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  • Articles  (3,719)
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  • Oxford University Press  (3,152)
  • Hindawi  (397)
  • BioMed Central  (170)
  • 2020-2022  (550)
  • 2010-2014  (3,169)
  • Economics  (3,719)
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  • Articles  (3,719)
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  • 1
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    JEEA-FBBVA LECTURE 2019: Consumption Insurance in Networks with Asymmetric Information: Evidence from Tanzania (2020)
    Oxford University Press
    Details
    Publication Date: 2020-07-09
    Description: This paper uses a dataset from Tanzania with information on consumption, income, and income shocks within and across family networks. Crucially and uniquely, it also contains data on the degree of information existing between each pair of households within family networks. We use these data to construct a novel measure of the quality of information both at the level of household pairs and at the level of the network. We also note that the individual level measures can be interpreted as measures of network centrality. We study risk sharing within these networks and explore whether the rejection of perfect risk sharing that we observe can be related to our measures of information quality. We show that households within family networks with better information are less vulnerable to idiosyncratic shocks. Furthermore, we show that more central households within networks are less vulnerable to idiosyncratic shocks. These results have important implications for the characterisation of the empirical failure of the perfect risk-sharing hypothesis and point to the importance of information frictions.
    Print ISSN: 1542-4766
    Electronic ISSN: 1542-4774
    Topics: Economics
    Published by Oxford University Press
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  • 2
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    Cronyism in State Violence: Evidence from Labor Repression During Argentina's Last Dictatorship (2020)
    Oxford University Press
    Details
    Publication Date: 2020-06-30
    Description: We study whether crony governance can extend beyond economic policy to the targeting of state violence against citizens. Specifically, we examine the logic driving the choice of firm-level union representatives who were subjected to state repression by the 1976–1983 Argentine military junta. Using an original dataset, we find a positive, nonspurious, and robust correlation between labor repression and cronyism, measured by political, business, and social connections to the regime. Our results indicate that the number of firm-level union representatives victimized by the regime is three times higher for connected firms relative to nonconnected ones. The effect is pronounced in privately owned (as opposed to state-owned) firms, suggesting that the correlation is driven by cronyism for financial gain rather than ideology or information transmission. We show that connected firms benefited from violence against union representatives by subsequently having less strikes and a higher market valuation. Our findings highlight the pervasiveness of governmental cronyism, even in cases where one of the regime's main stated goals was to curb such behavior.
    Print ISSN: 1542-4766
    Electronic ISSN: 1542-4774
    Topics: Economics
    Published by Oxford University Press
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  • 3
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    A Complex Dynamical Analysis of the Indian Stock Market (2014)
    Hindawi
    Details
    Publication Date: 2014-12-15
    Description: This paper seeks to analyze the dynamical structure of the Indian stock market by considering two major Indian stock market indices, namely, BSE Sensex and CNX Nifty. The recurrence quantification analysis (RQA) is applied on the daily closing data of the two series during the period from January 2, 2002, to October 10, 2013. A Rolling Window of 100 and step size 21 are applied in order to see how both the series behave over time. The analysis based on three RQA measures, namely, % determinism (DET), laminarity (LAM), and trapping time (TT), provides conclusive evidence that the Indian equity market is chaotic in nature. Evidences for phase transition in the Indian equity market around the time of financial crisis are also found.
    Print ISSN: 2090-2123
    Electronic ISSN: 2090-2131
    Topics: Economics
    Published by Hindawi
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  • 4
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    Farmland Prices: Is This Time Different? (2014)
    Oxford University Press
    Details
    Publication Date: 2014-12-03
    Description: The historical behavior of farmland prices, rental rates, and rates of return are examined by treating farmland as an asset with an infinitely long life. It is found that high (low) farmland prices relative to rents have historically preceded extended periods of low (high) net rates of return, rather than greater (smaller) growth in rents. Our analysis shows that this attribute is shared with stocks and housing, and the financial literature provides ample evidence that other assets feature it as well. The long-run relationship linking farmland prices, rents, and rates of return is analyzed. Based on this relationship, we conclude that recent trends are unlikely to be sustainable. The study explores the expected paths that farmland prices and rates of return might follow if they were to eventually conform to the average values observed in the historical sample, and concludes with a discussion of the policy implications. Recommendations for policy makers include close monitoring of farmland lending practices and institutions to allow early identification of potential problems, and identifying in advance appropriate interventions in case recent farmland market trends were to suddenly change.
    Keywords: Q14 - Agricultural Finance
    Print ISSN: 2040-5790
    Electronic ISSN: 2040-5804
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
    Published by Oxford University Press
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  • 5
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    Subscription Page (2014)
    Oxford University Press
    Details
    Publication Date: 2014-12-03
    Print ISSN: 2040-5790
    Electronic ISSN: 2040-5804
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
    Published by Oxford University Press
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  • 6
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    Some Comments on "Taxes, Subsidies, and Advertising Efficacy in Changing Eating Behavior: An Experimental Study" (2014)
    Oxford University Press
    Details
    Publication Date: 2014-12-03
    Print ISSN: 2040-5790
    Electronic ISSN: 2040-5804
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
    Published by Oxford University Press
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  • 7
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    Hispanic American Opinions toward Immigration and Immigration Policy Reform Proposals (2014)
    Oxford University Press
    Details
    Publication Date: 2014-12-03
    Description: This study presents evidence from a survey and choice experiment on the preferences of Hispanic immigrants who entered the United States illegally for different immigration reform proposal attributes. Key components of the current competing US Senate and House immigration reform bills are considered including pathways to legal permanent residence, temporary work visas, family visitation rights, and access to medical care. The results quantify the value Hispanic immigrants place on different policy attributes and suggest that longer-term work visas are highly valued. Ability to legally work in the United States and a pathway to citizenship are substantially more valued than social services such as medical care and social security benefits.
    Keywords: J15 - Economics of Minorities and Races ; Non-labor Discrimination, K37 - Immigration Law, Q18 - Agricultural Policy ; Food Policy
    Print ISSN: 2040-5790
    Electronic ISSN: 2040-5804
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
    Published by Oxford University Press
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  • 8
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    What to Do about the "Cult of Statistical Significance"? A Renewable Fuel Application using the Neyman-Pearson Protocol (2014)
    Oxford University Press
    Details
    Publication Date: 2014-12-03
    Description: This research adapts the Neyman-Pearson testing protocol commonly used in biomedical research for ex post evaluation of the employment impacts of new ethanol bio-refineries in the U.S. Great Plains and the Midwest. By calculating the power of the test, the suggested protocol may provide policy-relevant information, even in the event of nonsignificant findings. The main obstacle to applying this protocol has been the need to posit an explicit alternative distribution, which runs counter to the empiricist tradition of mainstream econometrics. We resolve this problem by applying a data generating process with known parameters anchored to sample data to compute power.
    Keywords: C12 - Hypothesis Testing, Q42 - Alternative Energy Sources, R11 - Regional Economic Activity: Growth, Development, and Changes
    Print ISSN: 2040-5790
    Electronic ISSN: 2040-5804
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
    Published by Oxford University Press
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  • 9
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    Reply to Comment on Taxes, Subsidies, and Advertising Efficacy in Changing Eating Behavior: An Experimental Study (2014)
    Oxford University Press
    Details
    Publication Date: 2014-12-03
    Keywords: C91 - Laboratory, Individual Behavior, I18 - Government Policy ; Regulation ; Public Health
    Print ISSN: 2040-5790
    Electronic ISSN: 2040-5804
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
    Published by Oxford University Press
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  • 10
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    Traceability, recalls, industry reputation and product safety (2012)
    Oxford University Press
    Details
    Publication Date: 2012-12-28
    Description: Sometimes, authorities are unable to rapidly identify the origin of a tainted product. In such cases, recalls or warnings often apply to all suppliers, even to those that had not contributed to the contamination. Traceability enables more targeted recalls by identifying the product's origin more specifically. In this article, we show how increased traceability protects the reputation of industries by limiting the size of recalls. We show the relationships between traceability and the level of food safety with many identical small farms in a competitive industry and for an industry using collective action to set rules and standards.
    Keywords: D21 - Firm Behavior, Q10 - General, Q18 - Agricultural Policy ; Food Policy
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
    Published by Oxford University Press
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  • 11
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    Product quality in the agri-food chain: do cooperatives offer high-quality wine? (2012)
    Oxford University Press
    Details
    Publication Date: 2012-12-28
    Description: We investigate the impact of decentralised decision-making on product quality. Comparing a cooperative and an investor-owned firm suggests that members of the cooperative have an incentive to produce too much and to free-ride on quality. Whether or not cooperatives deliver higher quality products depends on the way in which the quality of the final product is determined from the quality levels of the inputs delivered (quality aggregation) as well as the number of members of the cooperative. Empirical evidence on the Austrian wine market suggests that wines produced by cooperatives tend to be of significantly lower quality, ceteris paribus .
