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February 2020

Friday Lunch Meeting, Elisabetta Cornago, February 21st 2020

21 February 2020

Speaker

Elisabetta Cornago, environmental economist at the OECD Environment Directorate.

 

Title 

Incentives to (not) disclose energy performance information in the housing market

Authors: Elisabetta Cornago and Luisa Dressler

 

Brief abstract
 
Disclosure of energy performance certificates (EPCs) is often incomplete, which hampers their effectiveness in relieving information asymmetries between landlords and tenants in the housing market. Even when a certificate is available, landlords do not always disclose it. This contradicts the unraveling result, according to which all landlords should disclose quality information unless it is costly to do so. We leverage a cross-sectional dataset of residential rental advertisements from the Belgian region of Brussels to empirically evaluate incentives to disclose an EPC. We find that two fundamental assumptions for the unraveling result are not confirmed in our setting: tenants value energy performance of rental property only when dwellings are of very high quality and do not appear to rationally adjust their expectations when faced with dwellings that withhold their EPC. The paper formulates specific policy advice for reforming EPC mechanisms to increase disclosure rates.
 
 
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Chaire Economie du Climat

Palais Brongniart, 28 Place de la bourse – 75 002 Paris

FLM- Salle du Séminaire – 4è étage (12.30 pm – 2 pm)

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January 2020

Friday Lunch Meeting, Olivier David Zerbib, January 17th 2020

17 January 2020

Speaker

Olivier David Zerbib – PhD student in finance at Tilburg University and ISFA

 

Title

 
A sustainable capital asset pricing model (S-CAPM): Evidence from green investing and sin stock exclusion
 
Abstract
 
I demonstrate how sustainable investing through exclusionary screening and environmental, social and governance (ESG) integration affects asset returns. I develop an asset pricing model with partial segmentation and disagreement among investors. I characterize two exclusion premia generalizing Merton’s (1987) premium on neglected stocks and a taste premium that disentangles the link between ESG and financial performance. By constructing an instrument that captures sustainable investors’ tastes for green firms, I estimate this model applied to green investing and sin stock exclusion using U.S. data between 2000 and 2018. The model outperforms the four-factor model, and yields a taste and an exclusion effect of 1.5% and 2.5% per year, respectively.
 
 
 
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Chaire Economie du Climat

Palais Brongniart, 28 Place de la bourse – 75 002 Paris

FLM- Salle du Séminaire – 4è étage (12.30 pm – 2 pm)

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December 2019

Friday Lunch Meeting, Edwin Zaccai, December 20th 2019

20 December 2019

Speaker

Edwin Zaccai Professor at the Université Libre de Bruxelles and Director of the Center for Sustainable Development Studies (CESD)

 

Title

 
Book: Two Degrees – Societies Facing Climate Change
 

Discussants

Jean Baptiste Fressoz researcher at the CNRS at the Alexandre Koyré Center of the EHESS, author of “The Anthropocene Event: The Earth, History and Us”. Threshold, 2013.

Amy Dahan, CNRS research director, author of “Governing Climate, What Future Possible ?: Twenty Years of Negotiations.” Press Po Science, 2015.

Abstract
 
Two degrees, it seems little, but it’s huge. Earth’s temperature has already increased by one degree since pre-industrial times. Carbon emissions related to human activities are primarily responsible. Climatic upheavals are underway and their impacts will only get worse. It is almost certain that we will not hold the goal, solemnly endorsed by the world’s governments, of keeping global warming below 2 ° C. The reason for this incapacity lies in the triple dependence of our societies (technical, economic, cultural) on fossil energies, which constitute a base as diffuse as powerful. Science tells us that at this rate the worst is to be feared. But that does not induce an individual leak. We must, on the contrary, face collectively. Noting the current impossibility of radically changing our way of life and organization, this book nevertheless commits us to follow several realistic paths of adaptation and reform to prepare a less dark future.
 
