A computational stochastic equilibrium model of oil-importing economies

Zusammenfassung Ein computergerechtes stochastisches Gleichgewichtsmodell für ?limportierende Volkswirtschaften. — In diesem Aufsatz wird ein stochastisches makro?konomisches Gleichgewichtsmodell konstruiert, um die unterschiedlichen Konsequenzen zu untersuchen, die von unerwarteten bzw. erwarteten ?lpreisschocks ausgehen. Charakteristisch für das Modell ist, daΒ es Rückwirkungen von auΒen ausdrücklich zul?Βt. Es wird eine Sensitivit?tsanalyse durchgeführt, um die unterschiedlichen Reaktionen je nach dem AusmaΒ der Offenheit auf der Nachfrage- und Angebotsseite der in- und ausl?ndischen Volkswirtschaften aufzuzeigen. Der Aufsatz behandelt auΒerdem das Problem der optimalen Reaktion der Geldpolitik auf importierte ?lpreisst?rungen.

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Résumé Un modèle stochastique et computational des économies importateurs de pétrole. — Dans cet article l’auteur construit un système stochastique de macroéquilibre pour analyser les implications différentes des chocs de prix pétrolier attendus vers ceux qui ne sont pas attendus. Le trait caractéristique du modèle est que les effets de répercussion étrangère sont explicitement incorporés. L’auteur applique ce cadre á conduire une analyse de sensitivité en regard du degré d’ouverture que les économies locales et étrangères manifestent en ce qui concerne la demande ainsi que l’offre. De plus l’auteur discute la nature de la ?réaction? optimum monétaire aux les perturbations de prix de pétrole importé.

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Resumen Un modelo de equilibrio computacional y estocástico de economías importadoras de petroleo. — En este articulo se construye un marco estocastico de macroequilibrio para analizar las implicaciones diferenciadoras de shocks de precios no esperados versus esperados. Una caracteristica clave del modelo es que los efectos de repercusión externa son explicitamente incorporados. El marco se utiliza para efectuar analisis de sensitividad con respecta a la apertura por el lado de la demanda o el lado de la oferta tanto para la economia doméstica como externa. El articulo también discute la naturaleza de la ?reaction? monetaria optima frente a las perturbaciones de precios del petroleo importadas.

     

Willingness to Pay for Biodiversity Conservation

Nature-based tourism is the fastest growing tourism in many parts of the world. The attitude toward conservation of nature is measured by individuals' willingness to pay. This study has made an attempt to investigate the determinants of tourists' willingness to pay (WTP) for biodiversity conservation. The determinants include a combination of socio-economic and site-specific characteristics of tourists. The study was conducted in Sikkim, which is India's prime nature-based tourism destination. Results show WTP, and effects of education, and income of tourists. Among site-specific characteristics, length of stay and number of spots are the significant determinants of WTP. This empirical research is a valuable input to identify market segment among tourists, which might help to generate more revenues for biodiversity conservation in Sikkim.     

Interpretation and application of “new” and “complex” international financial reporting standards in Fiji: Implications for convergence of accounting standards

This study extends prior research on accounting judgment and decision making research by examining the effects of ‘new’ and ‘complex’ accounting standards on judgments of professional accountants. It examines whether there are differences in judgments of professional accountants in Fiji when interpreting and applying selected International Financial Reporting Standards (IFRSs). A significant within-country difference in judgments of professional accountants has serious implications for convergence of accounting standards. The results show that interpretation and application of accounting standards are affected by complexity of the accounting standard and professional accountant's familiarity with the standard. The study also finds strong support for an interactive effect of familiarity with the accounting standards and complexity in accounting standards on judgments of professional accountants. Furthermore, the results show that differences in judgments exist between the Big 4 and non-Big 4 professional accountants when provided with new accounting standards that require complex judgments. The results of this study are of interest to stakeholders at a time when IFRSs are increasingly being adopted throughout the world and standard setters are struggling to promote compliance with those standards.     

Variable returns to scale in general equilibrium theory once again

This paper relaxes some assumptions made by Jones (1968) and reconsiders the implications of variable returns to scale (VRS) for the Stolper-Samuelson and Rybczynski theorems. It also analyses for the first time the relationship between factor-returns and factor-supplies at constant commodity-prices. It is shown that the validity of the Rybczynski and/or Stolper-Samuelson theorem is neither necessary nor sufficient for the production possibilities frontier to be locally strictly concave to the origin. Several other new results are derived and an attempt is made to give an intuitive explanation of the most important findings.