    Keywords: D22 - Firm Behavior: Empirical Analysis, D23 - Organizational Behavior ; Transaction Costs ; Property Rights, Q13 - Agricultural Markets and Marketing ; Cooperatives ; Agribusiness
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
    Published by Oxford University Press
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  • 12
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    Information in Repeated Ultimatum Game with Unknown Pie Size (2013)
    Hindawi
    Details
    Publication Date: 2013-02-21
    Description: Within existing literature, it is well known that people’s behavior in ultimatum game experiments cannot be explained by perfect rationality model. There is, however, evidence showing that people are boundedly rational. In this paper, we studied repeated ultimatum game experiments in which the pie size is only known to the proposer (player 1), but the transaction history is made known to both players. We found that subject’s behavior can be very well explained by the history-consistent-rationality model (HCR model) of Lee and Ferguson (2010), which suggests that people’s behavior is affected by what they observed in the past. The HCR model is able to yield point predictions whose errors are on average within 5% of the total pie size. The experimental results provide evidence that subjects' behavior is boundedly rational with respect to the transaction history.
    Print ISSN: 2090-2123
    Electronic ISSN: 2090-2131
    Topics: Economics
    Published by Hindawi
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  • 13
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    Speculative bubbles in agricultural commodity markets (2013)
    Oxford University Press
    Details
    Publication Date: 2013-02-26
    Description: Numerous factors have been proposed in the literature as explaining the recent commodity price movements. In this paper we focus on one of the most widely discussed factors, the impact of speculative bubbles. We investigate whether commodity prices during the spike of 2007–2008 might have deviated from their intrinsic values based on market fundamentals. To do this, we use a bootstrap methodology to compute the finite sample distributions of recently proposed tests. Monte-Carlo simulations show that the bootstrap methodology works well, and allows us to identify explosive processes and collapsing bubbles for wheat, corn and rough rice. There was less evidence of exuberance in soya bean prices.
    Keywords: C12 - Hypothesis Testing, C15 - Simulation Methods, G14 - Information and Market Efficiency ; Event Studies, Q14 - Agricultural Finance
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
    Published by Oxford University Press
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  • 14
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    Farmers' satisfaction and intention to continue membership in agricultural marketing co-operatives: neoclassical versus transaction cost considerations (2013)
    Oxford University Press
    Details
    Publication Date: 2013-02-26
    Description: The survival of agricultural marketing co-operatives depends on their capability of satisfying and maintaining their base of farmer members. Hypotheses regarding these two success factors are developed in neoclassical economics and transaction cost economics. They are tested with a survey of 321 members of marketing co-operatives specialising in fresh fruits and vegetables. Our results show support for both perspectives. Price paid to farmers is important for their satisfaction with the co-operative. Farmers' perceptions of transaction costs are even more important.
    Keywords: D22 - Firm Behavior: Empirical Analysis, D23 - Organizational Behavior ; Transaction Costs ; Property Rights, P13 - Cooperative Enterprises, Q13 - Agricultural Markets and Marketing ; Cooperatives ; Agribusiness
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
    Published by Oxford University Press
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  • 15
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    Preference reversals in Contingent and Inferred valuation methods (2013)
    Oxford University Press
    Details
    Publication Date: 2013-02-26
    Description: We examine inconsistencies in preference orderings using the Contingent valuation (CV) and the Inferred valuation (IV) methods. We find that in the context of a food market we do not observe strong inconsistencies. Weak inconsistencies are observed for the IV method, indicating that IV is slightly more susceptible to inconsistent preference orderings than the CV method. We also find that the IV method generates higher valuations than CV in the case of consumers with high commitment costs (that is, low familiarity with the product) but successfully mitigates social desirability bias in the case of low commitment costs and high normative motivations.
    Keywords: C93 - Field Experiments, D12 - Consumer Economics: Empirical Analysis
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
    Published by Oxford University Press
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  • 16
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    Local Agri-food Systems in a Global World: Market, Social and Environmental Challenges (2013)
    Oxford University Press
    Details
    Publication Date: 2013-02-26
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
    Published by Oxford University Press
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  • 17
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    Combining discrete and continuous mixing distributions to identify niche markets for food (2013)
    Oxford University Press
    Details
    Publication Date: 2013-02-26
    Description: This paper explores the demand and willingness to pay (WTP) for value-added services to chicken. Since the demand for such services are likely to be highly segmented and often applies only to a market niche, models based on assumptions of homogeneity among consumers are likely to be inappropriate. For this reason, this paper combines discrete and continuous mixing distributions to concurrently identify the size of the niche market and the heterogeneity among consumers within the market niche. Failing to account for the niche market nature of value-added services is shown to have implications for predictions of WTP, demand and total revenue.
    Keywords: C25 - Discrete Regression and Qualitative Choice Models, D12 - Consumer Economics: Empirical Analysis, Q13 - Agricultural Markets and Marketing ; Cooperatives ; Agribusiness
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
    Published by Oxford University Press
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  • 18
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    Farm Incomes, Wealth and Agricultural Policy: Filling the CAP's Core Information Gap (2013)
    Oxford University Press
    Details
    Publication Date: 2013-02-26
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
    Published by Oxford University Press
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  • 19
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    Experimental auctions, collective induction and choice shift: willingness-to-pay for rice quality in Senegal (2013)
    Oxford University Press
    Details
    Publication Date: 2013-02-26
    Description: We propose a collective induction treatment as an aggregator of information and preferences, which enables testing whether consumer preferences for food quality elicited through experimental auctions are robust to aggregation. We develop a two-stage estimation method based on social judgement scheme theory to identify the determinants of social influence in collective induction. Our method is tested in a market experiment aiming to assess consumers' willingness-to-pay for rice quality in Senegal. No significant choice shift was observed after collective induction, which suggests that consumer preferences for rice quality are robust to aggregation. Almost three quarters of social influence captured by the model and the variables was explained by social status, market expertise and information.
    Keywords: C24 - Truncated and Censored Models, C91 - Laboratory, Individual Behavior, C92 - Laboratory, Group Behavior, D12 - Consumer Economics: Empirical Analysis, D71 - Social Choice ; Clubs ; Committees ; Associations
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
    Published by Oxford University Press
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  • 20
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    Selection bias in a gravity model of agrifood trade (2013)
    Oxford University Press
    Details
    Publication Date: 2013-02-26
    Description: In the analysis of bilateral trade flows, reported trade of zero or missing observations is quite common and this is a problem when estimating log-linear gravity equations. This has caused many researchers to either ignore the zero trade flows or replace the zero with a small positive number. Both of these actions bias the resulting parameter estimates of the gravity equation. In this study, we correct for this misspecification by using the Heckman selection model to estimate bilateral trade flows for 46 agrifood products, for the period 1990–2000, for 52 countries. In our sample, selection bias rarely affects the signs of variables but often has a substantial effect on the magnitude, statistical significance and economic interpretation of the marginal effects. Hence, treating zero trade flows properly is important from both a statistical and an economics perspective.
    Keywords: F10 - General, F12 - Models of Trade with Imperfect Competition and Scale Economies, F19 - Other, Q17 - Agriculture in International Trade, R12 - Size and Spatial Distributions of Regional Economic Activity
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
    Published by Oxford University Press
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  • 21
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    Estimating risk preferences in the presence of bifurcated wealth dynamics: can we identify static risk aversion amidst dynamic risk responses? (2013)
    Oxford University Press
    Details
    Publication Date: 2013-02-26
    Description: Estimating risk preferences is tricky because controlling for confounding factors is difficult. Omitting or imperfectly controlling for these factors can attribute too much observable behaviour to risk aversion and bias estimated preferences. Agents often modify risky decisions in response to dynamic wealth or asset thresholds, where such thresholds exist. Ignoring this dynamic risk response introduces an attribution bias in static estimates of risk aversion. We demonstrate this pitfall using a simple model and a Monte Carlo simulation to explore the implications of this problem for empirical estimation. While an approach that jointly estimates risk preferences and wealth dynamics may remedy the problem by extracting dynamic risk responses from observed behaviour, it is likely to be challenging to implement in broader empirical settings for reasons we discuss.
    Keywords: D81 - Criteria for Decision-Making under Risk and Uncertainty, D90 - General, O12 - Microeconomic Analyses of Economic Development
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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  • 22
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    Willingness to pay for environmental attributes of non-food agricultural products: a real choice experiment (2013)
    Oxford University Press
    Details
    Publication Date: 2013-02-26
    Description: This paper investigates consumers'willingness to pay a price premium for two environmental attributes of a non-food agricultural product. We study individual preferences for roses associated with an eco-label and a carbon footprint, using an economic experiment combining discrete choice questions and real economic incentives involving real purchases of roses against cash. The data are analysed with a mixed logit model and reveal significant premiums for both environmental attributes of the product.
    Keywords: C90 - General, D12 - Consumer Economics: Empirical Analysis, Q10 - General
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
    Published by Oxford University Press
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  • 23
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    Social Insurance and Truncated Benefits: Measuring the Impacts of Workers' Compensation (2012)
    Hindawi
    Details
    Publication Date: 2012-09-25
    Description: This study addresses the indirect impacts of state-mandated workers' compensation benefits on workers' wages. The benefit structure of workers' compensation causes a fundamental estimation problem. I develop a new strategy to limit the biases inherent in earlier models. I utilize individual-level census data (between 1940 and 1990) to exploit benefit variation that occurs both across states and within the fifty states over time. The results suggest that wage offsets are not constant across time and may be larger for workers at lower-wage levels.
