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  • 201.
    Hallenborg, Emil
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Edell, Hannes
    Linköping University, Department of Management and Engineering, Economics.
    Prioriteringar inom vården: Ett beteendeexperiment som undersöker om prioriteringar inom vården påverkas av cost neglect och patientens identifierbarhet2018Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    In this study the authors investigate whether healthcare priorities are affected by cost neglect and patient identifiability using a behavioural experiment. The experiment is performed by distributing six different surveys to a sample of Sweden's population. Respondents responding are randomized to one of these surveys. In total there are six experimental groups, one for each survey. 1019 respondents have participated in the experiment, evenly distributed among the six experimental groups. In each of the surveys the respondents’ considered seven different scenarios. Six of these address prioritization in health care where respondents decide on the treatment they want to give a patient or patient group. The seventh scenario is a replication, expansion and modernization of Fredericks et al. experiments conducted in 2009. In the replication the respondents decide if they want to buy or not to buy a mobile phone.

    What separates the questionnaires are different frames. The frames aim to change variables so that the authors can investigate the effect of the different frames. The variables that are changing are the patients’ identifiability, the presentation of the opportunity cost and the presentation of the treatment cost. In addition to the scenarios, a number of control questions were asked. Such as how the respondent experienced the questionnaire, the respondent's age, sex, education and experience in the field of health care.                       Results from the experiment validate Fredericks et al. study.  There is little evidence that cost neglect affects decision-making in health care. Finding that healthcare professionals are affected by the patient's identifiability but not the rest of the population. Finally, the study finds that the type of treatment, lifesaving or quality of life improving, has a significant influence on decision making, where life-determining treatments are prioritized to a lesser extent than life-quality improvement.

  • 202.
    Hammarfrid, Peter
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Henningsson, Tom
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Multifaktormodeller på den svenska marknaden - En studie av OMX Stockholm mellan 1996 och 20142015Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Background:CAPM isn’t in some cases sufficient for explaining expected stock return. Some of CAPM´smispricing errors are well documented and time persistent which has led rise to the usage of correctivefactors. One model that make use of two such corrective factors are the Fama and French three factormodel. It´s been comprehensively tested on the Swedish market where it has shown to achieve higherexplanatory power then the CAPM. In the year of 2012 and 2014 two new Asset Pricing Models wereintroduced, which on the US stock market better captured many of the best known anomalies.Aim:The aim of the study is to test if the Fama and French five factor model as well as the Q-factor model,could contribute to increased explanatory power beyond the three factor model. The study also analyzethe models cyclical sensitivity as well as the individual factor significance.MethodologyThe knowledge building process takes a deductive approach. Existing theories in the form of assetpricing models are tested based on empirical observations in the Swedish market. The research take aquantitative approach and make use of econometric tools in order to ensure statistic accuratesignificance.Result:This research shows no contribution of explanatory power for the Q-factor model, beyond thatachieved from the Fama and French three factor model. The five factor model achieve marginallyhigher explanatory power compared to the tree factor model. The most likely reason why FF5Machieve better results than the Q-factor model is believed to lie in the usage of the factor HML. Theresults also shows that all of the tested models are very instable when used in a short time perspective.Although there are some clear indication on increasing explanatory power in recession compared to inan ongoing bull market.

  • 203.
    Hamnér, Karolin
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Ferno, Pontus
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Mineral Resources and Social Development: Non-Fuel Minerals and their Association to the Natural Resource Curse2014Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    This study investigates the phenomenon of the natural resource curse in order to discern if there is astatistical correlation between the value of non-fuel mineral resource production, expressed relative to thecountry’s total economy, and the level of social development.The correlation is estimated as a 2SLS panel model in which we use mineral production data, for the timeperiod from the years 1977 until 2011. The dependent variable is an index for social developmentincluding life expectancy, immunization rate, and educational level. We control for institutional quality,government spending, trade openness as well as geographical location and time period. In contrary toprevious research, this study does not rely on United Nations exports statistics, but instead we construct adisaggregated mineral variable, based on data from the United States Geological Survey. This data alsoallows us to create our own price volatility variable as well as a price index unique to each country.Extrapolated data for mineral production is used for Soviet Union mineral production due to the fact thatthese countries have rich mineral resources.The results show a statistically significant negative correlation between the level of social developmentand mineral production. This outcome supports earlier research on social development and naturalresources. However, the level economic significance is low, indicating that mineral production wouldonly have a minor effect on social development.

  • 204.
    Hansson, Kajsa
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Svanberg, Lisa
    Linköping University, Department of Management and Engineering, Economics.
    Does voting affect moral decisionsand equality preferences?2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Previous studies have shown that people in groups and in markets can change theirmoral and social preferences (Charness & Sutter, 2012; Falk & Szech, 2013). Voting ondecisions share some features with group decision-making and markets, yet little isinvestigated whether voting alters individuals’ preferences. In this exploratory study,we aim to investigate how voting affects decision-making concerning moral and equalitypreferences. We perform a laboratory experiment with 178 subjects based on fivegames, one game related to moral behavior, and four dictator games related to equalitypreferences. The games are performed in both a Voting Condition (VC) and in an IndividualCondition (IC), together with a set of control questions. We do not find differencesin moral decisions between voting by majority rule, and deciding individually.This result demonstrates that deciding in a voting context does not induce a loss of responsibilityfor the moral issue. We observe that voting leads to increased equalitypreferences in one of four dictator games. In particular, our results indicate that voterssuffer more from envy compared to people who decide individually. Further, we find anindication that people are more inclined to vote for a moral decision if they expect to bepivotal, which is the opposite prediction of low cost theory. In conclusion, voting canalter individuals' preferences depending on the type of issue and how the outcome affectsthe voter. Our novel findings motivate for further research in this area, which canhave important policy implications for voting on several levels in society.

  • 205.
    Hasan, Mustafa
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Nguyen, Felix
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Inflation och den Marginella konsumtionsbenägenheten2015Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    This essay is an econometric study that aims to empirically estimate the relationship between inflation and marginal propensity to consume in Sweden by Error Correction Model (ECM). Two models are developed using the Error Correction Model (ECM) with explanatory variables such as inflation, real interest rates, disposable income, unemployment, and financial assets. We the focus on the relationship between inflation and marginal propensity to consume (MPC). We estimate short and long term dynamic changes in consumption the parameters by ECM models. The theoretical framework of this paper is the Keynesian consumption theory and the Neo-classical consumption theory. We draw conclusions about the relationship between those factors. The results show that there is a statistically significant relationship between inflation and marginal propensity to consume. In the short term, inflation has a positive correlation on the marginal propensity to consume, which means that willingness to consume in the present increases, in order to not lose purchasing power in the inflation increase. In the long term the relationship is negative for the reason that consumers are maximizing utility and distribute their consumption over time in order to consume at the same level for several periods. We find short-term inflation causes 80 percent increase in the MPC; all else being equal. In the long run, over the two periods, inflation causes 24 percent increase initially and then 27 percent decline in the MPC.

  • 206.
    Hatemi-J, Abdulnasser
    et al.
    UAE University, U Arab Emirates .
    Salah Uddin, Gazi
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    On the causal nexus of remittances and poverty reduction in Bangladesh2014In: Applied Economics, ISSN 0003-6846, E-ISSN 1466-4283, Vol. 46, no 4, p. 374-382Article in journal (Refereed)
    Abstract [en]

    The aim of this article is to investigate the causal relationship between remittances and poverty reduction in Bangladesh over the period 1976 to 2010. This issue is of fundamental importance for the developing economy of Bangladesh. We apply newly developed methods by Hacker and Hatemi-J (2006, 2012) that are based on simulations and are robust to the violation of statistical assumptions especially when the sample size is small, as is the case in this article. Our estimation results reveal that causality nexus of poverty and remittances is bi-directional. We also find that the causal impact of poverty reduction on remittance is stronger than the reverse impact. This finding implies that Bangladeshi policy-makers can influence remittances through poverty reduction in the long run.

