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  • Articles  (20,122)
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  • Oxford University Press  (20,122)
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  • Economics  (20,122)
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  • Journals  (24)
  • Articles  (20,122)
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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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    Cover Page (2015)
    Oxford University Press
    Details
    Publication Date: 2015-08-11
    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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  • 4
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    Too Busy to Eat with the Kids? Parental Work and Children's Eating (2015)
    Oxford University Press
    Details
    Publication Date: 2015-08-11
    Description: Parents influence their children's eating behavior by providing access to certain types of food, creating enjoyable mealtimes and associations with food, and by role modeling. In this study we investigate the association between parental employment and parental time spent eating with their children. Using data from the 2001/02 German Time Budget Survey, we explore associations between time spent eating with children and labor force participation in Germany. We find that parental labor force participation is negatively associated with time spent eating with children. Each additional hour of work per day by the mother is associated with a 2.4 minute decrease in the amount of time the mother spends eating with her children. For paternal hours of work, we find that the more time a father spends working, the less time the child spends eating with the father or with both parents. Overall, we find evidence of mother inter-gender time substitution and some amount of time/food away from home substitution. Understanding how parents allocate their time, where they are most likely to eat, and what drives these decisions is an important endeavor since parents play a critical role in shaping and reinforcing their children's eating practices.
    Keywords: D13 - Household Production and Intrahousehold Allocation
    Print ISSN: 2040-5790
    Electronic ISSN: 2040-5804
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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  • 5
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    Exploring the Role of Incentives in Agricultural Extension Programs (2015)
    Oxford University Press
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    Publication Date: 2015-08-11
    Description: While many governments subsidize extension programs, financial incentives for participation in extension programs are rare and little is known about such initiatives. This article assesses whether a financial incentive for an agricultural extension program for dairy farmers in Ireland has an impact on the type of farmer that participates in extension services. The findings reveal that financial incentives encourage participation, especially with cohorts of farmers that previously eschewed such programs. Several aspects of the overall economic effectiveness of the extension program are discussed and policy recommendations are outlined.
    Keywords: Q12 - Micro Analysis of Farm Firms, Farm Households, and Farm Input Markets, Q16 - R&D ; Agricultural Technology ; Agricultural Extension Services
    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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    Trade Liberalization versus Climate Change Policy for Reducing Greenhouse Gas Emissions in Agriculture: Some Insights from Norway (2015)
    Oxford University Press
    Details
    Publication Date: 2015-08-11
    Description: Using a mathematical programming model of Norwegian agriculture, we explore interconnections between trade liberalization and reductions in greenhouse gas (GHG) emissions. We show that the Doha Round proposals for a new agreement on agriculture through the World Trade Organization would not generate significant reductions in emissions. Further trade liberalization would reduce emissions by cutting agricultural production but would not change production methods. Imposing a carbon tax would lead both to a reduction in output and the extensification of production. In contrast, if farmers are allowed to claim a credit for carbon sequestration the effect is to intensify agricultural production.
    Keywords: F18 - Trade and Environment, Q17 - Agriculture in International Trade, Q54 - Climate ; Natural Disasters ; Global Warming
    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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    A Wicked Problem? Cost Containment in the Women, Infants and Children Program (2015)
    Oxford University Press
    Details
    Publication Date: 2015-08-11
    Description: The Special Supplemental Nutrition Program for Women, Infants and Children (WIC) Program is a key part of America's safety net, but its structure fails to incentivize participants to be cost-conscious in their purchases and may cause retailers to attach excessive markups to WIC products. We investigate cost containment in the WIC Program, with a focus on California. Results show that smaller vendors often charge considerably higher prices for WIC foods than their larger counterparts. However, larger vendors do not mark up WIC foods more or promote them less than comparable control products. Cost containment can be improved by targeting WIC Program sales to larger vendors when it is possible to do so without compromising participant access, and using large-vendor prices as a benchmark to limit prices set by smaller vendors.
    Keywords: D12 - Consumer Economics: Empirical Analysis, I38 - Government Policy ; Provision and Effects of Welfare Programs, 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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    Crop Prices, Agricultural Revenues, and the Rural Economy1 (2015)
    Oxford University Press
    Details
    Publication Date: 2015-08-11
    Description: Policy makers in the United States often justify agricultural subsidies by stressing that agriculture is the engine of the rural economy. We use the increase in crop prices in the late 2000s to estimate the marginal effect of increased agricultural revenues on local economies in the U.S. Heartland. We find that $1 more in crop revenue generated 64¢ in personal income, with most going to farm proprietors and workers (59%) or nonfarmers who own farm assets (36%). The evidence suggests a weak link between revenues and nonfarm income or employment, or on population. Cuts to agricultural subsidies are therefore likely to have little effect on the broader rural economy in regions like the Heartland.
    Keywords: J43 - Agricultural Labor Markets, O13 - Agriculture ; Natural Resources ; Energy ; Environment ; Other Primary Products
    Print ISSN: 2040-5790
    Electronic ISSN: 2040-5804
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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  • 9
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    A Chat about Insurance: Experimental Results from Rural Bangladesh (2015)
    Oxford University Press
    Details
    Publication Date: 2015-08-11
    Description: Farmers throughout the developing world face multiple sources of uninsured risk to agricultural production and household assets. In this paper, we present results from an experimental demand-elicitation exercise in rural Bangladesh to shed light on smallholder farmers' interest in formal insurance products. We propose a suite of insurance and savings products, and we randomly vary the price of one insurance option (area-yield insurance) and the presence of one of the savings options (group savings). Consistent with economic theory, farmers buy more of the insurance products that cover the risks they primarily face. However, because farmers are subject to a variety of risks, they do not focus on only one type of insurance; instead, they evenly split their endowment between life and disability insurance and agricultural insurance. Demand for area-yield insurance falls with price; we also observe important cross-price elasticities with other insurance products. The presence of group savings does not alter demand for insurance, though group savings is found to be a particularly popular risk management tool, especially when decisions are made in groups.
    Keywords: C93 - Field Experiments, G22 - Insurance ; Insurance Companies, O13 - Agriculture ; Natural Resources ; Energy ; Environment ; Other Primary Products, O16 - Economic Development: Financial Markets ; Saving and Capital Investment ; Corporate Finance and, 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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  • 10
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    Subscription Page (2015)
    Oxford University Press
    Details
    Publication Date: 2015-08-11
    Print ISSN: 2040-5790
    Electronic ISSN: 2040-5804
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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  • 11
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    Revisiting the Supplemental Nutrition Assistance Program cycle of food intake: Investigating heterogeneity, diet quality, and a large boost in benefit amounts (2015)
    Oxford University Press
    Details
    Publication Date: 2015-08-11
    Description: The monthly cycle of daily food intake among adult participants in the Supplemental Nutrition Assistance Program is examined using data from the 2007–10 National Health and Nutrition Examination Survey. Exogenous variation in interview and benefit receipt dates provides means for identification, and a difference-in-differences specification is used to account for the large boost in benefits that began in April 2009 via the American Recovery and Reinvestment Act (ARRA). Caloric intake declined as much as 25% at the end of the month prior to ARRA, but not after implementation. Few differences were observed for diet quality measures or among subgroups. Increases in SNAP benefit amounts may help smooth food intake over the benefit month.
    Keywords: D12 - Consumer Economics: Empirical Analysis, E21 - Consumption ; Saving ; Wealth, I38 - Government Policy ; Provision and Effects of Welfare Programs
    Print ISSN: 2040-5790
    Electronic ISSN: 2040-5804
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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  • 12
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    Deception in Experiments: Towards Guidelines on use in Applied Economics Research (2015)
    Oxford University Press
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    Publication Date: 2015-08-11
    Description: Many applied economics journals ban the use of deception in experiments, which contrasts with the policies in other academic disciplines. We examine the cases for and against deception, and describe the ways deception can be employed in applied economics experiments. We create a general ranking of harms from deception in experiments and present evidence from a survey (conducted in summer 2014) of agricultural and applied economists eliciting attitudes towards ten different deceptive practices. Survey respondents view inflicting physical or psychological harm on participants and not making promised payments as the most severe forms of deception. Less severe forms of deception include providing participants with incomplete product information and conducting an experiment using participants who are not aware they are part of an experiment. Finally, we provide recommendations for policies addressing deception in experiments.
    Keywords: C80 - General, C81 - Methodology for Collecting, Estimating, and Organizing Microeconomic Data, C90 - General
    Print ISSN: 2040-5790
    Electronic ISSN: 2040-5804
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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  • 13
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    Supply Response, Marginal Cost, and Soil Erosion Implications of Stover-based Biofuels (2015)
    Oxford University Press
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    Publication Date: 2015-08-11
    Description: Existing economic analysis of corn stover as an energy feedstock has not considered potential changes in land use associated with different stover prices. We estimate the response of corn stover supply density to its price driven by changes in land use and examine its implications for a processing plant's pricing strategy and marginal cost, as well as associated changes in soil erosion. We find that plants will exploit the intensive margin as well as the extensive margin to secure additional amounts of stover. Our results show, counterintuitively, that a market for stover may result in lower soil erosion due to reallocations of land to continuous corn with removal, which, combined with no-till farming, results in lower soil erosion than the baseline without stover removal. Also contrary to expectations, using cover crops with stover removal may result in higher soil erosion due to land use changes within the fuel shed associated with optimal pricing.
    Keywords: Q15 - Land Ownership and Tenure ; Land Reform ; Land Use ; Irrigation, Q24 - Land, Q42 - Alternative Energy Sources
    Print ISSN: 2040-5790
    Electronic ISSN: 2040-5804
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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  • 14
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    Why did the Portuguese economy stop converging with the OECD? Institutions, politics and innovation (2015)
    Oxford University Press
    Details
    Publication Date: 2015-08-22
    Description: Underlying the crisis affecting peripheral European countries is their structural, long-term loss of competitiveness (Hadjimichalis, 2011, European Urban and Regional Studies , 18: 254–274). This article will focus on the Portuguese case and discuss the institutional constraints that hindered its economy from transitioning towards the production of higher-value added goods and services. It will discuss institutions as the product of a political process laden with power asymmetries and argue that the dominance of a relatively small community at the heart of economic and political life in Portugal has conditioned the development of the economy as a whole. Using this framework, this article will then contribute to the literatures on innovation and technological modernisation and argue that alongside a technical process of catching up there is a political process that can enable or constrain development.
    Keywords: B52 - Institutional ; Evolutionary, O33 - Technological Change: Choices and Consequences ; Diffusion Processes, P16 - Political Economy
    Print ISSN: 1468-2702
    Electronic ISSN: 1468-2710
    Topics: Geography , Economics
    Published by Oxford University Press
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  • 15
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    The geography of financial inclusion across Europe during the global crisis (2015)
    Oxford University Press
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    Publication Date: 2015-08-22
    Description: This article identifies the main determinants of financial inclusion, defined as the probability of using both banking and credit services, across 18 Eastern European economies and 5 Western European ‘comparator’ countries. We elicit demographic and socio-economic information on 25,000 European households from the second round of the Life in Transition Survey undertaken during the 2008–2010 global crisis; the survey also includes several questions on households’ financial decisions collecting data at the regional and local level. Our results show that households hit by negative job or income shocks and without any asset to pledge are less likely to be financially included, especially in Eastern Europe. The individual likelihood of financial inclusion is also affected by the average use of financial services at the local level suggesting the presence of a financial multiplier effect. These results provide useful information for mapping financial inclusion across Europe during the crisis, which in turn can inform policy action at the local level.
