Erratic accumulation

We study a simple, deterministic overlapping-generations model with capital accumulation where the discount rate of each generation is positively related to its lifetime wealth. We show that the trajectories for the capital stock can be periodic of arbitrary high order or totally aperiodic and chaotic and even ergodic.     

Transfer of sustainable technology in dryland agriculture: Lessons from the Sahel in the 1980's

Dryland agriculture in the Sahel must become more productive if human conditions in the region are to improve. Constraints impeding increased productivity are examined. The harsh natural environment of the Sahel means that technologies, institutions and economic policies must be tailored to meet the special challenges of that environment.     

Exploring Tourist Perceived Value: An Investigation of Asian Cruise Tourists' Travel Experience

The present study explores Asian cruise travelers' perceived value of the travel experience and the effect of perceived value on satisfaction and behavioral intention. To measure Asian travelers' multi-dimensional perceived value, a cognitive-affective perceived value model was utilized. Survey items were adapted from cruise travel attribute items and SERV-PERVAL scales. Exploratory factor analysis was performed to identify travelers' cognitive and affective perceived value. Structural Equation Modeling (SEM) was conducted in order for researchers to examine how tourists' multi-dimensional perceived value construct affected travelers' satisfaction and behavioral intentions. Statistical results showed that Asian cruise travelers have four sub-dimensions of cognitive perceived value: “facility,” “food & beverage (F&B),” “entertainment,” and “staff.” Affective perceived value was measured by emotional response measurement items. The current study indicated travelers' perceived value of the cruise experience affects travel satisfaction and travelers' behavioral intention.     

Analysing the Agricultural Costs and Non‐market Benefits of Implementing the Water Framework Directive

Implementation of the Water Framework Directive (WFD) represents a fundamental change in the management of water in Europe with a requirement that member states ensure ‘good ecological status’ for all water bodies by 2015. Agriculture is expected to bear a major share of WFD implementation costs as it is compelled to reduce the emission of diffuse water pollutants. The research outlined here comprises interdisciplinary modelling of agricultural land use, hydrology and consequent water quality effects to consider both agricultural costs and the non‐market recreational use (and potentially non‐use) values that implementation of the Directive may generate. A theme throughout the research is the spatial distribution of the costs and benefits of WFD implementation, which is addressed through the use of GIS techniques in the modelling of agricultural land use, the integration of land use and hydrological models, and the estimation, aggregation and transfer of the economic value of the benefits.     

The case for road pricing

The argument in principle for pricing the use of road space rests on firm intellectual foundations. The necessary technology is readily available. Public acceptance of the idea, with the concomitant need for investment in new roads, is subject to much confusion, reinforced by Nimbyism on one side and Swampyism on the other.