The aim of this paper is to analyze the determining factors for the pricing of handsets sold with... more The aim of this paper is to analyze the determining factors for the pricing of handsets sold with service plans, using the hedonic price method. This was undertaken by building a database comprising 48 handset models, under nine different service plans, over a period of 53 weeks in 2008, and resulted in 27 different attributes and a total number of nearly 300,000 data registers. The results suggest that the value of monthly subscriptions and calling minutes are important to explain the prices of handsets. Furthermore, both the physical volume and number of megapixels of a camera had an effect on the prices. The bigger the handset, the cheaper it becomes, and the more megapixels a camera phone has, the more expensive it becomes. Additionally, it was found that in 2008 Brazilian phone companies were subsidizing enabled data connection handsets.
O controle da oferta de moeda foi um dos principais instrumentos na execução da política monetári... more O controle da oferta de moeda foi um dos principais instrumentos na execução da política monetária desenhada pelos gestores do PAEG (1964/66). Embora a inflação tenha sido controlada, as metas previstas de execução monetária não foram alçadas. Pastore (1973, 1973a), Lara Resende (1982) e Cysne (1993) discordam, ora dos motivos, ora do momento em que os fatos ocorreram. Com a técnica de séries de tempo foi possível investigar o que de fato ocorreu. Como resultado desta investigação, durante o PAEG: a) apenas uma mudança importante ocorreu na oferta de moeda (julho de 1965). Se outras mudanças ocorreram, elas foram antes ou depois do plano; b) apesar dos autores concordarem com o papel do financiamento monetário do Caixa do Tesouro, o crédito concedido pelo Banco do Brasil enquanto Autoridade Monetária é o maior candidato para explicar o descontrole da oferta de moeda durante o plano; c) o crédito dado pelos Bancos Comerciais ao setor privado não teve qualquer papel no descontrole da ...
This paper tries to measure the welfare gains from technological innovation, focusing on the most... more This paper tries to measure the welfare gains from technological innovation, focusing on the most important technological breakthough of Brazilian auto industry during the last decade: the so-called \ ex-fuel" cars, able to operate using various fuel types. In order to do that, initially a review of the literature was carried out, both on the evolution of the technolgy as
Abstract This paper investigates the interest rate sensitivity and informational problems of the ... more Abstract This paper investigates the interest rate sensitivity and informational problems of the credit demand of the middle income class of a large emerging market, Brazil. A database from an experiment carried was used for this study in which credit offers with randomized interest rates were sent. The results point out to credit constraints and informational aspects are much more important for lower income groups. Reductions in interest rates could be more effective for higher income groups and measures to alleviate informational problems are more effective for lower income groups.
Resumo Neste artigo, foi proposto um modelo econométrico para a demanda por energia elétrica e ca... more Resumo Neste artigo, foi proposto um modelo econométrico para a demanda por energia elétrica e capacidade dos consumidores industriais brasileiros. Diferentemente dos consumidores residenciais, os consumidores industriais brasileiros, além de consumir energia e capacidade, também enfrentam um menu de tarifas com diferentes componentes e discriminação de preços por horário do dia (o chamado Time of Use Pricing). Todas estas características combinadas colocam um problema empírico que, até o momento, não foi enfrentado de forma conjunta na literatura. Esta metodologia foi aplicada em uma base de microdados representando uma amostra não-aleatória de 646 grandes consumidores industriais brasileiros (com demandas acima de 300 KW), para um período entre janeiro de 2002 e dezembro de 2006. Observamos que as demandas pelos diferentes serviços (capacidade e energia, separados por horário de pico e horário fora de pico) são elásticas a preços e, pelo menos na modalidade AZUL, há complementariedade entre energia e capacidade nos diferentes períodos do dia. Ou seja, políticas sobre a estrutura de preços baseadas em premissas de demanda inelástica por consumo de eletricidade agregado podem ter efeitos distintos do pretendido
Abstract This paper quantifies the effects of the Swedish green car rebate (GCR), a program to re... more Abstract This paper quantifies the effects of the Swedish green car rebate (GCR), a program to reduce oil dependence and greenhouse gas emissions in the automobile industry. We estimate the demand for automobiles in the Swedish market and simulate counterfactual policies to assess different dimensions of the program. Our most conservative estimates find the GCR to have increased the market shares of “green cars” by 5.5 percentage points and its cost to be about $109/tonCO2 saved, thus 5 times the price of an emission permit. Since the main green cars in Sweden are FFVs (flexible-fuel vehicles), which can seamlessly switch between (high-CO2 emissions) gasoline and (low-CO2 emissions) ethanol, fuel choice is another dimension policymakers need to consider -- once fuel arbitrage is accounted for, the cost of CO2 savings increases by over 16 percent if 50 percent of FFV owners drive on gasoline instead of ethanol. Moreover, the GCR design was detrimental to Swedish carmakers, which lost substantial market share due to the policy. As the GCR gives vehicles able to operate on alternative (renewable) fuels a favorable treatment as compared to those operating only on regular (fossil) ones, we also consider a counterfactual in which they are treated equally. Our findings suggest that consumers would have switched to the FFV technology even without the rebate.
