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Prices
Kinds of Prices Terms modified by Prices Selected AbstractsPRICE AND EFFICIENCY EFFECTS OF TAXES AND SUBSIDIES FOR AUSTRALIAN HOUSINGECONOMIC PAPERS: A JOURNAL OF APPLIED ECONOMICS AND POLICY, Issue 2 2007PETER ABELSON This paper quantifies the major subsidies and taxes that affect housing, the impacts on house prices and housing consumption, and the efficiency effects. Private housing receives an estimated net subsidy of $6.3 billion per annum. Most of this subsidy accrues to homeowners, who as a group receive about an 8% subsidy on imputed gross rentals. The rental sector receives a subsidy of approximately 0.4% of rents. On plausible (unitary elasticity) demand and supply assumptions, the homeowner subsidy increases all housing prices by about 2% and total housing consumption by about 2%, with the rise in consumption by home owners more than offsetting the fall in consumption by renters. The housing subsidy produces an estimated deadweight loss from expenditure on renovations of about $100 million per annum. However, contrary to previous work, the paper finds that the housing subsidy produces welfare gains from expenditure on new housing in the order of $187 million a year. This arises because the subsidy offsets the over-regulated supply of new housing. Transaction taxes on housing have a separate deadweight loss of $375 million per annum. Also, the unequal treatment of homeowners and renters creates a small annual deadweight loss. [source] THE COMBINED EFFECT OF DONATION PRICE AND ADMINISTRATIVE INEFFICIENCY ON DONATIONS TO US NONPROFIT ORGANIZATIONSFINANCIAL ACCOUNTABILITY & MANAGEMENT, Issue 1 2009Fred A. Jacobs We examine the effects that two accounting measures of nonprofit organization (NPO) inefficiency, administrative inefficiency and donation price, have on donations to US NPOs using a better-specified model and industry-specific samples. Although numerous studies examine the effect that donation price has on donations (e.g., Marudas and Jacobs, 2006; Marudas, 2004; Khanna and Sandler, 2000; and Tinkelman, 1999), only three studies examine the effect of administrative inefficiency on donations (Tinkelman and Mankaney, 2007; Frumkin and Kim, 2001; and Greenlee and Brown, 1999). However, none of these studies tests donation price and administrative inefficiency in one model and only two test industry-specific samples of NPOs. We find that misspecifying the model by including only one of these two inefficiency measures creates substantial bias and the effect of administrative inefficiency on donations varies substantially across industries. Administrative inefficiency has a significantly negative effect on donations to NPOs in the full sample and the philanthropy sample, but no significant effect on donations to NPOs in the arts, education, health, or human services samples. Furthermore, donation price has a significantly negative effect on donations to NPOs in the full sample and the education, health and human services samples, but not in the arts or philanthropy samples. Results are also reported for the other variables in the model , government support, program service revenue, fundraising and organizational age, wealth and size. [source] THE PRICE OF METAPHORHISTORY AND THEORY, Issue 1 2005JOSEPH FRACCHIA ABSTRACT In his critical response to our skeptical inquiry, "Does Culture Evolve?" (History and Theory, Theme Issue 38 [December 1999], 52,78), W. G. Runciman affirms that "Culture Does Evolve." However, we find nothing in his essay that convinces us to alter our initial position. And we must confess that in composing an answer to Runciman, our first temptation was simply to urge those interested to read our original article,both as a basis for evaluating Runciman's attempted refutation of it and as a framework for reading this essay, which addresses in greater detail issues we have already raised. Runciman views the "selectionist paradigm" as a "scientific""puzzle-solving device" now validated by an "expanding literature" that has successfully modeled social and cultural change as "evolutionary." All paradigms, however, including scientific ones, give rise to self-validating "normal science." The real issue, accordingly, is not whether explanations can be successfully manufactured on the basis of paradigmatic assumptions, but whether the paradigmatic assumptions are appropriate to the object of analysis. The selectionist paradigm