Economic versus physical input measures in the analysis of technical efficiency in fisheries

The measurement of technical efficiency requires the estimation of an appropriate production frontier. This is based on a set of inputs that are assumed to influence the level of output. Deviations from this frontier production function are separated into random variation and inefficiency. However, mis-specification of the production function through the use of inappropriate input measures may result in a bias in the measures of inefficiency. In fisheries, production is generally assumed to be a function of stock size, fishing time and the level of physical inputs employed. Defining the appropriate levels of physical inputs, however, is not straightforward, and several alternative measures are available. While economic measures of capital are more intuitively appealing, physical measures are generally readily available and hence less costly to collect. In this study, technical efficiency is measured for three fleet segments operating in the North Sea using three different gear types. The effects of using different measures of capital in the production frontier on the efficiency estimates are examined.     

Financing climate-friendly energy development through bonds

In this paper we review the various instruments that have been proposed and implemented for financing renewable energy and low-carbon technology projects, in both the developed and developing world, with a focus on private sector involvement. We consider their common features and compare their total impact so far with the scale of renewable energy funding likely to be needed over the next several decades, as estimated by such bodies as the International Energy Agency, which puts the amount at one trillion US dollars per year. An increase of this magnitude in the required financing provides opportunities for developing new financing instruments, based on what has been accomplished so far, and for regional development banks to be involved in the process, subject to sound risk management principles.     

Cyberspace: The Final Frontier?

The science fiction series of the '70's, Star Trek, began all its telecastings with the announcement "Space: The Final Frontier." Star Trek chronicled the voyage of a crew navigating their way through space. For the travelers, space seemed like the last unknown entity that needed to be investigated. As they journeyed, they learned of the boundless nature of space. Each episode portrayed a group of folks encountering new situations, attempting to solve another problem, or strategizing how to overcome an obstacle.While few people will ever have a chance to travel in a spaceship to discover the universe, most have trekked through cyberspace. Cyberspace is the coined term for the computer world. Little would the Star Trek's producer, Gene Roddenberry, know what expansive limits the computer age would usher in. With the advent of the computer age, we recognize that we have not even begun to identify the powerful magnitude of the computer. At each juncture or moment of discovery a new question is raised, impact is assessed and plans are strategically mapped out.This paper will identify the ways and places computers have impacted our lives and the corresponding ethical questions they raise because they affect human relationships and social institutions. It will then study one particular aspect of computers: electronic mail (email). Email is the normative way of communicating across computer networks. It has its benefits and challenges which will be named and discussed.     

An experimental comparison of collective choice procedures for excludable public goods

This paper compares three collective choice procedures for the provision of excludable public goods under incomplete information. One, serial cost sharing (SCS), is budget balanced, individually rational, anonymous and strategy proof. The other two are “hybrid” procedures: voluntary cost sharing with proportional rebates (PCS) and with no rebates (NR). PCS satisfies all these properties except strategy proofness, and NR satisfies all the properties except for strategy proofness and budget balance. However, PCS and NR do not exclude any potential users, and they do not require equal cost shares, thereby overcoming the two main sources of inefficiency with SCS. We characterize the Bayesian Nash equilibria (BNE) of the hybrid mechanisms and conduct laboratory experiments to compare the performance of the three mechanisms. We find that PCS produces significantly more efficient allocations than either SCS or NR.     

The Growing Localness of the Canadian City, or, On the Continued (Ir)relevance of Economic Base Theory

The past 50 years have brought massive changes in the patterns of economic activity around the world. Not only has global trade increased, but, precisely because of this, many scholars suggest that local (and regional) networks of production and exchange have become more prevalent and important. The nature of local economic development has, as a result, changed quite substantially. And yet theoretical approaches to it largely have not. Fifty years after Douglass North introduced economic base theory - asserting that economies grow only through increased exports - it remains the familiar refrain, if not the basis, of local economic development theory. We think it is about time to reassess the merits of base theory as an approach to, and explanation of, local economic development. Accordingly, in this article, we review briefly North's argument for base theory and the debate it stirred up early on. Then we present two evaluations of its current relevance. The first is theoretical: we consider whether changes in the patterns of economic activity in the global north, including the emergence of local/regional networks of production and exchange and the growth of consumer services, have made it possible to achieve economic growth without increasing exports. The second is empirical: using the minimum requirements method, we examine whether the economies of Canada's cities have become more locally oriented and, if so, whether they have grown. Both evaluations indicate that economic development is indeed possible through increased local activity (although exports remain important). We conclude that it is time to consider more nuanced models of local economic development that accommodate the multiple ways in which development can be achieved.     

Competitive Tendering: Lessons from the Public Sector

The introduction of at first voluntary and then compulsory competitive tendering have ushered in a decade of change in the provision of public services. In this paper, the authors examine just how radical that change has been. Utilising data from local authorities the authors find that, in refuse collection at least, competitive tendering has reduced costs by forcing improvements in labour productivity. But, in comparing the relative efficiencies of the large majority of in house tender winners with the comparatively smaller set of private contractors awarded tenders, the authors conclude that scope for greater cost reductions remain.     

Mixed causal–noncausal autoregressions with exogenous regressors

Mixed causal–noncausal autoregressive (MAR) models have been proposed to model time series exhibiting nonlinear dynamics. Possible exogenous regressors are typically substituted into the error term to maintain the MAR structure of the dependent variable. We introduce a representation including these covariates called MARX to study their direct impact. The asymptotic distribution of the MARX parameters is derived for a class of non-Gaussian densities. For a Student likelihood, closed-form standard errors are provided. By simulations, we evaluate the MARX model selection procedure using information criteria. We examine the influence of the exchange rate and industrial production index on commodity prices.     

The mean and variance of the likelihood ratio criterion for the multinomial distribution

Summary The mean and variance of — 2 In A for the multinomial distribution are derived in closed form. A comparison is made betweenSchaffer's [1957] approximations to the moments and the exact moments for varying sample size.