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Short Run (short + run)
Selected AbstractsInternational Capital Mobility in the Short Run and the Long Run: A Daily Data Study for Japan, Singapore and Taiwan*ASIAN ECONOMIC JOURNAL, Issue 1 2008Han-Min Hsing F32; F41; G15 Using daily data from between 1993 and 2003, covered interest differential and cointegration tests are applied to examine short-run and long-run international capital mobility for Japan, Singapore and Taiwan, and, for comparison purposes, the UK. Despite the high short-run mobility in Japan (Singapore and Taiwan), being slightly (significantly) lower than in the UK, perfect long-run mobility exists in all three Asian economies, especially when the Asian currency crisis is excluded. Different short-run and long-run mobility implies the existence of a response lag in the financial market. As expected, although the impulse response reaches the significant long-run equilibrium level shortly after the shock in the UK, lagged responses appear in the three Asian economies, particularly in Singapore and Taiwan. [source] Heart Rate Turbulence After Short Runs of Nonsustained Ventricular Tachycardia in Chronic Heart FailurePACING AND CLINICAL ELECTROPHYSIOLOGY, Issue 6 2007PANAYOTA FLEVARI M.D. Background:Heart rate turbulence (HRT) following isolated premature complexes is a baroreceptor-mediated prognostic marker. Short runs of spontaneous, nonsustained ventricular tachycardia (nsVT) exert a greater hemodynamic effect than extrasystoles and may trigger a more potent turbulence-like response (HRTVT), possibly related to other risk-related markers, such as heart rate variability (HRV), left ventricular ejection fraction (EF), and original HRT parameters (turbulence slope [TS] and turbulence onset [TO]). Methods:We studied 27 patients with heart failure (HF) and nsVT (4,7 beats) on 24-hour Holter electrocardiographic recordings (mean age 58 ± 3.6 years, EF 36%± 5.0%). Following nsVT, TSVT and TOVT were measured according to the original definitions. HRV, TS, and TO were also assessed. Results:HRTVT parameters were related to HRV. A significant relation existed between TSVT and EF (r= 0.66, P < 0.05). HRTVT parameters were related to the originally described (TS and TO), whereas TOVT was higher than TO (1.63 ± 1.6 vs ,1.7 ± 0.65, P < 0.05). Conclusions:In mild-to-moderate HF, turbulence is observed following short nsVT runs and is related to prognostically important HRV indexes and EF. HRTVT is similar to HRT but TOVT is shifted toward more positive values than TO. HRTVT might be prognostically significant. [source] Knowledge Life Cycle, Knowledge Inventory, and Knowledge Acquisition Strategies,DECISION SCIENCES, Issue 1 2010Andrew N. K. Chen ABSTRACT For a knowledge- and skill-centric organization, the process of knowledge management encompasses three important and closely related elements: (i) task assignments, (ii) knowledge acquisition through training, and (iii) maintaining a proper level of knowledge inventory among the existing workforce. Trade-off on choices between profit maximization in the short run and agility and flexibility in the long term is a vexing problem in knowledge management. In this study, we examine the effects of different training strategies on short-term operational efficiency and long-term workforce flexibility. We address our research objective by developing a computational model for task and training assignment in a dynamic knowledge environment consisting of multiple distinct knowledge dimensions. Overall, we find that organizational slack is an important variable in determining the effectiveness of training strategies. Training strategies focused on the most recent skills are found to be the preferred option in most of the considered scenarios. Interestingly, increased efficiencies in training can actually create preference conflict between employees and the firm. Our findings indicate that firms facing longer knowledge life cycles, higher slack in workforce capacity, and better training efficiencies actually face more difficult challenges in knowledge management. [source] WELFARE IMPACT OF A BAN ON CHILD LABORECONOMIC INQUIRY, Issue 4 2010JORGE SOARES This article presents a new rationale for imposing restrictions on child labor. In a standard overlapping generation model where parental altruism results in transfers that children allocate to consumption and education, the Nash-Cournot equilibrium results in suboptimal levels of parental transfers and does not maximize the average level of utility of currently living agents. A ban on child labor decreases children's income and generates an increase in parental transfers bringing their levels closer to the optimum, raising children's welfare as well as average welfare in the short run and in the long run. Moreover, the inability to work allows children to allocate more time to education, and it leads to an increase in human capital. Besides, to increase transfers, parents