    Keywords: D14 - Personal Finance, G21 - Banks ; Other Depository Institutions ; Micro Finance Institutions ; Mortgages
    Print ISSN: 1468-2702
    Electronic ISSN: 1468-2710
    Topics: Geography , Economics
    Published by Oxford University Press
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  • 16
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    The European Union and its energy security challenges (2015)
    Oxford University Press
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    Publication Date: 2015-07-30
    Description: Energy security remains a vital issue for the European Union (EU), even more so in the wake of the events that unfolded in early 2014 in Ukraine. The EU’s already fragile position in the international energy arena in terms of security of supply appears to be more uncertain than ever after its umpteenth fallout with its historic energy supplier, Russia. This situation is untenable and calls for swift and decisive action to adequately tackle the issue once and for all. The article looks at the creation of a single EU energy market through integration of energy networks in the EU. It then examines various ways to diversify the EU’s energy supply, whether through increasing the import of liquefied natural gas, through its relations with the Eurasian Union, the promotion of renewable energy or the construction of alternative pipelines and energy routes. The article then offers an analysis of the latest developments of the Energy Charter Conference. The article concludes that from energy transit, to technology transfer, to investment protection, energy and trade present interplays across various fields. Improvements can be made to the EU trading system to ensure greater energy security and more efficient energy markets.
    Print ISSN: 1754-9957
    Electronic ISSN: 1754-9965
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Law , Economics
    Published by Oxford University Press
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  • 17
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    The legal and contractual framework pertaining to the exploration and production of shale gas in Egypt (2015)
    Oxford University Press
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    Publication Date: 2015-07-30
    Description: Despite the Egyptian authorities’ great hopes for the fledging shale gas industry in Egypt, it appears that it could be difficult for Egypt to realize these lofty ambitions, at least in the near future. The Egyptian shale gas industry faces technical challenges as well as a critical lack of detailed regulations regarding the exploration for and the production of shale gas. There is also a lack of guidance over the manner in which foreign investments can be made in the industry.
    Print ISSN: 1754-9957
    Electronic ISSN: 1754-9965
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Law , Economics
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  • 18
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    Mexico's very first bid round (2015)
    Oxford University Press
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    Publication Date: 2015-09-29
    Print ISSN: 1754-9957
    Electronic ISSN: 1754-9965
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Law , Economics
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  • 19
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    Assessing the investability of thermal coal over the next 20 years (2015)
    Oxford University Press
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    Publication Date: 2015-09-29
    Description: The demand for thermal coal has risen dramatically over the past 20 years, driven by an emerging markets-led commodities super cycle, which has recently come to an end. Today, thermal coal generates over 40 per cent of global electricity and is available in large quantities in countries such as China, India and the USA. Thermal coal is also the primary contributor to CO 2 emissions, a substantial driver of climate change. This has resulted in material tension for ‘sustainable and responsible’ institutional investors and strategic challenges for certain state-owned companies. Deciding upon the electricity generation technology in which to invest poses a significant dilemma. Thermal coal is abundant and by far the cheapest when externalities are not internalized. Electric renewables currently suffer from intermittency, viable storage solutions and are not very scalable. While cleaner than thermal coal, natural gas is abundant yet often needs to be imported and is more expensive than thermal coal. Although safe, scalable and clean from an emissions perspective, ‘new’ nuclear energy suffers from perception problems. The mixed method inductive methodology was used to determine the extent to which thermal coal remains investable over the next 20 years and has led to two divergent yet plausible scenarios impacting thermal coal investability. In assessing the investability of thermal coal across four chief stakeholders and geographies, a multifaceted interpretation of the term ‘investability’ is developed, which recognizes disparate financial and non-financial investment drivers. The research shows that thermal coal remains investable by a variety of stakeholders, particularly in the Transformative scenario, but their reasons for investing differ materially both by geography and the type of stakeholder. Finally, the key drivers for both scenarios are identified that can be monitored and used as an early warning system to inform investment decisions.
    Print ISSN: 1754-9957
    Electronic ISSN: 1754-9965
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Law , Economics
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  • 20
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    Production and offtake rights in joint operating agreements: lessons from Pohokura{dagger} (2015)
    Oxford University Press
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    Publication Date: 2015-09-29
    Description: In March of 2015 New Zealand’s Court of Appeal brought to a conclusion a long running dispute between the joint venture partners in the Pohokura gas and condensate field located in Taranaki, New Zealand. Todd Pohokura v. Shell Exploration NZ Limited et ano deals with the rights to production and offtake arising under the Association of International Petroleum Negotiator’s (AIPN) 1995 Model Form joint operating agreement (JOA), the powers of the Operating Committee in regards thereto and the practical implications of entering into a field development without documenting all the necessary gas sale and transportation arrangements in advance. The factual matrix provides an opportunity to review the principles of common law relevant to production and offtake, including the development of those principles from early English common law into U.S. domestic law, and how those principles have been reflected in model form JOAs on both sides of the Atlantic, including the AIPN forms and ultimately the Pohokura JOA. The analysis confirms the New Zealand courts’ rulings upholding the power of the Operating Committee to determine production rates under the AIPN Model form. However, it concludes that gas offtake arrangements that amend or add to the rights and obligations of the parties under the JOA must be agreed unanimously and are not within the jurisdiction of the Operating Committee to determine.
    Print ISSN: 1754-9957
    Electronic ISSN: 1754-9965
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Law , Economics
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  • 21
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    2015 Student Writing Competition Editorial Note (2015)
    Oxford University Press
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    Publication Date: 2015-09-29
    Print ISSN: 1754-9957
    Electronic ISSN: 1754-9965
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Law , Economics
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  • 22
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    Back cover (2015)
    Oxford University Press
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    Publication Date: 2015-09-30
    Print ISSN: 0258-6770
    Electronic ISSN: 1564-698X
    Topics: Economics
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  • 23
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    Subscription Page (2015)
    Oxford University Press
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    Publication Date: 2015-09-30
    Print ISSN: 0258-6770
    Electronic ISSN: 1564-698X
    Topics: Economics
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  • 24
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    How Bank Competition Affects Firms' Access to Finance (2015)
    Oxford University Press
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    Publication Date: 2015-09-30
    Description: Using multi-year, firm-level surveys for 53 countries, this paper explores the impact of bank competition on firms’ access to finance. We find that low competition, as measured by high values on the Lerner index or Boone indicator, diminishes firms’ access to finance. In addition, the impact of competition on access to finance depends on the quality and scope of credit information sharing mechanisms, and better credit information mitigates the damaging impact of low competition. Overall, our paper offers consistent international evidence that supports the market power hypothesis, which argues that market power reduces access, and rejects the information hypothesis, which suggests that low competition improves access because it allows banks to internalize the investment in building firm-specific relationships.
    Keywords: G20 - General, L10 - General
    Print ISSN: 0258-6770
    Electronic ISSN: 1564-698X
    Topics: Economics
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  • 25
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    Trade and Cities (2015)
    Oxford University Press
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    Publication Date: 2015-09-30
    Description: Many developing countries display remarkably high degrees of urban concentration that are incommensurate with their levels of urbanization. The cost of excessively high levels of urban concentration can be very high in terms of overpopulation, congestion, and productivity growth. One strand of the theoretical literature suggests that such high levels of concentration may be the result of restrictive trade policies that trigger forces of agglomeration. Another strand of the literature, however, points out that trade liberalization itself may exacerbate urban concentration by favoring the further growth of those large urban centers that have better access to international markets. The empirical basis for judging this question has been weak so far; in the existing literature, trade policies are poorly measured (or are not measured, as when trade volumes are used spuriously). Here, we use new disaggregated tariff measures to empirically test the hypothesis. We also employ a treatment-and-control analysis of pre- versus post-liberalization performance of the cities in liberalizing and non-liberalizing countries. We find evidence that (controlling for the largest cities that have ports and, thus, have better access to external markets) liberalizing trade leads to a reduction in urban concentration.
    Keywords: F10 - General, O10 - General, R10 - General
    Print ISSN: 0258-6770
    Electronic ISSN: 1564-698X
    Topics: Economics
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  • 26
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    Exchange Rate Volatility, Financial Constraints, and Trade: Empirical Evidence from Chinese Firms (2015)
    Oxford University Press
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    Publication Date: 2015-09-30
    Description: In this paper, we study how firm-level export performance is affected by Real Exchange Rate (RER) volatility and investigate whether this effect depends on existing financial constraints. Our empirical analysis relies on export data for more than 100,000 Chinese exporters over the 2000–6 period. We confirm a trade-deterring effect of RER volatility. We find that firms' decision to begin exporting and the exported value decrease for destinations with a higher exchange rate volatility and that this effect is magnified for financially vulnerable firms. As expected, financial development seems to dampen this negative impact, especially on the intensive margin of export. These results provide micro-founded evidence suggesting that the existence of well-developed financial markets allows firms to hedge exchange rate risk. The results also support a key role of financial constraints in determining the macro impact of RER volatility on real outcomes.
    Keywords: F14 - Country and Industry Studies of Trade, F31 - Foreign Exchange, L25 - Firm Performance: Size, Diversification, and Scope
    Print ISSN: 0258-6770
    Electronic ISSN: 1564-698X
    Topics: Economics
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  • 27
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    Institutional Investors and Long-Term Investment: Evidence from Chile (2015)
    Oxford University Press
    Details
    Publication Date: 2015-09-30
    Description: Developing countries are trying to develop long-term financial markets and institutional investors are expected to play a key role. This paper uses unique evidence on the universe of institutional investors from the leading case of Chile to study to what extent mutual funds, pension funds, and insurance companies hold and bid for long-term instruments and which factors affect their choices. Using monthly asset-level portfolios we show that, despite the expectations, mutual and pension funds invest mostly in short-term assets relative to insurance companies. The significant difference across maturity structures is not driven by the supply side of debt or tactical behavior. Instead, it seems to be explained by manager incentives (related to short-run monitoring and the liability structure) that, combined with risk factors, tilt portfolios toward short-term instruments, even when long-term investing has averaged higher returns. Thus, expanding large institutional investors does not necessarily imply more developed long-term markets.
    Keywords: G11 - Portfolio Choice ; Investment Decisions, G20 - General, G22 - Insurance ; Insurance Companies, G23 - Pension Funds ; Other Private Financial Institutions, O16 - Economic Development: Financial Markets ; Saving and Capital Investment ; Corporate Finance and
    Print ISSN: 0258-6770
    Electronic ISSN: 1564-698X
    Topics: Economics
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    Prospects for shale development outside the USA: evaluating nations' regulatory and fiscal regimes for unconventional hydrocarbons (2015)
    Oxford University Press
    Details
    Publication Date: 2015-05-30
    Description: Pursuant to a generous Association of International Petroleum Negotiator (AIPN) 2014 Summer Research Award, this article identifies, evaluates and compares the legal and fiscal rules, regulations and incentives necessary for countries with significant shale petroleum and natural gas formations to attempt to replicate the boom that is ongoing in the USA. As others have pointed out, 1 several legal, tax, and operational barriers can impair duplication of the US shale revolution in similarly endowed nations. This article identifies key factors responsible for the surge in US shale production, distill the fundamental forces from the US experience that are applicable to any jurisdiction, and evaluate and compare how several countries fare in this vein. The report also identifies avenues for reform and innovative policies that could be applied in other jurisdictions.
