the stability of international environmental agreements about a (common) emissions target. By signing the agreement, the parties develop a sense of responsibility to the commitment made, gaining a self-image that contributes... Read More about Self-image and the Stability of International Environmental Agreements.

Hydrogen supply chain and refuelling network design: assessment of alternative scenarios for the long-haul road freight in the UK (2023)
Journal Article
Raeesi, R., Searle, C., Balta-Ozkan, N., Marsiliani, L., Tian, M., & Greening, P. (2024). Hydrogen supply chain and refuelling network design: assessment of alternative scenarios for the long-haul road freight in the UK. International Journal of Hydrogen Energy, 52(Part B), 667-687. https://doi.org/10.1016/j.ijhydene.2023.03.474

Shifting from fossil fuels to clean alternative fuel options such as hydrogen is an essential step in decarbonising the road freight transport sector and facilitating an efficient transition towards zero-emissions goods distribution of the future. De... Read More about Hydrogen supply chain and refuelling network design: assessment of alternative scenarios for the long-haul road freight in the UK.

“No fences make bad neighbors” but markets make better ones: cap-and-trade reduces cross-border SO2 in a natural experiment (2023)
Journal Article
Leppert, D. (2023). “No fences make bad neighbors” but markets make better ones: cap-and-trade reduces cross-border SO2 in a natural experiment. Environmental Economics and Policy Studies, https://doi.org/10.1007/s10018-023-00367-z

The clean air interstate rule (CAIR) was a regional cap-and-trade program announced in 2005 which covered 27 eastern US states and sought to reduce sulfur dioxide emissions from coal-fired power plants. The rule was later vacated after a court found... Read More about “No fences make bad neighbors” but markets make better ones: cap-and-trade reduces cross-border SO2 in a natural experiment.

An empirical analysis of participation in international environmental agreements (2023)
Journal Article
Bellelli, F. S., Scarpa, R., & Aftab, A. (2023). An empirical analysis of participation in international environmental agreements. Journal of Environmental Economics and Management, 118, Article 102783. https://doi.org/10.1016/j.jeem.2023.102783

This study investigates the determinants of participation in environmental agreements, with a special focus on lobbying and regional agreements. To this end, we collated the largest ratification dataset in the literature and identified all countries... Read More about An empirical analysis of participation in international environmental agreements.

The Participation Dilemma: A Survey of the Empirical Literature on International Environmental Agreement Ratification (2022)
Journal Article
Bellelli, F. S., Aftab, A., & Scarpa, R. (2023). The Participation Dilemma: A Survey of the Empirical Literature on International Environmental Agreement Ratification. Review of Environmental Economics and Policy, 17(1), 3-21. https://doi.org/10.1086/722906

Several of the most pressing environmental problems involve transboundary issues and can be solved only through international cooperation. Hence, a successful policy response requires a good understanding of international environmental agreements—the... Read More about The Participation Dilemma: A Survey of the Empirical Literature on International Environmental Agreement Ratification.

The Vulnerability to Oil Price Shocks of the Bangladesh Economy (2022)
Book Chapter
Amin, S., Marsiliani, L., Renström, T., & Taghizadeh-Hesary, F. (2022). The Vulnerability to Oil Price Shocks of the Bangladesh Economy. In F. Taghizadeh-Hesary, & D. Zhang (Eds.), The Handbook of Energy Policy. Springer Verlag. https://doi.org/10.1007/978-981-16-9680-0_36-1

The economic impacts of oil price shocks have been widely examined since the first oil crisis of 1973. However, most of the earlier studies have primarily focused on advanced economies while emerging countries have received less attention. In Banglad... Read More about The Vulnerability to Oil Price Shocks of the Bangladesh Economy.

Decarbonisation Policies and Energy Price Reforms in Bangladesh (2022)
Journal Article
Amin, S., Jamasb, T., Llorca, M., Marsiliani, L., & Renström, T. (2022). Decarbonisation Policies and Energy Price Reforms in Bangladesh. Energy Policy, 170, Article 113224. https://doi.org/10.1016/j.enpol.2022.113224

Bangladesh electricity sector suffers from heavy subsidization of fossil fuels and regulated electricity prices. These interventions distort the fuel mix in electricity production, promote overconsumption of fossil fuels and slow down the low-carbon... Read More about Decarbonisation Policies and Energy Price Reforms in Bangladesh.