decrease savings and hence physical capital accumulation. When prices are flexible, these effects diminish the positive welfare impact of the ban on child labor. (JEL D91, E21) [source] Prudence and Pragmatism in the Fiscal StanceECONOMIC OUTLOOK, Issue 2 2000Simon Proce In this article, Simon Price argues that the government is pursuing a remarkably conservative fiscal policy. Not only has demand management been left almost entirely to the MPC, but since 1997 spending has been held down while the overall tax burden has been raised. Consequently, the relative size of the national debt is declining at a rapid rate. There are rules that are intended to govern debt policy, but they are based on less sound principles than the government argues, and may be inconsistent. Oddly, despite the emphasis on these rules, the government has announced a path for spending that makes it clear that it is in fact planning not to follow them. The government may be planning to reduce the national debt at an excessive rate. This may make sense in the short run, but is more problematic in the medium to long term. This is not to say fiscal policy should be immediately relaxed; the current low levels of private sector saving may well justify a temporarily tight fiscal stance. [source] Divergence of US and Local Returns in the After-market for Equity Issuing ADRsEUROPEAN FINANCIAL MANAGEMENT, Issue 3 2004Padma Kadiyala F30; G12; G14 Abstract We study one-year post-listing prices and returns to equity issuing ADRs that listed in the US between January 1991 and October 2000. ADRs from countries that impose restrictions on capital flows are priced at a premium to their home market ordinaries. While the mean premium for the full sample is statistically indistinguishable from zero, after an adjustment for asynchronous trading, the magnitude of the premium to ADRs from restricted markets is 11.33% at the 300-day post listing interval, which is statistically significant. In the short run (30 days) following listing, the magnitude of the premium is larger for ADRs with larger excess demand from US investors. At the longer 300-day horizon, Nasdaq listed ADRs earn a larger premium than their NYSE/AMEX listed counterparts. Time-series regressions and two-stage cross-sectional regressions establish that the premium to foreign equity issuers is greater if the US listing attracts liquidity and if US returns have a lower correlation with the local country index. [source] Understanding Pensions: Cognitive Function, Numerical Ability and Retirement Saving,FISCAL STUDIES, Issue 2 2007James Banks In a world of declining state pension provision, it is becoming increasingly important that individuals are able to understand the financial choices they face and can choose savings products, portfolios and contribution rates accordingly. In this paper, we look at numerical ability and other dimensions of cognitive function in a sample of older adults in England and examine the extent to which these abilities are correlated with various measures of wealth and retirement saving outcomes. As well as finding that relatively large fractions of the older population can be seen to have low levels of numeracy, we show that numeracy levels are strongly correlated with measures of retirement saving and investment portfolios, even when controlling for other dimensions of cognitive ability as well as educational attainment. Numeracy is also related to knowledge and understanding of pension arrangements, and with perceived financial security. In the short run, there may be a role for targeting simple retirement planning information at low-numeracy, low-education groups; a longer-run goal for retirement saving policy might be to improve numeracy levels more generally. [source] Nitrate leaching from cut grassland as affected by the substitution of slurry with nitrogen mineral fertilizer on two soil typesGRASS & FORAGE SCIENCE, Issue 1 2010J. J. Schröder Abstract A field experiment was conducted to find out whether there is any difference in risk of N leaching to groundwater when cattle slurry and/or mineral fertilizer-N was applied to cut grassland. The experiment was carried out over two consecutive years on two sites (one with a relatively wet sandy soil and one with a relatively dry sandy soil). Treatments were mineral fertilizer-N at annual rates of 0,510 kg N ha,1 year,1 and combinations of sod-injected cattle slurry (85, 170, 250 and 335 kg N ha,1 year,1) and mineral fertilizer-N (289, 238, 190 and 139 kg N ha,1 year,1). Yield responses indicated that in the short run, 0·44,0·88 (average 0·60) of the slurry-N was as available as mineral fertilizer-N. The total N input from mineral fertilizer and slurry was a worse predictor of nitrate leaching ( 0·11) than the N surplus (i.e. the difference between total N input and harvested N) ( 0·60). The effective N surplus, based on the difference between the summed inputs of the plant-available N and harvested N, proved