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    Topics: Energy, Environment Protection, Nuclear Power Engineering , Law , Economics
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    Rafael Leal Arcas, Andrew Filis and Ehab S. Abu Gosh (eds), International Energy Governance (2015)
    Oxford University Press
    Details
    Publication Date: 2015-05-30
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    Topics: Energy, Environment Protection, Nuclear Power Engineering , Law , Economics
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    Horizontal-well production allocation in the international context: a reasonable formula for allocation derived from Texas law (2015)
    Oxford University Press
    Details
    Publication Date: 2015-05-30
    Description: Texas law has only recently codified in precedential decisions a reasonable formula for production allocations for horizontal, including fracked, wells. The ancient regime of the Rule of Capture does not generally apply, because of the nature of the geologic deposits and the new technology. This reasonable formula is applicable in the international arena for cross-border deposits and production blocks. Other national law and international treaties provide scant guidance in these matters and governments, national oil companies and international oil companies should review this formula to aid in negotiations for fair and equitable allocations that should preclude unnecessary disputes and litigation.
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    Topics: Energy, Environment Protection, Nuclear Power Engineering , Law , Economics
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    Jean-Michel Glachant, Michelle Hallack and Miguel Vazquez, Building Competitive Gas Markets in the EU: Regulation, Supply and Demand (2015)
    Oxford University Press
    Details
    Publication Date: 2015-05-30
    Print ISSN: 1754-9957
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    Topics: Energy, Environment Protection, Nuclear Power Engineering , Law , Economics
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    Modelling an aggregate agricultural panel with application to US farm input demands (2015)
    Oxford University Press
    Details
    Publication Date: 2015-05-26
    Description: A recent class of factor demand models is discussed and used to analyse US state-level production data. The approach accommodates output risk, heterogeneous technologies, technological change, endogenous variables, aggregation across agents and more general flexible functional forms than previous models. We find the approach to flexibility found in the consumer literature empirically useful in the analysis of producer behaviour as our results suggest that standard flexible models that have been ubiquitous in agricultural and industrial research are strongly rejected here in favour of a more general and flexible specification. Further, there is substantial heterogeneity of conditional own-price elasticities across states.
    Keywords: C30 - General, D20 - General, D80 - General, Q10 - General
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Simulating welfare effects of the European nutrition and health claims' regulation: the Italian yogurt market (2015)
    Oxford University Press
    Details
    Publication Date: 2015-05-26
    Description: With the enactment of Regulation (EC) No. 1924/2006, 20 December 2006, ‘ On nutrition and health claims made on foods ’ several health claims can no longer be used on food products in European markets. We simulate the overall impact of the regulation on consumers and producers using the Italian yogurt market as a case study, and data prior to the introduction of the policy. We quantify welfare losses incurred if accepted claims were false, and simulate scenarios where rejected truthful health claims are removed, considering also the case where the products carrying them exit the market. We find that consumers can incur large welfare losses if approved claims are untruthful; if truthful claims are instead denied both consumers and producers may incur losses, with consumers being penalised more than producers.
    Keywords: L66 - Food ; Beverages ; Cosmetics ; Tobacco ; Wine and Spirits, M38 - Government Policy and Regulation, 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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    The economic effects of owner distance and local property management in US office markets (2016)
    Oxford University Press
    Details
    Publication Date: 2016-07-13
    Description: Using a large dataset of US offices we analyse the relationship between investors’ distance to their assets and the effective rent of these assets, and study the extent to which property managers can influence this relationship. We construct hedonic rent models to control for other known rent determinants. It turns out that proximity matters: holding everything else constant, investors located closely to their office buildings are able to extract significantly higher effective rents from these assets, especially if these buildings are of low quality. This effect is due to significant differences in occupancy levels. Interestingly, property managers can affect this relationship, mitigating the adverse effects of investor distance on effective office rents. Especially if the owner does not reside in the same state as the building, external property management is of importance, most prominently so for class-B office buildings.
    Keywords: G11 - Portfolio Choice ; Investment Decisions, R12 - Size and Spatial Distributions of Regional Economic Activity, R32 - Other Production and Pricing Analysis, R33 - Nonagricultural and Nonresidential Real Estate Markets
    Print ISSN: 1468-2702
    Electronic ISSN: 1468-2710
    Topics: Geography , Economics
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    Exporting to Russia? Entry barriers for food suppliers in a territory in transition (2016)
    Oxford University Press
    Details
    Publication Date: 2016-07-13
    Description: This article draws on extensive fieldwork conducted in Central Asia to explore food exports to Russia. It takes its theoretical starting point in global value chain theory and pinpoints chain entry barriers relating to financing, transportation and standards. The article also proposes rethinking the aspects of territoriality and institutional context, and suggests their integration into one concept, or rather a process of contextualizing territories. In doing so, the article argues for a methodology that not only examines current events, but also captures change as particularly important in what we term the territory in transition examined here.
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    Topics: Geography , Economics
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    Regions and material flows: investigating the regional branching and industry relatedness of port traffics in a global perspective (2016)
    Oxford University Press
    Details
    Publication Date: 2016-07-13
    Description: This article proposes a quantitative analysis of the interdependencies between port specialization and regional specialization across the world. A global database is elaborated, covering about 360 port regions in both developed and developing countries. One goal is to verify how interdependent port traffic and regional characteristics are, in a context of increasingly flexible commodity and value chains. Despite the aggregated dimension of available data and the heterogeneity of local situations, the main results confirm the affinity between the primary sector and raw materials traffic, and between the tertiary sector and general cargo traffic, whereas the industrial sector offers mixed evidence. This allows us to address fundamental questions raised by both economic geography and regional science about transport and local development. The global typology of port regions points to certain regularities in their spatial distribution, and the article discusses the policy implications of particular cases.
    Keywords: L90 - General, O18 - Regional, Urban, and Rural Analyses, R40 - General
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    Topics: Geography , Economics
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    Towards a typology of repositioning strategies of GVC/GPN suppliers: the case of functional upgrading and downgrading (2016)
    Oxford University Press
    Details
    Publication Date: 2016-07-13
    Description: This article examines various upgrading and downgrading repositioning firm strategies within global value chains (GVCs) or global production networks (GPNs). It builds upon recent evidence that the mode of governance could vary profoundly among firms engaged in the same GVC/GPN. Therefore, the relevance of particular types of upgrading that were originally derived from the ideal types of GVC/GPN governance will be reconsidered. It is argued that the existing dissonance in the literature over possibilities for functional upgrading can be attributed to the different modes of governance that can exist within a particular GVC/GPN and to the diverse nature of functional upgrading. Consequently, a typology of functional upgrading is outlined, and it is argued that these different types vary significantly according to their probability and potential risk-benefit ratios. The article also introduces passive, adaptive and strategic downgrading and outlines their potential negative and positive effects on firms.
    Keywords: F63 - Economic Development, L23 - Organization of Production, L60 - General
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    Topics: Geography , Economics
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    Infrastructure as a traded product: A relational approach to finance in practice (2016)
    Oxford University Press
    Details
    Publication Date: 2016-07-13
    Description: As nations continue to grapple with growing infrastructure demand, financial markets will play an increasingly prominent role in the landscape for urban infrastructure. Yet existing literature tends to depict the ‘financialization’ of urban infrastructure assets as a restless move towards market efficiency aided by the growing transparency of financial information. This article offers a different view, showing how the spatial richness of financial data for infrastructure has progressed towards what we term a more permanent state of ‘informational translucency’. We draw on 53 interviews with participants in the market for infrastructure investment to present this more complicated picture of infrastructure finance, thereby elaborating a more granular understanding of how information flows through and shapes financial market geography. From this we propose a relational model that contributes to theoretical understandings of how financial products are intermediated over time and space.
    Keywords: O18 - Regional, Urban, and Rural Analyses
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    Topics: Geography , Economics
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    Islamic charitable infrastructure and giving in East London: Everyday economic-development geographies in practice (2016)
    Oxford University Press
    Details
    Publication Date: 2016-07-13
    Description: This article extends research exploring progressive models of reproducing economic life by reporting on research into some of the infrastructure, practices and motivations for Islamic charitable giving in London. In so doing the article: (i) makes visible sets of values, practices and institutions usually hidden in an otherwise widely researched international financial centre; (ii) identifies multiple, hard-to-research civic actors who are mobilising diverse resources to address economic hardship and development needs; and (iii) considers how these charitable values, practices and agents contribute to contemporary thinking about progressive economic possibilities.
    Keywords: D14 - Personal Finance, O12 - Microeconomic Analyses of Economic Development
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    Topics: Geography , Economics
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    Estimating the impact of Mexican drug cartels and drug-related homicides on crime and perceptions of safety (2016)
    Oxford University Press
    Details
    Publication Date: 2016-07-13
    Description: We estimate the impact of drug cartels and drug-related homicides on crime and perceptions of security in Mexico. Since the location where drug cartels operate might be endogenous, we combine the difference-in-difference estimator with instrumental variables. Using surveys on crime victimization we find that people living in areas that experienced drug-related homicides are more likely to take extra security precautions. Yet, these areas are also more likely to experience certain crimes, particularly thefts and extortions. In contrast, these crimes and perceptions of insecurity do not change in areas where cartels operate without leading to drug-related homicides.
    Keywords: C26 - Instrumental Variables (IV) Estimation, K49 - Other, R59 - Other
    Print ISSN: 1468-2702
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    Topics: Geography , Economics
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    Provision for expert determination in the unitization of straddling petroleum accumulations (2016)
    Oxford University Press
    Details
    Publication Date: 2016-08-06
    Description: Oil and gas fields that straddle a domestic licence boundary or a delimited international border are often unitized so that they can be developed efficiently and effectively as a single entity. The unitization process is usually governed by a pre-unit agreement and a unitization and unit operating agreement. Provision for expert determination in these agreements should include a decision on the basis for tract participation, the determination of initial tract participation around the time of unitization, the formulation of key elements of prescribed technical procedures for any redetermination of tract participation, the redetermination of tract participation post-production, and the enlargement or reduction of the unit area and/or unit interval. The agreements must also define the key issues of how an appointed expert is to arrive at a decision. Expert determination is generally preferred to pendulum decision-making, an expert should carry out an integrated study with a single deliverable as opposed to one that is subdivided into discrete incremental steps, and the expert should table an initial decision for technical and procedural scrutiny by the parties before delivering a final binding decision. Experience has shown that adherence to these principles of prescription facilitates expert engagement during subsequent field life and thereby promotes Pareto-efficiency, fairness and equitability.
