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This paper uses the marginal opportunity cost (MOC) pricing method to calculate theoretical prices of energy resources (namely coal, crude oil, and natural gas). The theoretical price encompasses the marginal production cost (MPC) for exploitation, marginal user cost (MUC) for the scarcity of the exhaustible resources, and the marginal external cost (MEC) for environmental impacts. Compared with the existing compensation mechanism, this study estimates the degree of energy price distortions under different discount rates. The results show that each resource price presents different degrees of distortion with varying causes for the distortions. The crude oil price had the highest distortion degree, followed by coal and natural gas, and the lower the discount rate, the more serious is the energy price distortion. [ABSTRACT FROM AUTHOR]

Two contingent valuation (CV) surveys were conducted in Kunming, China, to estimate households' willingness to pay (WTP) for the Panlong River rehabilitation project. The two surveys were conducted using the same procedures and questionnaires except for the payment schedule arrangements, which permitted a calculation of respondents' implicit discount rate. The surveys provided two estimates of WTP, one with a mean of 23 Yuan in monthly payment over 5 years and the other with a mean of 311 Yuan in a lump-sum payment that will cover all the expenses for a period of 5 years. The results produce an estimate of monthly discount rate of 7.6%–12.6% or annual discount rate of 141–315%. The estimates are higher than that reported from those studies conducted in the U.S., but are compatible with that of some other studies. This study also shows that both mean individual WTP and implicit individual discount rates are closely related to household demographic and economic characteristics and environment-related perceptions, as reported in the studies conducted in other countries. [ABSTRACT FROM AUTHOR]

The social cost of carbon is a tool for assessing the appropriateness of emission reduction measures and climate policy, and is affected by socioeconomic and climatic factors. This study aimed to explore the impact of socioeconomic factors and climate on the social cost of carbon; to this end, this study considered Chinese provinces as the focus of research. This study constructed an integrated framework for carbon emissions considering socioeconomic and climatic factors, which consisted of shared socioeconomic pathways (SSPs) and representative concentration pathways (RCPs). Subsequently, social cost of the carbon estimation model was used to calculate the social cost of carbon for China's provinces from 2022 to 2100 under different carbon emission scenarios. The results show that: under most carbon emission scenarios, provinces with a high social cost of carbon are located in the eastern developed region. For instance, Jiangsu and Guangdong had the highest values of 6.31 $/tC. Second, SSPs that are highly dependent on fossil fuels have a high social cost of carbon, which is higher than 60 $/tC in 2022 in China. The social cost of carbon under other SSPs is at a fluctuating value of 40 $/tC. Third, in terms of RCPs, the social cost of carbon for the middle baseline emission scenario (RCP6.0) is considerably lower than that for the high baseline emission scenario (RCP8.0), and the difference between them is 3.7 times that of two medium emission scenarios (RCP6.0 and RCP4.5). Fourth, there is a substantial difference between the dynamic and fixed discount rates in the social cost of carbon in the same scenario. Studying the impact of socioeconomic and climatic factors on the social cost of carbon will help in its regulation and provide a scientific basis for Chinese provinces to optimize climate policies and emission reduction measures. [Display omitted] • Update the social cost of carbon based on a provincial perspective. • Analyze the social cost of carbon from socioeconomic and climatic aspects. • The Chinses eastern developed provinces have the high social cost of carbon. • The fossil-fuel and high emission scenario will increase the social cost of carbon. • Two types of discounts lead to various social cost of carbon in the same scenario. [ABSTRACT FROM AUTHOR]

This study investigates the effects of changes in monetary policy on the stock performance of hospitality firms (airlines, hotels, restaurants and tourism firms) in Hong Kong. Changes in the monetary policy environment are measured by changes in the discount rate. Among the four hospitality sectors, hotel and tourism stocks exhibit a higher mean return and reward-to-risk ratio during expansive monetary periods. Regression test results also support the contention that different monetary policy circumstances have significant influences on the hotel and tourism stock performance. Lastly, a market timing investment strategy is proposed for hospitality stock investors to allocate their portfolios between hospitality stocks and risk-free assets according to movements in monetary policy environments. Following this market timing investment strategy, hospitality stock investors can significantly improve investment performance by achieving higher returns and lower risk. [ABSTRACT FROM AUTHOR]

The amount to be invested and the timing of clearcutting are central concerns in timber production. To assess the impact of the initial planting density on optimal economic rotation, we explicitly included the distribution of stand diameter classes and price differences representing the quality of stumpage in a model of forest land expected value (LEV). We selected five initial planting densities of 35-year old China fir (Cunninghamia lanceolata (Lamb.) Hook) plantations to fit the distribution of diameter classes along with stand age using a three-parameter Weibull theoretical growth model and then the Faustmann formula was used to calculate LEVs under different conditions. We found that the difference in the values of the growth rate of the stand volume and the discount rate affected the direction of the impact of initial planting density on the optimal economic rotation. If the value of the growth rate of the stand volume exceeded that of the discount rate, then the initial planting density had a negative impact on optimal economic rotation and vice versa. In addition, the quality effect, which means the shift in diameter class to a higher value attributed to the initial planting density, determined the extent of the impact of the initial planting density on the optimal economic rotation. The proportion of large-sized timber increased at a faster pace in accordance with the age of the stand in stands where the planting density was low compared with the proportion of such timber in stands with a higher initial planting density. The corresponding net stumpage price difference resulted in significant differences in LEVs. We concluded that a low-density stand of China fir was a preferred planting option for obtaining the highest LEV. [ABSTRACT FROM AUTHOR]