to be the best indicator of leaching ( 0·86). Annual N application rates of up to 340 kg plant-available N ha,1 complied with the target nitrate concentration in groundwater of 11·3 mg N L,1 set by the European Union in both years on the wet sandy soil, whereas on the dry sandy soil none of the treatments did. [source] The role of permanent and transitory shocks in explaining international health expendituresHEALTH ECONOMICS, Issue 10 2008Paresh Kumar Narayan Abstract While there is a growing literature that examines the issue of cointegration (co-movement over the long run) among health expenditures, there are no studies that examine the issue of common cycles (co-movement over the short run) among health expenditures. We undertake a multivariate variance decomposition analysis of per capita health expenditures of the USA, the UK, Japan, Canada, and Switzerland based on a common-trend,common-cycle restriction framework, to examine the relative importance of permanent and transitory innovations in explaining variations in per capita health expenditures in each of the five countries. Our main finding is that transitory shocks are more important in explaining per capita health expenditures in the UK, Japan, and Switzerland, while permanent shocks dominate variations in per capita health expenditures in the USA and Canada over short horizons. Copyright © 2007 John Wiley & Sons, Ltd. [source] Swedish healthcare under pressureHEALTH ECONOMICS, Issue S1 2005Anders Anell Abstract Swedish healthcare, run by local governments at both the regional (county) and the municipal levels, has been under pressure during the last 15 years, following increased scrutiny of performance and demand for cost-containment. Health-care expenditures per capita and levels of resource inputs have grown, but more slowly than in other EU countries. At the same time, the number of elderly people has increased, as have options for medical treatment. In the late 1980s, several local governments referred to long waiting-lists for elective treatment and anecdotal evidence of inefficiency and poor responsiveness when arguing for market-oriented reforms. A purchaser,provider split followed, and so did changes in the payment systems for health-care providers. According to the available evidence, these reforms yielded an increased volume of services in the short run; but traditional hierarchical management soon replaced the new incentives. Moreover, evidence suggests that changes introduced by the national government, and the deteriorating funding conditions together with a continued use of new medical technology, have had more far-reaching effects on health-care output and outcome than local-government reforms. Copyright © 2005 John Wiley & Sons, Ltd. [source] The Transmission of US Monetary Policy to the Euro Area,INTERNATIONAL FINANCE, Issue 1 2010Stefano Neri This paper studies how changes in the federal funds rate by the US Federal Reserve affect the eurozone economy. In our analysis, the international transmission mechanism works through movements in the exchange rate, commodity prices, short-term interest rates and the trade balance. We find that an increase in the federal funds rate causes the euro to immediately depreciate, while commodity, and in particular oil, prices decline sharply, reflecting a decline in demand. Lower commodity prices stimulate household consumption in the short run, and the higher aggregate demand induces an expansion of eurozone economic activity. Our results show that the effects of changes in the federal funds rate on commodity prices are greater than previously found in the literature. Our analysis also assesses the likely effects on the eurozone economy of the European Central Bank's (ECB's) own responses to macroeconomic developments. We find that the expansionary effect of lower commodity prices and a depreciated euro on the eurozone economy is partially offset by the ECB increasing short-term nominal interest rates to curb inflationary pressures in an expanding economy. This result highlights the importance of commodity prices and the euro,dollar exchange rate as inputs into European monetary policy-making, as seen, for example, in the Eurosystem staff macroeconomic projections used by the Governing Council to assess the risks to price stability. [source] Total Factor Productivity and Monetary Policy: Evidence from Conditional Volatility,INTERNATIONAL FINANCE, Issue 2 2007Nicholas Apergis This paper empirically assesses whether monetary policy and its volatility affect real economic activity through their effect on the aggregate supply side of the macroeconomy. Analysts typically argue that monetary policy either does not affect the real economy (the classical dichotomy) or only affects the real economy in the short run through aggregate demand (new Keynesian or new classical theories). Real business cycle theorists try to explain the business cycle with supply-side productivity shocks. We provide