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    Topics: Energy, Environment Protection, Nuclear Power Engineering , Law , Economics
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    The evolution of municipal structure (2016)
    Oxford University Press
    Details
    Publication Date: 2016-07-13
    Description: In most US states, urban expansions are governed by ‘popular determination’, under which residents make annexation decisions through referendum. Yet little research analyzes how urban spatial structure evolves under this system. We develop a model to examine how urban residents’ collective decisions on annexations and property taxes and their interactions with agricultural landowners affect municipal structure under popular determination. We find that the evolution process of an urban area can be divided into four stages similar to human life stages (infancy, juvenile, adulthood and maturity), characterized by the pace of development. The key parameters that determine urban spatial structure include agricultural rents, construction costs, interest rate, and the rate and uncertainty of income growth. Cities tend to be more spread-out and consist of a large number of smaller municipalities, in regions with lower agricultural land rents, lower construction costs, and lower rate and uncertainty of income growth.
    Keywords: H73 - Interjurisdictional Differentials and Their Effects, Q24 - Land, R14 - Land Use Patterns
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    Topics: Geography , Economics
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    Renewables re-energized? The internationalization of green energy investment rules and disputes (2016)
    Oxford University Press
    Details
    Publication Date: 2016-08-06
    Description: Renewable energy provides an answer to the most pressing socio-economic challenges governments face today, in particular the effects of climate change. Although efforts have been made throughout the world, it is necessary that investment in renewable energy is further increased if it is to have a marked impact on the reduction of carbon dioxide (CO 2 ). The lack of national investment is inevitably going to trigger the inflow of foreign investment which may be subject to performance requirements which are regulated by a number of economic treaties. The Article reviews all the norms currently applicable and stresses their differences to provide a typology of existing prohibition. The analysis is further refined by a comprehensive review of the case law (both decided by trade and investment tribunals) to identify the type of requirements which have been implemented on renewable energies. It also explains and anticipates the role of the most favoured national treatment in the context of bilateral treaties in a manner hitherto unexplored. In doing so, this Article provides a comprehensive analysis of the performance requirements in international treaties with a view to assessing their impact on the further development of renewable energies.
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    Topics: Energy, Environment Protection, Nuclear Power Engineering , Law , Economics
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    Brief update on the current situation of upstream petroleum investment in Thailand (2016)
    Oxford University Press
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    Publication Date: 2016-08-06
    Description: This brief contains an update of the current situation of upstream petroleum investment in Thailand. It is a critical appraisal of the ongoing reformation of the new Petroleum Act, which intends to adopt all three types of upstream contract, namely, concession, production sharing and service contracts, to govern the contractual relationship between Thailand and upstream investors.
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    Topics: Energy, Environment Protection, Nuclear Power Engineering , Law , Economics
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    Knock-for-knock clauses (2016)
    Oxford University Press
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    Publication Date: 2016-08-06
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    Topics: Energy, Environment Protection, Nuclear Power Engineering , Law , Economics
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    An assessment of local-content policies in oil and gas producing countries (2016)
    Oxford University Press
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    Publication Date: 2016-08-06
    Description: Local-content legislation and policies in oil and gas producing countries have become a key priority of host governments and industry players alike. Increasingly, more resource-rich developing countries are enacting local-content legislation as a means of maximizing the benefits to be gained from their petroleum industries. However, these laws and policies are being implemented with insufficient research into their efficacy, and as a result have often yielded mixed results. This article assesses the effect of local-content legislation and policies in the oil and gas industry presenting insights on the challenges faced by industry players with regard to their implementation. We trace the channels through which local-content legislation advances value creation by evaluating different implementation programmes, using clearly stated local-content targets to measure their efficacy. Nigeria, Ghana, Brazil and Norway are chosen as case study countries to highlight the diversity of local-content strategies for countries at different developmental stages. The motivation for this research is to provide host governments, investors and domestic suppliers with guidelines on how to successfully develop and implement local-content regulations and strategies. The experience of the case study countries above show that the success or otherwise of local-content legislation and policies remains a function of a country’s institutional setting and developmental paradigm. Based on the review of the case studies, we summarize that successful local-content legislation and policies should be anchored on the following principles: (i) local-content policies need to look beyond simple generation of economic rents to focus on the development of linkages; (ii) the tools developed to measure agreed local-content benchmarks must be clearly defined to the acceptance of all industry players; and (iii) entrenching local content depends on the availability of an industrial-supply base that can act as growth levers.
    Print ISSN: 1754-9957
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    Topics: Energy, Environment Protection, Nuclear Power Engineering , Law , Economics
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    Technology and innovation in the Brazilian oil sector: ticket to the future or passage to the past? (2016)
    Oxford University Press
    Details
    Publication Date: 2016-08-06
    Description: This article demonstrates how the oil regulatory framework enacted in Brazil in 2010 will have detrimental effects on technology and innovation. The shortcomings essentially derive from three of its aspects: (i) operational exclusivity; (ii) the governance structure of the operational committee; and (iii) local content policies which lack adequate focus and strategic planning. All these elements actually stem from an excessively intrusive regulatory approach, within a typical top-down model, disproportionately reliant on command and control procedures. The current regulations will lead to significant drawbacks in technology and innovation in Brazil that will inevitably affect Petrobras. Even worse, however, they will not guarantee the development of a dynamic and sustainable industry of suppliers. Instead of using Petrobras to propel its industry of providers towards higher technological standards, suppliers will be dragging the national oil company downwards at the expense of the whole sector. A less intrusive regulatory framework, based on reflexive and responsive regulations is more suitable in this context, since it induces agents to continuously interact in a favourable way for the intended outcomes, instead of imposing norms and rules on them that most probably lead to other undesirable consequences.
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    Topics: Energy, Environment Protection, Nuclear Power Engineering , Law , Economics
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    Gordon Barrows: The man who helped to educate the petroleum world (2016)
    Oxford University Press
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    Publication Date: 2016-08-06
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    Topics: Energy, Environment Protection, Nuclear Power Engineering , Law , Economics
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    What Can We Learn about the Effects of Food Stamps on Obesity in the Presence of Misreporting? (2016)
    Oxford University Press
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    Publication Date: 2016-07-09
    Description: There is an increasing perception among policy makers that food stamp benefits contribute positively to adult obesity rates. We show that these results are heavily dependent on one’s assumptions regarding the accuracy of reported food stamp participation. When allowing for misreporting, we find no evidence that Supplemental Nutrition Assistance Program participation significantly increases the probability of being obese or overweight among adults. Our results also highlight the inherent bias and inconsistency of common point estimates when ignoring misreporting, with treatment effects from instrumental variable methods exceeding the nonparametric upper bounds by over 200% in some cases.
    Keywords: C11 - Bayesian Analysis, I10 - General, I38 - Government Policy ; Provision and Effects of Welfare Programs
    Print ISSN: 0002-9092
    Electronic ISSN: 1467-8276
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Temperature Changes, Household Consumption, and Internal Migration: Evidence from Tanzania (2016)
    Oxford University Press
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    Publication Date: 2016-07-09
    Description: Large rural-urban wage gaps observed in many developing countries are suggestive of barriers to migration that keep potential migrants in rural areas. Using long panel data spanning nearly two decades, I study the extent to which migration rates are constrained by liquidity constraints in rural Tanzania. The analysis begins by quantifying the impact of weather variation on household welfare. The results show how household consumption co-moves with temperature, rendering households vulnerable to local weather events. These temperature-induced income shocks are then found to inhibit long-term migration among men, thus preventing them from tapping into the opportunities brought about by geographical mobility.
    Keywords: O12 - Microeconomic Analyses of Economic Development, O15 - Human Resources ; Human Development ; Income Distribution ; Migration, Q54 - Climate ; Natural Disasters ; Global Warming, R23 - Regional Migration ; Regional Labor Markets ; Population
    Print ISSN: 0002-9092
    Electronic ISSN: 1467-8276
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    A Declining Farm Workforce: Analysis of Panel Data from Rural Mexico (2016)
    Oxford University Press
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    Publication Date: 2016-07-09
    Description: Analysis of nationally representative individual-level panel data from 1980 to 2010 reveals a significant negative trend in the agricultural labor supply from rural Mexico, which is the primary source of hired workers for U.S. farms. These findings offer an explanation for the rise over time in U.S. farm wages. Concomitants of the agricultural transformation, including growth in the non-farm economy, falling birth rates, and an increase in rural education, accelerate the transition of rural Mexicans out of farm work. Higher U.S. farm wages and increased border enforcement slow the transition, but the combined impact of these offsetting variables is relatively small. A diminishing farm labor supply has far-reaching implications for farmers, farm labor organizers, rural communities, and agricultural workers.
    Keywords: J21 - Labor Force and Employment, Size, and Structure, J43 - Agricultural Labor Markets, O15 - Human Resources ; Human Development ; Income Distribution ; Migration, Q12 - Micro Analysis of Farm Firms, Farm Households, and Farm Input Markets
    Print ISSN: 0002-9092
    Electronic ISSN: 1467-8276
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Sugar Coated, a documentary film directed by Michele Hozer. (2016)
    Oxford University Press
    Details
    Publication Date: 2016-07-09
    Print ISSN: 0002-9092
    Electronic ISSN: 1467-8276
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    The Whole is Greater than the Sum of Its Parts: Complementary Reforms to Address Microeconomic Distortions (2016)
    Oxford University Press
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    Publication Date: 2016-06-19
    Description: This paper links microeconomic rigidities and technological adoption to propose a partial explanation for the observed differences in income per capita across countries. The paper first presents a neoclassical general equilibrium model with heterogeneous production units. It assumes that developing countries do not generate frontier technologies but can adopt them by investing in new capital, which requires firm renewal. The model analyzes how this process can be hindered by barriers to the entry of new investment projects and the exit of obsolete ones. It finds that there are nonlinearities in the way entry and exit barriers operate: Barriers have increasing costs, and they reinforce each other's negative impact. The paper then calibrates and simulates the model to measure the impact of these barriers on the GDP per capita gap between the United States and a large sample of developing countries. It accounts for a range of 26 to 60% of the income gap between the United States and 107 developing countries. Most importantly, the model implies that, for the median developing economy, about 50% of the simulated gap is explained by the interaction of entry and exit barriers (and the rest by their individual effects). The paper's main policy implication is that only comprehensive reforms can have substantial effects, especially when initial distortions are large. If they are too narrow (focusing on only one barrier) or too mild (leaving in place a large distortion), microeconomic reforms are unlikely to have significant effects on aggregate productivity and output growth.
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    Topics: Economics
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    Cover (2016)
    Oxford University Press
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    Publication Date: 2016-06-19
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    Topics: Economics
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    Global Income Distribution: From the Fall of the Berlin Wall to the Great Recession (2016)
    Oxford University Press
    Details
    Publication Date: 2016-06-19
    Description: We present an improved panel database of national household surveys between 1988 and 2008. In 2008, the global Gini index is around 70.5%, having declined by approximately 2 Gini points. China graduated from the bottom ranks, changing a twin-peaked global income distribution to a single-peaked one and creating an important global "median" class. 90% of the fastest growing country-deciles are from Asia, while almost 90% of the worst performers are from mature economies. Another "winner" was the global top 1%. Hence the global growth incidence curve has a distinct supine S shape, with gains highest around the median and top.