requires the reduction of society and culture to inheritance systems that consist of randomly varying, individual units, some of which are selected, and some not; and with society and culture thus reduced to inheritance systems, history can be reduced to "evolution." But these reductions, which are required by the selectionist paradigm, exclude much that is essential to a satisfactory historical explanation,particularly the systemic properties of society and culture and the combination of systemic logic and contingency. Now as before, therefore, we conclude that while historical phenomena can always be modeled selectionistically, selectionist explanations do no work, nor do they contribute anything new except a misleading vocabulary that anesthetizes history. [source] PRICE: primitive centred schemes for hyperbolic systemsINTERNATIONAL JOURNAL FOR NUMERICAL METHODS IN FLUIDS, Issue 12 2003E. F. Toro Abstract We present first- and higher-order non-oscillatory primitive (PRI) centred (CE) numerical schemes for solving systems of hyperbolic partial differential equations written in primitive (or non-conservative) form. Non-conservative systems arise in a variety of fields of application and they are adopted in that form for numerical convenience, or more importantly, because they do not posses a known conservative form; in the latter case there is no option but to apply non-conservative methods. In addition we have chosen a centred, as distinct from upwind, philosophy. This is because the systems we are ultimately interested in (e.g. mud flows, multiphase flows) are exceedingly complicated and the eigenstructure is difficult, or very costly or simply impossible to obtain. We derive six new basic schemes and then we study two ways of extending the most successful of these to produce second-order non-oscillatory methods. We have used the MUSCL-Hancock and the ADER approaches. In the ADER approach we have used two ways of dealing with linear reconstructions so as to avoid spurious oscillations: the ADER TVD scheme and ADER with ENO reconstruction. Extensive numerical experiments suggest that all the schemes are very satisfactory, with the ADER/ENO scheme being perhaps the most promising, first for dealing with source terms and secondly, because higher-order extensions (greater than two) are possible. Work currently in progress includes the application of some of these ideas to solve the mud flow equations. The schemes presented are generic and can be applied to any hyperbolic system in non-conservative form and for which solutions include smooth parts, contact discontinuities and weak shocks. The advantage of the schemes presented over upwind-based methods is simplicity and efficiency, and will be fully realized for hyperbolic systems in which the provision of upwind information is very costly or is not available. Copyright © 2003 John Wiley & Sons, Ltd. [source] CRITICAL PRICE NEAR MATURITY FOR AN AMERICAN OPTION ON A DIVIDEND-PAYING STOCK IN A LOCAL VOLATILITY MODELMATHEMATICAL FINANCE, Issue 3 2005Etienne ChevalierArticle first published online: 10 JUN 200 We consider an American put option on a dividend-paying stock whose volatility is a function of the stock value. Near the maturity of this option, an expansion of the critical stock price is given. If the stock dividend rate is greater than the market interest rate, the payoff function is smooth near the limit of the critical price. We deduce an expansion of the critical price near maturity from an expansion of the value function of an optimal stopping problem. It turns out that the behavior of the critical price is parabolic. In the other case, we are in a less regular situation and an extra logarithmic factor appears. To prove this result, we show that the American and European critical prices have the same first-order behavior near maturity. Finally, in order to get an expansion of the European critical price, we use a parity formula for exchanging the strike price and the spot price in the value functions of European puts. [source] IMPACT OF RISK AVERSION ON THE OPTIMAL ROTATION WITH STOCHASTIC PRICENATURAL RESOURCE MODELING, Issue 3 2008PEICHEN GONG Abstract This paper examines the effect of risk aversion on the optimal rotation when the stumpage price is stochastic. Assuming that the stumpage price is normally distributed, we show that the optimal rotation under risk aversion may be shorter than, equal to, or longer than the corresponding optimal rotation