  • 207.
    Hedblom, Lisa
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Witschard, Isabelle
    Linköping University, Department of Management and Engineering, Economics.
    Inträdesregleringars effekt på industriers produktivitetstillväxt i Sverige– En ekonometrisk studie under tidsperioden 2004 - 20132016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    This study analyzes the effects of entry regulations on industries’ productivity growth in Sweden, measured as value added growth, and if there exists some differences in the effect between manufacturing industries compared to other industries. Two regulatory variables are used in this study, the cost to start up a business and the paid-in minimum capital required for an entrepreneur to start up a business, both from World Bank Group’s Doing Business. The study is an econometric study of Swedish industries during the time period 2004-2013. Data is structured as a panel data taken from the Statistics Sweden and World Bank Group. The result shows a positive effect of entry regulations on the value added growth in Swedish industries. The positive effect of the cost variable on value added growth is greater in the manufacturing industry compared to other industries. There is no significant difference in the effect of paid-in minimum capital on the value added growth between the manufacturing industry and other industries. The results are consistent with the public choice theory and Bain’s theory of entry regulations, where more strict regulations such as higher entry costs lead to an increase in productivity.

  • 208.
    Hedin, Fredrik
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Johansson, Jonathan
    Linköping University, Department of Management and Engineering, Economics.
    Predictors of financial crises-do we see the same pattern in Sweden?-do we see the same pattern in Sweden?2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    This paper aims to find macroeconomic and financial variables with ability to predict financial crises. A dataset covering 17 developed countries over the period 1870-2013 have been investigated using a logit model. We found commonly used macroeconomic variables such as terms of trade and consumption to be strong predictors within our sample. Whereas private debt and house prices are frequently found to be strong predictors, we found loans to business to be at least as good in predicting financial crises. Multivariate models are constructed as warning systems and used to analyze Sweden from 1975 up until 2016. The most efficient warning system give a strong signal before the first and moderate signal before the second crisis. In extension, regarding today’s climate the warning system provides no signal, suggesting low current risk. Policy makers can benefit from observing certain variables that are found significant in this study to improve financial stability and reduce socio-economic costs.

  • 209.
    Henriksson, Isabell
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Lindegren, Niclas
    Linköping University, Department of Management and Engineering, Economics.
    Europeiska centralbankens okonventionella penningpolitik - En eventstudie om penningpolitikens effekt under finanskrisen och den europeiska skuldkrisen2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The financial crisis followed by the European debt crisis have decreased the effects of using monetary policy due to the zero lower bound of the interest rate. As the marginal effect of lowering the over-all interest rate has declined the use of fiscal policy also has been heavily constrained. The unconventional monetary policy, like quantitative easing and credit policies, has instead become the tool for the European Central Bank to act. Previous studies give an inconclusive image of the effects of the unconventional monetary policy on the economic recovery in the Euro area.

    The purpose of this study is to analyse whether the unconventional monetary policy has had a positive impact or not on the real economy in Europe. Using an event study analysis, we examine the effects on the stock market in Germany, France, Italy, Ireland, Portugal and Spain. Assuming that the stock price reflects all available and relevant information, the movements on stock markets give us an indication of the expected future returns on stocks. Thereby we get an indication of the expected business cycle in the future.

    Our results suggest that credit policies have positive but limited effects on the real economy. The use of quantitative easing indicates different implications. We argue that quantitative easing has affected the economy in the Euro area in those cases signal effects have been created. The scale of the different quantitative easing programs seems to be essential for creating signal effects. However, we conclude that quantitative easting have been more successful than credit policies in affecting the economic recovery in the Euro area.

  • 210.
    Hernandez, Jose Areola
    et al.
    Rennes Sch Business, France.
    Shahzad, Syed Jawad Hussain
    Montpellier Business Sch, France.
    Uddin, Gazi Salah
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Kang, Sang Hoon
    Pusan Natl Univ, South Korea; Univ South Australia, Australia.
    Can agricultural and precious metal commodities diversify and hedge extreme downside and upside oil market risk? An extreme quantile approach2019In: Resources policy, ISSN 0301-4207, E-ISSN 1873-7641, Vol. 62, p. 588-601Article in journal (Refereed)
    Abstract [en]

    The cost-effectiveness measures for production, processing, and transportation adopted by wheat, rice, and corn farmers, as well as the price fluctuations of gold and silver, doubtlessly depend on the downside and upside price trends of global economic factors such as the oil market. This dependence between oil and agricultural commodities motivates an analysis of interdependence and spillover influence in extreme oil market scenarios. By means of an extreme quantile approach, this study models the return distribution of oil in relation to some of the most traded agricultural and precious metal commodities. We find that extreme lower quantiles of oil returns have a positive effect on the lower quantiles of gold, silver, and rice returns. These effects are more significant using daily-frequency data, while for weekly and monthly frequencies, the effect is less significant. The decrease in oil returns during a bearish oil market will cause a decrease in precious metal and rice returns; therefore, these cannot be used to hedge the downside risk of oil investments, especially in the short term. These commodities might only serve as a diversification strategy for oil investments. The lower quantiles of oil returns have either no effect, or a negative effect, on the lower quantiles of wheat and corn, making them suitable hedges for extreme downturns in oil prices.

  • 211.
    Heshmati, Almas
    et al.
    Department of Food and Resource Economics, College of Life Sciences and Biotechnology, Korea University, Seoul, Korea.
    Johansson, Dan
    The Ratio Institute, Stockholm, Sweden.
    Bjuggren, Carl Magnus
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Effective Corporate Tax Rates and the Size Distribution of Firms2010In: Journal of Industry, Competition and Trade, ISSN 1566-1679, E-ISSN 1573-7012, Vol. 10, no 3, p. 297-317Article in journal (Refereed)
    Abstract [en]

    We analyze the effects of effective corporate tax rates on the size distribution of firms. In modelling this relationship we account for conditional variables as well as unobservable time and industry effects. A number of hypotheses are tested concerning heterogeneity in the impact of effective corporate tax rates on the size distributions of firms with regard to firm size class, industry and time. The results are based on data covering the whole Swedish economy for the period 1973–2002. The descriptive results suggest that effective corporate tax rates differ by firm size, industry and over time. Application of t-tests demonstrate inequality in mean and variance of effective corporate tax rates between major size classes but not within major size classes: smaller firms report a higher effective corporate tax rate than larger firms. The t-tests also demonstrate inequality in mean and variance of effective corporate tax rates between industrial sectors: service sector reports a higher effective corporate tax rate than production sector. The regressions show effective corporate tax rates to have: a negative effect on the size distribution of large firms, negative effect on transportation, financing and service sector and a positive effect on manufacturing, electricity and on production sector. We conclude that effective corporate tax rates affect the size distribution of firms as well as the composition of industries.

  • 212.
    Hirani, Shyam
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Wallström, Jonas
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    The Black-Litterman Asset Allocation Model: An Empirical Comparison to the Classical Mean-Variance Framework2014Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Within the scope of this thesis, the Black-Litterman Asset Allocation Model (as presented in He & Litterman, 1999) is compared to the classical mean-variance framework by simulating past performance of portfolios constructed by both models using identical input data. A quantitative investment strategy which favours stocks with high dividend yield rates is used to generate private views about the expected excess returns for a fraction of the stocks included in the sample. By comparing the ex-post risk-return characteristics of the portfolios and performing ample sensitivity analysis with respect to the numerical values assigned to the input variables, we evaluate the two models’ suitability for different categories of portfolio managers. As a neutral benchmark towards which both portfolios can be measured, a third market-capitalization-weighted portfolio is constructed from the same investment universe. The empirical data used for the purpose of our simulations consists of total return indices for 23 of the 30 stocks included in the OMXS30 index as of the 21st of February 2014 and stretches between January of 2003 and December of 2013.

     

    The results of our simulations show that the Black-Litterman portfolio has delivered risk-adjusted return which is superior not only to that of its market-capitalization-weighted counterpart but also to that of the classical mean-variance portfolio. This result holds true for four out of five simulated strengths of the investment strategy under the assumption of zero transaction costs, a rebalancing frequency of 20 trading days, an estimated risk aversion parameter of 2.5 and a five per cent uncertainty associated with the CAPM prior. Sensitivity analysis performed by examining how the results are affected by variations in these input variables has also shown notable differences in the sensitivity of the results obtained from the two models. While the performance of the Black-Litterman portfolio does undergo material changes as the inputs are varied, these changes are nowhere near as profound as those exhibited by the classical mean-variance portfolio.