    Print ISSN: 2090-2123
    Electronic ISSN: 2090-2131
    Topics: Economics
    Published by Hindawi
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  • 24
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    Demand for Meat in the Rural and Urban Areas of Kenya: A Focus on the Indigenous Chicken (2012)
    Hindawi
    Details
    Publication Date: 2012-09-27
    Description: This study intends to estimate the demand for indigenous chicken meat in Kenya, including other available meat products for comparison purposes. Data used was collected from six counties. A total 930 rural and urban households were sampled. Linear Approximated Almost Ideal Demand System (LA/AIDS) model was used to obtain the demand elasticities and to examine the socioeconomic and demographic factors influencing the meat budget shares. The results ascertain that the socio-demographic factors such as household location, the proportion of household members and the family size are important factors in explaining perceived variations in the consumption of meat products. Indigenous chicken meat, beef and mutton, were identified as necessities. Indigenous chicken meat and beef were identified as substitutes while indigenous chicken, goat and exotic chicken meats were complements. In view of the high expenditure elasticities, therefore, considering a policy option that would enhance consumer income is desirable, since it will result in high consumption thereby providing more incentives for production of meat products. The information generated would be more beneficial to the interest groups in the livestock sector as a whole. This would be utilised in the formulation of effective policies in line with food security and poverty alleviation.
    Print ISSN: 2090-2123
    Electronic ISSN: 2090-2131
    Topics: Economics
    Published by Hindawi
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  • 25
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    Decoupling of agricultural support payments: the impact on land market participation decisions (2012)
    Oxford University Press
    Details
    Publication Date: 2012-08-03
    Description: This paper analyses the impact of the recent decision by the European Union to ‘decouple’ agricultural support payments from agricultural production on Irish farmers' land market decisions. The land market participation decisions of Irish farmers are modelled using a dynamic probit model, while the extent of participation decisions is modelled using a dynamic tobit model. Decoupling does not appear to have significantly altered farmers' land market decisions. One likely explanation for this is the cross-compliance obligation for farmers to maintain land in a state fit for agricultural production in order to receive their full payments.
    Keywords: Q12 - Micro Analysis of Farm Firms, Farm Households, and Farm Input Markets, Q15 - Land Ownership and Tenure ; Land Reform ; Land Use ; Irrigation, Q18 - Agricultural Policy ; Food Policy
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
    Published by Oxford University Press
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  • 26
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    Methods to Analyse Agricultural Commodity Price Volatility (2012)
    Oxford University Press
    Details
    Publication Date: 2012-08-03
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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  • 27
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    Dynamics of productivity and technical efficiency in Russian agriculture (2012)
    Oxford University Press
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    Publication Date: 2012-08-03
    Description: This paper analyses regional productivity and technical efficiency development in Russian agriculture. We formulate a regional stochastic frontier model by assuming that producers maximise return to the outlay. We control for regional heterogeneity and endogeneity/simultaneity in input decisions, technical efficiency and technical change by employing a two-step estimation procedure. In the first step, we use the system Generalized Method of Moments approach (system GMM), which gives consistent estimates of the production technology parameters. In the second step, we apply the standard stochastic frontier approach to estimate technical efficiency and its determinants.
    Keywords: D24 - Production ; Cost ; Capital and Total Factor Productivity ; Capacity, Q12 - Micro Analysis of Farm Firms, Farm Households, and Farm Input Markets
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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  • 28
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    Understanding the Common Agricultural Policy (2012)
    Oxford University Press
    Details
    Publication Date: 2012-08-03
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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  • 29
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    Information in Repeated Ultimatum Game with Unknown Pie Size (2013)
    Hindawi
    Details
    Publication Date: 2013-02-08
    Description: Within existing literature, it is well known that people’s behavior in ultimatum game experiments cannot be explained by perfect rationality model. There is, however, evidence showing that people are boundedly rational. In this paper, we studied repeated ultimatum game experiments in which the pie size is only known to the proposer (player 1), but the transaction history is made known to both players. We found that subject’s behavior can be very well explained by the history-consistent-rationality model (HCR model) of Lee and Ferguson (2010), which suggests that people’s behavior is affected by what they observed in the past. The HCR model is able to yield point predictions whose errors are on average within 5% of the total pie size. The experimental results provide evidence that subjects' behavior is boundedly rational with respect to the transaction history.
    Print ISSN: 2090-2123
    Electronic ISSN: 2090-2131
    Topics: Economics
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    Ownership Structure, Financial Decisions, and Institutional Setting: An International Analysis through Simultaneous Equations (2012)
    Hindawi
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    Publication Date: 2012-08-24
    Description: We analyze the mutual relations among firms’ capital structure, ownership structure, and valuation. Through the estimation of a system of simultaneous equations for a sample of 1,130 firms from 16 countries from both the common law and the civil law environments, our results confirm the differential effect of ownership structure on firms’ value in each setting. Whereas in civil law firms the higher ownership concentration results in an entrenchment and an alignment effect, in the common law firms higher ownership concentration increases the value of the firm. Second, we corroborate the endogeneity of ownership structure since we find that ownership structure is affected by the value of the firm and by the capital structure. Third, our results suggest that corporate finance decisions are taken simultaneously with other mechanisms of corporate governance and conditional on firms’ valuation.
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    Insurance and Banking Interconnectedness in Europe: The Opinion of Equity Markets (2012)
    Hindawi
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    Publication Date: 2012-08-29
    Description: Conditional expected shortfalls calculated for European insurance companies and banks under stressed market conditions are shown to be of similar magnitudes. Measured at 95% and 99% stress levels, on data covering the period from 1995 to 2011, the equity-return tail losses of insurance undertakings and banks are indistinguishable. Granger causality analysis, on all pairs of banks and insurance companies included in the sample, shows that banks and insurance companies have equal propensity to cause each others price movements. Even though the business model of insurance undertakings is different from the business model typically applied by banks, and even though insurance companies are not depending to a similar degree on short term funding as banks, the empirical results indicate that the financial equity markets in Europe do not differentiate their trading of banks and insurance companies in periods of stress.
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    Measuring the Performance of River Basins: Application of Total Factor Productivity Approach to Andhra Pradesh, India (2012)
    Hindawi
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    Publication Date: 2012-08-30
    Description: Total Factor Productivity (TFP) measures the growth in output which is not accounted for by inputs. Data Envelopment Analysis which forms the basis for the computation of Malmquist TFP index is used in this paper to study the performance of different river basins in Andhra Pradesh state, India. The results indicated that average technical efficiency of all the basins is only 66%. In all the basins there was a decline in growth of agricultural output during the first two decades, viz., 1979-1980 to 1988-1989 and it had picked in the last decade (1999-2000). All the river basins have TFP change greater than 1 indicating progress in agricultural productivity. Out of the 40 river basins, 14 river basins have technical efficiency change less than 1 indicating decline in TFP growth whereas all the basins have technical changes greater than 1 implying that there is shift in production frontier over years. In general, within the TFP, technical change contributed more than technical efficiency change. Looking at the future options for increasing the agricultural output in the river basins, it is important to focus on improving the TFP growth compared to increasing the quantities of physical inputs.
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    Price Responsiveness of Cigarette Demand in US: Retail Scanner Data (1994–2007) (2012)
    Hindawi
    Details
    Publication Date: 2012-09-03
    Description: This paper investigates the changes in cigarette demand in response to the changes in cigarette prices; smokeless tobacco prices; adoption of clean indoor air laws (CIALs). We used an error-correction econometric method to estimate the cigarette sales adjustment path in response to changes in prices and CIAL coverage in the United States by utilizing scanner data from supermarkets. Finding from this study indicates that smokeless tobaccos are not perfect substitutes for cigarettes, but increases in the price of cigarettes are associated with an increase in smokeless tobacco sales. The error-correction econometric method suggest that the demand for cigarettes and smokeless tobacco is related to each other; a price increase in either product leads to an increase in demand for the other product. However, the adjustment paths are quite different; an increase in cigarette prices lowers cigarette sales in relatively faster rate than decreases in smokeless tobacco prices or adoption of smoke-free laws. Changes in cigarette demand in response to changes in cigarette prices occur relatively quickly; but the full effects of smokeless tobacco price change and the adoption of 100% smoke-free laws on cigarette demand take a longer time.
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    Some New Insights into Trade Potential between the EU and Its Mediterranean Partners (2012)
    Hindawi
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    Publication Date: 2012-08-31
    Description: This paper provides new insights into the calculation of trade potential between the EU and its Southern and Eastern Mediterranean partners (MPs). It is based on an econometric specification which takes into account some new explanatory variables which are not included simultaneously in the previous studies. These include trade costs (tariffs, NTBs, and logistics costs), factor movement (migration and FDI), as well as governance. In addition, specific estimators are implemented in order to account for zero trade flows, endogeneity and dynamics. The main conclusion of this study is that contrary to some results found in previous studies, MPs have reached their export potential with the EU. It is also shown that there is no specificity of the MP-EU trade potential in comparison with the other main PTAs (NAFTA, MERCOSUR, and ASEAN) which have also reached their trade potential. These results have strong policy implications.
