635 research outputs found

    Transport, health and climate change: Deciding on the optimal policy

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    Transport generates many externalities, some related to atmospheric pollution. In this paper, we focus on two: greenhouse gases, and local pollution. In the search for optimal transport policies, these two externalities have usually been analysed separately. Here, we study them jointly, in a sequential decision-making model. Our model allows for the irreversibility of the policies undertaken, as well as the possibility of a progressive reduction of uncertainties with the arrival of information. We find that when both sources of externalities are analysed jointly, structural measures enabling private transport requirements to be reduced are identified as being more advantageous economically than technological measures to reduce emissions of pollutants. We illustrate the usefulness of a joint analysis of externalities with two examples: tax measures on cars and housing policy.climate change; model of decision-making under uncertainty; irreversibilities; transport policy

    Timing practices and material markers in coordinating collective market patterns

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    This paper considers the practices of coordination in financial markets that do not rely on a common market device (e.g., trading platform or calculative tool) to organize trading between buyers and sellers. Our case focuses on the coordination of the pricing cycle within the reinsurance sector. Building on social studies of finance, we adopt a practice-theoretical perspective. Our study goes beyond existing work in showing the importance, and inherently strategic nature, of timing practices in financial markets. Specifically, our ethnographic study of coordination in the reinsurance market shows the recursive interplay between four types of timing practices – delaying, readying, rushing and settling – and the various material artifacts that reinsurers (i.e., sellers) create in shaping the unfolding market pricing cycle. We show how market actors shape the temporal flow of the markets by strategically manipulating time, to both position themselves favorably on individual deals and to collectively push the pricing cycle up. In theorizing the interplay between timing practices and material markers in financial markets, our study advance theory on financial market coordination in three ways. First, we bring to the foreground the strategic nature of financial actors’ sociomaterial practices and show how such practices can impact on broader market outcomes, in our case the market cycle. Second, our exploration of material markers extends concepts of materiality in financial markets beyond the technological affordance of a common trading platform or pricing tool. Third, we further our understanding of the complex relationships between the temporality of financial market microstructures and their coordination practices
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