Primary and secondary values of wetland ecosystems

Wetlands are continuously degraded in many parts of the world. One reason is the lack of the appropriate valuation of the multifunctionality of wetland. In an attempt to improve the understanding of the importance of this feature of wetlands an alternative classification of values is suggested; primary and secondary values. Primary value refers to the development and maintenance of ecosystems — their self-organizing capacity. Secondary values are defined as the outputs, life-support functions and services, generated by wetlands. Methods for measuring these values are discussed. Three case studies are presented which use different valuation methods and which to different degrees capture the primary and secondary values. It is concluded that only part of the total wetland value can be captured in monetary terms.     

Evaluating the cost-effectiveness of percutaneous closure of a patent foramen ovale versus medical management in patients with a cryptogenic stroke: from the UK payer perspective

Aims: Percutaneous closure of a patent foramen ovale (PFO) is known to lower the risk of recurrent stroke in patients with a cryptogenic stroke. However, the economic implications of transcatheter PFO closure are less well known. From a UK payer perspective, a detailed economic appraisal of PFO closure was performed for prevention of recurrent ischemic stroke in patients with a PFO who had experienced a cryptogenic stroke.

Materials and methods: A Markov cohort model was constructed using a 5-year time-horizon with a patient mean age of 45.2 years, reflecting the characteristics reported in the REDUCE trial. Transition probabilities, clinical inputs, costs, and utility values were ascertained from published and national costing sources. Total costs, incremental costs, quality-adjusted life-years (QALYs), and incremental cost-effectiveness ratios were calculated, utilizing a discount rate of 3.5%. A range of univariate and probabilistic sensitivity analyses were also performed.

Results: When applying a willingness-to-pay (WTP) threshold of £20,000/QALY in accordance with NICE guidelines, PFO closure compared with antiplatelet therapy alone showed a beneficial cost/QALY of £18,584, attained at 4 years. Applying discount rates of 0% and 6% had a negligible effect on the base-case model findings. PFO closure demonstrated a 76.9% probability of being cost-effective at a WTP threshold of £20,000/QALY at a 5-year time-horizon.

Limitations: This model focused specifically on UK stroke patients and typically enrolled young (mean age <65 years old) patients. Hence, caution should be taken when comparing data vs non-UK populations, and it remains unclear how older patients might have affected cost-effectiveness findings, as the risk of paradoxical embolism can persist as patients age.

Conclusion: Percutaneous closure of a PFO is cost-effective compared with antiplatelet therapy alone, underlining the economic benefits potentially afforded by this treatment in selected patients.     

Trade union activism: The characteristics associated with becoming and remaining a shop steward

The paper investigates the motivation and experiences of shop steward office holders in a general union in the Republic of Ireland. Two approaches examining the differences between office-holders and non-office-holders are explored, one that is predominantly concerned with the variation in psychological and personal characteristics, needs, and attitudes of individuals, and a second that emphasizes the importance of social processes in the workplace. The results of the research suggest that the former approach provides only a partial explanation of the differences. Results indicate that where there are differences between office-holders and non-office-holders it is a result of union-related attitudes and values, which are in turn affected by a number of independent variables. Such salient factors as the existing shop steward organization in the workplace, the attitude of management to trade unions, the level of support from union members, and the union organization were also found to be important aspects which encourage or discourage potential candidates for the shop steward position. The level of satisfaction in the position expressed by a majority of the stewards and the stability of tenure would seem to indicate the existence of a supportive union organization and favorable management attitudes.     

Accounting for the furniture,fittings & equipment reserve in hotels

The somewhat idiosyncratic accounting procedure of maintaining reserves to fund furniture, fittings and equipment (FF&E) capital expenditure in hotels mediated by a management contract is examined. Five research objectives have been pursued: (i) ascertaining contrasting motives of owners and operators with respect to FF&E reserve accounting; (ii) determining FF&E reserve accounting approaches adopted in hotels; (iii) determining the amount assigned to FF&E reserves in hotels; (iv) determining the sufficiency of FF&E reserves in hotels; and (v) appraising the degree of ease with which hotel operators can draw on FF&E reserve funds. These objectives have been pursued through the analysis of qualitative field data as well as survey data collected in Australia and New Zealand. The study’s more significant findings include the determination that, consistent with the wishes of operators, maintaining cash funded FF&E reserves is the most popular approach (particularly in small hotels). It has also been found that FF&E reserves are 40 per cent underfunded. This deficiency beckons a question over whether hotel FF&E reserve accounting serves any meaningful role.     

