An Econometric Analysis of MMS Area-Wide Leasing Versus Tract-Nomination Sales: Does Area-Wide Leasing Result in Lower Government Revenue?

In 1983, US Minerals Management Service (MMS) switched from the Lease Nomination sale format to Area-Wide Leasing (AWL). Since a complete econometric analysis of the effects of AWL on government revenue has not been conducted in almost twenty years, the purpose of this study was to determine the effects of AWL on government revenue. Results indicated that AWL reduced government revenue by $1,170 to$1,308 on a per acre basis, which is consistent with the findings in prior literature.Area-Wide Leasing (AWL), Outer Continental Shelf (OCS), High Bonus Bids, Environmental Economics and Policy, Resource /Energy Economics and Policy,

USING THE RANDOM PARAMETERS LOGIT MODEL TO COMBINE REVEALED AND STATED PREFERENCE DATA

Recent literature has combined Revealed (RP) and Stated Preference (SP) data in the Multinomial Logit Model (MNL) to estimate the value of environmental goods. However, emerging research has identified that a limitation of the MNL is the assumption of Independently and Identically Distributed (IID) errors, resulting in inaccurate model predictions and inconsistent utility parameters. Our analysis applies an alternative method to combine RP and SP data that takes into account the heterogeneity in both the observable and unobservable components of utility. This allows us to test whether such heterogeneity has an important effect on predicting behavioral choices.Revealed and Stated Preference Data, Scale Factor, Environmental Economics and Policy,

Estimating the Nonmarket Value of Green Technologies Using Partial Data Enrichment Techniques

Recent studies have suggested that green technologies may be a cost effective way to manage urban runoff. Literature has also suggests that there needs to be a greater empirical basis to estimate the benefits associated with social values associated with urban trees; we therefore estimate ecosystem benefits of green technologies using emerging data enrichment valuation methods.Environmental Economics and Policy,

Zero temperature black holes in semiclassical gravity

The semiclassical Einstein equations are solved to first order in $\epsilon = \hbar/M^2$ for the case of an extreme or nearly extreme Reissner-Nordstr\"{o}m black hole perturbed by the vacuum stress-energy of quantized free fields. It is shown that, for realistic fields of spin 0, 1/2, or 1, any zero temperature black hole solution to the equations must have an event horizon at $r_h < |Q|$, with $Q$ the charge of the black hole. It is further shown that no black hole solutions with $r_h < |Q|$ can be obtained by solving the semiclassical Einstein equations perturbatively.Comment: 7 pages, to appear in the Proceedings of the Ninth Marcel Grossmann Meeting, change in titl

Exploring the Cost Effectiveness of Land Conservation Auctions and Payment Policies

Until recently public efforts to encourage conservation on private land in many countries has primarily been through uniform payment policies. Auctions are increasingly used as a payment mechanism to acquire public benefits such as conservation actions that provide environmental improvements on private land (e.g. the US Conservation Reserve Program (CRP). The economic rationale for use of auctions is that they create decentralised incentives to offer bids at close to the true landholder opportunity costs, even when the implementing agency holds little information about these opportunity costs. This paper assesses the cost of a case study auction relative to four payment policies that use varying levels of information strategically to reduce rent payment and to prioritise funding based on environmental value. The results suggest that the estimated cost savings achievable with the discriminant price auction for conservation contracts depends on the policy to which the auction outcomes are compared. Auction cost savings are likely to be greatest when compared to policy alternatives involving little effort to discriminate amongst offers based on differences in landholder opportunity costs. A further key finding is that, for this case study, most of the savings resulting from the discriminant price auction could be attributed to the use of the environmental benefits index in project ranking and selection.Land Economics/Use,

Sensitivity of the r-process to nuclear masses

The rapid neutron capture process (r-process) is thought to be responsible for the creation of more than half of all elements beyond iron. The scientific challenges to understanding the origin of the heavy elements beyond iron lie in both the uncertainties associated with astrophysical conditions that are needed to allow an r-process to occur and a vast lack of knowledge about the properties of nuclei far from stability. There is great global competition to access and measure the most exotic nuclei that existing facilities can reach, while simultaneously building new, more powerful accelerators to make even more exotic nuclei. This work is an attempt to determine the most crucial nuclear masses to measure using an r-process simulation code and several mass models (FRDM, Duflo-Zuker, and HFB-21). The most important nuclear masses to measure are determined by the changes in the resulting r-process abundances. Nuclei around the closed shells near N=50, 82, and 126 have the largest impact on r-process abundances irrespective of the mass models used.Comment: 5 pages, 4 figures, accepted in European Physical Journal