Robust Stability of Monetary Policy Rules under Adaptive Learning

Recent research has explored how minor changes in expectation formation can change the stability properties of a model ( 2007 ; 2009 ). This article builds on this research by examining an economy subject to a variety of monetary policy rules under an endogenous learning algorithm proposed by 2003 . The results indicate that operational versions of optimal discretionary rules are not robustly stable, as in 2009 . In addition, commitment rules are not robust to minor changes in expectational structure and parameter values.     

Non-cooperative exploitation of multi-cohort fisheries—The role of gear selectivity in the North-East Arctic cod fishery

North-East Arctic cod is shared by Russia and Norway. Taking its multi-cohort structure into account, how would optimal management look like? How would non-cooperative exploitation limit the obtainable profits? To which extent could the strategic situation explain today’s over-harvesting? Simulation of a detailed bio-economic model reveals that the mesh size should be significantly increased, resulting not only in a doubling of economic gains, but also in a biologically healthier age-structure of the stock. The Nash equilibrium is close to the current regime. Even when effort is fixed to its optimal level, the non-cooperative choice of gear selectivity leads to a large dissipation of rents.     

The relationship of perception of time and attributes of leisure in daily experiences

The purpose of this study was to explore the relationship between perceived passage of time (slowly versus quickly) and perceived freedom, enjoyment, interest and subjective meaning of leisure in daily experiences of married couples. Eleven college-age married couples participated in this study. Data were collected using experience sampling method that produced a total of 650 self-reports. Couples were signalled at random five times a day for one week. Using logistic regression results suggest that some leisure attributes are more relevant in influencing perception of passage of time in husbands' and wives' daily experiences.     

Foreign vs. domestic listing: An entrepreneurial decision

In this paper, we use a unique hand-collected dataset to analyze stock listing as an entrepreneurial decision. By comparing mainland Chinese entrepreneurial firms listed in Hong Kong with the same type of firms opting for a domestic listing on the Shenzhen second board market, we argue that the decision to list on a particular stock exchange is a question of entrepreneurial signaling, and often a trade-off between short-term financial considerations and the entrepreneur's pursuit of long-term benefits.     

Writing the differences: Poststructural ist pluralism,retextualization, and the construction of reflexive ethnographic narratives in consumption and market research

Representing social realities in a narrative form is central to the interpretive processes by which market‐oriented ethnographies are constructed. In recent years, the process of textualization has shifted from a taken‐for‐granted aspect of the ethnographic enterprise to a central focus of ethnographers’ reflexive considerations. This shift reflects the realization that textualization poses dilemmas of representation that can not be resolved through additional fieldwork or other methodological procedures. This paper addresses these workbench problems by devising an alternative narrative formretextualization‐based on a poststructuralist version of critical pluralistic analysis. We first discuss how non‐realist genres of ethnographic writing have emerged in response to a heightened sensitivity toward ideological positions embedded in research narratives. We then discuss how the use of retextualization can facilitate the development of reflexivity in consumption research by destabilizing the representational authority of the ethnographic text through expressions of divergence, dissensus, and contested interpretations.     

Institutional Pressures and an Evolving Forest Carbon Market

It is estimated that 87 million acres of forestland in the United States (US) is managed by private industrial forestland owners (nearly 14% of the forestland nationwide). Private industrial forestland owners include forest product companies, Timber Investment Management Organizations (TIMOs) and Real Estate Investment Trusts (REITs). Current regulatory and voluntary carbon markets, as well as proposed national emission reduction legislation, in the US make provisions for substantial carbon offsets from domestic forestry projects. This research employs the theory of planned behavior by means of an online questionnaire in order to survey large industrial forestland owners (>30 000 acres) regarding intentions to manage forestland for carbon sequestration and trading. Quantitative results suggest that very few organizations (18%) were managing forestland for carbon values. Attitudes towards carbon sequestration and trading were significantly influenced by the managers' beliefs that emission reduction legislation would become law and that US forest carbon offsets can be used as a legitimate climate change mitigation tool. Qualitative results revealed that most organizations are taking a passive approach to carbon sequestration and trading until a suitable regulatory framework emerges and carbon prices provide the conditions for a sound investment. The researchers suggest that, given the size and scope of the climate change phenomenon as well as the multifaceted and unified mitigation strategy required to address it, the development of functional carbon markets will be an iterative process and may require a global carbon framework that reflects the globalized nature of the forest economy. Copyright © 2012 John Wiley & Sons, Ltd and ERP Environment     

Residents' perceptions of the environmental impacts of tourism in the Lake Bosomtwe Basin,Ghana

This study investigates residents' perceptions of tourism's physical impacts in the Lake Bosomtwe Basin in Ghana. Data were based on a resident survey conducted in the basin in January 2006. Residents perceived both positive and negative impacts of tourism development, but were more inclined to the positive side. Based on the findings, it is recommended that the district assemblies in partnership with the Ministry of Tourism should start managing the impacts, and also educate the local population on the dangers of underestimating the negative impacts of tourism on the environment.     

Buyer-Option Contracts Restored: Renegotiation, Inefficient Threats, and the Hold-Up Problem

"Buyer-option" contracts, in which the buyer selects the productvariant to be traded and chooses whether to accept delivery,are often used to solve holdup problems. We present a simplegame that focuses sharply on subgames in which the buyer proposesinefficient actions in order to improve his bargaining position.We argue for one of several alternative ways to model this situation.We then apply that modeling choice to recent models of the foundationsof incomplete contracts and show that a buyer-option contractis sufficient to induce first-best outcomes.