Technical change,technical efficiency,and input usage in Taiwanese agricultural growth

We analyse the increase in sales of Pick 3 and Pick 4 daily numbers lottery games and other Ohio Lottery games after Ohio introduced midday drawings for the Pick 3 and Pick 4 games in August 1999. The midday drawings increased Pick 3 sales by 5%, Pick 4 sales by 12%, and total lottery sales by 2% based on our analysis of a 36-month panel dataset of Ohio lottery sales by zip code. Midday drawings raise more revenue from the strongly regressive daily numbers games. However, the introduction of midday drawings does not change the negative income elasticities of demand for numbers games in an economically meaningful manner.     

Economic structure and factor payments

There is a growing body of evidence that the labour payment share in national income varies across countries and over time, suggesting that the popular aggregate Cobb–Douglas production function may not capture income share dynamics. There remains conflicting evidence on the importance of natural resource rents among low income economies and on estimates of the rate of return to produced capital. This paper focuses on the structural differences among countries, confirming the importance of the agriculture sector in estimates of labour and land’s share of factor income based on 81 countries at diverse levels of economic development in the year 2005. I find that cross-country data are best modelled by a CES production function with an elasticity of substitution of 0.8 and that many low income countries have a higher return to capital than the United States.     

Shotgun mechanisms for common-value partnerships: The unassigned-offeror problem

Shotgun clauses are commonly included in the business agreements of partnerships and limited liability companies (LLCs), but the role of offeror typically remains unassigned. In a common-value, one-sided asymmetric information setting, unequal and inefficient outcomes occur with an unassigned offeror. Experimental results are aligned with our theory.     

Subliminal advertising and the psychology of processing unconscious stimuli: A review of research

This article reviews progress to date on research on the effects of subliminal stimulation on subject populations and potential applications to persuasive communications. Three areas of inquiry covered in the literature include psychological, physiological, and behavioral (choice) responses, the last of which is of particular interest to advertising and marketing specialists. The article identifies several fruitful areas for continued research and experimentation, especially in areas of social marketing research. © 1994 John Wiley & Sons, Inc.     

Toxic release inventories and green consumerism: empirical evidence from Canada

Abstract. Do firms abate pollution in response to actual or anticipated green consumerism? Lacking direct observational data on the extent of green consumerism, we construct an indirect method to elicit its effect on pollution abatement. If environmentally motivated consumers target companies rather than particular facilities of a multi‐product firm, green consumerism can be identified through intra‐firm inter‐plant spillover effects in pollution abatement. We test the prediction that ‘environmentally‐leveraged’ firms with consumer market exposure experience larger emission reductions. We use 1993–99 panel data from Canada's National Pollutant Release Inventory (NPRI), with pollutants adjusted for toxicity. Our empirical results find statistically significant evidence of green consumerism, but its economic magnitude is very small. JEL Classification: Q2, R3 Inventaires des émanations toxiques et consumérisme vert : résultats pour le Canada. Est‐ce que les entreprises réduisent la pollution en réponse au consumérisme vert – présent ou anticipé? Comme on n’a pas de façon de le savoir directement, on élabore une méthode indirecte de mesurer son impact sur l réduction de la pollution. Si des consommateurs intéressés à l’environnement ciblent certaines sociétés plutôt que des installations particulières d’une entreprise multi‐produit, le consumérisme vert a un impact détectable via des effets de retombées des politiques de réduction de pollution intra‐firme entre les installations. On met au test l’hypothèse que les entreprises qui sont exposées à des pressions sur le marché effectuent des réductions de pollution plus importantes. Utilisant des données de l’inventaire national des rejets de polluants du Canada pour 1993–99, on trouve que l’effet du consumérisme vert est statistiquement significatif mais économiquement très faible.     

Innovation Policy in Search of an Economic Foundation: The Case of Research Partnerships in the United States

Research partnerships are not a new organizational form, but since the mid 1980s the US government, like other national governments, has provided a favorable environment for them to flourish. The purpose of this paper is to address the question: What is the economic foundation upon which public support of research partnerships in the USA is based? In addition, given that foundation: What additional information is needed to increase the efficacy of the current policy environment? We summarize the relevant literature and find that as a whole, the theoretical literature makes clear that research partnerships are a socially beneficial organizational form once formed. However, more empirical research is needed of a different type that has occupied the journals to date. We offer an agenda for such research that will complement the policy process.     

Strategic judgment proofing

A liquidity‐constrained entrepreneur raises capital to finance a business activity that may harm bystanders. The entrepreneur raises senior (secured) debt to shield assets from the tort victims in bankruptcy. For a fixed level of borrowing, senior debt creates better incentives for precaution taking than either junior debt or outside equity. The entrepreneur's level of borrowing is, however, socially excessive. Giving tort victims priority over senior debtholders in bankruptcy prevents overleveraging but leads to suboptimal incentives. Lender liability exacerbates the incentive problem even further. A limited seniority rule dominates these alternatives. Shareholder liability, mandatory liability insurance, and punitive damages are also discussed.     

A comparison of the National Geographic Stewardship Scorecard Ratings by experts and stakeholders for selected World Heritage destinations

The National Geographic Society Center for Sustainable Destinations Stewardship Scorecards for 2003 and 2006 compared ratings by “experts” for 33 World Heritage Site destinations. Nine (27.3%) improved by four or more points and six (18.2%) decreased by four or more points in the three years. In 2006, local stakeholders rated these World Heritage destinations using the same criteria as the experts. Stakeholders rated six destinations (18.2%) lower and almost half of the 33 destinations (48.8%) increased by five or more points. A moderate positive correlation was determined between the ratings of the experts and stakeholders. Comments by experts and stakeholders related to each of the scorecard criterion measures were analyzed. ANOVA and t-test were performed to examine the six stakeholder categories ratings for each of the six criteria and the results are presented. The assumptions and limitations of the survey methodology are discussed along with recommendations for improving the Destination Stewardship Scorecard Survey.     

The impact of the Social Cash Transfer Scheme on food security in Malawi

The Malawi Social Cash Transfer Scheme (SCTS) was launched in 2006 to improve food security by directly providing cash transfers to the country’s most destitute households. Although government-implemented cash transfer schemes have gained popularity throughout Latin America, these schemes are just emerging in Africa. While where there is evidence of the beneficial impact of cash transfers on food security from Latin American countries, there is a dearth of evidence from resource poor countries in Africa.