some preliminary evidence about how monetary policy and its volatility affect the aggregate supply side of the macroeconomy through their effect on total factor productivity and its volatility. Total factor productivity provides an important measure of supply-side performance. The results show that monetary policy and its volatility exert a positive and statistically significant effect on the supply side of the macroeconomy. Moreover, the findings buttress the importance of reducing short-run swings in monetary policy variables as well as support the adoption of an optimal money supply rule. Our results also prove consistent with the effective role of monetary policy during the so-called ,Great Moderation' in US gross domestic product volatility beginning in the early 1980s. [source] Increasing returns to scale from variable capacity utilizationINTERNATIONAL JOURNAL OF ECONOMIC THEORY, Issue 3 2007Susheng Wang E32; D24 We propose a unique model in which the firm varies capacity utilization by a variable number of shifts when facing demand fluctuations. In the long run, the firm optimally chooses a capacity level based on expected demand conditions. In the short run, when facing excess demand, the firm can increase variable inputs and the number of shifts to intensify the use of existing capacity. By endogenizing cost, demand and variability of capacity utilization, we show that variable capacity utilization can lead to increasing returns to scale. Hence, we predict increasing returns to scale when an economy expands in a business cycle. [source] International tourism and economic development in South Africa: a Granger causality testINTERNATIONAL JOURNAL OF TOURISM RESEARCH, Issue 2 2010Oludele A. Akinboade Abstract One of the major objectives of macroeconomic policies in many developing countries is sustained economic growth, and South Africa has been striving to achieve and maintain this in various ways. One of these is through international tourism. Although international tourism contributes to the growth of many economies, it is in turn, impacted by growth in many developed countries. Real gross domestic product (GDP), international tourism earnings, real effective exchange rate and exports were analysed within a multivariate vector auto regressive model using annual data covering 1980,2005. The main focus of this study therefore was to demonstrate the direction of causality between international tourism earnings and long-run economic growth of South Africa, among other variables, using Granger causality analysis. The result obtained showed a unidirectional causality running from international tourism earnings to real GDP, both in the short run and in the long run. The error correction mechanism carried out also supported this causality. Copyright © 2009 John Wiley & Sons, Ltd. [source] Tourism demand response by residents of Latin American countriesINTERNATIONAL JOURNAL OF TOURISM RESEARCH, Issue 1 2009Manuel Vanegas Sr Abstract A general-to-specific methodology was used to build international tourism demand models by residents from Argentina, Brazil, Colombia and Venezuela to Aruba. We seek to evaluate demand parameters, especially elasticity values, which were disaggregated on a country-to-country basis. We also aim to learn more about the structure and important variables and investigate the process of adjustment. The study has provided new and compelling evidence that, in the short run, residents in developing countries respond rationally and substantially to economic stimulus. The short-run income elasticity ranges from the low of 1.52 for Venezuela to the high of 2.34 for Argentina. These results indicate that Aruba will benefit differently from income increases in these four Latin American countries. The coefficients of the price variable had the expected negative signs, inelastic in the short-run for all countries but significant at the 5% level for Venezuela only. Any deliberate effort to expand tourist arrivals will require a much larger decline in prices than would be the case in the presence of short-run elastic response. The adjustment elasticity, being less than one, suggests that a period of more than one year is required for Latin American residents to fully adjust their tourism decisions in response to demand shocks. This study would seem to provide some useful information about international tourism demand from developing to developing countries that could form a very good and solid basis for analyses and policy action. Copyright © 2008 John Wiley & Sons, Ltd. [source] Social, Economic and Demographic Consequences of Migration on KeralaINTERNATIONAL MIGRATION, Issue 2 2001K.C. Zachariah Migration has been the single most dynamic factor in the otherwise dreary development scenario of Kerala during the last quarter of the last century. It has contributed more to poverty alleviation and reduction in unemployment in Kerala than any other factor. As a result of migration, the proportion of