     

    In the light of our empirical results, we also conclude that there are mainly two aspects which the portfolio manager ought to consider before committing to one model rather than the other. Firstly, the nature behind the views generated by the investment strategy needs to be taken into account. For the implementation of views which are of an α-driven character, the dynamics of the Black-Litterman model may not be as appropriate as for views which are believed to also influence the expected return on other securities. Secondly, the soundness of using market-capitalization weights as a benchmark towards which the final solution will gravitate needs to be assessed. Managers who strive to achieve performance which is fundamentally uncorrelated to that of the market index may want to either reconsider the benchmark weights or opt for an alternative model.

  • 213.
    Holm, H.
    et al.
    Department of Economics, Lund University, POB 7082, S-220 07 Lund, Sweden.
    Nystedt, Paul
    Linköping University, Faculty of Arts and Sciences. Linköping University, Department of Management and Engineering, Economics .
    Intra-generational trust - A semi-experimental study of trust among different generations2005In: Journal of Economic Behavior and Organization, ISSN 0167-2681, E-ISSN 1879-1751, Vol. 58, no 3, p. 403-419Article in journal (Refereed)
    Abstract [en]

    From a public database in Sweden we obtained a subject pool consisting of one group of 20 years old and another group exactly 50 years older. The groups participated in a mail-based trust game, in which the young cohort exhibited more trust than the older one. Subjects significantly preferred to place trust in co-players of their own cohort and of the female sex. When amounts sent and proportions returned in the mail-based game are compared with other trust games conducted in standard laboratory environments, it is found that the mail-based game does not seem to generate extreme distributions. © 2004 Elsevier B.V. All rights reserved.

  • 214. Holm, H
    et al.
    Nystedt, Paul
    Linköping University, Faculty of Arts and Sciences. Linköping University, Department of Management and Engineering, Economics .
    Trust in surveys and games - A methodological contribution on the influence of money and location2008In: Journal of Economic Psychology, ISSN 0167-4870, E-ISSN 1872-7719, Vol. 29, no 4, p. 522-542Article in journal (Refereed)
    Abstract [en]

    This paper explores methods to study trust. In a variety of settings, answers to survey questions and choices in a trust game are obtained from student sample pools. Some subjects are approached by mail and execute their task at home whereas others participate in classroom experiments. No differences between the results obtained by these methods are observed. Furthermore, one additional group plays the trust game with purely hypothetical payments, and another receives random lottery payments. This changes trust behavior dramatically, whereas trustworthiness is unaffected. Subjects without any financial incentives exhibit less trust and their trust choices are significantly correlated with survey trust answers. There is no such correlation for the corresponding choices with real payments. © 2007 Elsevier B.V. All rights reserved.

  • 215.
    Holm, Hakan J
    et al.
    Lund University.
    Nystedt, Paul
    Linköping University, Department of Management and Engineering, Economics . Linköping University, Faculty of Arts and Sciences.
    Collective Trust Behavior2010In: SCANDINAVIAN JOURNAL OF ECONOMICS, ISSN 0347-0520, Vol. 112, no 1, p. 25-53Article in journal (Refereed)
    Abstract [en]

    This paper investigates trust behavior in situations where decision-makers are large groups and the decision mechanism is collective. Theories from behavioral economics and psychology suggest that trust in such situations may differ from interindividual trust. The experimental results here reveal a large difference in trust but not in trustworthiness between the individual and collective setting. Furthermore, a field experiment captures the determinants of collective trust behavior among two Swedish cohorts. Beliefs about the other group and ones own group are strongly associated with collective trustworthiness and trust behavior.

  • 216.
    Holm, Martin
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Rosdal, Linus
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Hållbarhet inom den svenska bankbranschen - En jämförande studie av banker med olika associationsformer2015Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [sv]

    Banker är en viktig del i samhället. Eftersom de är fundamentala för det finansiella systemet krävs krav på långsiktigt arbete. Att vara hållbarhet i sin verksamhet blir allt viktigare på grund av bland annat ökade krav från kunderna. Studien behandlar hur olika associationsformer hanterar hållbarhet. Syftet med uppsatsen är att undersöka och förklara skillnaden i hållbarhet mellan de olika associationsformerna på den svenska bankmarknaden.För att undersöka och förklara skillnaderna intervjuades personer i ledande positioner på olika banker. De tre möjliga associationsformerna på den svenska bankmarknaden är representerade i urvalet. Undersökningen begränsades till sex banker på grund av studiens tidsram.I vår analys av det erhållna empirimaterialet konstaterades att synen på hållbarhet skiljer sig åt beroende av vilken associationsform banken har. Vi fann att det föreligger en skillnad i prioritering i relationen mellan lönsamhet och hållbarhet. Medlemsbankerna agerade filantropiskt och oegennyttigt för en större samhällsnytta och har inget eget vinstintresse. En av de två medlemsbankerna ansåg att det var själva vinstsyftet som ej är förenligt med hållbarhet. Bankaktiebolagen och sparbanken såg lönsamhet som en förutsättning för att vara hållbar. De såg hållbarhet som ett medel för att kunna göra vinst medan medlemsbankernas mål är hållbarhet och att ekonomin enbart är ett medel för att uppnå det.

  • 217.
    Holmgren, Johan
    Linköping University, Department of Management and Engineering, Economics . Linköping University, The Institute of Technology.
    Demand and supply of public transport: The problem of cause and effect2005In: Thredbo 8, Rio De Janeiro, September 2003, Elsevier , 2005Conference paper (Refereed)
    Abstract [en]

    When modelling public transport demand vehicle-kilometres is often included among the explanatory variables and the possibility of a twoway relationship between the variables is often ignored. The purpose of this article is to examine the causal relationship between public transport demand and the supply of vehicle-kilometres. A granger causality test is applied to panel data from Swedish counties ranging from 1986 to 2001 and it is found that while vehicle-kilometres do cause patronage, patronage also cause vehicle-kilometres. Hence, there is a two way relationship between the variables that should be considered when estimating demand models.

  • 218.
    Holmgren, Johan
    Linköping University, Department of Management and Engineering, Economics . Linköping University, Faculty of Arts and Sciences.
    Local public transport demand revisitedManuscript (Other academic)
    Abstract [en]

    In order for public transport to be a part of the solution to the environmental problems caused by traffic there need to be a clear understanding of how, and to what extent, different factors affect demand. Much effort has gone into research in this area but there still seem to be some confusion regarding some key relationships, one of them being the effect of income on public transport demand. The purpose of this article is therefore to provide empirical estimates of how different factors, including price, income and car ownership, affect the demand for local public transport. Income affects public transport demand directly, and trough its effect on car ownership, these effects works in opposite direction. Combining these it is found that total income effect is close to zero.

  • 219.
    Holmgren, Johan
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Meta-analysis of public transport demand2007In: Transportation Research Part A: Policy and Practice, ISSN 0965-8564, E-ISSN 1879-2375, Vol. 41, no 10, p. 1021-1035Article in journal (Refereed)
    Abstract [en]

    The present study uses meta-regression in order to explain the wide variation in elasticity estimates obtained in previous demand studies, and provide summaries of several bus demand elasticities.

    One important finding as to the price elasticity is that the often cited rule of thumb of −0.3 holds good if quality of service represented by vehicle-kilometres is treated as an exogenous variable, but not when it is treated as endogenous.

    Based on the results it is recommended that demand models should include car ownership, price of petrol, own price, income and some measure of service among the explanatory variables and that the service variable should be treated as endogenous.

    In previous meta-studies in this field focus has been on own price elasticity only while this study also includes elasticities with respect to, level of service, income, price of petrol and car ownership. The short run for the US are found to be −0.59, 1.05, −0.62, 0.4 and −1.48 respectively.

  • 220.
    Holmgren, Johan
    Linköping University, Department of Management and Engineering, Economics . Linköping University, Faculty of Arts and Sciences.
    Putting our money to good use: - Can we attract more passengers without increasing the subsidies?2009In: Proceedings of the Eleventh International Conference on Competition and Ownership in Land Passenger Transport: System Development, Delft, The Netherlands: The Next Generation Infrastructures Foundation , 2009, p. 121-134Conference paper (Other academic)
    Abstract [en]

    The aim of this paper is to evaluate the policy pursued by Swedish transport authorities in order to determine if the number of trips made by local public transport could have been increased without increased subsidies. The evaluation is based on annual data from Swedish counties. It is found that between 1986 and 2001 public transport fares exceeded the passenger maximising fare most of the time in all but two counties. The average deviation ranged from 1 percent to 215 percent. The evaluation of  the alternative (passenger maximising) policy, including both fare and service changes, for 2001 showed that demand for local public transport in the Swedish counties could have been increased by 0 – 178 percent without increasing subsidies. Aggregated, this represents a 2,3 percent increase in trips made by local public transport in Sweden.