under risk neutrality. Which of these cases holds true depends on the interest rate and the real regeneration cost, and can be determined based on the marginal variance (i.e., the derivative of the variance function with respect to rotation age) evaluated at the optimal rotation under risk neutrality. Furthermore, we show that there exists a monotone continuous curve, which divides the interest rate-regeneration cost space into two regions where risk aversion affects the optimal rotation differently. For a given interest rate, risk aversion shortens (prolongs) the optimal rotation if the regeneration cost lies below (above) the curve. Along the separating curve the optimal rotation under risk aversion coincides with the optimal rotation under risk neutrality. Two examples are presented to demonstrate the separating curve and the impacts of risk aversion on the optimal rotation. [source] LAND PRICE, COLLATERAL AND ECONOMIC GROWTH,THE JAPANESE ECONOMIC REVIEW, Issue 4 2009MASAYA SAKURAGAWA This paper extends Kiyotaki and Moore's (1997) to an endogenous growth model and investigates the dynamic properties of a growing economy with binding credit constraint when land is used not only as an input of production but also as collateral. There exists a balanced growth path in an economy with binding credit constraint. In response to a once and for all productivity shock, the developed model shows the propagation mechanism among output, capital, bank credit and the land price in terms of the growth rate. The model's tractability allows us to derive interesting qualitative and quantitative findings on business cycles. [source] A FURTHER EXAMINATION OF THE PRICE AND VOLATILITY IMPACT OF STOCK DIVIDENDS AT EX-DATES,AUSTRALIAN ECONOMIC PAPERS, Issue 3 2005BALASINGHAM BALACHANDRAN We examine the price and volatility reaction around stock dividend ex-dates for an Australian sample, over the period January 1992 to December 2000. We find that price reaction around stock dividend ex-dates provides positive abnormal returns both prior, and subsequent, to the abolishment of par value of shares in July 1998. When we partitioned the sample into financial, industrial non-financial and mining firms, the price reaction is found to be positive and significant only for industrial non-financial companies. Volatility of daily returns for periods subsequent to ex-dates is significantly greater than corresponding periods prior to announcement dates, while cumulative raw returns subsequent to ex-dates are significantly lower than periods prior to announcement dates for industrial non-financial companies. The magnitude of the price reaction is statistically significantly related to an increase in the volatility of daily returns and to a reduction in cumulative raw returns subsequent to the ex-dates, for industrial non-financial companies. These findings support buying pressure hypothesis suggested by Dhatt et al. (1994, 1996). [source] THE IMPACT OF PRICES AND CONTROL POLICIES ON CIGARETTE SMOKING AMONG COLLEGE STUDENTSCONTEMPORARY ECONOMIC POLICY, Issue 2 2001C Czart Smoking among youths and young adults rose throughout the 1990s. Numerous policies were enacted to try to reverse this trend. However, little is known about the impact these policies have on the smoking behavior of young adults. This article uses a dichotomous indicator of daily smoking participation in the past 30 days, an ordered measure representing the frequency of cigarette consumption, and a quasi-continuous measure of the number of cigarettes smoked per day on average to examine the impact of cigarette prices, clean indoor air laws, and campus-level smoking policies on the smoking behaviors of a 1997 cross section of college students. The results of the analysis indicate that higher cigarette prices are associated with lower smoking participation and lower levels of use among college student smokers. Local- and state-level clean indoor air restrictions have a cumulative impact on the level of smoking by current smokers. Complete smoking bans on college campuses are associated with lower levels of smoking among current smokers but have no significant impact on smoking participation. Bans on cigarette advertising on campus as well as bans on the sale of cigarettes on campus have no significant effect on the smoking behavior of college students. [source] BOOM BUST: HOUSE PRICES, BANKING AND THE DEPRESSION OF 2010ECONOMIC AFFAIRS, Issue 4 2005John Calverley No abstract