The Value of Changes in Deer Season Length: An Application of the Nested Multinomial Logit Model

Increasing deer populations can be controlled through manipulatingharvest limits or season length. While such actions often result in benefitsto hunters, both motorists and the agricultural sector also benefit as alower deer population leads to fewer incidences of harmful human-deerencounters. Traditional recreation demand models are often employed toexamine the welfare implications of changes in daily hunting bag limits.Studies measuring the effects of changes in season length, however, arenoticeably absent from the literature. This study uses a nested randomutility model to examine hunter choice over site and season selection toderive the values of changes in season length.     

Impacts of climate change on lower Murray irrigation*

This article evaluates irrigated agriculture sector response and resultant economic impacts of climate change for a part of the Murray Darling Basin in Australia. A water balance model is used to predict reduced basin inflows for mild, moderate and severe climate change scenarios involving 1, 2 and 4°C warming, and predict 13, 38 and 63% reduced inflows. Impact on irrigated agricultural production and profitability are estimated with a mathematical programming model using a two‐stage approach that simultaneously estimates short and long‐run adjustments. The model accounts for a range of adaptive responses including: deficit irrigation, temporarily following of some areas, permanently reducing the irrigated area and changing the mix of crops. The results suggest that relatively low cost adaptation strategies are available for a moderate reduction in water availability and thus costs of such a reduction are likely to be relatively small. In more severe climate change scenarios greater costs are estimated. Adaptations predicted include a reduction in total area irrigated and investments in efficient irrigation. A shift away from perennial to annual crops is also predicted as the latter can be managed more profitably when water allocations in some years are very low.     

Quality in reflective thinking: elicitation and classification of reflective acts

The concept of reflective thinking needs to be instantiated for more effective educational implementations and practice in the process of thinking and learning. This article therefore expounds on the elicitation and classification of the Reflective Acts derived primarily from various studies conducted on reflective practice, student reflections and metacognition. In order to elicit and classify the Reflective Acts, the study employed three sequential phases of analyses: qualitative meta-analysis, purport analysis and Intention Clustering Method. As a result, 17 types of reflective acts were identified and classified into four main categories: Interpretive, Associative, Transformative and Affective. It is concluded in the article that through the presence and awareness of Reflective Acts, the concept of reflective thinking will be better comprehended, perceived and retained, engendering the process of reflective thinking into a straightforward practice to guide individuals to perform structured, efficacious and successful reflective acts in order to improve the quality of their reflective thinking and learning.     

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March Market Madness: The Impact of Value‐Irrelevant Events on the Market Pricing of Earnings News

Each year, the NCAA basketball tournament (March Madness) is a daytime distraction for millions of people, providing a largely exogenous shock to investor attention. We investigate whether March Madness influences the market response to earnings by diverting investor attention away from earnings news. We find that the price reaction to earnings news released during March Madness is muted. This result generally holds across several samples and additional analyses. We also find that the result is more muted for low institutional ownership firms, consistent with the effect being driven by less‐sophisticated investors. Furthermore, we find that it takes the market 30 to 60 days to correct for the distraction effect. Overall, we provide a unique test of the theory of limited attention by documenting that extraneous events can have a significant impact on the pricing of earnings.     

Functional income distribution and growth in Thailand: A post Keynesian econometric analysis

The aim of this article is to analyze the effect of the income distribution between labor and capital on the growth performance of Thailand from a post Keynesian view. It rests on the theoretical model of Bhaduri and Marglin (1990 Bhaduri, A., and Marglin, S. “Unemployment and the Real Wage: The Economic Basis for Contesting Political Ideologies.” Cambridge Journal of Economics, December 1990, 14 (4), 375–393.[Crossref], [Web of Science ®] , [Google Scholar]) to see if an increase in the labor income share has a sufficient positive effect on consumption to offset a negative effect on investment and export demand. In order to investigate the question empirically we adopt and develop the approach of Stockhammer, Onaran, and Ederer (2009 Stockhammer, E.; Onaran, Ö.; and Ederer, S. “Functional Income Distribution and Aggregate Demand in the Euro-area.” Cambridge Journal of Economics, 2009, 33 (1), 139–159.[Crossref], [Web of Science ®] , [Google Scholar]). Several measures of the labor income share are calculated to take into account the fact that wage labor represents only half of the total labor force and check the robustness of our results. We also introduce a new treatment of external trade to better integrate the price competitiveness of Thailand. The econometric investigation shows that the growth regime is profit-led over the period 1970–2011, which shows that rebalancing the Thai economy will be difficult and requires an overall change of strategy going beyond a simple prolabor policy.     

Culture,institutions and long-term development: the Swedish case and implications for China

Most social scientists agree that institutional analyses seem to be a promising tool to analyse long-term development. International comparisons are also necessary to understand what constitutes ‘good’ institutions and to which extent they can be created by conscious decisions. The most important aspect of studies of other countries and their institutional development is not what we learn about them but that we by comparison can develop a better understanding of the history of our own country. This article describes the peculiarities of the Swedish institutional framework in a historical perspective. Special attention has been given to aspects that are often discussed in analyses of the Chinese development. In many aspects, China and Sweden can be seen as representatives of two opposite paths of development for instance in the sequence of institutional building, in the development of checks and balances and in whether the orientation of the culture is family or society oriented. In spite of these differences, it is not difficult to find islands of cultural concordance which can facilitate mutual learning and understanding.