  • 221.
    Holmgren, Johan
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Putting our money to good use: Can we attract more passengers without increasing subsidies?2010In: Research in Transportation Economics, ISSN 0739-8859, E-ISSN 1875-7979, Vol. 29, no 1, p. 256-260Article in journal (Refereed)
    Abstract [en]

    This paper evaluates the policy of Swedish public transport authorities, determining whether the number of trips on local public transport could have been increased without increasing subsidies. Based on annual data from Swedish counties, the evaluation found that between 1986 and 2001 public transport fares exceeded the passenger-maximising fare most of the time in all but two counties, the average deviation being 1–215%. Evaluating the alternative, passenger-maximising policy, including both fare and service changes for 2001, demonstrated that demand for local public transport in Swedish counties could have been increased by 0–178% without increasing subsidies. Aggregated, this represents a 2.3% increase in the number of trips on local public transport in Sweden.

  • 222.
    Holmgren, Johan
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Studies in Local Public Transport Demand2008Doctoral thesis, comprehensive summary (Other academic)
    Abstract [en]

    This thesis consists of four papers where the overall purpose is to contribute to the understanding of how local public transport demand is affected by different factors. An underlying theme running trough the thesis is the two-way relationship between public transport demand and the service level caused by the fact that capacity and quality are joint products.

    In Paper I the relationship between public transport demand and the service level (in terms of vehicle-kilometres) is investigated using panel data from Swedish counties. A Granger causality test is performed in order to test if the level of service cause public transport demand or if demand cause service level, or if they cause each other. It is found that demand and service cause each other, which is to say that there is a two-way relationship between them.In Paper II elasticity estimates for local public transport demand from previous research are summarised and the variation in results is analysed using meta-regression. The variation is explained by model specification, type of data used and origin of data.

    In Paper III a demand function for local public transport is estimated using panel data from Swedish counties. Instrument variable estimation is used in order to avoid the problem of a two-way relationship between demand and service level (vehicle-kilometres). Demand elasticities with respect to public transport fare, price of petrol, vehicle-kilometres and car ownership are found to be -0.4, 0.34, 0.55, and -1.37. After also taking the effects of income on car ownership into account, it is found that the total effect of income on public transport demand is close to zero.

    In Paper IV it is found that the strong increase in public transport demand in the town of Linköping between 1946 and 1983, in addition to fare, vehicle-kilometres and car ownership, can be explained by the rapid increase in female labour force participation and the expansion of the city’s outer areas. The city expansion is thought to have increased average trip distance and thereby reduced the number of trips that could be made walking or by bicycle. After 1983, female labour force participation decreased slightly and the expansion of the areas in question has stopped. Without these positive forces to counterbalance the rising levels of car ownership bus trips per capita has fallen by 71%. The effects of a policy change, including peak-load pricing, straighter bus routes, smaller bus size and staggered school hours, is analysed. It is found that the proposed changes would increase public transport travel by 42 % compared to present policy.

    List of papers
    1. Demand and supply of public transport: The problem of cause and effect
    Open this publication in new window or tab >>Demand and supply of public transport: The problem of cause and effect
    2005 (English)In: Thredbo 8, Rio De Janeiro, September 2003, Elsevier , 2005Conference paper, Published paper (Refereed)
    Abstract [en]

    When modelling public transport demand vehicle-kilometres is often included among the explanatory variables and the possibility of a twoway relationship between the variables is often ignored. The purpose of this article is to examine the causal relationship between public transport demand and the supply of vehicle-kilometres. A granger causality test is applied to panel data from Swedish counties ranging from 1986 to 2001 and it is found that while vehicle-kilometres do cause patronage, patronage also cause vehicle-kilometres. Hence, there is a two way relationship between the variables that should be considered when estimating demand models.

    Place, publisher, year, edition, pages
    Elsevier, 2005
    Keywords
    Demand, Supply, Public transport
    National Category
    Economics
    Identifiers
    urn:nbn:se:liu:diva-15622 (URN)978-00-80445-80-9 (ISBN)
    Available from: 2008-11-21 Created: 2008-11-21 Last updated: 2013-10-09Bibliographically approved
    2. Meta-analysis of public transport demand
    Open this publication in new window or tab >>Meta-analysis of public transport demand
    2007 (English)In: Transportation Research Part A: Policy and Practice, ISSN 0965-8564, E-ISSN 1879-2375, Vol. 41, no 10, p. 1021-1035Article in journal (Refereed) Published
    Abstract [en]

    The present study uses meta-regression in order to explain the wide variation in elasticity estimates obtained in previous demand studies, and provide summaries of several bus demand elasticities.

    One important finding as to the price elasticity is that the often cited rule of thumb of −0.3 holds good if quality of service represented by vehicle-kilometres is treated as an exogenous variable, but not when it is treated as endogenous.

    Based on the results it is recommended that demand models should include car ownership, price of petrol, own price, income and some measure of service among the explanatory variables and that the service variable should be treated as endogenous.

    In previous meta-studies in this field focus has been on own price elasticity only while this study also includes elasticities with respect to, level of service, income, price of petrol and car ownership. The short run for the US are found to be −0.59, 1.05, −0.62, 0.4 and −1.48 respectively.

    Keywords
    Meta-analysis, Elasticities, Public transport, Demand
    National Category
    Economics
    Identifiers
    urn:nbn:se:liu:diva-15623 (URN)10.1016/j.tra.2007.06.003 (DOI)
    Available from: 2008-11-21 Created: 2008-11-21 Last updated: 2017-12-14Bibliographically approved
    3. Local public transport demand revisited
    Open this publication in new window or tab >>Local public transport demand revisited
    (English)Manuscript (Other academic)
    Abstract [en]

    In order for public transport to be a part of the solution to the environmental problems caused by traffic there need to be a clear understanding of how, and to what extent, different factors affect demand. Much effort has gone into research in this area but there still seem to be some confusion regarding some key relationships, one of them being the effect of income on public transport demand. The purpose of this article is therefore to provide empirical estimates of how different factors, including price, income and car ownership, affect the demand for local public transport. Income affects public transport demand directly, and trough its effect on car ownership, these effects works in opposite direction. Combining these it is found that total income effect is close to zero.

    National Category
    Economics
    Identifiers
    urn:nbn:se:liu:diva-15624 (URN)
    Available from: 2008-11-21 Created: 2008-11-21 Last updated: 2013-10-09Bibliographically approved
    4. Public transport in towns: Inevitably on the decline?
    Open this publication in new window or tab >>Public transport in towns: Inevitably on the decline?
    2008 (English)In: Research in Transportation Economics, ISSN 0739-8859, E-ISSN 1875-7979, Vol. 23, no 1, p. 65-74Article in journal (Refereed) Published
    Abstract [en]

    In this article the post war development of public transport demand in the town of Linköping is explained using time series analysis. It is found that the dramatic increase in public transport demand between 1946 and 1983, at least in part, can be explained by the rapid increase in female labour force participation and the expansion of the city’s outer areas. After that, female labour force participation decreased slightly and the town expansion has stopped. Without these positive forces to counterbalance the rising levels of car ownership public transport demand has fallen by 71%. The effects of a policy change, including peak-load pricing, straighter bus routes, smaller bus size and staggered school hours, is analysed. It is found that the proposed package would increase public transport travel by 42 % compared to present policy.