is available for this article. [source] SHOULD OIL PRICES RECEIVE SO MUCH ATTENTION?ECONOMIC INQUIRY, Issue 4 2008AN EVALUATION OF THE PREDICTIVE POWER OF OIL PRICES FOR THE U.S. ECONOMY This paper evaluates the potential gains from using oil prices to forecast a variety of measures of inflation, economic activity, and monetary policy,related variables. With a few exceptions, oil prices do not have any predictive content for these variables. This finding is robust to the use of rolling forecast windows, the use of industry-level data, changes in the forecast horizon, and allowing for nonlinearities. (JEL Q43, E37, C32) [source] A CROSS-COUNTRY ANALYSIS OF EXPORT PRICES IN OECD COUNTRIESECONOMIC PAPERS: A JOURNAL OF APPLIED ECONOMICS AND POLICY, Issue 4 2006ABBAS VALADKHANI This article distinguishes the extent to which export price variation consists of global versus country-specific changes for fourteen OECD countries. We find that sharp changes in global export prices are evidently becoming more important for many of the OECD countries over the last twenty-five years as compared with the previous twenty-five year period. The article also finds that, by a number of different measures, whilst Australia's export price growth has apparently become more highly associated with world export prices in recent years, it nonetheless continues to have one of the more volatile set of export prices among OECD countries. [source] 2002 LAWRENCE R. KLEIN LECTURE LIQUIDITY AND ASSET PRICES*INTERNATIONAL ECONOMIC REVIEW, Issue 2 2005Nobuhiro Kiyotaki We broadly define liquid assets, or monetary assets, as any asset that can be readily sold in the market and can be held by a number of people in succession before maturity. We ask in what environment is the circulation of liquid assets essential for the smooth running of the economy. By developing a canonical model of a monetary economy (i.e., where the circulation of liquid assets is essential), we are able to examine the interaction between liquidity, asset prices, and aggregate economic activity. [source] INVESTOR RELATIONS, LIQUIDITY, AND STOCK PRICESJOURNAL OF APPLIED CORPORATE FINANCE, Issue 4 2000Michael J. Brennan Although the first investor relations department was established by General Electric as long ago as 1952, the role of investor relations (IR) is one that has largely escaped scientific analysis and academic scrutiny. This article attempts to demonstrate the importance of a company's IR activities for its stock price by establishing a clear chain of causation between the following: 1,corporate IR activities and the number of stock analysts who follow the firm; 2,the number of analysts who follow the firm and the liquidity of trading in the firm's shares; 3,the liquidity of the firm's shares and its required rate of return, or cost of capital. The authors begin by presenting evidence that corporate IR activities, in the form of high levels of disclosure and presentations to investment analysts, increase the number of analysts who follow the firm by reducing their cost of acquiring information. Studies have also shown that more effective IR tends to improve the accuracy of analyst forecasts and the degree of agreement among analysts. Second, the authors summarize their own research showing that the number of analysts who follow a firm has a positive effect on the liquidity of the firm's shares. More specifically, their findings can be interpreted as saying that, for the average company, coverage by six additional analysts reduces "market-impact costs" (using a measure known as Kyle's lambda) by 28%, holding volume constant. And when the indirect effect of increased analyst coverage through expanded volume is taken into account, the reduction in trading costs is estimated to be as high as 85%. The final link in the chain of analysis is the growing evidence (much of it reviewed in the preceding article) that increased liquidity leads to a lower cost of capital and thus higher stock prices. In sum, a firm can reduce its cost of capital and increase its stock price through more effective investor relations activities, which reduce the cost of information to the market and to investment analysts in particular. [source] GLOBAL PRICES: Cartel DiscussionsAFRICA RESEARCH BULLETIN: ECONOMIC, FINANCIAL AND TECHNICAL SERIES, Issue 1 2009Article first published online: 9 MAR 200 No abstract is available for this article. [source] CAPITALIZATION OF GOVERNMENT SUPPORT IN