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    Stock Prices’ Variability around Earnings Announcement Dates at Karachi Stock Exchange (2012)
    Hindawi
    Details
    Publication Date: 2012-08-30
    Description: The purpose of this study is to investigate how earnings announcement event affects stock returns at Karachi Stock Exchange (KSE). For this purpose we use the KSE-100 Index as our sample. We use the CAR Analysis to analyze the impact of earnings announcement over the stock returns around announcement dates. Our results suggest that KSE experiences abnormal stock returns around earnings announcement dates for the overall market and for different categories which indicate that efficient market hypothesis does not hold in Pakistani market and point out the presence of informational dissemination inefficiencies in the market.
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    Investigating the Impacts of Intraregional Trade and Aid on Per Capita Income in Africa: Case Study of the ECOWAS (2012)
    Hindawi
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    Publication Date: 2012-08-17
    Description: In the past 50 years, a striking stylized fact has been the downward—or flat—trend of intra-African trade as a share of Africa’s total trade, while official development assistance (ODA) has experienced a noticeable expansion. During the same period, economic growth performances have not been consistent and robust enough to put a dent in the poverty level across the African continent in general and the Economic Community of West African States (ECOWAS) in particular. Using a two-stage least square (TSLS) estimation technique, this paper finds out that intra-ECOWAS trade stimulates per capita income growth substantially more than foreign aid, which rather constitutes an impediment to that growth in most specifications. Additionally, comparable results are obtained when the scope of the study is expanded to include trade of ECOWAS members with the rest of the world. As a result, it becomes appropriate to suggest policy recommendations encouraging increased cooperation among member states in an attempt to (i) expand and build new cross-states infrastructures, aimed at boosting communications and telecommunications networks, (ii) accelerate the trade facilitation process by addressing administrative red tapes that balloon both transaction costs and delays in the flows of goods across borders, seaports, and airports, and (iii) develop and diversify the industrial base in member states.
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    Long Memory Process in Asset Returns with Multivariate GARCH Innovations (2012)
    Hindawi
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    Publication Date: 2012-06-21
    Description: The main purpose of this paper is to consider the multivariate GARCH (MGARCH) framework to model the volatility of a multivariate process exhibiting long-term dependence in stock returns. More precisely, the long-term dependence is examined in the first conditional moment of US stock returns through multivariate ARFIMA process, and the time-varying feature of volatility is explained by MGARCH models. An empirical application to the returns series is carried out to illustrate the usefulness of our approach. The main results confirm the presence of long memory property in the conditional mean of all stock returns.
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    Would an Increase in High-Skilled Immigration in Canada Benefit Workers? (2012)
    Hindawi
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    Publication Date: 2012-06-21
    Description: This study examines the economic and welfare effects of raising the number of high-skilled immigrants in Canada. It uses a life-cycle applied general equilibrium model with endogenous time allocation decisions between work, education, and leisure. According to the simulation results, raising the number of high-skilled immigrants would boost productive capacity and labour productivity but could lower real GDP per capita. In addition, by raising the supply of high-skilled workers, more high-skilled immigrants would reduce the skill premium and the return to human capital. This in turn would lower incentives for young adults to invest in human capital and have a dampening effect on the domestic supply of skilled workers. Finally, it is found that more high-skilled immigrants would be welfare enhancing for medium- and low-skilled workers but welfare decreasing for high-skilled workers.
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    Oligopolistic Banks, Bounded Rationality, and the Credit Cycle (2012)
    Hindawi
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    Publication Date: 2012-07-20
    Description: This paper studies how boundedly rational default expectations affect the credit cycle. I propose a simple model of oligopolistic bank competition which serves to compare situations with just a portion of boundedly rational banks to situations where either all banks are rational or all banks are boundedly rational. When all banks are boundedly rational, the credit cycle is most amplified relative to the situation where all banks are rational. However, the amplifying effect of bounded rationality on the side of banks largely remains even when only a portion of banks are boundedly rational. Hence, the interest rate decisions of a minority of boundedly rational banks induce the more rational competitors to aggravate the credit cycle.
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    The Real Economics of Climate Engineering (2012)
    Hindawi
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    Publication Date: 2012-08-17
    Description: In 2008 Scott Barrett wrote a paper on “The incredible economics of geoengineering” in which he argued that the potentially low cost of climate engineering (CE) measures together with the quick response of the earth’s temperature to such interventions will change the whole debate about the mitigation of climate change. Whereas Barrett was mostly focusing on the cost of running CE measures, we point out that several determinants of overall economic cost like price or external effects are not yet sufficiently accounted for and that the question of dynamic efficiency is still unresolved. Combining the existing theoretical investigations about the topic from the literature, we show that even though these new measures provide new options to deal with climate change, several of them might also reduce our scope of action. Consequently, we suggest that economic research should shift its focus to portfolios of CE measures and put more emphasis on those measures which control atmospheric carbon concentration and therefore allow extending our scope of action. Additionally, economic research should address the question of phase-in and phase-out scenarios for measures which directly influence the radiation balance.
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    An Assessment of the “Policy View” in Foreign Aid under Asymmetric Information (2012)
    Hindawi
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    Publication Date: 2012-06-21
    Description: The policy view, which argues that foreign aid is effective only in a good policy environment, suggests that aid ought to be given to countries with good policies. This has generated a lot of interest and controversy. We argue that the key recommendation of the policy view runs contrary to other prescriptions, particularly those that arise under asymmetric information. Inefficiencies that derive from information problems often require that policy makers do not base the amount of foreign assistance on the recipient's policy effort. This suggests that donors should be cautious in applying the policy view. We also briefly discuss problems that are likely to emerge in estimating aid's productivity given policy in the light of potential information problems.
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    Discount Rate for Health Benefits and the Value of Life in India (2012)
    Hindawi
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    Publication Date: 2012-06-21
    Description: This study contributes to the literature by estimating discount rate for health benefits and value of statistical life of workers in India. The discount rate is imputed from wage-risk trade-offs in which workers decide whether to accept a risky job with higher wages. The estimated real discount rate varies across regions ranging 2.4–5.1 percent, which is closer to the financial market rate for the study period. The estimated value of a statistical life is Rs. 20 (US $ 1.107) million. The results thus provide no empirical support for utilizing a separate rate of discount for health benefits of life-saving policies in developing countries like India.
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    Sharpe (Ratio) Thinking about the Investment Opportunity Set and CAPM Relationship (2012)
    Hindawi
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    Publication Date: 2012-06-21
    Description: In the presence of a risk-free asset the investment opportunity set obtained via the Markowitz portfolio optimization procedure is usually characterized in terms of the vector of excess returns on individual risky assets and the variance-covariance matrix. We show that the investment opportunity set can alternatively be characterized in terms of the vector of Sharpe ratios of individual risky assets and the correlation matrix. This implies that the changes in the characteristics of individual risky assets that preserve the Sharpe ratios and the correlation matrix do not change the investment opportunity set. The alternative characterization makes it simple to perform a comparative static analysis that provides an answer to the question of what happens with the investment opportunity set when we change the risk-return characteristics of individual risky assets. We demonstrate the advantages of using the alternative characterization of the investment opportunity set in the investment practice. The Sharpe ratio thinking also motivates reconsidering the CAPM relationship and adjusting Jensen's alpha in order to properly measure abnormal portfolio performance.
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    R&D Direction and North-South Diffusion, Human Capital, Growth, and Wages (2012)
    Hindawi
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    Publication Date: 2012-06-21
    Description: This paper highlights some recent components related to the endogenous growth literature; in particular, (i) research and development progress, direction, and diffusion; (ii) human-capital accumulation; (iii) wage inequality; (iv) nonscale economic growth, showing how each one has been treated by the existing seminal literature and the expected impact of bringing them together. The connection of the different components is mainly done by involving the leading literature on North-South technological-knowledge diffusion by imitation under trade, and the prevailing literature on intra- and intercountry wage inequality.
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    Gender Gaps in Human Capital in Developing Countries: An Empirical Assessment (2012)
    Hindawi
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    Publication Date: 2012-07-03
    Description: This paper examines the impact of various determinants on gender gaps in human capital in developing countries. We find that female primary completion is dependent on per capita GDP growth, female employment in agriculture, in industry, and in services, and the interactions between per capita GDP growth and female employment in industry and in services. We are also able to show that the ratio of girls to boys’ enrollments in primary and secondary schools is a function of the poverty rate, the fraction of the population with access to an improved water source, and maternal mortality. In addition, we observe that girls’ mortality is dependent upon the fraction of the population having access to improved sanitation and water services, and ethnic fractionalization. Finally, we find that maternal mortality is a function of the fraction of the population with access to improved water services, the fraction of births attended by skilled staff, the fraction of women receiving prenatal care, and ethnic fractionalization. These statistical results can assist developing countries identify areas that need to be improved upon in order to reduce gender gaps in human capital—specifically those concerning female mortality and education.