    Keywords: D31 - Personal Income, Wealth, and Their Distributions
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    Electronic ISSN: 1564-698X
    Topics: Economics
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    Subscriptions (2016)
    Oxford University Press
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    Publication Date: 2016-06-19
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    Topics: Economics
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    Forthcoming Papers (2016)
    Oxford University Press
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    Publication Date: 2016-06-19
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    Topics: Economics
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    The Government Response to Informed Citizens: New Evidence on Media Access and the Distribution of Public Health Benefits in Africa (2016)
    Oxford University Press
    Details
    Publication Date: 2016-06-19
    Description: We use a "natural experiment" in media markets in Benin to examine the impact of community radio on government responsiveness to citizens. Contrary to prior research on the impact of mass media, in this experiment government agents do not provide greater benefits to citizens whose exposure to community radio increased their demand for those benefits. Households with greater access to community radio were more likely to pay for government-provided bed nets to combat malaria than to receive them for free. Mass media changed the private behavior of citizens—they invested more of their own resources in the public health good of bed nets—but not citizens’ ability to extract greater benefits from government. While the welfare consequences of these results are ambiguous, the pattern of radio's effects that we uncover has implications for policy strategies to use mass media for development objectives.
    Keywords: D72 - Models of Political Processes: Rent-Seeking, Elections, Legislatures, and Voting Behavior, D73 - Bureaucracy ; Administrative Processes in Public Organizations ; Corruption, D83 - Search ; Learning ; Information and Knowledge ; Communication ; Belief, H51 - Government Expenditures and Health, I18 - Government Policy ; Regulation ; Public Health
    Print ISSN: 0258-6770
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    Topics: Economics
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    Deals and Delays: Firm-level Evidence on Corruption and Policy Implementation Times (2016)
    Oxford University Press
    Details
    Publication Date: 2016-06-19
    Description: Whether demands for bribes for particular government services are associated with expedited or delayed policy implementation underlies debates around the role of corruption in private sector development. The "grease the wheels" hypothesis, which contends that bribes act as speed money, implies three testable predictions. First, on average, bribe requests should be negatively correlated with wait times. Second, this relationship should vary across firms, with those with the highest opportunity cost of waiting being more likely to pay and facing shorter delays. Third, the role of grease should vary across countries, with benefits larger where regulatory burdens are greatest. The data are inconsistent with all three predictions. According to the preferred specifications, ceteris paribus, firms confronted with demands for bribes take approximately 1.5 times longer to get a construction permit, operating license, or electrical connection than firms that did not have to pay bribes and, respectively, 1.2 and 1.4 times longer to clear customs when exporting and importing. The results are robust to controlling for firm fixed effects and at odds with the notion that corruption enhances efficiency.
    Keywords: K42 - Illegal Behavior and the Enforcement of Law, L25 - Firm Performance: Size, Diversification, and Scope, L51 - Economics of Regulation, O17 - Formal and Informal Sectors ; Shadow Economy ; Institutional Arrangements
    Print ISSN: 0258-6770
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    Topics: Economics
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    The Impact of Business Environment Reforms on New Registrations of Limited Liability Companies (2016)
    Oxford University Press
    Details
    Publication Date: 2016-06-19
    Description: Panel data for 91 countries are used to study how the ease of registering a business and the magnitude of registration reforms affect new registrations of limited liability companies (LLCs). The costs, days, and procedures required to start a business are found to be important predictors of new LLC registration. Panel regressions also show important synergies in multiple reforms of two or more business environment indicators. These results are consistent with the intuition that to be effective, reforms should be sufficiently large so that the costs of registration are lower than the expected benefits. In addition, countries with relatively weaker business environments prior to reforms require relatively larger reforms to impact the number of newly registered LLCs.
    Keywords: G18 - Government Policy and Regulation, G38 - Government Policy and Regulation, L51 - Economics of Regulation, M13 - New Firms ; Startups
    Print ISSN: 0258-6770
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    Topics: Economics
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    Risky Business: Political Instability and Sectoral Greenfield Foreign Direct Investment in the Arab World (2016)
    Oxford University Press
    Details
    Publication Date: 2016-06-19
    Description: Which foreign direct investments are most affected by political instability? Analysis of quarterly greenfield investment flows into countries in the Middle East and North Africa during the period from 2003 to 2012 shows that adverse political shocks are associated with significantly reduced investment inflows in the non-resource tradable sectors. By contrast, investments in natural resource sectors and non-tradable activities appear insensitive to such shocks. Political instability is thus associated with increased reliance on non-tradables and aggravated resource dependence.
    Keywords: F21 - International Investment ; Long-Term Capital Movements, F23 - Multinational Firms ; International Business, O13 - Agriculture ; Natural Resources ; Energy ; Environment ; Other Primary Products, O16 - Economic Development: Financial Markets ; Saving and Capital Investment ; Corporate Finance and, P48 - Political Economy ; Legal Institutions ; Property Rights
    Print ISSN: 0258-6770
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    Topics: Economics
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    The Role of Regulation on Entry: Evidence from the Italian Provinces (2016)
    Oxford University Press
    Details
    Publication Date: 2016-06-19
    Description: This paper studies the effects of differences in local administrative burdens in Italy in the years 2005–2007 preceding a major reform that sped up firm registration procedures. Combining regulatory data from a survey on Italian provinces before the reform (costs and time to start a business) with industry-level entry rates of limited liability firms, I explore the effects of regulatory barriers on the average of the annual entry rates across industries with different natural propensities to enter the market. The estimates of the cross-sectional analysis show that lengthier and, to some extent, more costly procedures reduced entry in sectors with naturally high entry. A one-day delay in registration procedures reduces the entry rate in highly dynamic sectors by more than 1 percent. These results hold when I include measures of local financial development and of efficiency of bankruptcy procedures.
    Keywords: G18 - Government Policy and Regulation, G38 - Government Policy and Regulation, L51 - Economics of Regulation, M13 - New Firms ; Startups
    Print ISSN: 0258-6770
    Electronic ISSN: 1564-698X
    Topics: Economics
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    Grain Promotion and Food Consumption: Analysis of Chinese Provincial Data (2015)
    Oxford University Press
    Details
    Publication Date: 2015-05-12
    Description: China has long struggled to achieve food security. In the era of a planned economy, local self-sufficiency was dictated by policy. With China's transition to a market economy, however, different policy schemes have been utilized, with greater emphasis placed on the role of market forces, especially in conjunction with China's accession to the World Trade Organization in 2001. Nevertheless, self-sufficiency in grain production remains a deeply rooted goal, and interventionist measures geared towards its achievement are still viewed as the most direct and effective means of food security. This paper examines how the well-being of China's rural population, proxied by measures of food consumption, is affected by the promotion of grain production. Our findings suggest that targeted households bear a disproportionate burden of food security policy, as it is currently implemented.
    Keywords: O12 - Microeconomic Analyses of Economic Development, Q12 - Micro Analysis of Farm Firms, Farm Households, and Farm Input Markets, Q18 - Agricultural Policy ; Food Policy
    Print ISSN: 2040-5790
    Electronic ISSN: 2040-5804
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Measuring Food Access and Food Deserts for Policy Purposes{dagger} (2015)
    Oxford University Press
    Details
    Publication Date: 2015-05-12
    Description: Policymakers have dedicated increasing attention to whether Americans have access to healthful food. As a result, various methods for measuring food store access at the national level have been developed to identify areas that lack access. However, these methods face definitional, data, and methodological limitations. The focus on neighborhoods instead of individuals underestimates the barriers that some individuals face in accessing healthy food, and overestimates the problem in other neighborhoods. This paper reviews and critiques currently available national-level measures of food access. While multiple measures of food access are needed to understand the problem, we recommend greater attention be paid to individual measures of food store access.
    Keywords: I14 - Health and Inequality, I18 - Government Policy ; Regulation ; Public Health, Q18 - Agricultural Policy ; Food Policy
    Print ISSN: 2040-5790
    Electronic ISSN: 2040-5804
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Cover Page (2015)
    Oxford University Press
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    Publication Date: 2015-05-12
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    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Publication Date: 2015-05-12
    Print ISSN: 2040-5790
    Electronic ISSN: 2040-5804
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Implications of Health Care Reform for Farm Businesses and Families (2015)
    Oxford University Press
    Details
    Publication Date: 2015-05-12
    Description: The Affordable Care Act has implications for the source of health insurance for farm households and potentially how much of their time they allocate to off-farm jobs and even the rate at which new operators enter farming. The Act will likely have impacts for the 1% of farms defined to be large employers, which are required to provide coverage for their workers or pay a penalty. While a very small share of all farms, they account for upward of 40% of the production for some commodities. How they adjust their use of farm labor in response to the Affordable Care Act has implications for farm structure.
    Keywords: I18 - Government Policy ; Regulation ; Public Health, J32 - Nonwage Labor Costs and Benefits ; Private Pensions, Q12 - Micro Analysis of Farm Firms, Farm Households, and Farm Input Markets
    Print ISSN: 2040-5790
    Electronic ISSN: 2040-5804
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Inelastic and Fragmented Farm Supply Response for Second-generation Bioenergy Feedstocks: Ex Ante Survey Evidence from Wisconsin (2015)
    Oxford University Press
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    Publication Date: 2015-05-12
    Description: Second-generation bioenergy feedstocks stand poised to become a key component of the nation's agricultural and energy sectors, yet few studies have examined farm supply response using survey information. We use contingent valuation data from farmers in southwestern Wisconsin to develop ex ante supply estimates for two prospective feedstocks—corn stover and switchgrass—in terms of farmers' extensive and intensive acreage decisions. Supply response is found to be price inelastic and spatially fragmented, making widespread production unlikely in the near-term. However, heterogeneity in farmer reservation prices suggests that agglomerations or "hot spots" of feedstock supply could arise at local or regional levels.
    Keywords: Q12 - Micro Analysis of Farm Firms, Farm Households, and Farm Input Markets, Q16 - R&D ; Agricultural Technology ; Agricultural Extension Services, Q42 - Alternative Energy Sources
    Print ISSN: 2040-5790
    Electronic ISSN: 2040-5804
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Decomposing the Farmer's Share of the Food Dollar (2015)
    Oxford University Press
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    Publication Date: 2015-05-12
    Description: The Canadian farm share for five crop-based products and seven livestock-based products from 1997 to 2010 is calculated using a supply chain IO analysis. Significant differences exist in farm shares across food commodities with higher farm shares for livestock products and lower farm shares for grain-based products. The decline in the Canadian farm share for food consumed at home is driven in large part by the food purchasing habits of consumers. This paper also addresses the hypothesis that the decline in the Canadian farm share could be partially driven by rising input costs in post-farmgate processes or rising input costs that have greater impact on downstream sectors than primary agricultural producers. Three experiments were conducted to assess the impact of an increase in the cost of corn, energy, and farm labor would have on commodity output prices, farm returns, food expenditure, and farm share. In all three cases, the overall farm share increases, albeit by a small amount, suggesting that these shocks have a larger relative impact on the prices of agricultural commodities than the prices of marketing commodities used in post-farmgate activities. A two-period comparison of these simulations shows that energy (corn and farm labour) price shocks would have had a greater (lower) impact on the farm share in 2007 than 1997.