the population below the poverty line has declined by 12 per cent. The number of unemployed persons , estimated to be only about 13 lakhs in 1998 compared with 37 lakhs reported by the Kerala Employment Exchanges , has declined by over 30 per cent. Migration has caused nearly a million married women in Kerala to live away from their husbands. Most of these so-called "Gulf wives" experienced extreme loneliness to begin with, and were burdened with added family responsibilities to which they had not been accustomed when their husbands were with them. But over a period, and with a helping hand from abroad over the ISD, most came out of their early gloom. Their gain in autonomy, status, management skills and experience in dealing with the world outside their homes were developed the hard way and would remain with them for the rest of their lives for the benefit of their families and society. In the long run, the transformation of these million women will have contributed more to the development of Kerala society than all the temporary euphoria created by remittances and modern gadgetry. Kerala is dependent on migration for employment, subsistence, housing, household amenities, institution building, and many other developmental activities. The danger is that migration could cease, as shown by the Kuwait war of 1993, and repercussions could be disastrous for the State. Understanding migration trends and instituting policies to maintain the flow of migration is more important today than at any time in the past. Kerala workers seem to be losing out in international competition for jobs in the Gulf market. Corrective policies are needed urgently to raise their competitive edge over workers in competing countries in South and South-East Asia. Like any other industry, migration from Kerala needs periodic technological upgrading of workers. Otherwise, there is a danger that the State might lose the Gulf market permanently. The crux of the problem is Kerala workers' inability to compete with expatriates from other South and South-East Asian countries. The solution lies in equipping workers with better general education and job training. This study suggests a twofold approach. In the short run, the need is to improve the job skills of prospective emigrant workers. This could be achieved through ad hoc training programmes focussed on the job market in Gulf countries. In the long run, the need is to restructure the educational system, taking into consideration the future demand of workers not only in Kerala but also in potential destination countries all over the world, including the US and other developed countries. Kerala emigrants need not always be construction workers in the Gulf countries; they could also be software engineers in developed countries. [source] The Significance of the September 11, 2001 Terrorist Attacks for United States-Bound Migration in the Western HemisphereINTERNATIONAL MIGRATION REVIEW, Issue 1 2002Christopher Mitchell The economic and political effects of the September 11 terrorist attacks weakened Latin American and Caribbean economies, reduced employment among Western Hemisphere immigrants living in the United States, and hindered new migrants' access to U.S. territory. Thus, the 9/11 events probably increased long-term motivations for northward migration in the hemisphere, while discouraging and postponing international population movement in the short run. In addition, the terrorist assaults dealt a sharp setback to a promising dialogue on immigration policies between the United States and Mexico. Those discussions had appeared to herald constructive new policies towards migration into the U.S. from Mexico and possibly other nations in the hemisphere. A series of significant international migrant flows in South and Central America and in the Caribbean, not involving the United States, are unfortunately beyond the scope of this brief essay. I will first describe the consequences of the September 11 assaults for U.S.-bound migration in the hemisphere, before turning to consider future social, economic and policy paths. [source] An application of terror management theory in the design of social and health-related anti-smoking appealsJOURNAL OF CONSUMER BEHAVIOUR, Issue 3 2010Ingrid M. Martin Marketers and public policy makers continue to be plagued with the problem of creating effective communications, which can increase the probability of complying with risk avoidance behavior related to smoking. Using Terror Management Theory (TMT) as a theoretical basis, we provide a rationale as to why traditional anti-smoking appeals focusing on negative health consequences are not impactful. We use the implications of the theory to predict and show that an appeal focusing on social exclusion should be more motivating than a health appeal to encourage smokers to quit in the short and long run. Specifically, we conduct an experiment designed to investigate the impact of mortality salience and self-esteem