PACIFIC SALMON RESTORATION: TRADE-OFFS BETWEEN ECONOMIC EFFICIENCY AND POLITICAL ACCEPTANCE

There is no simple solution to the problems of salmon restoration given substantial political and scientific uncertainties. There are, however, some local findings in Oregon that can provide guidance to resource managers charged with allocating funds for conservation purposes. This article shows that in most salmon habitat investments, there are likely to be strong nonlinearities (cumulative and threshold effects) that mitigate against politically palatable allocation criteria. In fact, this research indicates that decisions based on political equity concerns may actually lead to the lowest possible benefits to society. These scientific nonlinearities may make the political resolution of salmon recovery more difficult.     

REGULATORY STRUCTURE, REGULATORY FAILURE, AND THE S& L DEBACLE

Widespread S & L failures during the 1980s required the federal government to spend over 100 billion dollars bailing out the deposit insurance fund. This paper interprets the S & L debacle as a regulatory failure. Review of the S & L debacle suggests that regulators failed to manage the deposit insurance system efficiently. But the regulatory agencies' structure appears to have played a secondary role in contributing to regulatory failure. Faced with the same incentives, objectives, and resources, regulators probably would have behaved similarly regardless of the regulatory structure.     

Adolescent brand consciousness and product placements: awareness,liking and perceived effects on self and others

Product placements in entertainment media are increasing, particularly in content targeted to adolescents. This marketing communication tactic is examined in the context of media socialization and individual differences in brand consciousness. The relative influence of commercial media (TV, radio, movies, online) and perceived peer and parent brand consciousness on US adolescent brand consciousness is assessed, as well as differences in how low and high brand‐conscious adolescents view product placements. Awareness, liking and perceived effects of product placements on self and others (third‐person perception) were measured. Results of hierarchical multiple regression analyses show that movies and perceived parent and peer brand consciousness were positively related to adolescent brand consciousness. Those adolescents considered to be highly brand‐conscious were also those who were most aware of and favourable towards product placements. All adolescents demonstrated third‐person perception of media effects in that they considered others to be more influenced by product placements than themselves, with peers influenced more than friends. Highly brand‐conscious teens perceived the greatest effects of product placements on their own and others’ buying behaviours, yet low brand‐conscious teens revealed the largest gap in perceptions of impact on self vs. peers. The results are discussed in view of media effects; ramifications for marketers and public policy makers are also appraised.     

The maximal {-1,1}-determinant of order 15

We demonstrate the D-optimality of the 15×15 −1,1-matrix discovered independently by Smith and Cohn. This matrix has determinant 25515×2¹⁴ and is unique up to Hadamard equivalence. In addition, we confirm the previously established values of the maximal determinant for all other odd orders up to 21, excluding 19, and we improve the upper bounds on the maximal determinant in orders 29, 33, and 37.     

Farmers' Preferences for Alternative Crop and Health Insurance Subsidy

In addition to production risks, farmers desire to balance personal risks of health care. A theoretical framework is developed for holistic health and crop insurance products that provide the opportunity to switch a portion of existing crop insurance subsidy for greater health coverage. A random utility discrete choice experiment is used to assess farmers' stated preferences for holistic insurance products. Farmers prefer higher levels of coverage and are price sensitive. A sample of farmers did not prefer the subsidy switch. However, the subsidy switch is preferred by older farmers, those with higher health care spending, and farmers who have experienced major health problems.     

COGNITIVE DISSONANCE AND MUTUAL FUND INVESTORS

We present evidence from questionnaire responses of mutual fund investors about recollections of past fund performance. We find that investor memories exhibit a positive bias, consistent with current psychological models. We find that the degree of bias is conditional upon previous investor choice, a phenomenon related to the well-known theory of cognitive dissonance. Psychological and economic frictions in the mutual fund industry are examined via a cross-sectional study of equity mutual funds. We find an unusually high frequency of poorly performing funds, consistent with investor “inertia.” We also examine the differential responses of investment dollars to past performance, controlling for survivorship. These show that the effect is confined to the top quartile. We find little evidence that the response to poor performance is unusual.     

The role of generally accepted reporting methods in the public sector: An empirical test

This study explores the role of standard or generally accepted accounting and reporting methods in the public sector. It differs from prior studies that address public sector accounting issues in that it considers more directly how the political process influences decisions to report financial information. The primary contention is that adopting standard reporting methods reduces costs to public officials that arise from factors that characterize political markets. Empirical evidence based on data from the state governments is consistent with this contention, but theoretical and methodological problems restrict our ability to ascertain which specific factors are relevant.