Towards measuring environmental income through a refined United Nations SEEA EA: Application to publicly-owned, protected, pine-forest-farm case studies in Andalusia, Spain (2022)
Journal Article
Campos, P., Mesa, B., Álvarez, A., Oviedo, J. L., & Caparrós, A. (2022). Towards measuring environmental income through a refined United Nations SEEA EA: Application to publicly-owned, protected, pine-forest-farm case studies in Andalusia, Spain. Ecological Economics, 201, Article 107570. https://doi.org/10.1016/j.ecolecon.2022.107570

The United Nations monetary System of Environmental-Economic Accounting—Ecosystem Accounting (SEEA EA) does not recommend the measurement of the environmental incomes of single products from an ecosystem accounting area. The objective of this paper i... Read More about Towards measuring environmental income through a refined United Nations SEEA EA: Application to publicly-owned, protected, pine-forest-farm case studies in Andalusia, Spain.

Is local and organic produce less satiating? Some evidence from a field experiment (2022)
Journal Article
Franceschinis, C., Scarpa, R., Rossetto, L., & Thiene, M. (2022). Is local and organic produce less satiating? Some evidence from a field experiment. European Review of Agricultural Economics, 49(5), 1146-1178. https://doi.org/10.1093/erae/jbac014

We investigate consumers’ preferences towards local and organic food via a framed field experiment involving revealed multiple discrete–continuous choices. Participants were endowed with a cash amount as a budget to purchase any desired quantity of d... Read More about Is local and organic produce less satiating? Some evidence from a field experiment.

Would a simple attention-reminder in discrete choice experiments affect heuristics, preferences, and willingness to pay for livestock market facilities? (2022)
Journal Article
Kassie, G. T., Zeleke, F., Birhanu, M. Y., & Scarpa, R. (2022). Would a simple attention-reminder in discrete choice experiments affect heuristics, preferences, and willingness to pay for livestock market facilities?. PLoS ONE, 17(7), Article e0270917. https://doi.org/10.1371/journal.pone.0270917

This study addresses the question whether an ‘attention reminder’ in discrete choice experiments (DCE) affects preferences, willingness to pay (WTP), and attribute non-attendance (ANA). We report on an experiment which elicited preferences for livest... Read More about Would a simple attention-reminder in discrete choice experiments affect heuristics, preferences, and willingness to pay for livestock market facilities?.

Response times and subjective complexity of food choices: A web-based experiment across 3 countries (2022)
Journal Article
Atzori, R., Pellegrini, A., Lombardi, G., & Scarpa, R. (2023). Response times and subjective complexity of food choices: A web-based experiment across 3 countries. Social Science Computer Review, 41(4), 1381–1404. https://doi.org/10.1177/08944393211073585

Accurate collection of response times is one of the main advantages of web-administered stated choice experiments and it can be thought of as a behavioral indicator of cognitive effort. We use data from a food choice experiment administered across th... Read More about Response times and subjective complexity of food choices: A web-based experiment across 3 countries.

The Case of Waste to Energy in Bangladesh (2022)
Book Chapter
Amin, S., Jamasb, T., Llorca, M., Marsiliani, L., & Renstrom, T. (2022). The Case of Waste to Energy in Bangladesh. In L. Arthur, M. Hughes, & D. Hondo (Eds.), Prospects for Transitioning from a Linear to Circular Economy in Developing Asia (127-144). Asian Development Bank Institute

Information disclosure and dynamic climate agreements: Shall the IPCC reveal it all? (2022)
Journal Article
Vosooghi, S., & Caparrós, A. (2022). Information disclosure and dynamic climate agreements: Shall the IPCC reveal it all?. European Economic Review, 143, https://doi.org/10.1016/j.euroecorev.2022.104042

This paper examines the role of public information communication in dynamic self-enforcing climate agreements. We consider a framework with implicit contracts but also a dynamic coalition formation context. In a stochastic game, where the social cost... Read More about Information disclosure and dynamic climate agreements: Shall the IPCC reveal it all?.