    Keywords: Q11 - Aggregate Supply and Demand Analysis ; Prices, Q13 - Agricultural Markets and Marketing ; Cooperatives ; Agribusiness, Q18 - Agricultural Policy ; Food Policy
    Print ISSN: 2040-5790
    Electronic ISSN: 2040-5804
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Food Insecurity and Food Access in U.S. Metropolitan Areas (2015)
    Oxford University Press
    Details
    Publication Date: 2015-05-12
    Description: Household food insecurity in the United States has reached its highest levels to date. As public and private initiatives have emerged to help improve diets by fostering access to food, the availability of more food stores may result in lower levels of food insecurity. In this article, we assess the relationship between adult food insecurity and food store density in metropolitan areas of the United States. We find that while small grocery/convenience stores show a mitigating effect on adult food insecurity across different samples of households, the effects of large supermarkets/grocery stores and supercenters vary. We also find that Supplemental Nutrition Assistance Program participation and food access can have a simultaneously beneficial effect in reducing adult food insecurity. Implications for policies aiming to improve food security by fostering access to food stores are discussed.
    Keywords: I14 - Health and Inequality, L81 - Retail and Wholesale Trade ; e-Commerce, Q18 - Agricultural Policy ; Food Policy
    Print ISSN: 2040-5790
    Electronic ISSN: 2040-5804
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Do Spanish Informal Caregivers Come to the Rescue of Dependent People with Formal Care Unmet Needs? (2015)
    Oxford University Press
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    Publication Date: 2015-05-12
    Description: This article analyzes the effect of formal care unmet needs on informal caregiving hours in Spain using two waves of the Informal Support Survey (1994, 2004). Testing for double sample selection from formal care and the emergence of unmet needs reveals that the omission of either variable causes underestimation of the number of informal caregiving hours. In the model for 2004, the selection term of the unmet needs equation is larger than that of the formal care equation, suggesting that the number of formal care recipients as a quality indicator may be confounding, if not completed with other quality indicators.
    Keywords: H41 - Public Goods, I10 - General, I11 - Analysis of Health Care Markets
    Print ISSN: 2040-5790
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    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Strengthening Market Linkages of Farm Households in Developing Countries (2015)
    Oxford University Press
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    Publication Date: 2015-05-12
    Description: Farm households in developing countries generally allocate a major portion of their resources to staple food production, mainly for self-consumption. Hence, many of them are more or less delinked from the market. It is well recognized, however, that market participation is crucial for farm households to ensure a flow of cash income, leading to poverty alleviation and improved livelihoods. Thus, it is meaningful to understand what factors affect farm households' decision to sell food crops, which is important for strengthening their linkages with markets. The empirical literature on impacts of market linkages has seldom focused on the determinants of market participation. Using rice farm households in Bangladesh and applying a double-hurdle model, this article demonstrates that the provision of general education and the development of agricultural infrastructure such as irrigation facilities can strengthen the market linkages of farm households by enhancing their marketable surplus through increased production. By contrast, rainfall beyond the optimum level, drought spells, and flood incidences can weaken market linkages by reducing their marketable surplus through decreased production. Specific policies such as investment in general education are drawn up based on the findings.
    Keywords: C24 - Truncated and Censored Models, D01 - Microeconomic Behavior: Underlying Principles, D13 - Household Production and Intrahousehold Allocation, Q12 - Micro Analysis of Farm Firms, Farm Households, and Farm Input Markets, Q13 - Agricultural Markets and Marketing ; Cooperatives ; Agribusiness
    Print ISSN: 2040-5790
    Electronic ISSN: 2040-5804
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Farmers' exposure to risk and their temporary water trading (2015)
    Oxford University Press
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    Publication Date: 2015-02-06
    Description: In this article, the role of water markets in helping farmers manage the risk of water shortage is studied. Using farm survey data from Australia's southern Murray–Darling Basin, one of the most active water markets in the world, we tested the relationship between farmers' exposure to risk and their decisions to purchase and sell water allocations (temporary water) on the market. Farmers experiencing higher variability in profit and facing more downside risk purchased greater volumes of water allocations in general. Purchasing water allocations on the market is found to be a risk-reducing strategy, in particular for farmers in the horticultural sector. There is only very weak evidence to support the notion that selling water allocations is associated with reduced risk exposure.
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Vertical price dependence structures: copula-based evidence from the beef supply chain in the USA (2015)
    Oxford University Press
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    Publication Date: 2015-02-06
    Description: The objective of this paper is to assess the degree and the structure of price dependence along the beef supply chain in the USA. This is pursued using the statistical tool of copulas, and monthly rates of price changes over the period 2000–2013. The analysis considers two pairs of markets, namely the pair farm–wholesale and the pair wholesale–retail. It turned out that price co-movement for the pair farm–wholesale is relatively strong and it is described with the Gumbel–Clayton copula, while that for the pair wholesale–retail is rather weak and it is described by the Gumbel copula. The empirical findings point to the existence of price transmission asymmetry, which is much more important for the pair wholesale–retail.
    Keywords: C13 - Estimation, Q11 - Aggregate Supply and Demand Analysis ; Prices
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Decentralised innovation systems and poverty reduction: experimental evidence from Central Africa (2015)
    Oxford University Press
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    Publication Date: 2015-02-06
    Description: We use experimental data to investigate whether a decentralised approach to promoting innovation in central African agriculture outperforms conventional extension approaches. Our main result is that this decentralised approach, based on so-called innovation platforms, is effective in reducing poverty – more effective than conventional extension approaches. However, we also document considerable heterogeneity in terms of platform performance.
    Keywords: O30 - General, Q10 - General
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Indirect expropriation and political risk insurance for energy projects (2015)
    Oxford University Press
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    Publication Date: 2015-04-14
    Description: Sellers and buyers of political risk insurance (PRI) ask a simple question about a claimed indirect expropriation: ‘Is it covered by the PRI policy?’ The answer is far from simple. This article investigates only one PRI coverage—compensation for indirect expropriatory conduct. Numerous definitional issues and uncertainties exist. Investors in energy projects and PRI insurance providers will therefore both benefit from direct and clear discussions about the scope of indirect expropriation cover under a PRI policy before the policy is purchased.
    Print ISSN: 1754-9957
    Electronic ISSN: 1754-9965
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Law , Economics
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    The importance of a strong force majeure clause in an unstable geopolitical environment (2015)
    Oxford University Press
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    Publication Date: 2015-04-14
    Description: A number of recent governmental actions have impacted energy companies' abilities to perform under contracts relating to the extraction and export of natural resources in countries such as Russia, Iraq, and Libya. What steps can a company take to protect itself when relations between oil-rich countries and the West deteriorate? Should a company continue performing under its contract at the risk of violating economic sanctions or should it refrain from performing and risk contractual liability? While tempting to assume that the relevant contract's force majeure provision will provide sufficient protection, force majeure is not a magic talisman that can always be invoked to avoid contractual obligations that have become too difficult to perform. This article analyzes relevant case law and model clauses published by the Association of International Petroleum Negotiators and the International Chamber of Commerce to provide practical guidance on force majeure situations resulting from government action and civil unrest.
    Print ISSN: 1754-9957
    Electronic ISSN: 1754-9965
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Law , Economics
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    Railroads, factor channelling and increasing returns: Cleveland and the emergence of the American manufacturing belt (2015)
    Oxford University Press
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    Publication Date: 2015-04-14
    Description: American Manufacturing Belt (AMB) emergence has been used by NEG theorists as a prime example of how increasing returns foster industrial concentration. Other studies suggest the AMB was in place before increasing returns became established. This study examines this previously unrecognized contradiction. An analysis of Cleveland, one of the fastest growing of AMB cities, is undertaken using new data sources. This finds the railroad sector crucial in generating direct employment and stimulating related industrial investment through forward and backward linkages. The former are associated with ‘factor channeling’—planned strategies to direct raw material flows to the city. NEG theorists’ under-emphasis on raw material provision and their use of the iceberg model to avoid analysis of the railroad sector is therefore found to be erroneous. The increasing returns hypothesis is evaluated using new data for several industrial sectors and rejected as a valid explanation for early manufacturing growth in Cleveland.
    Keywords: N61 - U.S. ; Canada: Pre-1913, N71 - U.S. ; Canada: Pre-1913, R15 - Econometric and Input-Output Models ; Other Models
    Print ISSN: 1468-2702
    Electronic ISSN: 1468-2710
    Topics: Geography , Economics
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    Global pipelines for innovation: insights from the case of Norway (2015)
    Oxford University Press
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    Publication Date: 2015-04-14
    Description: Using data on 418 Norwegian firms, the results confirm the hypotheses that innovative/radically innovative firms tend to be more involved in international personal and formal networks than non-innovative/incrementally innovative ones. While regional and national networks are much more widespread than international ones, they are not significantly positively associated with innovation. International personal networks and international links with suppliers and customers and with universities and research institutions, as well as global buzz with strangers, are positively related to innovation. This suggests that innovation management and policy, in particular in countries with a limited national innovation base, could benefit from facilitating certain international networks.
    Keywords: O31 - Innovation and Invention: Processes and Incentives, R00 - General
    Print ISSN: 1468-2702
    Electronic ISSN: 1468-2710
    Topics: Geography , Economics
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    Culture, spatial diffusion of ideas and their long-lasting imprints--evidence from Froebel's kindergarten movement (2015)
    Oxford University Press
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    Publication Date: 2015-04-14
    Description: We document the spatial diffusion of Friedrich Froebel’s radical invention of kindergartens in 19th-century Germany. The first kindergarten was founded at Froebel’s birthplace. Early spatial diffusion can be explained by cultural proximity, measured by historical dialect similarity, to Froebel’s birthplace. This result is robust to the inclusion of higher order polynomials in geographic distance and similarity measures with respect to industry, geography or religion. Our findings suggest that a common cultural basis facilitates the spill-over of ideas. We further show that the contemporaneous spatial pattern of child care coverage is still correlated with cultural similarity to Froebel’s place of birth.
    Keywords: J13 - Fertility ; Family Planning ; Child Care ; Children ; Youth, N33 - Europe: Pre-1913, Z13 - Economic Sociology ; Economic Anthropology
    Print ISSN: 1468-2702
    Electronic ISSN: 1468-2710
    Topics: Geography , Economics
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    Local warming and violent conflict in North and South Sudan (2015)
    Oxford University Press
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    Publication Date: 2015-04-14
    Description: Our article contributes to the emerging micro-level strand of the literature on the link between local variations in weather shocks and conflicts by focusing on a pixel-level analysis for North and South Sudan between 1997 and 2009. Temperature anomalies are found to strongly affect the risk of conflict, whereas the risk is expected to magnify in a range of 24–31% in the future under a median scenario. Our analysis also sheds light on the competition over natural resources, in particular water, as the main driver of such relationship in a region where pastoralism constitutes the dominant livelihood.