on whether college-age smokers will comply with anti-smoking messages. We observe that social exclusion messages compared to health effect messages are particularly effective in reducing intentions to smoke for college-age smokers who derive their self-esteem in part from smoking. Overall, our results show that mortality salience interacts with self-esteem in terms of influencing the probability of smoking in the short run and that social exclusion appeals have a stronger impact than health-related appeals both in reducing long run smoking intention and emphasizing the salience of health-related consequences of smoking. Copyright © 2009 John Wiley & Sons, Ltd. [source] SOX 404 and ERM: Perfect partners , or not?JOURNAL OF CORPORATE ACCOUNTING & FINANCE, Issue 3 2007Jeffrey C. Thomson The Sarbanes-Oxley Act (SOX) Section 404 regulations and guidance have had a large impact on the adoption of enterprise risk management (ERM) in the United States. In the short run, SOX 404 has impeded the adoption of risk-based approaches because of its rules that are totally counter to a holistic, risk-based approach. In the longer run, SOX provides an opportunity for even faster adoption of ERM,but only if there is more radical thinking on the part of regulators and practitioners alike in training, education, and certification of this body of knowledge. © 2007 Wiley Periodicals, Inc. [source] HIGH-FREQUENCY ANALYSIS OF FOREIGN EXCHANGE INTERVENTIONS: WHAT DO WE LEARN?JOURNAL OF ECONOMIC SURVEYS, Issue 1 2010Lukas Menkhoff Abstract The high-frequency analysis of foreign exchange dynamics is helpful in order to better identify the impact of central bank interventions. Evidence robustly shows that interventions do indeed move the exchange rate level in the desired direction. Interventions increase volatility in the short run as they are regarded as information; but they can reduce volatility overall. Ways of transmission may reach beyond the signalling channel and also include the portfolio balance and a damping channel. Finally, interventions are more successful if they obey certain conditions, such as being coordinated among central banks and going with the market and fundamentals. [source] Privatization, Labor and Social Safety NetsJOURNAL OF ECONOMIC SURVEYS, Issue 5 2001Sanjeev Gupta Privatization promotes economic efficiency and growth, thereby reinforcing macroeconomic adjustment. In the short run, however, it can lead to job losses and wage cuts for workers. This paper discusses these adverse impacts of privatization in terms of various methods of privatization and surveys the existing empirical evidence. It finds that public sales and auctions can have stronger negative effects on workers but maximize the government's revenue. Policymakers' options for mitigating the social impact of privatization are surveyed. [source] Monetary Policy and the Stock Market: Theory and Empirical EvidenceJOURNAL OF ECONOMIC SURVEYS, Issue 4 2001Peter Sellin This paper gives a comprehensive review of the literature on the interaction between real stock returns, inflation, and money growth, with a special emphasis on the role of monetary policy. This is an area of research that has interested monetary and financial economists for a long time. Monetary economists have been interested in the question whether money has any effect on real stock prices, while financial economists have investigated whether equity is a good hedge against inflation. Empirical studies show that money can be helpful in predicting future stock returns. Empirical evidence also suggest that equity is not a good hedge against inflation in the short run but may be so in the long run. The short-run negative relation between stock returns and inflation can easily be explained by theoretical models. If the central bank conducts a countercyclical monetary policy this will result in a negative relation between inflation and stock returns, while if it conducts a procyclical policy we could observe a positive relation. According to both theoretical and empirical studies investors receive an inflation risk premium for holding equity. [source] Can paying for results help to achieve the Millennium Development Goals?JOURNAL OF EVIDENCE BASED MEDICINE, Issue 2 2009Overview of the effectiveness of results-based financing Abstract Objective Results-based financing and pay-for-performance refer to the transfer of money or material goods conditional on taking a measurable action or achieving a predetermined performance target. Results-based financing is widely advocated for achieving health goals, including the Millennium Development Goals. Methods We undertook an overview of systematic reviews of the effectiveness of RBF. We searched the Cochrane Library, EMBASE, and MEDLINE (up to August 2007). We also searched for related articles in PubMed, checked the reference lists of retrieved articles, and contacted key informants. We included reviews with a methods section that addressed