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    What Are the Economic and Labour Market Effects of an Income Tax Reduction Targeted at Older Workers? (2012)
    Hindawi
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    Publication Date: 2012-07-06
    Description: This paper explores the economic and labour market effects of implementing a tax reduction targeted at older workers. The analysis is conducted with a life-cycle computable general equilibrium model calibrated on Canadian data. The analysis shows that implementing a permanent income tax reduction for workers aged 60 and over has only small macroeconomic effects because the labour supply increase of older workers is partly offset by a reduction in the labour supply at core ages. This induced effect also discourages savings and generates crowding out through private investment but has a favourable impact on lifetime economic welfare. The macroeconomic impact is much larger when the income tax reduction is temporary because workers no longer reduce their hours at core ages and there is no reduction in savings. However, since only current middle-aged and older workers benefit from the tax cut, a temporary income tax cut reduces intergenerational equity.
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    Role of Money in Smaller Pacific Island Countries (2012)
    Hindawi
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    Publication Date: 2012-06-21
    Description: Pacific island countries (PICs), which attained political independence, are open economies with very small manufacturing base and narrow range of exports of copra and tuna. They are highly dependent on imports ranging from food and mineral fuels to intermediate and capital goods and transport machinery. Four of the 14 PICs, namely Samoa, Solomon Islands, Tonga, and Vanuatu, have independent currencies with usual paraphernalia of central banks under fixed exchange rate regimes. Their financial sectors are small and with undeveloped money and capital markets. The nominal exchange rate as an anchor has served the four PICs well by keeping inflation low. The objective of the paper is to investigate whether money has played any significant part in output growth as well as determination of prices in PICs. The findings are that broad money (M2) and exchange rate have a long run as well as short-run casual relationship with both output and prices in all PICs.
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    Post-Communist Health Transitions in Central and Eastern Europe (2012)
    Hindawi
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    Publication Date: 2012-06-21
    Description: The countries of Central and Eastern Europe (CEE) have gone through immense political and socioeconomic restructuring after the collapse of communism around 1990. Such transition has affected the lives of populations in these countries in many significant respects. A key aspect of life and wellbeing in any society is that of population health. This paper traces the transitions in population health—life expectancies and mortality rates for both males and females—in seven of the CEE countries during the two decades after the fall of communism. We estimate a series of panel data models to identify some of the common factors that would explain health transitions in these countries, while allowing for country-specific variability. Our findings indicate that the health transitions are strongly country specific. Moreover, income per capita and trade openness are statistically significant common contributors to health transitions.
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    Investigating the Determinants of Nonperforming Loans in the Romanian Banking System: An Empirical Study with Reference to the Greek Crisis (2012)
    Hindawi
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    Publication Date: 2012-06-21
    Description: This paper aims to investigate the determinants of nonperforming loans in the Romanian banking sector by means of time series modelling. It is motivated by the hypothesis that macroeconomic-cyclical indicators, monetary aggregates, interest rates, financial markets, and bank-specific variables influence the nonperforming loans in the Romanian banking system. Using monthly series that span from December 2001 to November 2010, we cover both the booming period and the recent financial crisis. Given the significant presence of the Greek banks in Romania, the novelty of the paper lies in the introduction of variables that proxy the Greek crisis. Thus, we examine the existence of a potential transmission channel to the Romanian banking system by investigating the impact of the Greek crisis to the Romanian nonperforming loans. Our findings indicate that macroeconomic variables, specifically the construction and investment expenditure, the inflation and the unemployment rate, and the country's external debt to GDP and M2 jointly with Greek crisis-specific variables influence the credit risk of the Romanian banking system. The results have several implications for policymakers, regulators, and managers as the most recent published stress tests on the Romanian banking system are based on end 2008 data.
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    Addiction and the Utilization of Medical Care (2012)
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    Publication Date: 2012-06-21
    Description: We investigate the effect of different scales of addictive factors on the utilization of medical services in this paper using a two-part model. Data are from the 2005 National Health Interview Survey and the claims data in the National Health Insurance Research Database in Taiwan. The results show that personal addictive behavior is significantly associated with both outpatient and inpatient utilization. Moreover, our result implies that those who smoked at least 20 cigarettes per day might not visit a doctor until the illness was severe. It suggests that the government can accomplish these goals by promotion and education in order to increase public awareness of personal health.
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    Is Farmland As Good As Gold? (2012)
    Hindawi
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    Publication Date: 2012-06-21
    Description: An analysis of Canadian farmland risk and its return on investment shows that a Farmland Real Estate Investment Trust (F-REIT) and gold would have significantly enhanced portfolio performance over the past 35 years. Investors who desire low-risk portfolios would not have benefited from an F-REIT or gold investment. However, investors in the medium-risk category could have improved the financial performance of their portfolios by including an F-REIT investment rather than gold. The financial gains from F-REIT result from a level of risk that is lower than gold, REITs, and stocks, an expected yield that is greater than for bonds, and a low correlation with other financial asset returns.
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    Consumer Spending and Customer Satisfaction: Untying the Knot (2012)
    Hindawi
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    Publication Date: 2012-06-21
    Description: The recession of 2007–2009 has led to renewed interest in forecasting discretionary consumer spending and whether marketing variables contain predictive content. Using the ACSI customer satisfaction index and both linear and nonlinear methods, this note suggests the index fails to enhance our understanding of the temporal evolution of discretionary spending.
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    Comparative Statics of Central Bank Liquidity Management: Some Insights (2012)
    Hindawi
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    Publication Date: 2012-06-21
    Description: The paper demonstrates the efficacy of liquidity management through both the rate and quantum channels. Using the concepts of autonomous and discretionary liquidity, the paper derives the optimal policy mix of instruments which can be used for stabilizing the price of liquidity. For effective liquidity management, the sufficient condition highlighted in the paper has important implications for developing market-related monetary policy instruments, particularly in emerging market economies.
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    Endogenous Fertility and Development Traps with Endogenous Lifetime (2012)
    Hindawi
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    Publication Date: 2012-06-21
    Description: We extend the literature on endogenous lifetime and economic growth by Chakraborty (2004) and Bunzel and Qiao (2005) to endogenous fertility. We show that development traps due to underinvestments in health cannot appear when fertility is an economic decision variable and the costs of children are represented by a constant fraction of the parents' income used for their upbringing.
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    Empirical Evidence of Economic Bipolarization in Africa (2012)
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    Publication Date: 2012-06-21
    Description: This paper examines the degree of polarization in African countries' per capita GDP distribution between 1966 to 2004. We first use a nonparametric analysis and find that the countries tend to cluster in two classes of per capita GDP. Secondly, by using the Wolfson's bipolarization measure, the results reveal that bipolarization has been accelerating during the two first decades and is still growing. We relate the evolution of polarization during the period to the business sectors. We find that the specialization of the countries is the main factor explaining its evolution, namely, in agriculture and industry sectors.
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    Electronic Waste: A Growing Concern in Today's Environment (2012)
    Hindawi
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    Publication Date: 2012-06-21
    Description: Over the recent past, the global market of electrical and electronic equipment (EEE) has grown exponentially, while the lifespan of these products has become increasingly shorter. More of these products are ending up in rubbish dumps and recycling centers, posing a new challenge to policy makers. The purpose of this paper is to provide a review of the e-Waste problem and to put forward an estimation technique to calculate the growth of e-Waste.
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    Medical Cost and Motorcycle Helmet Law in Taiwan (2012)
    Hindawi
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    Publication Date: 2012-06-21
    Description: The objective of this study was to examine whether the implementation of the helmet law had reduced the likelihood of head injury and the associated medical cost in Taiwan. Data were taken from the 1996 and 1998 population-based data. In total, 888,179 and 921,058 effective samples were used in the study from the two years. Two different types of regression model were adopted to evaluate the impact of the motorcycle helmet use law on incidences of head injury and associated medical cost and hospital length of stay. The results reveal that medical cost is down by 11.5 percent and hospital LOS has fallen by 18.58 percent. Thus, with the introduction of the motorcycle helmet use law having had a demonstrably positive influence on motorcycle head injuries and fatalities, significant savings are clearly being achieved, not only in terms of economic and social costs, but also with regard to medical cost.
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    Socioeconomic Conditions and Risk of Mental Depression: An Empirical Analysis for Brazilian Citizens (2012)
    Hindawi
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    Publication Date: 2012-06-21
    Description: The aim of this study is to investigate whether there is any relationship between socioeconomic factors and mental depression, specifically in connection with family income and education. Our empirical model was estimated using the database of three National Household Sampling Surveys (1998, 2003, and 2008) and their special supplements on the health status of the Brazilian population. Analyses for men and women were conducted separately. Family income proved to be a protective factor against depression for both men and women. With regard to the effects of education, the estimates indicate that the maximum risk of depression occurs when women have approximately four years of schooling and men have about eight. Above these levels, the risk decreases as schooling years increase.