    Keywords: D74 - Conflict ; Conflict Resolution ; Alliances, O13 - Agriculture ; Natural Resources ; Energy ; Environment ; Other Primary Products, Q54 - Climate ; Natural Disasters ; Global Warming, R11 - Regional Economic Activity: Growth, Development, and Changes
    Print ISSN: 1468-2702
    Electronic ISSN: 1468-2710
    Topics: Geography , Economics
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    National Wage Trends and Migration in a Chinese Village Economy: A Micro Level Modeling Approach Based on a Composite Utility Function (2015)
    Oxford University Press
    Details
    Publication Date: 2015-04-18
    Description: China’s economy is experiencing a regime shift away from a fully elastic supply of labor from a large pool of rural surplus labor and toward a situation of increasing labor scarcity and rising wage rates. Moreover, faster wage increases in the regions of origin of many rural–urban migrants are likely to affect the dynamics of inter-regional migration. These wage trends have implications at the local level, in particular in a setting in which migration connects rural communities to the national labor market and in which migration is of high importance for the livelihoods of rural households. Taking a village perspective, this article develops a village computable general equilibrium model to study local impacts of current wage trends in China. As a central piece of the model, the role of access to migration for household livelihoods is recognized. Access to migration is linked to household demographics and included in the model through a composite utility function that captures household preferences and disutilities associated with alternative off-farm activities. Simulation results illustrate how households’ utility considerations affect migration responses to national wage changes. Statements about possible impacts on village level labor supply, land use, and agricultural production are made. When migration wages and local off-farm wages are simulated to increase, an overall increase in household and village migration and a higher supply of labor to local off-farm labor markets is accompanied by a contraction of farm production. Although land is reallocated between households with different migration responses, total agricultural output declines.
    Keywords: D13 - Household Production and Intrahousehold Allocation, J22 - Time Allocation and Labor Supply, J31 - Wage Level and Structure ; Wage Differentials, J43 - Agricultural Labor Markets, J61 - Geographic Labor Mobility ; Immigrant Workers, O12 - Microeconomic Analyses of Economic Development, Q12 - Micro Analysis of Farm Firms, Farm Households, and Farm Input Markets, R23 - Regional Migration ; Regional Labor Markets ; Population
    Print ISSN: 0002-9092
    Electronic ISSN: 1467-8276
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Making Time for Agricultural and Life Science Research: Technical Change and Productivity Gains (2015)
    Oxford University Press
    Details
    Publication Date: 2015-04-18
    Description: This work analyzes the research productivity of agricultural and life science faculty in U.S. Land Grant research universities from 1975 to 2005. Production function estimations that control for inputs and demographic characteristics reveal significant improvements after 1980 in faculty research productivity per unit time, especially in the non-top ten universities. Because, however, time available to faculty for research has decreased substantially in the past three decades, overall journal article output per faculty did not increase after the 1980s. Our findings demonstrate large productivity increases but raise concerns about the optimal allocation of faculty time.
    Keywords: I23 - Higher Education Research Institutions, O30 - General, Q10 - General
    Print ISSN: 0002-9092
    Electronic ISSN: 1467-8276
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Dealing with Uncertainty in Agent-Based Simulation: Farm-Level Modeling of Adaptation to Climate Change in Southwest Germany (2015)
    Oxford University Press
    Details
    Publication Date: 2015-04-18
    Description: Climate change will most likely confront agricultural producers with natural, economic, and political conditions that have not previously been observed and are largely uncertain. As a consequence, extrapolation from past data reaches its limits, and a process-based analysis of farmer adaptation is required. Simulation of changes in crop yields using crop growth models is a first step in that direction. However, changes in crop yields are only one pathway through which climate change affects agricultural production. A meaningful process-based analysis of farmer adaptation requires a whole-farm analysis at the farm level. We use a highly disaggregated mathematical programming model to analyze farm-level climate change adaptation for a mountainous area in southwest Germany. Regional-level results are obtained by simulating each full-time farm holding in the study area. We address parameter uncertainty and model underdetermination using a cautious calibration approach and a comprehensive uncertainty analysis. We deal with the resulting computational burden using efficient experimental designs and high-performance computing. We show that in our study area, shifted crop management time slots can have potentially significant effects on agricultural supply, incomes, and various policy objectives promoted under German and European environmental policy schemes. The simulated effects are robust against model uncertainty and underline the importance of a comprehensive assessment of climate change impacts beyond merely looking at crop yield changes. Our simulations demonstrate how farm-level models can contribute to a process-based analysis of climate change adaptation if they are embedded into a systematic framework for treating inherent model uncertainty.
    Keywords: C61 - Optimization Techniques ; Programming Models ; Dynamic Analysis, C63 - Computational Techniques, Q12 - Micro Analysis of Farm Firms, Farm Households, and Farm Input Markets, Q54 - Climate ; Natural Disasters ; Global Warming
    Print ISSN: 0002-9092
    Electronic ISSN: 1467-8276
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Optimal Sequential Plantings of Corn and Soybeans Under Price Uncertainty (2015)
    Oxford University Press
    Details
    Publication Date: 2015-04-18
    Description: Optimal crop choice and fertilizer applications depend on the stochastic dynamics of commodity prices, fertilizer prices, and the agronomic effects of rotation versus monoculture. The efficient decision rule accounts for real option values associated with maintaining land disposition in an environment with highly uncertain future prices and irreversible past planting decisions. We parameterize a baseline model for a representative acre in Iowa and compare the model's predictions and profits to relatively naive, shorter horizon decision rules, and a field managed with optimal fertilizer applications conditional on corn and soybeans always being rotated. We also examine the effects of a permanently larger premium on corn prices relative to soybean prices, which has been observed in locations near recently established ethanol plants. We then compare the various decision rules to actual crop choices in a panel of over 6,500 Iowa plots during 1979–2007. As compared to less forward-looking objectives, we find the agronomic benefits of rotations coupled with real option values can lead to a more inelastic response of planting decisions to both transitory and permanent price changes. Always rotating, regardless of prices, is close to optimal, but so are shorter-horizon objectives. One implication is that reduced corn monoculture and fertilizer application rates might be implemented with modest incentive payments of $4 per acre or less.
    Print ISSN: 0002-9092
    Electronic ISSN: 1467-8276
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Farmer Bargaining Power and Market Information Services (2015)
    Oxford University Press
    Details
    Publication Date: 2015-04-18
    Description: In many Sub-Saharan African countries, farmers typically have a choice between selling their products to traders who travel between villages and markets and transporting their products to the nearest market themselves. Because of communities’ remoteness and poor communications with marketplaces, farmers’ uncertainty about market prices is usually high. Traders may take advantage of farmers’ ignorance of the market price and extract a rent from them by offering very low prices for their products. In this article, we model bargaining interactions between farmers and traders meeting at the farmgate and we study how price information affects the bargain and the balance of power. We show the conditions for Market Information Services (MIS) to be profitable for farmers and examine efficiency issues associated with asymmetric information. Finally, we test the model’s prediction that information results in positive individual gain for farmers using original survey data collected in the Northern region of Ghana. Specifically, we estimate the causal effect of a mobile-based MIS program on farmers’ marketing performances and find that farmers who have benefited from the MIS program received significantly higher prices for maize and groundnuts: about 10% more for maize and 7% more for groundnuts than what they would have received had they not participated in the MIS program. These results suggest that the theoretical conditions for successful farmer use of MIS may be met in the field.
    Keywords: C78 - Bargaining Theory ; Matching Theory, D81 - Criteria for Decision-Making under Risk and Uncertainty, D83 - Search ; Learning ; Information and Knowledge ; Communication ; Belief, O12 - Microeconomic Analyses of Economic Development, O13 - Agriculture ; Natural Resources ; Energy ; Environment ; Other Primary Products
    Print ISSN: 0002-9092
    Electronic ISSN: 1467-8276
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Reimagining UKCS transfers: improving the effectiveness of the Master Deed and the UKCS transfer regime (2016)
    Oxford University Press
    Details
    Publication Date: 2016-03-30
    Description: When the Master Deed was conceived one of its core objectives was to expedite and simplify the United Kingdom Continental Shelf (UKCS) asset transfer regime. Although the Master Deed has had some successes since its introduction in 2003, its effectiveness in reducing the time and cost of asset transfers in the UKCS has been hindered by an inconsistent application of legal principles and the overtly adversarial legal and commercial culture that prevails in the UKCS. The UKCS’s viability to continue as a profitable producing basin is currently under threat as margins are squeezed by high producing costs and low commodity prices. During such times of increased financial pressure, it is imperative that regulators react to these challenges by developing and nurturing a regulatory environment that reduces administrative obstacles associated with asset transfers encouraging greater liquidity and investment. This article argues that with the support of a proactive and collaborative regulator, which safeguards the consistent application of transfer provisions, discards outdated methodologies and fosters a more collaborative culture between UKCS participants, the UKCS transfer regime has the potential to be one of the most dynamic and user friendly regimes of its kind. Maximizing the effectiveness of the transfer regime will ensure that the UKCS remains a competitive environment to carry out oil and gas operations, elongating its producing life and increasing overall hydrocarbon recovery.
    Print ISSN: 1754-9957
    Electronic ISSN: 1754-9965
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Law , Economics
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    The analysis of irreversibility, uncertainty and dynamic technical inefficiency on the investment decision in the Spanish olive sector (2015)
    Oxford University Press
    Details
    Publication Date: 2015-12-29
    Description: This study addresses irreversible investment decision-making in the context of uncertainty when allowing for inefficiency to be transmitted over time. Both irreversibility and persistence in technical inefficiency can lead to sluggish adjustment of quasi-fixed factors of production. The context of our application is the Spanish olive sector using farm-level data. We first estimate a dynamic stochastic frontier model to determine the long-run technical efficiency and its persistence. Then we address the decision to invest under uncertainty and irreversibility using a real option approach and include the technical inefficiency and its persistence in the simulation model to evaluate their impact in the investment decision. Technical efficiency in the dynamic model is 72.7 per cent, which is 5.5 per cent lower than the static framework suggests. We find that olive grove investment is irreversible. However, the level of persistence in technical inefficiency is fairly low, suggesting that efforts to mitigate price uncertainty can improve production returns to the Spanish olive sector.
    Keywords: D81 - Criteria for Decision-Making under Risk and Uncertainty, 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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    Tariffs and non-tariff frictions in the world wine trade (2015)
    Oxford University Press
    Details
    Publication Date: 2015-12-29
    Description: This article empirically investigates the impact of trade barriers on the world wine trade focusing on trade costs impeding exports, including transport, tariffs, technical barriers and sanitary and phytosanitary (SPS) standards. A gravity model is estimated using data from the main importing and exporting countries for the years 1997–2010. The Poison pseudo-maximum likelihood estimator accounts for heteroskedasticity and the presence of zero trade flows. Our results identify which regulations can adversely affect trade providing useful information to policy-makers involved in negotiations on trade frictions. While SPS measures do not seem to obstruct exports, technical barriers have a varying impact on trade. A decreasing trend for tariffs has largely been compensated by more stringent technical barriers. The overall result is that frictions in the world wine trade have not changed during the past 15 years.