    Keywords
    Public transport, Elasticity, Price, Service, Policy
    National Category
    Economics
    Identifiers
    urn:nbn:se:liu:diva-15625 (URN)10.1016/j.retrec.2008.10.011 (DOI)
    Available from: 2008-11-21 Created: 2008-11-21 Last updated: 2017-12-14Bibliographically approved
  • 223.
    Holmgren, Johan
    et al.
    Linköping University, Department of Science and Technology, Communications and Transport Systems. Linköping University, The Institute of Technology.
    Ivehammar, Pernilla
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Making headway towards a better understanding of service frequency valuations: a study of how the relative valuation of train service frequency and in-vehicle time vary with traveller characteristics2014In: International Journal of Transport Economics, ISSN 0303-5247, E-ISSN 1724-2185, Vol. 41, no 1, p. 109-129Article in journal (Refereed)
    Abstract [en]

    On-going urbanization has led to greater distances between homes and workplaces and more long-distance commuting, increasing the need for efficient inter-urban transport infrastructure. For sustainability, trains are preferred to private cars.

    Two key variables affecting door-to-door train travel time are in-vehicle time (IVT) and headway ; however, there is often a trade-off between speed and frequency in a system. If different categories of travellers value IVT and headway differently, their proportions on a route should affect traffic planning. Optimal system design might differ between routes carrying many commuters and routes carrying mainly passengers on single private or business trips. Knowledge of differences in relative valuations of headway versus IVT should therefore affect railway system design.

    We investigate whether the relative values of headway versus IVT differ between inter- urban commuting by train and single inter-urban trips by train, whilst also examining differences between socioeconomic groups. Stated choice (SC) data from 580 Swedish respondents are used in estimation. Individuals actually commuting and individuals not commuting but imagining that they are when answering the SC questions are asked about their preferences for headway versus IVT.

    Commuters are estimated to value increased headway 19 percentage points more than do non-commuters. Young people (under age 21 years) value headway more than do older people while people with children value headway less than do the childless.

  • 224.
    Holmgren, Johan
    et al.
    Linköping University, Department of Science and Technology, Communications and Transport Systems. Linköping University, Faculty of Science & Engineering.
    Ivehammar, Pernilla
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Public Transport Quality As a Tool for Reducing Car Dependency2015In: Proceedings of 43rd European Transport Conference, September 28-30, 2015, Campus Westend, Goethe University, Frankfurt, Germany, 2015Conference paper (Other academic)
  • 225.
    Holmgren, Johan
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Jansson, Jan Owen
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Ljungberg, Anders
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Public transport in towns: Inevitably on the decline?2008In: Research in Transportation Economics, ISSN 0739-8859, E-ISSN 1875-7979, Vol. 23, no 1, p. 65-74Article in journal (Refereed)
    Abstract [en]

    In this article the post war development of public transport demand in the town of Linköping is explained using time series analysis. It is found that the dramatic increase in public transport demand between 1946 and 1983, at least in part, can be explained by the rapid increase in female labour force participation and the expansion of the city’s outer areas. After that, female labour force participation decreased slightly and the town expansion has stopped. Without these positive forces to counterbalance the rising levels of car ownership public transport demand has fallen by 71%. The effects of a policy change, including peak-load pricing, straighter bus routes, smaller bus size and staggered school hours, is analysed. It is found that the proposed package would increase public transport travel by 42 % compared to present policy.

  • 226.
    Holmqvist, Oskar
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Jaconelli, Antonio
    Linköping University, Department of Management and Engineering, Economics.
    De fyra svenskastorbankernas exponeringmot klimatåtgärder– Klimattunga investeringar, finansiell stabilitet ochomställningsrisker2016Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [sv]

    Klimatförändringar påverkar i allt större grad den globala ekonomin och de fyra svenskastorbankerna besitter stora tillgångar i klimattunga företag. Nya överenskommelser ochpolitiska beslut ska resultera i minskade utsläpp för att hålla jordens medeltemperatur pårimliga nivåer. Detta kan medföra att fossila bränslereserver måste lämnas i marken vilketskulle förorsaka stora finansiella förluster hos de svenska bankerna. Sveriges finansiellastabilitet riskeras att gå förlorad om bankerna inte besitter tillräckligt med eget kapital för attkunna täcka upp dess exponering mot klimatåtgärder. Osäkerheten kring detta har lett tilluppsatsens syfte; att analysera den finansiella stabiliteten hos de fyra svenska storbankernamed avseende på omställningsrisker till följd av klimatförändringar.Tillvägagångssättet för uppsatsen har varit att bl.a. studera publikationer i form av rapporteroch artiklar berörande bankers stresstester samt finansiell stabilitet hos banker. Erhålleninformation har kompletterats med primärkällor i form av intervjuer med relevantarespondenter. Detta med utgångspunkt i utformning av ett eget stresstest baserat på bankersfinansiella stabilitet.Resultaten i uppsatsen tyder på att banker inte besitter den kapitalbuffert som krävs för attbibehålla finansiell stabilitet vid åtgärder föranledda av klimatförändringar. Dock kan vipåvisa att Sveriges finansiella system i form av statliga fonder förfogar tillräckligt medresurser för att täcka upp storbankernas totala exponering mot omställningsrisker och desskostnader.Uppsatsen har även identifierat de primära riskfaktorerna samt det händelseförlopp vilkethärleds av investeringar i fossila bränslereserver. Vidare kan vi konstatera att det finansiellasystemet vidtagit åtgärder för att cementera motståndskraft mot framtida störningar.

  • 227.
    Holmstedt, Anton
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Thomasson, Jesper
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Driver hushållens skulder konsumtionen?: En jämförande studie av Sverige, Norge, Danmark och Finland2014Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The consumption levels in Sweden, Denmark, Finland and Norway have been rising fo r the last decade. Even after the financial crisis of 2008, consumption levels continued their upward trend, regardless of the recession. The explanation seems to be, at least partly, that households tends to increase their debt ratio in order to continue the same standard of living as before in terms of consumption. It is clear, based of our results, that there is a connection between increased consumption and debt ratio for households. And the consequences of allowing loans to finance a sustained or increasing consumption may ultimately be difficult to manage. This paper compares Sweden, Norway, Finland and Denmark to analyze if it is possible to see differences in how debt has affected the consumption since the millennium until 2012. Three different regression models were specified to analyze the data.

  • 228.
    Hultgren, Christian
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Ottosson, Niklas
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Bemanningsförändringars påverkan på produktivitet. En fallstudie av ett stort svenskt industriföretag2015Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Historically downsizing has led to a reduction in productivity. Since the early 1990-ies, however, downsizing has affected productivity positively. This paper aims to, within the framework of a case study, answer how productivity is affected in the short term, how the productivity change is best explained and how these changes compare to a macroeconomic perspective.The study shows that all studied variables have improved following downsizing. Capital intensity has increased and the law of diminishing returns suggests that the company previously had a labor surplus. With the help of the interviews it can be concluded that the company acted proactively and in cooperation with the trade union, which meant that productivity could be increased and the presence of survival syndrome minimized. Another effect of downsizing is that the occurrence of what have traditionally been considered less productive segments of labor have decreased. From a macro perspective, the studied object shows similarities with the occurrences within the Swedish economy as a whole, and shows signs of being a delayed version of what occurred in the American economy. Several explanations are likely, but differences in labor legislation can be considered a likely contributing factor.

  • 229.
    Håkansson, Caroline
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Salu, Kristin
    Linköping University, Department of Management and Engineering, Economics.
    Sveriges vapenexport: En studie om målkonflikter med Sveriges biståndspolitik och humanitära ideal2019Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Background: Sweden is one of the largest exporters of military equipment in the world. Despite many restraining laws and guidelines, Sweden export military equipment to dictatorship and non-democracies. It’s of significant importance to examine what it would cost Sweden to abstain from export of military equipment in those cases where arms trade creates a conflict of interest. The dilemma for Sweden is choosing between the benefits of long-term financial interests that arms export provides and the morality issues that they entail.

    Purpose: The purpose of this study is to analyze and evaluate what it would cost Sweden to refrain from exporting arms to countries where the trade creates conflict of interests between financial gains and the Swedish foreign aid policy along with humanitarian ideals.

    Method: To analyze and evaluate the cost of reduced arms exports, a quantitative and qualitative literary analysis study is used along with the collection of secondary data. A custom developed index is created in order to estimate each country’s humanitarian ideal.

