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UHERO Report on KITV: Solar Credits Hit State Tax Revenue

Posted September 7, 2012 | Categories: Media

Mahealani Richardson interviews UHERO Executive Director and Professor of Economics Carl Bonham.

  • The State Council on Revenues met yesterday and lowered its projection for general fund tax revenues. Whats up with that? I thought the tourism boom was also generating tax revenue growth.
  • So why is the council lowering its forecast?
  • What about the US jobs report? Will job growth like this get President Obama reelected?

WatchRead Q&A


UHERO Report on KITV: July Visitor Numbers

Posted August 31, 2012 | Categories: Media

Mahealani Richardson interviews UHERO Executive Director and Professor of Economics Carl Bonham.

  • What's going on in the Asian markets?
  • How are the individual islands doing?
  • How long will this boom last?

Watch


UHERO Report on KITV: Bump In Tourism Expected

Posted July 27, 2012 | Categories: Media

Mahealani Richardson interviews UHERO Executive Director and Associate Professor of Economics Carl Bonham.

  • What do you make of the national numbers and what does your forecast say?
  • Why is the overall economy slow when the tourism sector is booming?
  • Is there hope for other sectors in the market in 2013?

Watch


UHERO Annual Hawaii Forecast: Tourism Hot, But Broader Growth Still Elusive

Posted July 27, 2012 | Categories: Forecasts

Hawaii’s recovery is proceeding along two very different tracks. The tourism industry is on a tear, posting impressive rates of growth. With a few exceptions, the rest of the local economy is going nowhere. Nevertheless, the best residential building conditions in years and pending public projects set the stage for a construction upturn in 2013. And once the global gloom lifts, consumer confidence will drive some pickup in non-tourism sectors that have lagged in the recovery so far.

A summary of this forecast is available as a service to the public. For more detailed analysis, subscribe to UHERO's Forecast Project.

 

public summarysubscribe


Statewide Economy and Electricity-Sector Models for Assessment of Hawai‘i Energy Policies

This paper uses both a "top-down" and "bottom-up" economic model to asses the cost and greenhouse implications of various energy and environmental alternatives. The Hawai‘i Computable Generable Equilibrium Model (H-CGE) is a “top-down,” economy-wide model that captures the interaction between both producers and consumers, including full price effects between sectors. The Hawai‘i Electricity Model (HELM) is a “bottom-up” representation of Hawai‘i’s electricity sector.  The dynamic optimization model solves for the least-cost mix of generation subject to satisfying demand, regulatory requirements, and system constraints.  The models are fully integrated in respect to the electricity sector, where overall economic conditions determine electricity demand and, subsequently, the type of electricity generation has economic impact.

UHERO Brief


UHERO Report on KITV: Unemployment numbers unchanged

Posted July 6, 2012 | Categories: Media

Mahealani Richardson interviews UHERO Executive Director and Associate Professor of Economics Carl Bonham.

  • What's in the latest report regarding employment numbers?
  • Are there some sectors that did pretty well?
  • Who do you think is to blame for these sickly numbers?

Watch


The Economics of Groundwater

We provide synthesis of the economics of groundwater with a focus on optimal management and the Pearce equation for renewable resources. General management principles developed through the solution of a single aquifer optimization problem are extended to the management of multiple resources including additional groundwater aquifers, surface water, recycled wastewater, and upland watersheds. Given an abundant (albeit expensive) substitute, optimal management is sustainable in the long run. We also discuss the open-access equilibrium for groundwater and the conditions under which the Gisser-Sanchez effect (the result that the present value generated by competitive resource extraction and that generated by optimal control of groundwater are nearly identical) is valid. From the models and examples discussed, one can conclude that optimization across any number of dimensions (e.g. space, time, quality) is driven by a system shadow price, and augmenting groundwater with available alternatives lessens scarcity and increases welfare if timed appropriately. Other rules-of-thumb including historical cost recovery, independent management of separate aquifers, and maximum sustainable yield are inefficient and may involve large welfare losses.

Working Paper


How Big? The Impact of Approved Destination Status on Mainland Chinese Travel Abroad

China’s Approved Destination Status (ADS) policy governs foreign leisure travel by citizens to ADS-designated countries. To model the effects of ADS on Chinese visitor arrivals, we specify a model of demand for a representative Chinese consumer who values trips to n differentiated foreign destinations. Using panel data for Chinese visitor arrivals for 61 countries from 1985 to 2005, we estimate fixed effects models accounting for selection effects and a semiparametric matched difference-in-differences (DID) model. The semiparametric matched DID estimates indicate that ADS increased Chinese visitor arrivals annually by 10.5 to 15.7 percent in the three-year period following ADS designation.