    Keywords: F13 - Trade Policy ; International Trade Organizations, Q17 - Agriculture in International Trade, 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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    Intellectual property in plant breeding: comparing different levels and forms of protection (2015)
    Oxford University Press
    Details
    Publication Date: 2015-12-29
    Description: Welfare trade-offs between intellectual property (IP) protections provided by patents and by plant variety protection (PVP) are explored. PVP breeders’ exemption weakens IP protection, but may speed the transfer of research gains across firms. A model is developed assuming firms optimise research given existing IP protection. A baseline scenario supporting each system is used to perform welfare analysis, and study how the balance is altered between systems. Survey data suggest patents are more appropriate for longer-term, higher-risk research, whereas PVP is better suited for traditional breeding. A scenario where patents and licensing co-exist dominates PVP in all commercially relevant areas.
    Keywords: O31 - Innovation and Invention: Processes and Incentives, O34 - Intellectual Property Rights, Q16 - R&D ; Agricultural Technology ; Agricultural Extension Services
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Transgenic crops, production risk and agrobiodiversity (2015)
    Oxford University Press
    Details
    Publication Date: 2015-12-29
    Description: Do transgenic crops cause agrobiodiversity erosion? We hypothesise that they increase productivity and reduce production risk and may therefore reduce farmers' demand for on-farm varietal diversity, especially when only a few transgenic varieties are available. We also hypothesise that varietal diversity can be preserved when more transgenic varieties are supplied. These hypotheses are tested and confirmed with panel data for the case of transgenic cotton in India. Cotton varietal diversity in India, with over 90 per cent adoption of transgenic technology, is now at the same level than it was before the introduction of this technology. Some policy implications are discussed.
    Keywords: O44 Environment and Growth, Q12 - Micro Analysis of Farm Firms, Farm Households, and Farm Input Markets, Q57 - Ecological Economics: Ecosystem Services ; Biodiversity Conservation ; Bioeconomics
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Crop Yields and Global Food Security. Will Yield Increase Continue to Feed the World? (2015)
    Oxford University Press
    Details
    Publication Date: 2015-12-29
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    A comparison of hypothetical risk attitude elicitation instruments for explaining farmer crop insurance purchases (2015)
    Oxford University Press
    Details
    Publication Date: 2015-12-29
    Description: This article presents evidence on the stability and behavioural validity of alternative survey mechanisms for eliciting farmers' attitudes towards risk. Three hypothetical instruments are considered that differ in terms of the simplicity, context and payoff scale of the decision presented to respondents. Responses are assessed in terms of their relative ability to explain actual farmer crop insurance purchases. Results indicate that measures of risk attitudes are poorly correlated across alternative mechanisms. The strongest positive evidence of behavioural validity is found for the gamble task explicitly defined in the context and scale of farmers' economic activities pertaining to their insurance purchase decision.
    Keywords: D81 - Criteria for Decision-Making under Risk and Uncertainty, 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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    Production standards, competition and vertical relationship (2015)
    Oxford University Press
    Details
    Publication Date: 2015-12-29
    Description: This article investigates the collective choice of production standards by farmer and processor groups within a vertical food supply chain, taking into account their competition behaviours. We develop a general model to analyse the strategic motive of using standards to limit supply and shift rents between farmers and processors in the vertical chain. We find that a stringent standard can raise farmers' profit, but at the expense of processors. This is the case when the standard affects more variable costs than fixed cost of production, when the demand for the final product is inelastic, and when processors have a high degree of oligopoly power.
    Keywords: L13 - Oligopoly and Other Imperfect Markets, 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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    Is there a term structure in land lease rates? (2015)
    Oxford University Press
    Details
    Publication Date: 2015-12-29
    Description: This article applies the concept of a term structure to agricultural land rental prices. Based on theoretical considerations, we develop a hedonic pricing model that allows for different shapes of the term structure curve while controlling for other price-relevant characteristics. We apply this model to land lease contracts in Saxony-Anhalt. We find an upward-sloping term structure during the agricultural price boom in 2007 and 2008, where market participants expected increasing rental prices. For the subsequent years, however, we detect a single-humped term structure. Hence, market participants revised their expectations and assumed a decline of land rental prices in the long term.
    Keywords: D44 - Auctions, E43 - Determination of Interest Rates ; Term Structure of Interest Rates, Q15 - Land Ownership and Tenure ; Land Reform ; Land Use ; Irrigation
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Irrigation Decisions for Major West Coast Crops: Water Scarcity and Climatic Determinants (2015)
    Oxford University Press
    Details
    Publication Date: 2015-12-13
    Description: This article uses the 2007 Farm and Ranch Irrigation Survey database developed by the U.S. Department of Agriculture to assess the impact of water scarcity and climate on irrigation decisions for producers of specialty crops, wheat, and forage crops. We estimate an irrigation management model for major crops in the West Coast (California, Oregon, and Washington), which includes a farm-level equation of irrigated share and crop-specific equations of technology adoption and water application rate (orchard/vineyard, vegetable, wheat, alfalfa, hay, and pasture). We find that economic and physical water scarcity, climate, and extreme weather, such as frost, extreme heat, and drought, significantly impact producers’ irrigation decisions. Producers use sprinkler technologies or additional water applications to mitigate risk of crop damage from extreme weather. Water application rates are least responsive to surface water cost or groundwater well depth for producers of orchard/vineyard. Water supply institutions influence producers’ irrigation decisions. Producers who receive water from federal agencies use higher water application rates and are less likely to adopt water-saving irrigation technologies for some crops. Institutional arrangements, including access to distinct water sources (surface or ground) and whether surface water cost is fee based, also affect the responsiveness of water application rates to changes in surface water cost. The analysis provides valuable information about how producers in irrigated agricultural production systems would respond and adapt to water pricing policies and climate change.
    Keywords: Q12 - Micro Analysis of Farm Firms, Farm Households, and Farm Input Markets, Q15 - Land Ownership and Tenure ; Land Reform ; Land Use ; Irrigation, Q16 - R&D ; Agricultural Technology ; Agricultural Extension Services, Q18 - Agricultural Policy ; Food Policy, Q54 - Climate ; Natural Disasters ; Global Warming
    Print ISSN: 0002-9092
    Electronic ISSN: 1467-8276
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Hedging Supply Risks: An Optimal Water Portfolio (2015)
    Oxford University Press
    Details
    Publication Date: 2015-12-13
    Description: Although water supply diversification has been proposed as a solution to dwindling water reserves, the optimal mix of natural and manufactured sources of water remains largely unexplored. We develop a dynamic portfolio model of water supply that hedges against the supply risks from all potential water sources, by taking into account the size of water reserves, uncertainties of water flows as well as differences in supply costs. The optimal portfolio shares for an existing water supply system are derived and compared with the observed contributions to total water stock, revealing unexploited hedging opportunities between various naturally occurring water sources as well as a general over-reliance on manufactured water. The optimal solution implies that future supply augmentations should target natural sources of water ahead of manufactured water. It is estimated that the optimization of the water supply portfolio for a medium-sized city results in annual cost-savings of up to $463 million.
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    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    The Impact of Perceptions in Averting-decision Models: An Application of the Special Regressor Method to Drinking Water Choices (2015)
    Oxford University Press
    Details
    Publication Date: 2015-12-13
    Description: Households' monetary valuation of water quality is a prerequisite for efficient water resource management and the valuation of water quality protection policies. Individuals are commonly questioned about their perception of risk in valuation surveys based on stated-preference methods and revealed-preference methods such as averting-behavior models. These subjective and often discrete measures are commonly used to explain individuals' actions to protect themselves against these risks. Perceptions appear as endogenous variables in traditional theoretical averting-decision models but, quite surprisingly, endogeneity of perceived risk is not always controlled for in empirical studies. In this article, we argue that perceptions have to be treated as endogenous to averting decisions in order to produce accurate and reliable measures of households' valuation of water quality improvements. We present various binary averting decision models featuring an endogenous discrete variable (such as risk perception). In particular, we compare the traditional bivariate probit model with the special regressor model, which is less well-known and relies on a different set of assumptions. In the empirical illustration using household data from Australia, Canada, and France, we study how the perceived health impacts of tap water affect a household's decision to drink water from the tap. Individuals' perceptions are found to be endogenous and significant for all models, but the estimated marginal effect is sensitive to the chosen model. Our empirical application also includes some tests of the special regressor estimator's sensitivity to underlying assumptions.
    Keywords: C25 - Discrete Regression and Qualitative Choice Models, D12 - Consumer Economics: Empirical Analysis, Q53 - Air Pollution ; Water Pollution ; Noise ; Hazardous Waste ; Solid Waste ; Recycling
    Print ISSN: 0002-9092
    Electronic ISSN: 1467-8276
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Measuring Price Elasticities of Demand and Supply of Water Entitlements Based on Stated and Revealed Preference Data (2015)
    Oxford University Press
    Details
    Publication Date: 2015-12-13
    Description: Estimates of price elasticities of water entitlements (known as permanent water or water rights in the United States) are complicated by data limitations and problems of endogeneity. To overcome these issues, we develop an approach to generate stated preference data and combine them with revealed preference data to estimate price elasticities from various types of water entitlement sales in the southern Murray-Darling Basin, Australia. Our results suggest that price elasticities of demand and supply of high security water entitlements are inelastic in the relevant market price range between AUD ${{\$}}$ 1,700 to ${{\$}}$ 2,100 per mega-liter, and that supply is relatively more inelastic than demand. For lower reliability water entitlements, the price elasticity of demand is estimated to be even more inelastic than high security water entitlements. The price elasticity of supply for general security water entitlements is similar to high security water entitlements, while the supply of low reliability water entitlements is extremely inelastic for our data set. The comparison between the stated and revealed preference data provides strong evidence of support for a data fusion approach; nevertheless, some differences in water sale preferences were found for irrigators choosing not to sell all of their water. The consistency of our results signals support for the use of this methodology in other water basins around the world.
    Keywords: Q21 - Demand and Supply, Q25 - Water
    Print ISSN: 0002-9092
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    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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    Extension and Matching Grants for Improved Management: An Evaluation of the Uruguayan Livestock Program (2015)
    Oxford University Press
    Details
    Publication Date: 2015-12-13
    Description: Offering matching grants along with extension services is a common tool of agricultural development policy and has the potential to address some of the shortcomings of purely private or public extension. Yet the evidence for the effectiveness of programs that combine extension with matching grants is quite thin. We add to this evidence by evaluating the Uruguayan Livestock Program (ULP), a program that promoted the adoption of intensive management practices by small and medium-sized cattle producers by offering extension from private providers combined with matching grants for investments. Using inverse probability weighting as applied to an eight-year panel data set of cattle producers, we find that the ULP had large impacts on net sales and production of calves, but that program impacts on production and sales translated into modest net economic impacts overall. We examine the mechanisms that may have driven ULP impacts, and conclude that program impacts were likely caused by improved management practices rather than by loosening liquidity constraints on producers.
    Keywords: O13 - Agriculture ; Natural Resources ; Energy ; Environment ; Other Primary Products, O22 - Project Analysis, Q12 - Micro Analysis of Farm Firms, Farm Households, and Farm Input Markets, Q16 - R&D ; Agricultural Technology ; Agricultural Extension Services
    Print ISSN: 0002-9092
    Electronic ISSN: 1467-8276
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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