 
 
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Chaire Economie du Climat

Palais Brongniart, 28 Place de la bourse – 75 002 Paris

FLM- Salle du Séminaire – 4è étage (12.30 pm – 2 pm)

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November 2019

Friday Lunch Meeting, Christian Gollier, November 15th 2019

15 November 2019

Speaker

Christian Gollier,General Director of the Toulouse School of Economics and member of the scientific committee of the Climate Economics Chair

 

Title

 
The climate after the end of the month

 

Abstract
 
For a long time, the highly flammable illusion of a wonderful ecological transition that would create jobs and wealth for all, while restoring nature to its former glory, has long been sold to public opinion. This cave of Ali Baba does not exist. On the contrary, whatever we do, the fight for the climate is detrimental to purchasing power. It forces us to turn away in the medium term from this fossil energy that has made our fortunes for two centuries and to ask the developing countries to do the same. This war for climate can not be won without the mobilization of everyone. This requires applying the polluter-pays principle by imposing a universal carbon price reflecting the value of the damage it generates, even if it compensates for the poorest. But are the French ready to sacrifice a little of their welfare today to improve the well-being of others, even if this other is essentially not French, and it is probably not even not born yet? For most, here and elsewhere, the end of the month passes before the end of the world. This disturbing observation raises the question of our responsibilities towards humanity.
 
 
 
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Chaire Economie du Climat

Palais Brongniart, 28 Place de la bourse – 75 002 Paris

FLM- Salle du Séminaire – 4è étage (12.30 pm – 2 pm)

See the details of this event

October 2019

Friday Lunch Meeting, Etienne Espagne , October 18th 2019

18 October 2019

Speaker

Etienne Espagne,economist at the research department of the French Development Agency (AFD) and associate researcher at CERDI  

 

Title

 Impacts of Extreme Climate Events on Technical Efficiency in Vietnamese Rice Farming

Authors: Yoro Diallo (CERDI), Sébastien Marchand (CERDI) and Etienne Espagne (AFD and CERDI)

 

Abstract
 
The aim of this study is to examine farm household-level impacts of weather extreme events on Vietnamese rice technical efficiency. Vietnam is considered among the most vulnerable countries to climate change, and the Vietnamese economy is highly dependent on rice production that is strongly affected by climate change. A stochastic frontier analysis is applied with census panel data and weather data from 2010 to 2014 to estimate these impacts while controlling for both adaptation strategy and household characteristics. We find that weather shocks measured by the occurrence of floods, typhoons and droughts negatively affect technical efficiency. Also, additional days with a temperature above 31°C dampen technical efficiency and the negative effect is increasing with temperature. Also, this study combines estimated marginal effects of extreme temperature on technical efficiency with future climate scenarios (RCP 4.5 and 8.5) to project the potential impact of hot temperatures till the end of century on rice technical efficiency.
 
 
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Chaire Economie du Climat

Palais Brongniart, 28 Place de la bourse – 75 002 Paris

FLM- Salle du Séminaire – 4è étage (12.30 pm – 2 pm)

See the details of this event

September 2019

Friday Lunch Meeting, Jean-Philippe Nicolai , September 20th 2019

20 September 2019

Speaker

Jean-Philippe Nicolai, Lecturer at Paris Nanterre University.

 

Title

Designing an EU Ship Recylcing Licence: A Roadmap

Authors: Jean-Philippe Nicolai et Caroline Devaux

 

Abstract
 
Faced with the widespread use of dismantling sites in Asia, whose processes present alarming health and
environmental issues, the European Commission has raised the question of implementing a financial mechanism to encourage
shipowners to use higher standards for ship recycling.
This mechanism would take the form of a recycling licence applicable to any vessel wanting to call at a port within EU territory, whether flying the flag of an EU Member State or of a third country.
The present paper aims to critically assess the main features of the EU’s proposed mechanism from a legal and economic
perspective and to examine the criticisms the mechanism has received to date. Our study shows that reform is desirable but
that the nature and success of the proposed licence remain uncertain, depending on whether the mechanism is able to provide
sufficient incentives. In this light, the paper makes several suggestions designed to improve the project’s economic and legal
viability. It also shows that such a project could speed up the entry into force of the Hong Kong Convention for the Safe and
Environmentally Sound Recycling of Ships adopted in May 2009, whose ratification process has been severely delayed.
 
 
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Chaire Economie du Climat

Palais Brongniart, 28 Place de la bourse – 75 002 Paris

FLM- Salle du Séminaire – 4è étage (12.30 pm – 2 pm)

See the details of this event

July 2019

Friday Lunch Meeting, Jonathan Wiener, July 12th 2019

12 July 2019

Speaker

Jonathan Wiener, Professor of Law and Public and Environmental Policy at Duke University and Associate Researcher at Resources for the Future (RFF).