AGRICULTURAL LAND PRICES: WHAT DO WE KNOW?JOURNAL OF ECONOMIC SURVEYS, Issue 4 2009Laure Latruffe Abstract The objective of this paper is to provide an overview of existing literature, both theoretically and empirically, on the extent to which agricultural subsidies do translate into higher land values and rents and finally benefit landowners instead of agricultural producers. Our review shows that agricultural support policy instruments contribute to increasing the rental price of farmland, and that the extent of this increase closely depends on the level of the supply price elasticity of farmland relative to those of other factors/inputs on the one hand, and on the range of the possibilities of factor/input substitution in agricultural production on the other hand. The empirical literature shows that land prices and rents have in general a significant positive and inelastic response to government support. Such inelastic response is thought to reflect the uncertain future of the farm programmes. And in general, studies have indicated that land prices are more responsive to government-based returns than to market-based returns. [source] GEOGRAPHIC DIFFERENCES IN HOUSING PRICES AND THE WELL-BEING OF CHILDREN AND PARENTSJOURNAL OF URBAN AFFAIRS, Issue 2 2009JOSEPH HARKNESS ABSTRACT:,This article contributes to the ongoing discussion about whether the official poverty measure should be adjusted for geographic differences in the cost of living (COL). Part of the support for spatial COL adjustments is the concern that the reduced purchasing power of the poor in higher-priced areas could jeopardize the health and well-being of children and parents. The results of this analysis of the Panel Study of Income Dynamics and its Child Development Supplement do not support this view. We find that children growing up in higher-priced housing markets appear to fare no worse than those in lower-priced markets. [source] CONSTANT PROPORTION PORTFOLIO INSURANCE IN THE PRESENCE OF JUMPS IN ASSET PRICESMATHEMATICAL FINANCE, Issue 3 2009Rama Cont Constant proportion portfolio insurance (CPPI) allows an investor to limit downside risk while retaining some upside potential by maintaining an exposure to risky assets equal to a constant multiple of the cushion, the difference between the current portfolio value and the guaranteed amount. Whereas in diffusion models with continuous trading, this strategy has no downside risk, in real markets this risk is nonnegligible and grows with the multiplier value. We study the behavior of CPPI strategies in models where the price of the underlying portfolio may experience downward jumps. Our framework leads to analytically tractable expressions for the probability of hitting the floor, the expected loss, and the distribution of losses. This allows to measure the gap risk but also leads to a criterion for adjusting the multiplier based on the investor's risk aversion. Finally, we study the problem of hedging the downside risk of a CPPI strategy using options. The results are applied to a jump-diffusion model with parameters estimated from returns series of various assets and indices. [source] OPTIMAL CONSUMPTION AND PORTFOLIO DECISIONS WITH PARTIALLY OBSERVED REAL PRICESMATHEMATICAL FINANCE, Issue 2 2009Alain Bensoussan We consider optimal consumption and portfolio investment problems of an investor who is interested in maximizing his utilities from consumption and terminal wealth subject to a random inflation in the consumption basket price over time. We consider two cases: (i) when the investor observes the basket price and (ii) when he receives only noisy observations on the basket price. We derive the optimal policies and show that a modified Mutual Fund Theorem consisting of three funds holds in both cases. The compositions of the funds in the two cases are the same, but in general the investor's allocations of his wealth into these funds will differ. However, in the particular case when the investor has constant relative risk-aversion (CRRA) utility, his optimal investment allocations into these funds are also the same in both cases. [source] PROPERTIES OF OPTION PRICES IN MODELS WITH JUMPSMATHEMATICAL FINANCE, Issue 3 2007Erik Ekström We study convexity and monotonicity properties of option prices in a model with jumps using the fact that these prices satisfy certain parabolic integro,differential equations. Conditions are provided under which preservation of convexity holds, i.e., under which