    Conclusions: Refraining from the export of arms to countries where conflict of interests are created with the Swedish foreign aid policy and humanitarian ideals would result both in lost income and saved costs for the Swedish arms industry. Swedish exports of military equipment contribute positively to the Swedish economy, international co-operations and technical knowledge. Exports are a necessity for maintaining the competitiveness of the Swedish arms industry. Abstaining the export of arms would result in lost revenue of approximately 4,8 billion Swedish kronas in 2013, 1,4 billion in 2015, 4,6 billion in 2016 and 6,2 billion in 2017. Reduced export would result in varying effects on the industry ́s economic expense, depending on the production costs. Due to confidentiality, the data necessary to estimate the total cost of reduced arms exports to countries where conflict of interests is not available. The study therefore estimates what the total cost would be for Sweden to reduce the arms exports through combined analytical and measurable effects.

  • 230.
    Ingebrand, Linnea
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Lind, Therese
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Sverige i en nordisk valutaunion?: En analys baserad på makroekonomisk teori och empiri från 1999-20112013Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The aim is to investigate if Sweden constitutes a possible optimal currency area with one or more of the Nordic countries. The results show that Norway and Denmark are the two most suitable partners to join Sweden in a currency union since the economic integration between these countries is the strongest. The Taylor interest rate rule indicates that the interest rate paths between Sweden and Norway correlate the most. The variables in the optimal currency area-index (OCA-index) show that it is Sweden, Denmark and Norway that enjoys the strongest economic integration and therefore constitutes a possible optimal currency area.

    Two different methods have been used to investigate the possibility of an optimal currency area; the OCA-index and the Taylor interest rate rule. Both methods focus on the level of economic integration between the countries but do this by assessing different economic variables. The OCA-index has been compiled and the estimation indicates that the variable describing the business cycle has the greatest impact on the dependent variable, exchange rate volatility. In order to examine how the Nordic countries have been affected by shocks, Taylor interest rates have been calculated and differences in correlation have been examined.

    The conducted analysis points toward difficulties measuring economic integration, which according to the OCA-theory is important for an optimal currency union. There are several consistencies between the results of the two methods but also important differences such as which country would be the best partner in a currency union with Sweden. The findings differ from earlier scientific results mostly regarding the interpretation of the variable describing the export sectorial composition and the considered time period.

  • 231.
    Ivarsson Lundgren, Amanda
    et al.
    Prognoscentret AB, Sweden.
    Milicevic, Adriana
    Swedbank AB, Sweden.
    Uddin, Gazi Salah
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Kang, Sang Hoon
    Pusan Natl Univ, South Korea.
    Connectedness network and dependence structure mechanism in green investments2018In: Energy Economics, ISSN 0140-9883, E-ISSN 1873-6181, Vol. 72, p. 145-153Article in journal (Refereed)
    Abstract [en]

    We present an empirical study of renewable energy stock returns and their relation to four major investment asset classes stocks, currency, US Treasury bonds, and oil and several sources of uncertainty. Applying nonlinear causality and connectedness network analysis on data covering the period 2004-2016, we investigate the directionality and connectedness among different asset classes, as well as between uncertainties. First, from the results of the estimation of directionality and network spillovers, it can be concluded that the European stock market has a strong market dependence on renewable energy stock prices. Second, uncertainties have an economically significant impact on both return and volatility spillover in energy investments. Third, most of the uncertainties are net transmitters of volatility connectedness during the global financial crisis (GFC) and European sovereign debt crisis (ESDC): (C) 2018 Elsevier B.V. All rights reserved.

  • 232.
    Ivehammar , Pernilla
    Linköping University, Department of Management and Engineering, Economics . Linköping University, Faculty of Arts and Sciences.
    Valuing in actual travel time environmental encroachment caused by transport infrastructure2008In: Transportation Research Part D: Transport and Environment, ISSN 1361-9209, E-ISSN 1879-2340, Vol. 13, no 7, p. 455-461Article in journal (Refereed)
    Abstract [en]

    Most cost-benefit analyses used in transport infrastructure planning do not include the possibly significant cost of encroachment on valuable environments. Standardized Values are used for other effects, but encroachment costs are difficult to transfer because of heterogeneity, uniqueness, and the importance of substitutes. A problem with stated preference methods is that the choice of hypothetical payment vehicle can affect the willingness to pay. An approach using actual travel time savings as payment vehicle when valuing environmental encroachment caused by transport infrastructure is presented, including two applications. Since different people have different travel patterns the travel time saving resulting from, for example, a new road in the area will naturally vary. By asking a large number of people whether they want the encroaching road or not and correlate their answers to their actual travel time savings, it is possible to estimate the average willingness to substitute travel time for the encroachment caused by a specific planned road. This encroachment cost can be included in the CBA for the transport infrastructure project.

  • 233.
    Ivehammar, Pernilla
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Avvägning faktisk restid mot miljöintrång - fallstudie om Hamnleden i Halmstad2010Report (Other academic)
  • 234.
    Ivehammar, Pernilla
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    How to deal with the encroachment costs in road investment CBA2006Doctoral thesis, monograph (Other academic)
    Abstract [en]

    An important basis for decisions regarding road investments is Cost Benefit Analysis (CBA), where all costs and benefits should be taken into account and expressed in monetary terms. A valuation of the cost for the encroachment caused by a new road in, for example, a recreation area or a residential area is, however, missing in road investment CBA. The purpose of this thesis is to develop approaches to deal with the encroachment costs. More specifically two approaches are developed.

    One approach is ”cost transfer” for typical cases. With this approach the encroachment cost is estimated ex post for a number of existing roads within each typical case. The results are to be used to estimate a calculation formula to use for CBA of planned road investments where the encroachment can be referred to a particular typical case. The typical case ”barrier to water” was chosen for a pilot study with the aim of developing the method for data collection, and study what is most important for the encroachment cost per affected individual.

    The other approach is a method, developed in the thesis, for estimating the encroachment cost ex ante for each specific object. The method is called COPATS, ”Combined Opinion Poll and Travel Survey”. It makes use of the fact that roads mean both positive and negative effects to a different degree for the affected people. Data of the residence location, visiting frequency in the encroachment area and travel pattern is collected by a postal questionnaire before deciding on a road investment. In the same questionnaire it is also asked whether the respondent is for or against the planned road. The encroachment cost can be estimated from the respondents´ balancing of the benefit of travel time savings, and possibly some other positive effects, against the negative encroachment caused by the planned road.

    A conclusion is that both alternatives seem to be possible ways of including encroachment costs as part of road investment CBA. To estimate calculation formulas for cost transfer in some common typical cases, a large number of further encroachment cost studies must though be made. COPATS is closer to practical application, but needs to be further developed in collaboration with road planners.

  • 235.
    Ivehammar, Pernilla
    Linköping University, Department of Management and Engineering, Economics . Linköping University, Faculty of Arts and Sciences.
    The payment vehicle used in CV studies of environmental goods does matter2009In: Journal of Agricultural and Resource Economics, ISSN 1068-5502, E-ISSN 2327-8285, Vol. 34, no 3, p. 450-463Article in journal (Refereed)
    Abstract [en]

    This paper examines the effect of the payment vehicle on the valuation of an environmental good with the contingent valuation method (CVM). Results from three CV studies comparing different payment vehicles by using split samples when valuing environmental encroachment caused by roads in Sweden are presented and compared to results from other such split-sample studies of payment vehicle effects. The results are consistent and show that the payment vehicle affects the valuation, but not always the way expected when considering incentives to behave strategically. Copyright 2009 Western Agricultural Economics Association.

  • 236.
    Ivehammar, Pernilla
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Valuing environmental quality in actual travel time savings - The Haningeleden road project in Stockholm2014In: Research in Transportation Economics, ISSN 0739-8859, E-ISSN 1875-7979, Vol. 48, p. 349-356Article in journal (Refereed)
    Abstract [en]

    Effects on the environment are rarely valued in planning infrastructure for different modes of transport. This can detract from optimal planning and fair competition, which might be better served by valuing environmental quality changes through actual travel time savings. New transport infrastructure often creates both positive and negative effects for the same groups of users, although to different degrees for different individuals. This paper illustrates a proposed methodology to investigate the effect of a planned transport infrastructure investment through a survey of potential users of the Haningeleden road project in Stockholm. Postal questionnaires were sent to a random sample of 2400 persons living in the affected area in May and June 2013, including detailed questions about their travel patterns and visiting frequencies, and whether, after reading a description of the proposed change, they would be in favour of the proposed change. The negative encroachment costs and the positive relief from traffic in other areas were estimated in travel time savings.