In this paper, we aim to analyze the consequences for the competition as regards the purchase of ... more In this paper, we aim to analyze the consequences for the competition as regards the purchase of control of COPENE enterprise by the BRASKEM group. Specifically, such operation increases the degree of horizontal concentration in Brazilian Polyethylene market (PEAD, PEBD, PEBDL), as well as the concentration in the market for ethene. In order to evaluate the consequences of these operations, an analysis was carried out in order to simulate the behavior of producing companies of polyethylene and ethene as regards prices and quantities. The main conclusions of these simulations, from the formation of BRASKEM enterprise: (i) increase in average prices of polyethylene in Brazilian Market; (ii) decrease in the total quantity of polyethylene consumed; (iii) Increase in the Herfindahl-Hirschman Index in the sector; (iv) greater market share of BRASKEM, reinforcing its dominant position.
The aim of this paper is to analyze the determining factors for the pricing of handsets sold with... more The aim of this paper is to analyze the determining factors for the pricing of handsets sold with service plans, using the hedonic price method. This was undertaken by building a database comprising 48 handset models, under nine different service plans, over a period of 53 weeks in 2008, and resulted in 27 different attributes and a total number of nearly 300,000 data registers. The results suggest that the value of monthly subscriptions and calling minutes are important to explain the prices of handsets. Furthermore, both the physical volume and number of megapixels of a camera had an effect on the prices. The bigger the handset, the cheaper it becomes, and the more megapixels a camera phone has, the more expensive it becomes. Additionally, it was found that in 2008 Brazilian phone companies were subsidizing enabled data connection handsets.
O controle da oferta de moeda foi um dos principais instrumentos na execução da política monetári... more O controle da oferta de moeda foi um dos principais instrumentos na execução da política monetária desenhada pelos gestores do PAEG (1964/66). Embora a inflação tenha sido controlada, as metas previstas de execução monetária não foram alçadas. Pastore (1973, 1973a), Lara Resende (1982) e Cysne (1993) discordam, ora dos motivos, ora do momento em que os fatos ocorreram. Com a técnica de séries de tempo foi possível investigar o que de fato ocorreu. Como resultado desta investigação, durante o PAEG: a) apenas uma mudança importante ocorreu na oferta de moeda (julho de 1965). Se outras mudanças ocorreram, elas foram antes ou depois do plano; b) apesar dos autores concordarem com o papel do financiamento monetário do Caixa do Tesouro, o crédito concedido pelo Banco do Brasil enquanto Autoridade Monetária é o maior candidato para explicar o descontrole da oferta de moeda durante o plano; c) o crédito dado pelos Bancos Comerciais ao setor privado não teve qualquer papel no descontrole da ...
