‘Second-generation’ MVs and the evolution of the Green Revolution: the case of Central Luzon, 1966–90

By now new modern rice varieties (MVs) with multiple pest and disease resistance have completely replaced early MVs, such as IR5 and IR8, except in a few areas of Asia. This study attempts to identify the changing impacts of ‘first-generation’ and ‘second-generation’ MVs on productivity in rice farming by estimating the yield function, while correcting selectivity bias arising from the choice of varieties. For this purpose, we used farm-level survey data collected for eleven cropping seasons in Central Luzon in the Philippines from 1966 to 1990. We found that while the yield advantage of first-generation MVs over traditional varieties was limited, the yield-increasing effect of second-generation MVs over first-generation MVs was highly significant. In particular, the adoption of improved MVs significantly contributed to yield growth under the irrigated condition and during the dry season. Thus, we conclude that the Green Revolution would not have been revolutionary without the development and the diffusion of second-generation MVs with multiple pest and disease resistance.     

Journal Articles of Interest from Other Disciplines

The authors describe the present state of economic education in Japan. There is a larger number of undergraduate students who major in economics, but their purpose of studying economics and their economic literacy differ. Precollege economic education is regulated by the course of study and limited by the poor ability of teachers to teach the economics content.     

Financial Deregulation and Stability of Money Demand: The Australian Case

This paper analyses the Australian economy in the post-war period. The analysis examines stationarity and cointegrating relationship among output, interest rate and money. The analysis shows that Australia has had a stable cointegrating relationship among output, interest rate and money during the post-war period although the country deregulated its financial sector in the 1980's. Australia's money demand function fails to reject the hypothesis that the interest elasticity of money demand is 0.5. In addition, one specification of the country's money demand function fails to reject the hypothesis that the income elasticity of money demand is unity. The specification is the Vector Error Correction Model that includes real output, real balances, an interest rate, and a deregulation dummy variable, with the lag length of three.     

日本CBCC指导委员会成员Masao Seki：CSR在日本企业扎根

“企业社会责任对你们的企业意味着什么？”根据我们对成员企业的调查,82％认为,企业社会责任可以为建设可持续社会做出贡献。排名第二的答案是,可以作为创造企业价值的方法。排名第三的答案是,可以反映利益相关者对企业活动的希望。     

Effects of rotation scheme on fishing behaviour with price discrimination and limited durability: Theory and evidence

This paper examines how rotation arrangement between two groups of fishers with different institutional arrangements affects fishing behaviour and economic outcomes in a particular economic environment characterised by price discrimination and product durability. In one group, fishers cooperate and maximise the extraction of rents, while members in the second group behave non-cooperatively. Applying a model of alternating duopoly, we show that the cooperating group behaves like a price discriminating monopolist and tends to uphold prices. When the two groups rotate fishing days the cooperating group tends to produce more, which prevents the non-cooperating group from unprofitable demand preemption.     

Environmental regulation and technology transfers

This paper analyzes the situation in which a national government introduces environmental regulations. Within the framework of an international duopoly with environmental regulations, an environmental tax imposed by the government in the home country can induce a foreign firm with advanced abatement technology to license it to a domestic firm without this technology. Furthermore, when the domestic firm's production technology is less efficient than that of the foreign firm, the foreign firm may freely reveal its technology to the domestic firm. These improvements through the voluntary transfer of technology imply that environmental regulations have positive impacts on innovation.     

Relative risk aversion once more: An analysis of Japanese households' financial asset holding pattern

It is widely accepted that as the total assets increse, households tend to diversify their portfolios. In other words, absolute risk aversion is decreasing. On the other hand, the proportion of risky assets may increase or decrease depending on whether relative risk aversion (RRA) is decreasing or increasing, and its direction is still left open as an empirical question. This study examines the constancy of RRA from Japanese individual households' financial asset holding data collected in 1984. Constant RRA implies that the proportion of risky assets in one's portfolio is constant regardless of the amount of total assets. A casual observation of household portfolio holding pattern suggests that this implication is clearly violated by the data, because there are substantial proportion of households which do not hold any risky assets. Zero-holding, however, may be interpreted as a result of fixed transaction cost incurred by individual investors when they hold risky assets. Then, we pose a question, ‘Do investors hold constant proportion of risky assets, when they decide to hold them?’ In order to explain a substantial number of zero risky asset holders in the sample, we propose a portfolio selection model with a transaction cost, and estimate the model using a variant of Heckman's two-step method. In estimation we control for individual investors' socioeconomic characteristics, as well as income and total assets. The construction of the model imposes nonlinear restrictions on the two estimators, from which we can test the specification of the model. The estimation results suggest that there is a statistically significant decreasing tendency linked to total assets but that its rate of change tapers off as total assets increase. Our results are consistent with the previous studies which tended to support constant RRA for the higher asset holders, and complement previous studies in explaining lower asset holders' investment behavior.     

Joint Allocation of Leisure and Consumption Commodities: A Japanese Extended Consumer Demand System 1979—90

In this study we estimate the parameters of a household expenditure function which includes joint choice of leisure and consumption commodities in scope without a separability assumption. We have used Japanese prices, wage rate, labour supply, and expenditure data on ten commodity groups, collected from 47 cities over 12 years. This data set has the advantage that separate observations are available for each data point for all the variables. We employed the AI demand system, for estimation. Controlling for time-specific effects, the result implied a definite rejection of the weak separability of labour supply and commodity choice, and non-rejection of the homogeneity and symmetry restrictions on the demand system. All the own-price elasticities are significantly negative, and both substitutes and complements are observed across commodity groups. As for the negativity, all but one of the eigenvalues of the substitution matrix are negative. The result as a whole showed consistency with demand theory. The estimated compensated labour supply elasticity is 0.39, which is in reasonable agreement with the previous studies.     

Facebook e-Portfolios for Career Education Focused on Japanese Employment Practice: A Case Study

The authors propose the effectiveness of Facebook functions in the promotion of career education. In recent years, career education in Japanese universities has differed slightly from that in other countries. Japanese students are trained to be competitive in the job-hunting process; they need to obtain the technical skills and knowledge necessary to pass a company entrance examination or a university oral interview. This practice is in stark contrast with the intrinsic meaning of vocational/career education, which is the process by which students acquire the abilities and independence required by a certain industry. This meaning is manifested in the purpose of the career education program of Hokkai-Gakuen University’s Faculty of Business Administration. The program’s purpose is to foster independence in its students rather than the acquisition of skills for the job-hunting process. The professional independence of every student is important to their career development after graduating from the university. On the other hand, it is known that e-portfolios generally encourage students to record and assess their activities. To promote the activities that students tackle in the program, we introduced an e-portfolio using Facebook. This study shows the characteristics and achievements of our e-portfolio.     

Are Native and Non‐Native English Speaking Tutors Equally Effective?

Many studies find a negative effect of non‐native English speaking instructors on students' performance in universities where the language of instruction is English. However, the negative effect observed in the existing literature is not found in the study by Fleisher, Hashimoto and Weinberg (2002) , which uses the sample of instructors who received training in the Ohio State University's PhD programme. In many economics departments in Australia, mainly because their PhD programmes are not large enough, it is unrealistic to have all the tutors trained in the methods recommended in Fleisher, Hashimoto and Weinberg (2002) . This gives rise to a potential negative impact of non‐native English speaking tutors on students' performance. Nevertheless, by analysing the panel data drawn from first‐year quantitative methods, microeconomics and macroeconomics courses in an Australian university, we find no statistically significant difference in the effectiveness of small class teaching between native and non‐native English speaking tutors.