the value, calculated under a chosen martingale measure, of an option with a convex contract function is convex as a function of the underlying stock price. The preservation of convexity is then used to derive monotonicity properties of the option value with respect to the different parameters of the model, such as the volatility, the jump size, and the jump intensity. [source] A MULTINOMIAL APPROXIMATION FOR AMERICAN OPTION PRICES IN LÉVY PROCESS MODELSMATHEMATICAL FINANCE, Issue 4 2006Ross A. Maller This paper gives a tree-based method for pricing American options in models where the stock price follows a general exponential Lévy process. A multinomial model for approximating the stock price process, which can be viewed as generalizing the binomial model of Cox, Ross, and Rubinstein (1979) for geometric Brownian motion, is developed. Under mild conditions, it is proved that the stock price process and the prices of American-type options on the stock, calculated from the multinomial model, converge to the corresponding prices under the continuous time Lévy process model. Explicit illustrations are given for the variance gamma model and the normal inverse Gaussian process when the option is an American put, but the procedure is applicable to a much wider class of derivatives including some path-dependent options. Our approach overcomes some practical difficulties that have previously been encountered when the Lévy process has infinite activity. [source] ANALYTICAL COMPARISONS OF OPTION PRICES IN STOCHASTIC VOLATILITY MODELSMATHEMATICAL FINANCE, Issue 1 2005Vicky Henderson This paper gives an ordering on option prices under various well-known martingale measures in an incomplete stochastic volatility model. Our central result is a comparison theorem that proves convex option prices are decreasing in the market price of volatility risk, the parameter governing the choice of pricing measure. The theorem is applied to order option prices under q -optimal pricing measures. In doing so, we correct orderings demonstrated numerically in Heath, Platen, and Schweizer (Mathematical Finance, 11(4), 2001) in the special case of the Heston model. [source] PRODUCTIVITY ACCOUNTING BASED ON PRODUCTION PRICESMETROECONOMICA, Issue 2 2010Matteo Degasperi ABSTRACT In this paper we propose a method of productivity accounting based on production prices. By using input,output tables from four major OECD countries between 1970 and 2000, we compute the associated wage,profit frontiers and the net national products, and from these we derive two measures of productivity growth based on production prices and a chosen numéraire. Our findings support the general conclusions in the existing literature on the productivity slowdown and later rebound, and supply new important insights to the extent and timing of these events. [source] GROWTH, COMMODITY PRICES, INFLATION AND THE DISTRIBUTION OF INCOMEMETROECONOMICA, Issue 1 2007Harry Bloch ABSTRACT A primary commodity price boom is underway. Given the role of internationally traded primary commodities as inputs into the productive process in the industrialized world, an important question arises: namely what effects will this price-boom exert upon wage and price inflation in industrialized countries? In order to address this question, we specify and estimate a system of equations in which the key dependent variables are world commodity prices, the domestic inflation rate for finished goods and the rate of domestic industrial wage inflation. This model is estimated against data for each of three major industrialized countries: Japan, the UK and the USA and the implications of the results thus obtained are explored. [source] GROWTH ACCOUNTING FOR SRI LANKA'S AGRICULTURE WITH SPECIAL REFERENCE TO FERTILIZER AND NONAGRICULTURAL PRICES: DO POLICY REFORMS AFFECT AGRICULTURAL DEVELOPMENT?THE DEVELOPING ECONOMIES, Issue 2 2007Mitoshi YAMAGUCHI O11; O13; O41; Q18 The agricultural sector of Sri Lanka reacted sharply to the highly contentious policy reforms called Structural Adjustment Programs. We used a four-sector general equilibrium model under a growth accounting approach to find out the effect of the policy (exogenous) variable on the target (endogenous) variable. Here, we considered only the most important variables, and the overall results indicate that policy changes are favorable to overall agricultural development, although their effect on the domestic food sector is negative. The most