This paper tries to measure the welfare gains from technological innovation, focusing on the most... more This paper tries to measure the welfare gains from technological innovation, focusing on the most important technological breakthough of Brazilian auto industry during the last decade: the so-called \ ex-fuel" cars, able to operate using various fuel types. In order to do that, initially a review of the literature was carried out, both on the evolution of the technolgy as
Abstract This paper investigates the interest rate sensitivity and informational problems of the ... more Abstract This paper investigates the interest rate sensitivity and informational problems of the credit demand of the middle income class of a large emerging market, Brazil. A database from an experiment carried was used for this study in which credit offers with randomized interest rates were sent. The results point out to credit constraints and informational aspects are much more important for lower income groups. Reductions in interest rates could be more effective for higher income groups and measures to alleviate informational problems are more effective for lower income groups.
Resumo Neste artigo, foi proposto um modelo econométrico para a demanda por energia elétrica e ca... more Resumo Neste artigo, foi proposto um modelo econométrico para a demanda por energia elétrica e capacidade dos consumidores industriais brasileiros. Diferentemente dos consumidores residenciais, os consumidores industriais brasileiros, além de consumir energia e capacidade, também enfrentam um menu de tarifas com diferentes componentes e discriminação de preços por horário do dia (o chamado Time of Use Pricing). Todas estas características combinadas colocam um problema empírico que, até o momento, não foi enfrentado de forma conjunta na literatura. Esta metodologia foi aplicada em uma base de microdados representando uma amostra não-aleatória de 646 grandes consumidores industriais brasileiros (com demandas acima de 300 KW), para um período entre janeiro de 2002 e dezembro de 2006. Observamos que as demandas pelos diferentes serviços (capacidade e energia, separados por horário de pico e horário fora de pico) são elásticas a preços e, pelo menos na modalidade AZUL, há complementariedade entre energia e capacidade nos diferentes períodos do dia. Ou seja, políticas sobre a estrutura de preços baseadas em premissas de demanda inelástica por consumo de eletricidade agregado podem ter efeitos distintos do pretendido
Abstract This paper quantifies the effects of the Swedish green car rebate (GCR), a program to re... more Abstract This paper quantifies the effects of the Swedish green car rebate (GCR), a program to reduce oil dependence and greenhouse gas emissions in the automobile industry. We estimate the demand for automobiles in the Swedish market and simulate counterfactual policies to assess different dimensions of the program. Our most conservative estimates find the GCR to have increased the market shares of “green cars” by 5.5 percentage points and its cost to be about $109/tonCO2 saved, thus 5 times the price of an emission permit. Since the main green cars in Sweden are FFVs (flexible-fuel vehicles), which can seamlessly switch between (high-CO2 emissions) gasoline and (low-CO2 emissions) ethanol, fuel choice is another dimension policymakers need to consider -- once fuel arbitrage is accounted for, the cost of CO2 savings increases by over 16 percent if 50 percent of FFV owners drive on gasoline instead of ethanol. Moreover, the GCR design was detrimental to Swedish carmakers, which lost substantial market share due to the policy. As the GCR gives vehicles able to operate on alternative (renewable) fuels a favorable treatment as compared to those operating only on regular (fossil) ones, we also consider a counterfactual in which they are treated equally. Our findings suggest that consumers would have switched to the FFV technology even without the rebate.
In this paper, we aim to analyze the consequences for the competition as regards the purchase of ... more In this paper, we aim to analyze the consequences for the competition as regards the purchase of control of COPENE enterprise by the BRASKEM group. Specifically, such operation increases the degree of horizontal concentration in Brazilian Polyethylene market (PEAD, PEBD, PEBDL), as well as the concentration in the market for ethene. In order to evaluate the consequences of these operations, an analysis was carried out in order to simulate the behavior of producing companies of polyethylene and ethene as regards prices and quantities. The main conclusions of these simulations, from the formation of BRASKEM enterprise: (i) increase in average prices of polyethylene in Brazilian Market; (ii) decrease in the total quantity of polyethylene consumed; (iii) Increase in the Herfindahl-Hirschman Index in the sector; (iv) greater market share of BRASKEM, reinforcing its dominant position.
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Papers by Claudio Lucinda