 

WORKING PAPER


UHERO Report on KITV: Hawaii Unemployment

Posted June 15, 2012 | Categories: Media

Mahealani Richardson interviews UHERO Executive Director and Associate Professor of Economics Carl Bonham.

  • What are the state unemployment numbers showing?
  • What about the individual sectors? What are they showing?
  • What type of economics news should we be keeping an eye out for in the upcoming weeks?

Watch


Economic Impact of the NELHA Tenants

 The Natural Energy Laboratory Hawaii Authority (NELHA) contracted the University of Hawaii Economic Research Organization (UHERO) to estimate its economic impact on the State of Hawaii. NELHA currently accommodates 41 tenants ranging from companies bottling deep sea water to solar and biofuel companies. These tenants pay close to $4 million in rent, royalties and pass through expense directly to NELHA. In addition, they employ hundreds of people, purchase goods and services from local businesses, and invest in capital improvements at NELHA.

PROJECT Paper


UHERO Report on KITV: Wall Street Analysis

Posted June 8, 2012 | Categories: Media

Jill Kuromoto interviews UHERO Executive Director and Associate Professor of Economics Carl Bonham.

  • By Friday of last week, US stocks had given up all of their 2012 gains, but then the market rallied by almost 3% in the first three days of this week. What's going on?
  • I thought the Greek bailout this spring calmed markets?
  • So why the rally this week?

WatchQ&A


UHERO Report on KITV: Economist reaction to positive tourism numbers

Posted June 1, 2012 | Categories: Media

Mahealani Richardson interviews UHERO Executive Director and Associate Professor of Economics Carl Bonham.

  • Let's talk about those numbers from HTA. Pretty good for them, right?
  • Were you surprised by this or was it pretty much in line with your expectations?
  • Why did the Council on Revenues lower its forecast earlier this week?

WatchQ&A


Foundations for Hawai‘i’s Green Economy: Economic Trends in Hawai‘i Agriculture, Energy, and Natural Resource Management

It is clear from previous studies that Hawai‘i’s natural capital is highly valued and should be managed accordingly. For example, Kaiser et al. (1999) estimate that the Ko‘olau watershed provides forest benefits valued between $7.4 and $ 14 billion, comprised of water resource benefits ($4,736-­‐9,156 million), species habitat benefits ($487-­‐1,434 million), biodiversity benefits ($0.67-­‐5.5 million), subsistence benefits ($34.7-­‐131 million), hunting related benefits ($62.8-­‐237 million), aesthetic values ($1,040-­‐3,070 million), commercial harvest ($0.6-­‐2.4 million), and ecotourism ($1,000-­‐2,980 million). Hawai‘i’s coral reefs alone are estimated to generate at least $10 billion in present value, or $360 million per annum (Cesar and van Beukering, 2004). Another recent study considering the value to all U.S. households finds that increasing the current size of marine protected areas in Hawai‘i from 1% to 25% and restoring five acres of coral reefs annually would generate $34 billion per year (Bishop et al., 2011).2 While many studies that place value on Hawai‘i’s natural resources have been undertaken in recent years, little is known about the economic impacts generated by agencies charged with protecting and managing these important resources in Hawai‘i. To that end, an online survey of natural resource managers in Hawai‘i was conducted, and the results are summarized in section 6 of this report.

PROJECT REPORT


Foundations for Hawai‘i’s Green Economy: Economic Trends in Hawai‘i Agriculture, Energy, and Natural Resource Management

This report provides the first comparison of standard economic indicators for three sectors that are key to future sustainability in Hawai‘i - renewable energy, agriculture and natural resource management. Economic information has long been collected for many sectors in Hawai‘i, including agriculture and energy, but no systematic surveys have been conducted on the NRM sector to date. With support from The Nature Conservancy and Hau‘oli Mau Loa Foundation, the University of Hawai‘i Economic Research Organization was tasked with characterizing this important part of Hawai‘i’s economy, in terms of number and types of jobs, salaries, and annual expenditures.

PRoject PAPER


UHERO Report on KITV: Neighbor Island Economic Report

Posted May 18, 2012 | Categories: Media

Mahealani Richardson  interviews UHERO Executive Director and Associate Professor of Economics Carl Bonham.

  • The new report shows some positive growth for the counties, correct?
  • Which island is doing the best right now?
  • What does the housing industry look like?

    Watch


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