serious negative determinant under the policy changes relates to fertilizer, and our study indicates that fertilizer prices considerably affect agricultural production; it especially has a negative effect on domestic food production. Second, this paper analyzes the impact of nonagricultural price, finding that it positively helped the development of overall agriculture. Third, agricultural exports increased under the new policy reforms and made large contributions to agricultural production. [source] SHORT-TERM CYCLES IN PRIMARY COMMODITY PRICESTHE DEVELOPING ECONOMIES, Issue 3 2000Walter C. LABYS First page of article [source] LIQUIDITY COMMONALITY BEYOND BEST PRICESTHE JOURNAL OF FINANCIAL RESEARCH, Issue 1 2008Alexander Kempf Abstract Previous market microstructure research focuses on commonality in liquidity at the inside spread. However, liquidity at the inside spread only determines the systematic liquidity risk of small and medium trades. We study commonality in displayed liquidity beyond best prices, which determines the systematic liquidity risk of large trades. We show that it is much larger than commonality at the inside spread. The deeper we look into the order book, the higher is the level of commonality. In addition, it rises in the morning and when markets fall. [source] POSTING MULTIPLE PRICES TO REDUCE THE EFFECTIVENESS OF CONSUMER PRICE SEARCH,THE JOURNAL OF INDUSTRIAL ECONOMICS, Issue 2 2007NORMAN J. IRELAND In a model of competition with imperfect consumer price information and incomplete price search, some consumers may end up comparing prices originating from the same supplier: either because one firm sets multiple prices or because a group of firms colludes. This leads to added monopoly power for these firms, and average prices in the mixed strategy equilibrium become higher. There is a shift in welfare from consumers to producers, both with exogenous and endogenous consumer search behaviour. However consumers might search more or less with multiple prices. The implications for the price-setting equilibrium, competition policy and recent judgements are considered. [source] RISING FOOD PRICES, SOCIAL MOBILIZATIONS, AND VIOLENCE: CONCEPTUAL ISSUES IN UNDERSTANDING AND RESPONDING TO THE CONNECTIONS LINKING HUNGER AND CONFLICTANNALS OF ANTHROPOLOGICAL PRACTICE, Issue 1 2009Ellen Messer In 2008, the world confronted food-insecurity situations that provoked political demonstrations in more than 50 countries. The alleged sources were production failures and spiking food prices because of bad weather and flawed food and development policies. But additional contributors were the legacies of food wars, armed conflicts in which one or both sides use food (or hunger) as a weapon and in which hunger persists as a consequence of conflict and its attendant social-economic disruptions. This article argues that UN and NGO international and national agencies responding to food insecurity challenges in particular places must consider food-and-conflict scenarios, and adopt conflict-concerned strategies, which are sensitive to the ways in which past foodwars have stymied increases in agricultural production, marketing, and livelihood diversification. Policy makers should also be attentive to political-geographic-ethnic-religious (PGER) divisions that can skew government distributions and access to aid and potentiate additional conflict. [source] COMMENTS ON FACTOR PRICES AND INCOME DISTRIBUTION IN LESS INDUSTRIALISED ECONOMIES, 1870,1939: REFOCUSING ON THE FRONTIERAUSTRALIAN ECONOMIC HISTORY REVIEW, Issue 3 2007Knick HarleyArticle first published online: 7 OCT 200 economic institutions; factor prices; frontier; globalisation A great deal of the current research into nineteenth- and twentieth-century globalisation has been focused through a neoclassical trade theory lens. Applying the Stopler-Samuelson paradigm from Heckscher-Ohlin trade theory, the result is an approach that sees price convergence as pivotal in defining, identifying, and measuring globalisation. This focus, however, obscures the implications of frontier incorporation and other insights achieved by viewing nineteenth-century globalisation as a mechanism whereby peripheral economies were incorporated into the core of organised economic activity. A frontier-centred perspective also reintroduces the role of economic institutions as a crucial element of economic growth and development. [source] | |||||||||||||||||||||||||||||||||||||||||||||||||