Population age structure and the size of social security

"This paper uses a general overlapping generations model to analyze social security. Rather than focusing on intertemporal price and income considerations, however, the paper focuses on the effect of contemporaneous (same period) prices and income. The analysis shows that the old-age dependency ratio acts as a shadow price for old-age benefits. With this new shadow price, the equilibrium price and quantity of social security benefits and the level of the payroll tax rate are determined in a demand-supply framework with individual utility maximization. Three explicit demand functions (intergenerational contracts) are analyzed. The model is tested using [U.S.] time series data for the social security Old-Age and Survivors (OASI) program."     

Cost-effectiveness of percutaneous patent foramen ovale closure as secondary stroke prevention

Objective: Compared to medical therapy alone, percutaneous closure of patent foramen ovale (PFO) further reduces risk of recurrent ischemic strokes in carefully selected young to middle-aged patients with a recent cryptogenic ischemic stroke. The objective of this study was to evaluate the cost-effectiveness of this therapy in the context of the United Kingdom (UK) healthcare system.

Methods: A Markov cohort model consisting of four health states (Stable after index stroke, Post-Minor Recurrent Stroke, Post-Moderate Recurrent Stroke, and Death) was developed to simulate the economic outcomes of device-based PFO closure compared to medical therapy. Recurrent stroke event rates were extracted from a randomized clinical trial (RESPECT) with a median of 5.9-year follow-up. Health utilities and costs were obtained from published sources. One-way and probabilistic sensitivity analyses (PSA) were performed to assess robustness. The model was discounted at 3.5% and reported in 2016 Pounds Sterling.

Results: Compared with medical therapy alone and using a willingness-to-pay (WTP) threshold of £20,000, PFO closure reached cost-effectiveness at 4.2 years. Cost-effectiveness ratios (ICERs) at 4, 10, and 20 years were ?20,951, ?6,887, and ?2,158, respectively. PFO closure was cost-effective for 89% of PSA iterations at year 10. Sensitivity analyses showed that the model was robust.

Conclusions: Considering the UK healthcare system perspective, percutaneous PFO closure in cryptogenic ischemic stroke patients is a cost-effective stroke prevention strategy compared to medical therapy alone. Its cost-effectiveness was driven by substantial reduction in recurrent strokes and patients’ improved health-related quality-of-life.     

Housing Cooperatives in Sweden: The Effects of Financial Deregulation

The article focuses on transaction prices for recent movers in cooperative dwellings during the period 1980–1993. Prices increased by 80% in real terms up to 1990, then fell by 35% between 1990 and 1993. A hedonic analysis is used to analyze the impact of changmg macroeconomics and financial deregulation. The financial deregulation, which took place in 1985, seems to have caused increased loan-to-value ratios on the cooperative housing market. Using 1983 as a point of reference, a Tobit analysis reveals that the average LTV ratio in 1990 was 290% higher that year. After 1990 the LTV ratio fell by 45% due to credit constraints.     

Transformational leadership,group affective tone,and group member social inferences: A leadership complementarity perspective

We investigated how the complementarity between transformational leadership behaviours and group potency predicts changes in group affective tone and subsequent group members' social inferences (job satisfaction, trust in supervisors, and turnover intentions). We analyzed two waves of data from 135 skilled professionals working in 29 groups within a Canadian government agency. Transformational leadership behaviours did not directly relate to changes in group affective tone. However, group potency moderated the relationship between transformational leadership behaviours and group affective tone, as well as the indirect relationships between transformational leadership behaviours and group members' social inferences via group affective tone, such that the relationships were stronger for low-potency groups. These results suggest transformational leadership may work best when complementing a group's sense of its own perceived capability.     

Public Sector Banks in India: Rationale and Prerequisites for reform

This paper contributes to the debate on public sector banks by suggesting several rationales for government ownership of banks in India. The paper then proceeds to argue that due to high economic costs, the current public sector banking system is unsustainable. Although a policy of wider private ownership was introduced in the 1990s, it is suggested that there are several prerequisites to be met before such a reform can be more fully implemented. It is argued that these prerequisites arise from the rationales for government ownership, and they include a credible bank regulatory regime, and government promotion of co‐operative banks and credit unions.