  • 237.
    Ivehammar, Pernilla
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Holmgren, Johan
    Linköping University, Department of Science and Technology, Communications and Transport Systems. Linköping University, Faculty of Science & Engineering.
    The Relation Between Perceived and Actual Private Travel Costs – a Key Question for Efficient Modal Split2015In: Proceedings of 43rd European Transport Conference, September 28-30, 2015, Campus Westend, Goethe University, Frankfurt, Germany, 2015Conference paper (Other academic)
  • 238.
    Ivehammar, Pernilla
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Jernberg, Jonas
    Länsstyrelsen Östergötland, Sweden.
    Estimating the costs and benefits of the closure of a local grocery store2014In: International Journal of Sustainable Development and Planning, ISSN 1743-7601, E-ISSN 1743-761X, Vol. 9, no 2, p. 301-316Article in journal (Refereed)
    Abstract [en]

    Grocery stores, especially local stores in rural areas, are decreasing in number. The closure of a local grocery store may be caused by a market failure due to consumers’ inability to coordinate their behaviour. This study develops a questionnaire method to estimate the costs and benefits caused by the closure of a local grocery store. We explain why the closure of local grocery stores is a social dilemma for consumers, and we outline the costs and benefits of such closures identified in previous research. To quantify and evaluate the effects of local closures, we asked all households living in the market area of two recently closed local grocery stores detailed questions about their purchases of groceries before and after the closure of the local store. We also estimated their average willingness to pay to have access to a local grocery store. We present here a cost–benefit analysis for the two studied cases and discuss the ways to sustain local grocery stores.

  • 239.
    Ivehammar, Pernilla
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Jernberg, Jonas
    Länsstyrelsen Östergötland.
    Samhällsekonomiska effekter vid nedläggning av landsbygdsbutiker2011Report (Other academic)
  • 240.
    Jacobson, Herbert
    et al.
    Linköping University, Department of Management and Engineering, Commercial and Business Law. Linköping University, Faculty of Arts and Sciences.
    Magnusson, Dan
    Linköping University, Department of Management and Engineering. Linköping University, Faculty of Arts and Sciences.
    Romare, Johanna
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Sjögren, Hans
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Thörn Berggren, Ingrid
    Linköping University, Department of Management and Engineering, Commercial and Business Law. Linköping University, Faculty of Arts and Sciences.
    Svart, grått, vitt: en lärobok om ekonomisk brottslighet2012 (ed. 1)Book (Other academic)
    Abstract [sv]

    Ekonomisk brottslighet är ett allvarligt samhällsproblem. I Sverige uppskattas värdet av den svarta ekonomin till motsvarande mellan fem och tio procent av BNP, vilket innebär hundratals miljarder kronor. Konsekvenserna av denna omfattande brottslighet är att samhällsekonomin i förlängningen undergrävs. Den ekonomiska brottsligheten drabbar inte bara den offentliga sektorn utan även individer och företag, vilket bidrar till att komplicera problembilden. Vidare begås de ekonomiska brotten i stor utsträckning inom ramen för den organiserade brottsligheten.

    Ekonomisk brottslighet studeras därför med fördel i gränssnittet mellan flera olika discipliner, såsom juridik, kriminologi, etik, filosofi, ekonomi och historia. Genom att angripa problemet från olika håll ökar möjligheten att förstå och förhindra ekonomisk brottslighet.Läroboken Svart Grått Vitt tar ett mångvetenskapligt grepp på problemet. Här är forskningsresultat och lärdomar inom juridik, kriminologi, etik, filosofi, ekonomi och historia samlade på ett pedagogiskt sätt.

    Boken redogör för teorier, modeller, typologier och begrepp; fallstudier över ekonomiskt brottsligt beteende; samt straffrättsliga regler för ekonomisk brottslighet.Svart Grått Vitt riktar sig främst till kriminologer, ekonomer, sociologer, poliser och jurister men kan även läsas av andra som är intresserade av att få en introduktion i ekonomisk brottslighet.

  • 241.
    Jakobsson, Max
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Risberg, Sebastian
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Arbetslöshet i Sverige sedan den globala finanskrisen2015Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [sv]

    Arbetslösheten har en väsentlig roll för länders ekonomi och den rådande arbetslöshetsnivån har skapat en diskussion kring vilka faktorer som kan påverka arbetslöshetsnivån och vilka penningpolitiska styrmedel som kan användas för att leda arbetslösheten i ”rätt” riktning. Räntebeslut, inflation och hysteresiseffekter är några av de faktorer som tas upp för att förklara arbetslöshetsutvecklingen sedan den globala finanskrisen.

     

    Syftet är att analysera hur arbetslöshetsutvecklingen i Sverige har förändrats sedan den globala finanskrisen samt att analysera hur penningpolitiken kan ha påverkat arbetslöshetsutvecklingen.

     

    Med fokus på Sverige och åren 2007 - 2014 undersöks med hjälp av statistik och relevanta teorier den svenska arbetsmarknaden samt de beslut den svenska penningpolitiken tagit. För att jämföra den svenska penningpolitiken testas hur väl reporäntan har följt den styrränta som Taylorregeln föreslår. För att se hur väl produktion och arbetslöshet samvarierar genomförs ett test med hjälp av Okuns lag. Därefter analyseras utfallet och förslag till åtgärder ges som kan minska arbetslösheten.

     

    Studien visar att arbetslösheten och sysselsättningen har ökat sedan den globala finanskrisen. De test som har genomförts resulterar i att Riksbankens penningpolitik har varit mer offensiv än vad Taylorregeln föreslagit. Den reporänta som Riksbanken använt sig av följer en tydligare trend med KPIF som inflationsmått istället för KPI vilket är anmärkningsvärt då inflationsmålet är uttryckt i KPI. Testet av sambandet mellan produktion och arbetslöshet visar även att relationen är svagare än vad Okuns lag beskriver. 

  • 242.
    Jansson , Jan Owen
    Linköping University, Department of Management and Engineering, Economics . Linköping University, Faculty of Arts and Sciences.
    The myth of the service economy-An update2009In: FUTURES, ISSN 0016-3287 , Vol. 41, no 3, p. 182-189Article in journal (Refereed)
    Abstract [en]

    In this journal the myth of the advancing service economy was exposed already in 1977 by Jonathan Gershuny, "POST-INDUSTRIAL SOCIETY: The myth of the service economy", Futures, April 1977. However, that lesson seems to be forgotten, because with the traditional production sector division in the national accounts, based on the nature of the work, the statistics of relative value added and employment continue to support the old myth.

    In this paper it is shown that from the point of view of final output use, the ratio of the total value of the output of material goods to the total value of the output of immaterial services is 63:37 in Sweden, and has remained the same for 30 years. This is nearly the reverse of what is officially maintained based on the growing proportion of work in the economy which can be characterized as "service work". It is argued here that the conventional view obscures a main issue for the future of the welfare states. Sweden and several other similar countries have got far behindhand as regards the proportion of resources going into the provision of income-elastic services like health and education, which is just the opposite of the original main idea of the welfare state.

  • 243.
    Jansson, Emelie
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Kapple, Linda
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Vad styr företagens investeringar?En studie om hur förändringar i reporänta, makroekonomiska faktorer samt finansiella indikatorer påverkar investeringar hos svenska företag2015Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Background: The central bank of Sweden decided in November 2014 to set the repo rate close to zero. Further they decided to lower the repo rate to -0,10 percent in February 2015. In regard to this, Sweden had a negative repo rate for the first time. According to macroeconomic theory a decrease in the repo rate is performed to stimulate an economy’s investments and consumptions. Whether or not a decrease in interest rates gives greater incentives for firms to invest is a topical subject and an important field of research. In addition to this, the existing research on the Swedish market is insufficient within this field, which gives us further motives to conduct this study.Aim: The purpose of this study is to examine and analyse how changes in the repo rate, macroeconomic factors and financial indicators affects investments of Swedish firms.Completion: The study is conducted with a quantitative approach. A Vector Autoregressive model is created in order to examine the impact of changes in the repo rate, the macroeconomic factors and the financial indicators on firms’ investments. Impulse response functions are estimated to allow a further analysis of these effects. Hence, it is conceivable to examine how one isolated unit-increase in a specific variable affects firms’ investment through several time periods. Furthermore, we estimate three models, one which includes both macroeconomic variables and financial indicators and another which excludes the financial indicators. The last model reflects the repo rate’s impact on investments in two separate time periods.Result: Investments of firms are affected by numerous of factors. One unit-increase of the lending rate, the exchange rate and firms’ expectations of inflation exhibit a negative relation to investments. Furthermore, one unit-increase in GDP-growth tends to increase investments. However, the repo rate has no impact on investments in the first two models. In spite of this, evidence from the third model indicates that the repo rate has a negative impact on investments during the first period.

