The Effect of Fuel Price Changes on Fleet Demand for New Vehicle Fuel Economy

New vehicle purchases by private companies and government agencies, or ‘fleet’ buyers, represent a significant percentage of overall new vehicle sales in the United States. Yet little is known about fleet demand for new vehicle fuel economy including how it responds to fuel price changes. Using unique disaggregated data on fleet and household registrations of new vehicles from 2009 to 2016, we estimate how fleet demand for new vehicle fuel economy responds to fuel price changes. We find that fleet purchases of low fuel economy vehicles fall relative to high fuel economy vehicles when gasoline prices increase, a finding that is consistent with fleet buyers’ taking into account capitalization of fuel costs in the second‐hand market. Our estimates imply that raising gasoline prices by one dollar would increase fuel economy of new vehicles acquired by fleet buyers by 0.33 miles per gallon. We estimate a similar response for household buyers during the same period. This result justifies basing fuel economy responses to fuel cost changes on household data alone, an assumption widely used in the vehicle demand literature and the fuel economy valuation literature. We also find, however, that the response to fuel price changes varies across the types of fleet buyers: rental companies respond strongly to fuel price changes, whereas commercial and government buyers are insensitive. Our estimates imply that an increase in the federal gasoline tax would modestly increase fuel economy of vehicles bought by households and rental companies but would have little to no impact on fuel economy of vehicles bought by non‐rental companies and governments.     

The effect of a currency union on trade: Lessons from the Irish experience

This paper studies the introduction of an exchange rate between Ireland and the UK in 1979 to shed light on the effects of a common currency on the composition of international trade. No evidence is found from time series or panel regressions that the change of exchange rate regime had a significant effect on Anglo-Irish trade. This finding is consistent with previous studies of currency unions between larger, developed countries but conflicts with findings based on more heterogeneous country groupings. The reasons for this discrepancy are discussed.     

Narcissism normalisation: tourism influences and sustainability implications

The concept of narcissism normalisation suggests that individuals and societies are becoming more narcissistic due to various cultural influences. Tourism is reviewed here as one such possible influence. Exploitative, entitled and exhibitionistic tendencies associated with narcissism are well-established in tourism. Yet tourism is also an intimate, communal and satisfying activity which may counteract narcissism. Increases in narcissism have significant implications from a sustainable tourism perspective. Narcissism is associated with exploitative and entitled behaviours that over time cause significant harm to those people and landscapes that come into contact with. Narcissism appears to be incompatible with principles of sustainability and the challenges this poses for the industry are reviewed, while the opportunities are also explored. There are signs that narcissism, particularly those aspects relating to exhibitionism, can be co-opted to benefit sustainable development.     

DO STOCK MARKET FLUCTUATIONS AFFECT SUICIDE RATES?

In this study, we extend the standard economic model of suicide by considering a new influential factor driving the voluntary death rate. Using an international sample, we estimate the model and document a robust and significant inverse relation between stock market returns and the percentage increase in suicide rates. Trends in male and female suicide are affected by market fluctuations, both contemporaneously and at a lag. This predictive quality of stock returns offers the potential to implement pro-active suicide prevention strategies for those who could be affected by the vagaries of the market and general economic downturns.     

The New Microeconomics: A Psychological,Institutional, and Evolutionary Paradigm with Neoclassical Economics as a Special Case

Microeconomics requires a new grounding or formulation that can account for a broader range of socioeconomic behavior than neoclassical economics does. The core of the neoclassical economics research program—the theory of rational choice—has offered insights into the determination of socioeconomic behavior. But other elements need to be integrated into a coherent microeconomic perspective. We introduce such a perspective in which neoclassical economics becomes a special case. This advances our understanding of the determinants of behavior in a coherent and integrated manner. This perspective may form the foundation of an evolutionary and institutional perspective on socioeconomic systems. This has practical value in designing strategy and policy.     

An existentialist exploration of tourism sustainability: backpackers fleeing and finding themselves

This article applies existentialism to sustainable tourism discussion using an exploratory netnographic case study of 12 backpackers. Highlighted is the importance of both existential avoidance and authenticity to participants looking to escape and transcend underlying existential anxiety. Avoidance can be found in the cultural-adherence and self-esteem pathways facilitated by travel. Authenticity is identified in the deeper interactions with host peoples and landscapes, and the liberation, reflection and learning which emerge from this. Avoidance and authenticity are linked in turn with the sustainability of tourism pursued. The former is associated with more hedonistic escape and superficial, self-centric and insensitive tourism. The latter is suggestive of more transcendent escape and involved, appreciative and alternative tourism.     

Further participatory adaptation is required for community leaders to champion conservation agriculture in Africa

There is a recognized need for the participation of local communities in designing and implementing agricultural interventions for the sustainable intensification in smallholder systems. This study examines the perspectives of local community leaders towards the widely promoted, but not widely adopted, practice of Conservation Agriculture (CA) in African smallholder systems. Perceptions from 47 community leaders (both from traditional local authorities and farmer organizations) across six African countries are documented regarding how CA matches the wants, needs and capabilities of farmers in their communities. While community leaders generally perceived CA as potentially beneficial, they also indicated that CA is not currently perceived as feasible within their communities and hence has limited relevance. Three key themes were identified that limit both CA use and sustainable intensification more generally: [1] a perceived reluctance of farmers to engage with the community platform as part of a higher input, market-oriented production system; [2] informational constraints due to non-functional exchange mechanisms; and [3] a lack of local adaptation of CA underscored by the persistence of top-down, linear research and extension approaches. Through greater understanding of local perspectives, a clearer picture emerges of the need for greater participatory engagement and local adaptation if sustainable intensification of African smallholder agricultural systems is to be achieved.     

An evaluation of the red-light camera programme in the city of Dammam,the Kingdom of Saudi Arabia

This study evaluated the effectiveness of red-light cameras in Dammam, the Kingdom of Saudi Arabia. Two methods were used to assess changes in crash risk at the intersections at which the red-light camera programme had been operating. Geospatial analysis was used to visualize trends in road crash density over the geographical region of Dammam and a pre--post-camera crash analysis was undertaken. The distribution of injury crashes was greater than that of crashes which included property damage, the latter of which was concentrated around central Dammam. The five red-light cameras installed in 2012 were located outside areas of high-crash and injury density, and the total number of crashes reported in the three-month periods after installation was double that before the cameras were installed. This increase in the number of crashes also occurred at the five comparison sites (without red-light cameras), indicating a null effect. The findings from this study are contrary to previous evaluations of speed management programmes associated with red-light cameras. The study highlights the challenges in obtaining data for such research and illustrates that a reliance on overt, fixed camera's to manage speed is unlikely to deliver significant reductions in road trauma.