Title 

Climate Policy in the American Legal System

Brief abstract
 
In the United States, climate change policy may be shaped not only by the Congress and by executive agencies such as US EPA, but also by judicial decisions. This presentation will discuss the prospects for important cases unfolding in the American courts, notably the ‘Juliana’ case brought on behalf of children to press the US government to take more action on climate change, and the likely challenges to the new US EPA rules on greenhouse gas emissions from electric power (the new Trump Administration ACE rule to replace the Obama Administration CPP) and from vehicles (the Trump Administration SAFE rule to revise the Obama Administration CAFE rule).
 
 
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Chaire Economie du Climat

Palais Brongniart, 28 Place de la bourse – 75 002 Paris

FLM- Salle du Séminaire – 4è étage (12.30 pm – 2 pm)

See the details of this event

June 2019

Friday Lunch Meeting, Laurence Scialom, June 28th 2019

28 June 2019

Speaker

Laurence Scialom, University Professor at Paris Ouest Nanterre. Member of the Scientific Advisory Board of the French Prudential Supervisory and Resolution Authority (ACPR) and the Investor Advisory Committee of the Autorité des marchés financiers (AMF). 

Title

La fascination de l’ogre – ou comment desserrer l’étau de la finance

Abstract
Finance today operates in a vacuum, serving above all its own interests. But banks are supposed to meet the needs of companies. To finance projects and manage risks: how could we forget the essential? Why do States so obediently serve the interests of the financial sector? Such questions escape democratic debate because the jargon that prevails in these environments makes them unintelligible to citizens. Laurence Scialom’s essay aims to demystify finance and allow independent reflection on these questions. It strengthens the self-defense capabilities of our economies in the face of often predatory finance: let’s stop feeding the ogre! By applying the reforms outlined in this book, we would be able to consider finance clearly and put it in its proper place.
 
 
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Chaire Economie du Climat

Palais Brongniart, 28 Place de la bourse – 75 002 Paris

FLM- Salle du Séminaire – 4è étage (12.30 pm – 2 pm)

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Friday Lunch Meeting, Madeline Werthschulte, June 21st 2019

21 June 2019

Speaker

Madeline Werthschult, MSC Research Assistant at the Chair of Microeconomics (WWU Munster) with a Focus on Energy and Resource Economics.

Article
Cost Misperceptions and Energy Consumption. Authors: Madeline Werthschulte and Andreas Löschel
 
Abstract
The aim of this study is to analyse the extent to which energy cost misperceptions can predict households’ energy consumption. The focus is on two sorts of misperceptions: first, uncertainty in energy prices and second, present biased discounting of future energy costs. By running an artefactual field experiment with a representative sample of 711 participants, we gather incentivized measures of these two misperceptions and observe participant’s revealed electricity consumption. Our main finding is that participants with present bias are predicted to consume on average 9% more electricity than participants with time-consistent discounting. Our results further suggest that neither the true marginal electricity price nor the expected marginal electricity price can predict electricity consumption. Taken together our results raise doubt in the effectiveness of classical price based policies.
 
 
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Chaire Economie du Climat

Palais Brongniart, 28 Place de la bourse – 75 002 Paris

FLM- Salle du Séminaire – 4è étage (12.30 pm – 2 pm)

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May 2019

Friday Lunch Meeting, Marielle Brunette, May 24th 2019

24 May 2019

Speaker

Marielle Brunette, researcher at INRA and at the Office of Theoretical and Applied Economics (Nancy)

Article
Propensity and Intensity of Adaptation: The Role of Forester’s Preferences in Risk and Uncertainty (co-authored with M. Hanewinkel and R. Yousefpour, 2019)
 
Abstract
This paper studies the foresters’ risk and uncertainty preferences as a potential driver for adaptation decisions towards climate change. Adaptation decisions are analysed in terms of propensity to adapt and intensity of adaptation. We build a questionnaire in which we quantified risk and uncertainty preferences through lottery choices. We also ask questions about adaptation decisions, and about the characteristics of the forest and the forester. We show that French foresters are, on average, more risk and uncertainty averse than German ones. Our results also reveal that most of the foresters has already modified their management practices, in particular by increasing the species mix and assisting more the tree regeneration. When adaptation is not implemented, the main explanation is the lack of information. The forester who has the higher propensity to adapt is young, rich, with a low degree of risk aversion, and is German. The intensity of the adaptation is negatively influenced by risk aversion and being a French forester. Finally, uncertainty aversion has no significant impact neither on the propensity to adapt nor on the intensity of adaptation.
 
 
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Chaire Economie du Climat

Palais Brongniart, 28 Place de la bourse – 75 002 Paris

FLM- Salle du Séminaire – 4è étage (12.30 pm – 2 pm)

See the details of this event
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