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    Unilateral Trade Preferences in the EU: An Empirical Assessment for the Case of Mozambican Exports (2012)
    Hindawi
    Details
    Publication Date: 2012-06-21
    Description: Unilateral trade preferences are one of the most important instruments offered by developed countries to foster developing country exports. This paper analyzes the impact of unilateral trade preferences on developing countries by focusing on the experience of Mozambique. In this paper, we analyze whether unilateral preferences offered by the EU are “valuable” for Mozambican exporters based on the impact on preferential margins, utilization rates, and export prices. We use a detailed dataset with cif unit values at HS8-digits level covering the period 2000–2007. Our findings indicate that (i) for a large number of product lines, export margins are zero; (ii) utilization rates are generally high; however, (iii) this does not translate into a positive price margins captured by Mozambican exporters compared to MFN competitors. These findings cast doubts on the “value” of preferences and their potential impact on developing country exports.
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    Productivity of Nations: A Stochastic Frontier Approach to TFP Decomposition (2012)
    Hindawi
    Details
    Publication Date: 2012-06-21
    Description: This paper tackles the problem of aggregate TFP measurement using stochastic frontier analysis. We estimate a world production frontier for a sample of 75 countries over a long period. The “Bauer-Kumbhakar” decomposition of TFP is applied to a smaller sample in order to evaluate the effects of changes in efficiency (technical and allocative), scale effects, and technical change. Estimated technical efficiency scores are compared to productivity indexes offered by nonfrontier studies. We conclude that differences in productivity are responsible for virtually all the differences of growth performance between developed and developing nations and that a large part of this is due to allocative efficiency.
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    A Full Participation Agreement on Global Emission Reduction through Strategic Investments in R&D (2012)
    Hindawi
    Details
    Publication Date: 2012-06-21
    Description: If an emission reduction agreement with participation of all players is not enforceable because politicians are too myopic or costs of reducing emissions are too high, strategic investments in research and development (R&D) of green technology, for example, sustainable drivetrains, can pave the way for a future treaty. Although no player will rationally reduce emissions on its own, investments in R&D by at least one player can change the strategic situation of negotiations to control emissions: emission abatement costs will decrease so that a treaty with full participation can be achieved in future periods through time consistent sustainable policies.
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    Health Behaviour and Health Assessment: Evidence from German Microdata (2012)
    Hindawi
    Details
    Publication Date: 2012-06-21
    Description: The importance of the individual’s health behaviour for the health production process is beyond controversy. Health relevant behaviour can be viewed as a key variable in the health production process. Changes in the behaviour may influence individual’s assessment of health. Following this idea, we use German microdata to identify determinants of smoking, drinking, and obesity and their impact on health. Our empirical approach allows for the simultaneity of behaviours and self-reported health. In addition, we account for endogeneity of health behaviours and take aspects of reporting heterogeneity of self-reported health into account. We find that health behaviour is directly related to the socioeconomic status and observe gender-specific differences in the determinants of drinking, smoking, and heavy body weight in particular. The influence on health is also gender specific. While we do not find any impact of smoking, overweight is relevant only for males and no clear pattern for alcohol exists.
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    Why Did Americans Reject Compulsory Health Insurance after WWI? An Application of the Lifecycle Model (2012)
    Hindawi
    Details
    Publication Date: 2012-06-21
    Description: Progressive reformers failed to gain support to implement compulsory health insurance in the US after WWI. Modeling results presented in this paper, using a lifecycle model with sickness risk and precautionary savings, support the conclusion that existing voluntary insurance plans were adequate and welfare-enhancing in the US, that compulsory health insurance as proposed would not be welfare-enhancing, and that Americans' preference to self-insure during most of their working lives was rational, utility-maximizing behaviour.
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    Understanding the Economics of Transportation Projects (2012)
    Hindawi
    Details
    Publication Date: 2012-06-22
    Description: Understanding the economic impacts of transportation projects is essential for decision makers, officials, and stakeholders as they determine the best course of action for their jurisdiction. Economic impacts can guide decisions of future projects and help explain past economic fluctuations. This study uses an evaluative (ex-post) analysis process to assess the generative economic impacts of transportation projects after completion that can be used to identify the economic impacts of transportation projects while quantifying their relationship. Both pre- and postconstruction data were collected and used to compare the trends of sales tax revenue and employment numbers adjacent to transportation projects in Utah over a 10-year period. Plots of the trends before, during, and after construction for each project in the analysis were generated. A formal process was created for completing the analysis for future study. Results indicate that there is a positive relationship between transportation improvement projects and sales tax revenues. This relationship amounts to approximately a 4.0 percent increase in trends compared to the state overall. Employment demonstrated a 4.5 percent increase compared to the state overall. Although the results are not considered statistically significant, they are considered practically significant and add to the literature on this topic.
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    Incomplete Regulation, Asymmetric Information, and Collusion-Proofness (2012)
    Hindawi
    Details
    Publication Date: 2012-06-21
    Description: In an incomplete regulation framework, the regulator cannot replicate all the possible outcomes by himself since he has no influence over some firms in the market. Due to asymmetric information, it may be better for the regulator to allow the unregulated firms to extract a truthful report from the regulated firm through side-payments under collusion, and therefore the “collusion-proofness principle” may not hold. In fact, by introducing an exogenous number of unregulated firms, social welfare differences seem to favour a collusion-allowing equilibrium. However, such result will depend on the relative importance given by the regulator to the consumer surplus in the social welfare function.
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    Growth and Income Inequality: A Comparative Analysis (2012)
    Hindawi
    Details
    Publication Date: 2012-06-21
    Description: This paper investigates whether the relationship between income inequality and growth changes over time. Two time periods, covering 1970–1985 and 1985–1999, are analyzed and compared. A statistically significant relationship between inequality and growth in either time period fails to emerge. However, there are indications that effect of inequality on growth may be different in the nineties when compared to the seventies. In the literature, a consistent negative effect of inequality on growth is documented although the significance of the effect is open to debate. This paper also finds a negative effect of income inequality on growth in the seventies but, although statistically insignificant, a consistently positive effect in the nineties.
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    Ethnic Disparities in the Graduate Labour Market (2012)
    Hindawi
    Details
    Publication Date: 2012-06-21
    Description: This paper examines ethnic wage differentials for the entire population of workers who enrolled for the first time as students at Dutch universities (WO) and colleges (HBO) in 1996 using unique administrative panel data for the period 1996 to 2005 from the Dutch tertiary education system. The study breaks down wage differentials into two components: a component which can be explained by the observed characteristics and an unexplained component. The analysis provides new evidence for the magnitude and the origin of ethnic wage differentials by gender. In general, ethnic wage gap is larger for migrant women than migrant men and larger for Western and Caribbean migrants than for Mediterranean migrants. Ethnic minority workers appear to have larger wage surpluses which is almost entirely explained by their observed favourable characteristics. Most notably, Mediterranean female graduates have significantly positive wage discrimination, while Western female graduates seem to face a small wage penalty.
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    Creating Values for Sustainability: Stakeholders Engagement, Incentive Alignment, and Value Currency (2012)
    Hindawi
    Details
    Publication Date: 2012-06-21
    Description: A shareholder theory of firm and a stakeholder theory of firm may differ in their respective evaluation method of firm performance. Both theories however recognize the importance of value creation as the economic role of firms as institutions. The New Institutional Economics (NIE) emphasizes incentives alignment, while also viewing stakeholder engagements as methods to expand the boundaries of firms. The difference in performance evaluation between the two approaches can be reduced if stakeholders, while formulating incentive alignment, also evaluate the mechanisms of establishing a common currency value. The concomitant development of stakeholder engagement, incentive alignment, and value currency creation is argued to be an evolutionary process with the efficiency implications of the two theories tending to converge.
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    Disease Resistance of Wheat Varieties: Can Private Varieties Withstand the Pressure? (2012)
    Hindawi
    Details
    Publication Date: 2012-06-21
    Description: US wheat varieties are examined for differential disease resistance between public and private varieties, an issue for critics of plant intellectual property. Analysis using disease resistance rankings of wheat varieties from Kansas and Texas indicate that private varieties are as or more resistant. This finding was further confirmed with two years of Texas data. Thus, the results from the study reject the criticism of private breeding activities that they are more susceptible to disease compared to public varieties. However, private varieties resistance is incorporated from public offerings so that productive private wheat breeding is partly derivative.
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    Tariffs Ranking in Mixed Oligopoly with Revenue Constraint (2012)
    Hindawi
    Details
    Publication Date: 2012-06-21
    Description: Utilizing linear mixed oligopoly model, this paper explores the magnitude of the maximum-revenue tariff, optimum-welfare tariff, and revenue-constrained optimal tariff that is especially designed for the consideration of the bureaucratic inefficiency. In particular, the tariff ranking issue is examined under both cases of Cournot competition and domestic public leadership. We found that, under Cournot competition, the optimum-welfare tariff is the highest and it is followed by the revenue-constrained optimal tariff while the maximum-revenue tariff is the lowest. But, under Stackelberg public leadership, if the domestic private firms are fewer than the foreign firms, the maximum-revenue tariff becomes the highest and the optimum-welfare exceeds the revenue-constrained optimal tariff.