the effects of any results-based financing in the health sector targeted at patients, providers, organizations, or governments. We summarized the characteristics and findings of each review using a structured format. Results We found 12 systematic reviews that met our inclusion criteria. Based on the findings of these reviews, financial incentives targeting recipients of health care and individual healthcare professionals are effective in the short run for simple and distinct, well-defined behavioral goals. There is less evidence that financial incentives can sustain long-term changes. Conditional cash transfers to poor and disadvantaged groups in Latin America are effective at increasing the uptake of some preventive services. There is otherwise very limited evidence of the effects of results-based financing in low- or middle-income countries. Results-based financing can have undesirable effects, including motivating unintended behaviors, distortions (ignoring important tasks that are not rewarded with incentives), gaming (improving or cheating on reporting rather than improving performance), widening the resource gap between rich and poor, and dependency on financial incentives. Conclusion There is limited evidence of the effectiveness of results-based financing and almost no evidence of the cost-effectiveness of results-based financing. Based on the available evidence and likely mechanisms through which financial incentives work, they are more likely to influence discrete individual behaviors in the short run and less likely to create sustained changes. [source] Determining the causality between retail price and consumer demand in a linear function when demand-shift variables are missing but wholesale prices are availableAGRIBUSINESS : AN INTERNATIONAL JOURNAL, Issue 2 2005W. Erno Kuiper A test procedure is proposed to test for the simultaneous nature of the relationship between price and quantity with respect to consumer demand of fresh products at the level of an individual retail chain. It is argued in the literature that, on the sector level, inverse demand systems in which quantities are exogenous and prices are the dependent variables are better able to describe consumer demand behavior in case of perishable products whose quantities may be treated as fully price inelastic in the short run. Nevertheless, applying our test procedure to six fresh vegetable products sold by a Dutch supermarket chain reveals that consumer demand for fresh products is better described by a simultaneous price,quantity relationship. [EconLit citations: C320, D420, Q110.] © 2005 Wiley Periodicals, Inc. Agribusiness 21: 167,176, 2005. [source] Free-rider effects of generic advertising: The case of salmonAGRIBUSINESS : AN INTERNATIONAL JOURNAL, Issue 3 2003Henry W. Kinnucan The free-rider effects of commodity promotion are a neglected issue in the empirical literature. This study addresses the lacuna by considering the salmon promotion program conducted by the Norwegian Seafood Export Council. Specifically, a model of the world salmon market is used to indicate returns to Norwegian producers from NSEC's marketing activities, but also returns to Norway's international competitors. Results suggest program intensification would have a positive effect on total (worldwide) producer surplus in the short run, but the gain's distribution is uneven. Specifically, Norway would receive 23% of the gain compared to 48% for United Kingdom producers. By way of comparison, Norway and UK world trade shares are 47 and 16%, respectively. The disproportionate gains to UK producers are due to a double free ride: from the export tax used to fund the advertising increase, and from the advertising itself. [EconLit citations: L660, Q130, Q170]. © 2003 Wiley Periodicals, Inc. Agribusiness 19: 315,324, 2003. [source] An error corrected almost ideal demand system for major cereals in KenyaAGRICULTURAL ECONOMICS, Issue 1 2010Jonathan M. Nzuma Error correction model; AIDS; Cereal consumption; Kenya Abstract Despite significant progress in theory and empirical methods, the analysis of food consumption patterns in developing countries, particularly those in Sub-Saharan Africa (SSA), has received very limited attention. An attempt is made in this article to estimate an Error Corrected Almost Ideal Demand System for four major cereals consumed in Kenya employing annual data from 1963 to 2005. This demand system performs well on both theoretical and empirical grounds. The symmetry and homogeneity conditions are supported by the data and the,Le Chatelier,principle holds. Empirically, all own-price elasticities are negative and significant at 5% level and irrespective of the time horizon, maize, wheat, rice, and sorghum may be considered as necessities in Kenya. While the expenditure elasticities of all four cereals are positive, they are inelastic both in the short run and in the long run. Finally, wheat and rice complement maize consumption in Kenya while