This paper focus on a contingent valuation (CV) exercise as to compute estimates for the willingness to pay (WTP) for recreation and biodiversity benefits of a Natural Park in Portugal. The CV survey gathers 1678 respondents and three development policy options. We refer to the Wilderness Areas...

Fleurbaey, Hagneré and Trannoy (2003) develop a bounded dominance test to make robust welfare comparisons, which is intermediate between Ebert’s (1999) cardinal dominance criterion – generalized Lorenz dominance applied to household incomes, divided and weighted by an equivalence scale –...

Summary for Economic Policy: The starting date of the European Monetary Union (EMU) is coming close. After several years of intense efforts, eleven European Union (EU) countries are prepared to go ahead. Belgium is one of those countries. This is a step of great importance. Gradually, the...

This paper presents estimates of union wage differentials and explores to what extent they are affected by the degree of unionisation. For this purpose, data at the individual level obtained from the British Household Panel Survey (BHPS) are used. Our results support the hypothesis that the...

In this paper we compare the effectiveness and welfare effects of alternative fuel efficiency, environmental and transport policies for a given urban area. The urban transport activities are represented as a set of interrelated markets, one for each mode of transport and type of vehicle. For...

We propose a straightforward dominance procedure for comparing social welfare orderings (SWOs) with respect to the degree of inequality aversion they express. We consider three versions of the procedure: (i) a criterion based on the Lorenz quasi-ordering which we argue to be the ideal version,...

In this paper, we analyse the manufacturers' choice of vertical arrangement with retailers. We focus on two types of vertical arrangements namely exclusive dealing and exclusive territory. Both are used by manufacturers as instruments to dampen manufacturer competition. Exclusive dealing is used...

In this paper we analyse job flows in five transition countries, Poland, Estonia, Slovenia, Bulgaria and Romania. Using comparable firm level data over the years 1993-1997, we find that in early transition job destruction dominates job creation, while the latter is picking up as the country...

This paper uses reprojection to develop a benchmark to assess ECB monetary policy since January 1999, the start of EMU. We first estimate an essentially affine term structure model for the German SWAP yield curve between 1987:04-1998:12. The German monetary policy is then reprojected onto the...

The paper examines welfare improving and revenue neutral directions marginal policy reforms for an economy with nonidentical individuals and an externality that has a feedback effect on the consumption of taxed goods. It considers three types of policy instruments: the indirect taxes, the...