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    ISD: A New Methodological Approach for Measuring the Sustainability of the German Energy System (2012)
    Hindawi
    Details
    Publication Date: 2012-06-21
    Description: The research community has developed three main concepts and indicator systems to measure sustainability: the capital concept, the ecological concept and the multidimensional concept. Whereas a lot of research has been dedicated to the pros and cons of the three/four-pillar sustainability concept, to the shaping of the pillars and their indicators, research on standardized methods to aggregate the indicators to one index is lacking. However, a useful model exists—the GDP—which summarizes the different economic activities of various social actors in one index. An overall sustainability index has the advantage that the sustainability of a system can be expressed in one index. This allows the sustainability status of a system to be better communicated both to the public and to politicians. Against this background, we developed the Index of Sustainable Development (ISD) to measure the sustainability of systems described by multidimensional sustainability concepts. We demonstrate that it is possible to aggregate sustainability indicators of the multidimensional sustainability concepts to one index. We have chosen exemplarily the German sustainability strategy and selected the energy indicators within it because of the importance of the energy sector and due to the good statistical database in this sector.
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    Dairy farms without quotas in Belgium: estimation and simulation with a flexible cost function (2011)
    Oxford University Press
    Details
    Publication Date: 2011-11-24
    Description: This paper evaluates the farm-level supply and income effects from removing milk quotas and reducing producer prices with increasing direct compensatory payments. Using a panel of Belgian dairy farms, we first estimate a multi-output multi-input flexible cost function that generates a U-shaped marginal cost curve for each farm of the sample. We then embed each farm cost function in a profit-maximisation programming model that is built and calibrated for each farm in the sample. Accounting for farm heterogeneity, the simulations show how dairy farms without quotas may respond differently to changes in prices and structural changes that may take place within the dairy sector. A quota removal with a 20 per cent reduction in milk prices keeps aggregate milk supply and farm income at about the same level of the 2006 reference year.
    Keywords: C33 - Models with Panel Data, C63 - Computational Techniques, Q12 - Micro Analysis of Farm Firms, Farm Households, and Farm Input Markets, Q18 - Agricultural Policy ; Food Policy
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    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    How has the EU milk quota affected patterns of herd-size change? (2011)
    Oxford University Press
    Details
    Publication Date: 2011-11-24
    Description: This paper analyses the impact of milk quotas on the size structure of dairy herds in two major EU milk-producing member states, Germany and the Netherlands, using Markov chain models. Four mobility indicators characterising structural change are developed and calculated. Structural change in the dairy sector as measured by the mobility measures is found to be affected by the milk quota scheme. In the quota period, mobility out of dairying is lower, but the overall and upward mobility increase. This effect is stronger in the Netherlands than in West Germany.
    Keywords: D92 - Intertemporal Firm Choice and Growth, Investment, or Financing, Q12 - Micro Analysis of Farm Firms, Farm Households, and Farm Input Markets, Q18 - Agricultural Policy ; Food Policy
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    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Modelling pig sector dynamic adjustment to livestock epidemics with stochastic-duration trade disruptions (2011)
    Oxford University Press
    Details
    Publication Date: 2011-11-24
    Description: We use a stochastic dynamic programming model to simulate the market implications of alternative foot and mouth disease scenarios in the Finnish pig sector. The model considers the dynamics of animal stock adjustment and price movements when the duration of export disruptions is unknown. Explicit treatment of these issues is crucial in the economic analysis of livestock epidemics, especially if there is a risk of a prolonged export ban. Results suggest that the risk of a prolonged ban increases disease losses considerably. It also increases economic benefits from production adjustments.
    Keywords: C61 - Optimization Techniques ; Programming Models ; Dynamic Analysis, Q13 - Agricultural Markets and Marketing ; Cooperatives ; Agribusiness, Q18 - Agricultural Policy ; Food Policy
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    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Demand for on-farm permanent hired labour on family holdings: a rejoinder (2011)
    Oxford University Press
    Details
    Publication Date: 2011-11-24
    Print ISSN: 0165-1587
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    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Is embedding entailed in consumer valuation of food safety characteristics? (2011)
    Oxford University Press
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    Publication Date: 2011-11-24
    Description: Consumers' preferences for food safety characteristics are investigated with a particular focus on the existence of an embedding effect. Embedding exists if consumer valuation of food safety is insensitive to scope. We conduct between-attribute external tests for embedding in two choice experiments concerning the value of food safety attributes in minced pork and chicken breasts. We find no evidence of embedding neither when using food safety attributes that are not close substitutes and which exhibit both private and public good characteristics, nor when using food safety attributes that are closer substitutes and which have primarily private good characteristics.
    Keywords: Q10 - General, Q13 - Agricultural Markets and Marketing ; Cooperatives ; Agribusiness, Q18 - Agricultural Policy ; Food Policy
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    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Agricultural policy in an uncertain world (2011)
    Oxford University Press
    Details
    Publication Date: 2011-11-24
    Description: This paper briefly reviews the current food situation and provides some historical perspectives on its evolution over time. It documents the important effects of agricultural productivity. It also evaluates the role of externalities, uncertainty and policy in the agricultural sector. The analysis stresses the joint role of uncertainty and externalities in the analysis of efficiency issues in the agricultural sector. Implications for farm management and agricultural policy are discussed.
    Keywords: D60 - General, D80 - General, Q10 - General
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    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Looking into the future of agriculture in a changing climate (2011)
    Oxford University Press
    Details
    Publication Date: 2011-11-24
    Description: Looking into the future of agriculture raises three challenging questions: How can agriculture deal with an uncertain future? How do local vulnerabilities and global disparities respond to this uncertain future? How should we prioritise adaptation to overcome the resulting future risks? This paper analyses the broad question of how climate change science may provide some insights into these issues. The data provided for the analysis are the product of our new research on global impacts of climate change in agriculture. The questions are analysed across world regions to provide some thoughts on policy development.
    Keywords: N50 - General, International, or Comparative, Q18 - Agricultural Policy ; Food Policy, Q54 - Climate ; Natural Disasters ; Global Warming
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    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Intangible expenses: a solution to increase the French wine industry performance? (2011)
    Oxford University Press
    Details
    Publication Date: 2011-11-24
    Description: This paper presents an empirical investigation of the link between intangible expenses of French wine companies and their financial performance. A flexible moment-based approach is used to analyse the impact of tangible and intangible expenses on the mean, variance and skewness of profit. Econometric evidence shows that a high level of intangible expenses has a positive impact on performance by increasing the expected profit and reducing variance risk. A lower level of intangible expenses reduces risk and mean of profit of corporations. This study provides insights on the use of intangible expenses as a risk management tool.
    Keywords: G32 - Financing Policy ; Financial Risk and Risk Management ; Capital and Ownership Structure, Q12 - Micro Analysis of Farm Firms, Farm Households, and Farm Input Markets, Q13 - Agricultural Markets and Marketing ; Cooperatives ; Agribusiness
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    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Price volatility in ethanol markets (2011)
    Oxford University Press
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    Publication Date: 2011-11-24
    Description: This research evaluates price volatility transmission in the Brazilian ethanol industry over time and across markets by using a new methodological approach proposed by Seo. The main advantage of Seo's method is that it allows for joint estimation of the co-integration relationship between the price series investigated and the multivariate generalised autoregressive conditional heteroscedasticity process. It thus allows the responses of both food price levels and volatility to unanticipated shocks to be considered together. Results suggest a strong link between food and energy markets, both in terms of price levels and volatility.
    Keywords: C32 - Time-Series Models, Q11 - Aggregate Supply and Demand Analysis ; Prices
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    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Food Security in Africa: Market and Trade Policy for Staple Foods in Eastern and Southern Africa (2011)
    Oxford University Press
    Details
    Publication Date: 2011-11-24
    Print ISSN: 0165-1587
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    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    The food crisis, mass media and the political economy of policy analysis and communication (2011)
    Oxford University Press
    Details
    Publication Date: 2011-11-24
    Description: Few years ago, the widely shared view was that low food prices were a curse to developing countries. The dramatic increase in food prices in 2006–2008 appears to have fundamentally altered this view. The vast majority of analyses and reports in 2008 and 2009 state that high food prices have a devastating effect on developing countries. In this paper, we (i) document these changes in perspective; (ii) develop a model of policy communication to explain the cause of the change in views; and (iii) review the policy recommendations of the organisations that shifted their communication.
    Keywords: D23 - Organizational Behavior ; Transaction Costs ; Property Rights, D83 - Search ; Learning ; Information and Knowledge ; Communication ; Belief, E31 - Price Level ; Inflation ; Deflation, L31 - Nonprofit Institutions ; NGOs, P16 - Political Economy
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    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Making the 'right' choice based on experiments: regulatory decisions for food and health (2011)
    Oxford University Press
    Details
    Publication Date: 2011-11-24
    Description: This article shows how experiments revealing information about food quality and safety can contribute to regulatory debates on food and health. After detailing the motivations of regulation for the food sector, we underline the limits of theoretical welfare analysis. Despite challenges from behavioural economics, cost–benefit analysis using experimental results can complement theoretical analysis. In a brief review of laboratory and field experiments with food, we discuss their relative strengths and weaknesses and suggest an analytical approach of how to integrate experimental data into welfare analysis. An empirical application quantifies and compares the welfare impact of health information and a subsidy for fish.