sorghum acts as a substitute. Since cereal consumers have price and income inelastic responses, a combination of income and price-oriented policies could improve cereal consumption in Kenya. [source] Short and long-run returns to agricultural R&D in South Africa, or will the real rate of return please stand up?AGRICULTURAL ECONOMICS, Issue 1 2000David Schimmelpfennig Abstract This paper briefly presents the results of a total factor productivity (TFP) study of South African commercial agriculture, for 1947-1997, and illustrates some potential pitfalls in rate of return to research (ROR) calculations. The lag between R&D and TFP is analyzed and found to be only 9 years, with a pronounced negative skew, reflecting the adaptive focus of the South African system. The two-stage approach gives a massive ROR of 170%. The predetermined lag parameters are then used in modeling the knowledge stock, to refine the estimates of the ROR from short- and long-run dual profit functions. In the short run, with the capital inputs treated as fixed, the ROR is a more reasonable 44%. In the long run, with adjustment of the capital stocks, it rises to 113%, which would reflect the fact that new technology is embodied in the capital items. However, the long-run model raises a new problem since capital stock adjustment takes 11 years, 2 years longer than the lag between R&D and TFP. If this is assumed to be the correct lag, the ROR falls to 58%, a best estimate. The paper draws attention to the possible sensitivity of rate of return calculations to assumed lag structure, particularly when the lag between changes in R&D and TFP is skewed. [source] The Liquidity Demand for Corporate Property InsuranceJOURNAL OF RISK AND INSURANCE, Issue 2 2006Arthur Hau This article suggests that liquidity may be an important reason for a corporation to purchase property insurance. A model of a risk-neutral producer facing an endogenously determined risk of property damage under an output contract that penalizes underproduction is formulated to exemplify such a real need of liquidity. Under the output contract, the producer may purchase full unfavorable property insurance even when postloss financing is available. Surprisingly, the conclusion may still hold when the cost of postloss financing equals that of long-term capital, provided that the rate of underproduction penalty is sufficiently high. Similar conclusions apply when postloss financing is replaced by planned internal reserve (self-insurance) that may be invested in the short run at an interest rate that is lower than the long-term cost of capital. When the capital market is perfect, however, the holding of planned internal reserve eliminates the purchase of actuarially unfavorable property insurance. [source] Strategic Interactions in a Growth Model with Infrastructure CapitalMETROECONOMICA, Issue 4 2002Akihisa Shibata A dynamic game growth model with infrastructure capital is analyzed and it is shown that the pattern of growth can be either endogenous or exogenous depending on agents' commitment behavior. If the agents commit their future actions, there is a unique Nash equilibrium with endogenous growth. However, if they cannot commit their future actions and they condition their actions on the state variable at each time, then for any level of infrastructure capital there exist infinitely many equilibria: some of them exhibit endogenous growth and others show no growth in the long run (or even in the short run). [source] The processing of a Benzo(a)pyrene adduct into a frameshift or a base substitution mutation requires a different set of genes in Escherichia coliMOLECULAR MICROBIOLOGY, Issue 2 2000Nathalie Lenne-Samuel Replication through a single DNA lesion may give rise to a panel of translesion synthesis (TLS) events, which comprise error-free TLS, base substitutions and frameshift mutations. In order to determine the genetic control of the various TLS events induced by a single lesion, we have chosen the major N2-dG adduct of (+)- anti -Benzo(a)pyrene diol epoxide [(+)- anti -BPDE] adduct located within a short run of guanines as a model lesion. Within this sequence context, in addition to the major event, i.e. error-free TLS, the adduct also induces base substitutions (mostly G , T transversions) and ,1 frameshift mutations. The pathway leading to G , T base substitution mutagenesis appears to be SOS independent, suggesting that TLS is most probably performed by the replicative Pol III holoenzyme itself. In contrast, both error-free and frameshift TLS pathways are dependent upon SOS-encoded functions that belong to the pool of inducible DNA polymerases specialized in TLS (translesional DNA polymerases), namely umuDC (Pol V) and dinB (Pol IV). It is likely that, given the diversity of conformations that can be adopted by lesion-containing replication intermediates, cells use one or several translesional DNA polymerases to achieve TLS. [source] | ||||||||||||||||||||||||||||||||||