  • 244.
    Jansson, Jan Owen
    Linköping University, Faculty of Arts and Sciences. Linköping University, Department of Management and Engineering, Economics.
    Optimal transport pricing: Editorial2001In: Journal of Transport Economics and Policy, ISSN 0022-5258, E-ISSN 1754-5951, Vol. 35, no 3, p. 353-362p. 353-362Article in journal (Other academic)
  • 245.
    Jansson, Jan Owen
    Linköping University, Faculty of Arts and Sciences. Linköping University, Department of Management and Engineering, Economics .
    Public transport policy for central-city travel in the light of recent experiences of congestion charging2008In: Research in Transportation Economics, ISSN 0739-8859, E-ISSN 1875-7979, Vol. 22, no 1, p. 179-187Article in journal (Refereed)
    Abstract [en]

    Excellent public transport which makes the private car a minority mode of central-city travel is a necessary condition for a political process towards the introduction of congestion charges. However, the charging system costs in London and Stockholm have proved to be unexpectedly high. Therefore, before these costs come down to an affordable level, zero-fares for central-city travel and stricter parking policy would be a first-best combination in many cities, always provided that the public transport is really competitive. A bold venture in public transport development is consequently the top priority irrespective of the transport pricing policy direction. © 2008 Elsevier Ltd. All rights reserved.

  • 246.
    Jansson, Jan Owen
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Holmgren, Johan
    Linköping University, Department of Science and Technology, Communications and Transport Systems. Linköping University, Faculty of Science & Engineering.
    Ljungberg, Anders
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences. Trafikanalys.
    Pricing public transport services2015In: Handbook of research methods and applications in transport economics and policy / [ed] Chris Nash, Northampton, MA: Edward Elgar Publishing, 2015, p. 260-308Chapter in book (Refereed)
    Abstract [en]

    This chapter aims at outlining pricing policy for public transport that maximizes the social surplus, that is, the sum of the producer surplus and the consumer surplus, while internalizing possible system-external costs. It starts by presenting the door-to-door transport cost as a key concept in price theory for public transport, and then first principles of optimal pricing valid for all modes of public transport are laid down. These principles are applied to urban (short-distance) public transport in sections 13.2–13.5 and to inter-urban (long-distance) public transport in section 13.6. Section 13.7 summarizes the methodological conclusions.

  • 247.
    Jansson, Nils-Henrik
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Winberg, Madelene
    Linköping University, Department of Management and Engineering, Economics.
    Aktiv eller inte aktiv i PPM – Får du betalt för din risk? En teoriprövande analys genom Markowitz moderna portföljteori2016Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The Swedish premium pension reform at the turn of the century resulted in a greater responsibility for the individual saver. The decision concerning how the premium pension should be invested now lies with the investor. The purpose of this thesis is to analyze whether it had been profitable for a saver to achieve a higher risk-adjusted return for its premium pension money contributions by making an active choice by a self-composed portfolio, rather than to allow the State to invest the capital in the Seventh AP Fund (AP7 Såfa) which is the default option.

    The analysis is based on Harry Markowitz’s established Modern Portfolio Theory by which he drew attention to how investors through diversification can reduce risk in its investment by choosing assets that are not fully correlated. By using the available data of the funds that were selectable in the Swedish Premium Pension system by the time period 2000 – 2014, we have calculated the optimized portfolios with the same risk level as the default option. Subsequently, a comparison of these optimized portfolios and the default option are made in terms of risk and return. Furthermore, three theoretical portfolios are put together over a period of ten years and are invested as these optimized portfolios and reallocated after Markowitz's recommendation to review their savings once a year.

    The analysis shows that it has been possible to achieve higher risk-adjusted returns by making an active choice of portfolio. The problem though is that it is difficult to identify these portfolios in advance. The three theoretical portfolios have all generated a lower return than the default option did during the same period.

    The result shows that the default option is not fully risk-adjusted. Nonetheless, we conclude that the default fund is a good alternative.

  • 248.
    Ji, Qiang
    et al.
    Chinese Acad Sci, Peoples R China; Univ Chinese Acad Sci, Peoples R China.
    Liu, Bing-Yue
    Beihang Univ, Peoples R China.
    Nehler, Henrik
    Linköping University, Department of Management and Engineering, Business Administration. Linköping University, Faculty of Arts and Sciences.
    Uddin, Gazi Salah
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Uncertainties and extreme risk spillover in the energy markets: A time-varying copula-based CoVaR approach2018In: Energy Economics, ISSN 0140-9883, E-ISSN 1873-6181, Vol. 76, p. 115-126Article in journal (Refereed)
    Abstract [en]

    In this paper, we explore the impact of uncertainties on energy prices by measuring four types of Delta Conditional Value-at-Risk (Delta CoVaR) using six time-varying copulas. Three different measures of uncertainty (economic policy, financial markets and energy markets) are considered, and the magnitude and asymmetric effects of their influence are investigated. Our results suggest that there generally exists negative dependence between energy returns and changes in uncertainty. The risks of clean energy and crude oil returns are more sensitive to uncertainties in the financial and energy markets, while the impact of economic policy uncertainty is relatively weak. The upside and downside CoVaRs and Delta CoVaRs demonstrate significant asymmetric effects in response to extreme uncertainty movement. Our findings therefore have important implications for energy portfolio investment. (C) 2018 Elsevier B.V. All rights reserved.

  • 249.
    Johannesson, Maja
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Stejmar, Sofie
    Linköping University, Department of Management and Engineering, Business Administration. Linköping University, Faculty of Arts and Sciences.
    Gröna obligationer - Vägen till en mer hållbar kreditmarknad: En studie om aktörers motiv och ekonomiska drivkrafter på den svenska marknaden för gröna obligationer2015Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Background: In 2007 the World Bank issued the first green bond in the world in co-operation with SEB. Vasakronan issued the first green corporate bond in 2013 and since then the market has expanded. Green bonds have the same financial characteristics as traditional bonds, the difference being that the proceeds from green bonds have to finance environmental or climate friendly projects. Green bonds give incentives to investors and issuers to implement sustainable investments and projects.

    Aim: The purpose of the thesis is to examine and analyze motives and economic incentives behind the participation of players in the Swedish green bond market. In addition, the thesis maps out the institutional conditions that enabled the emergence of green bonds and highlight the future challenges and prospects.

    Completion: This thesis is a qualitative study of 13 interviews conducted by the authors. The interviewees represent the following groups: issuers, investors, banks and certifiers. A literature review about green bonds is provided to illustrate the characteristics of green bonds and the market. The empiric material is analyzed using institutional theory, game theory, financial theory and CSR theories, as well as previous research about CSR and SRI.

    Conclusion: A number of institutional conditions and individual actions have contributed to the rise and development of the Swedish green bond market. The motives and economic incentives that apply to all the players in the market are the opportunity to enhance a green and sustainable profile, the fact that green bonds have the same financial characteristics as traditional bonds and that they include a green feature. Future challenges for the growth of the green bond market include the development of standards and to increase the supply of green bonds.

  • 250.
    Johansson, Camilla
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Pettersson, Lisa
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Microcredit Impact on Business Performance: A Minor Field Study in El Salvador2014Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Microcredits have become a popular way to include poor people in the financial market. Former research on the impact on business performance has provided divergent findings and its impact on the Salvadoran market is not yet investigated. This thesis takes on this problem by analysing and evaluating how the microenterprises in Usulután, El Salvador are affected by the participation in a microcredit program. By using a quantitative method the business performance of a treatment group is compared to that of a control group. The results show that participation in a microcredit program enlarged the enterprise size in terms of sales, total assets and equity, but did not have any significant impact on business profit, marginal return to capital or fixed asset. Regressions are conducted to describe what individual characteristics of the clients are the most important for the business performance. Clients with higher education and male clients over performed other clients.

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