    Keywords: D10 - General, D60 - General, I10 - General
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    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Uncertainty and technical efficiency in Finnish agriculture: a state-contingent approach (2011)
    Oxford University Press
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    Publication Date: 2011-11-24
    Description: In this article, we present one of the first real-world empirical applications of state-contingent production theory. Our state-contingent behavioural model allows us to analyse production under both inefficiency and uncertainty without regard to the nature of producer risk preferences. Using farm data for Finland, we estimate a flexible production model that permits substitutability between state-contingent outputs. We test empirically and reject an assumption that has been implicit in almost all efficiency studies conducted in the last three decades, namely that the production technology is output-cubical, i.e. that outputs are not substitutable between states of nature.
    Keywords: D81 - Criteria for Decision-Making under Risk and Uncertainty, Q12 - Micro Analysis of Farm Firms, Farm Households, and Farm Input Markets, Q18 - Agricultural Policy ; Food Policy
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    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Supply Chains in Export Agriculture, Competition, and Poverty in Sub-Saharan Africa (2011)
    Oxford University Press
    Details
    Publication Date: 2011-11-24
    Print ISSN: 0165-1587
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    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    The effect of preferential trade agreements on monthly fruit exports to the European Union (2011)
    Oxford University Press
    Details
    Publication Date: 2011-11-24
    Description: This study assesses the effect of preferential trade agreements on monthly exports of fresh grapes, pears, apples, oranges and mandarins to the European Union (EU) during 2001–2004, using a gravity model. Preference margins are calculated to include quotas and the entry price system, and the model recognises that countries may have a choice among preferential schemes. The econometric methodology controls for heterogeneity, endogeneity and zero-trade flows. The effect of EU preferential policies is found to vary by commodity. The Generalised System of Preferences (GSP) seems to increase exports to the EU of fresh grapes only, while exports to the EU of oranges are favoured by the Cotonou Agreement. Regional trade agreements appear effective in expanding EU-bound exports from eligible countries for all fruits except oranges.
    Keywords: C33 - Models with Panel Data, Q17 - Agriculture in International Trade
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    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Corporate social responsibility in the food sector (2011)
    Oxford University Press
    Details
    Publication Date: 2011-11-24
    Description: Corporate social responsibility (CSR) is of high relevance for food companies as this sector has a strong impact and a high dependence on the economy, the environment and on society. CSR's threats and opportunities are increasingly shifting from the single-firm level to food supply chains and food networks. This induces substantial challenges for the future due to firm heterogeneity and the associated diversity in CSR approaches.
    Keywords: M14 - Corporate Culture ; Social Responsibility, Q10 - General
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
    Published by Oxford University Press
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    Discounting and risk adjusting non-marginal investment projects (2011)
    Oxford University Press
    Details
    Publication Date: 2011-11-24
    Description: Standard cost–benefit analyses and asset pricing theories are based on the assumption that investment projects have marginal impacts on the consumption flows of stakeholders, so that social values and prices are not affected. This may not be true for large projects, such as those related to climate change or to the implementation of infrastructure projects in developing countries. In this paper, we explore qualitatively and quantitatively the error that is made when using the standard evaluation methods for non-marginal projects. In particular, we discuss the importance of adapting the discount rate and the risk premium to the size of the investment projects under consideration.
    Keywords: G12 - Asset Pricing ; Trading volume ; Bond Interest Rates, H43 - Project Evaluation ; Social Discount Rate
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Experimental methods and the welfare evaluation of policy lotteries (2011)
    Oxford University Press
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    Publication Date: 2011-11-24
    Description: Policies impose lotteries of outcomes on individuals, since we never know exactly what the effects of the policy will be. In order to evaluate alternative policies, we need to make assumptions about individual preferences, even before social welfare functions are applied. There are two broad ways in which experimental methods are used to evaluate policy. One is to use experiments to estimate individual preferences, valuations and beliefs and use those estimates as priors in policy evaluation. The other is to use randomisation to infer the effects of policy. The strengths, weaknesses and complementarities of these approaches are reviewed.
    Keywords: D03 - Behavioral Economics ; Underlying Principles, D40 - General, D81 - Criteria for Decision-Making under Risk and Uncertainty
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Food Prices and Rural Poverty (2011)
    Oxford University Press
    Details
    Publication Date: 2011-11-24
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    A general treatment of 'don't know' responses from choice experiments (2011)
    Oxford University Press
    Details
    Publication Date: 2011-11-24
    Description: In this paper, a modelling approach is developed for the treatment of ‘don't know’(DK) responses, within choice experiments (CEs). A DK option is motivated by the need to allow respondents the opportunity to express uncertainty. Our model explains a DK using an entropy measure of the similarity between options given to respondents within the CE. We illustrate our model by applying it to a CE examining consumer preferences for nutrient contents in food. We find that similarity between options in a given choice set does explain the tendency for respondents to report DK.
    Keywords: C35 - Discrete Regression and Qualitative Choice Models, I18 - Government Policy ; Regulation ; Public Health, Q18 - Agricultural Policy ; Food Policy
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Consumer inferences of food safety and quality (2011)
    Oxford University Press
    Details
    Publication Date: 2011-11-24
    Description: Economists frequently use choice experiments (CEs) to evaluate demand for new attributes in food products. Using a split-sample experimental design focused on demand for pork chop attributes, we find consumer inferences regarding food safety and quality to impact estimates of marginal willingness to pay, market participation, policy appropriateness and consumer welfare effects. Our results suggest that interpretation of findings should be noted as conditional on attributes included in original analyses. A split-sample experimental approach involving multiple CE designs is described and suggested to practitioners to better consider consumer inference effects in future studies.
    Keywords: B40 - General, D12 - Consumer Economics: Empirical Analysis, Q13 - Agricultural Markets and Marketing ; Cooperatives ; Agribusiness, Q18 - Agricultural Policy ; Food Policy
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Mostly Harmless Econometrics: An Empiricist's Companion (2011)
    Oxford University Press
    Details
    Publication Date: 2011-11-24
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Agricultural Policy, Agribusiness and Rent-Seeking Behaviour (2011)
    Oxford University Press
    Details
    Publication Date: 2011-11-24
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Deforestation and Climate Change. Reducing Carbon Emissions from Deforestation and Forest Degradation (2011)
    Oxford University Press
    Details
    Publication Date: 2011-11-24
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Fisheries Subsidies, Sustainable Development and the WTO (2011)
    Oxford University Press
    Details
    Publication Date: 2011-11-24
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Payments for Environmental Services, Forest Conservation and Climate Change: Livelihoods in the REDD? (2011)
    Oxford University Press
    Details
    Publication Date: 2011-11-24
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Consumers' preferences for geographical origin labels: evidence from the Canadian olive oil market (2011)
    Oxford University Press
    Details
    Publication Date: 2011-11-24
    Description: Geographical origin labels are important information and marketing tools and have recently become a central component of EU agricultural promotion. We consider demand in a non-EU export market for two distinct label types: country of origin (COO) and geographical indications (GIs). Additionally, two types of GIs, ‘protected designations of origin’ (PDOs) and ‘protected GIs’ (PGIs) are considered. Empirical findings indicate consumers’ willingness to pay varies with the oil's COO and is greater for GIs than for non-GIs from a given country. Weaker evidence that consumers value PDOs more than PGIs is also found.
    Keywords: C25 - Discrete Regression and Qualitative Choice Models, D12 - Consumer Economics: Empirical Analysis, Q13 - Agricultural Markets and Marketing ; Cooperatives ; Agribusiness
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Firms, markets and trade costs: access of French exporters to European agri-food markets (2012)
    Oxford University Press
    Details
    Publication Date: 2012-03-08
    Description: From the French exporters' point of view, the purpose of this article is to understand the extent by which the European (EU) market remains fragmented. Based on Chaney's model (Chaney, 2008) it is shown here that to enter the market, the firm's productivity must be higher than the productivity threshold. Using accounting and trade firm data for the year 2004, the value of the threshold at entry to each EU country is explained and then the value exported to each market. The results of this study reveal that the heterogeneity of EU markets is due to geographic conditions, as also the remaining trade costs at entry to these markets.
    Keywords: F12 - Models of Trade with Imperfect Competition and Scale Economies, F14 - Country and Industry Studies of Trade, L11 - Production, Pricing, and Market Structure ; Size Distribution of Firms
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Chain interdependencies, measurement problems and efficient governance structure: cooperatives versus publicly listed firms (2012)
    Oxford University Press
    Details
    Publication Date: 2012-03-08
    Description: We determine the circumstances when the absence of public listing, often believed to be a disadvantage, makes a cooperative the unique efficient governance structure. This is established in a multi-task principal–agent model, capturing that cooperatives are not publicly listed and their CEOs have to bring the downstream enterprise to value as well as to serve upstream member interests. Not having a public listing prevents the CEO from choosing the level of the downstream activities too high. Cooperatives are uniquely efficient when the upstream marginal product multiplied with a function increasing in the strength of the chain complementarities is higher than the downstream marginal product.
    Keywords: D21 - Firm Behavior, L23 - Organization of Production, Q13 - Agricultural Markets and Marketing ; Cooperatives ; Agribusiness
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
    Published by Oxford University Press
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