Nature conservation for future sustainable shorelines: Lessons from seeking to involve the public

The soft coastline of eastern England is dynamic, with much of it subject to the risk of erosion or flooding. A number of internationally important coastal nature conservation sites are under threat. This paper explores the character and reasoning behind changing coastal management policies and governance practices in England. It reveals how Natural England is tackling these changes, notably with regard to establishing reconstituted nature conservation sites and re-designed coastlines. Such an approach requires the close involvement of policy leaders, agency officers, local maritime authorities and local residents. This paper explains how participatory processes play a critical role in the design of new coastlines that are ecologically and geomorphologically sustainable yet enable local communities to survive and flourish. A case study involving a visioning exercise at Winterton-on-Sea in Norfolk, UK, highlights the many practical difficulties around planning for the uncertain future of internationally important nature conservation sites, and local economies and communities. Future moves toward sustainable coastal alignments will have to involve a wide mix of public and civic bodies, as well as local communities, and will be underpinned by risk-based planning and well-researched adaptation and relocation arrangements.     

Australia's coal seam gas boom and the LNG entry result

Queensland experienced extraordinary growth in booked 2P coal seam gas (CSG) reserves, rising from 3,400 PJ in 2005 to 41,200 PJ in 2013. Given annual domestic consumption of ca. 700 PJ/a, 2P reserves rapidly shifted from 14 to 72 years supply. Profit‐maximising firms sought to speed up commercialisation of reserves through the development of three liquefied natural gas (LNG) export plants at Gladstone. In this article, we present forecasts of Australia's east coast interconnected gas system with daily resolution using our dynamic partial equilibrium model. Modelling results show the rapid development of LNG plants combined with restrictive CSG development policies in NSW may result in unserved load from 2016. Relaxing development constraints or delaying construction of one LNG terminal by 1 year could have avoided the risk of Unserved Load events in the domestic gas market. Lessons can be learned from this CSG‐LNG boom scenario. Facilitating new gas supplies is the most efficient way of alleviating the impacts of the CSG‐LNG boom on domestic markets in the medium term. In the long‐term, Australian policymakers may consider the merits of a National Net Benefits Test to maximise welfare through appropriate coordination – as is done by policymakers in the USA – as opposed to protecting local industries through ‘domestic gas reservation policies’.     

Transatlantic Similarities and Contrasts in Rural Development PoliciesTransatlantische Ähnlichkeiten und Gegensätze bei den Politiken zur Entwicklung des ländlichen RaumsPoints communs et divergences transatlantiques sur le développement rural

Transatlantic Similarities and Contrasts in Rural Development Policies
The United States (US) and European Union (EU) share many general policy aims for rural areas, but they differ in the ways in which they try to achieve these aims. The principal difference lies in the role envisioned by agriculture in overall rural development. EU policies treat agriculture as a provider of public goods, and many of its 'rural' programmes target agriculture. In the US, very few Federal rural development programs are focused solely on agriculture. Differences of approach may be linked to different farm distributions, population densities, historical settlement patterns, and the historical policy process per se . In particular, in the US rural development policy does not cover the environment or income support to farmers; these are addressed through other programmes. In contrast, the EU classifies its agri-environmental programmes as rural development, claiming that more environmentally-friendly farm practices bring benefits to the broader rural economy. US State and local initiatives emphasize many themes found in the EU's Pillar II programmes, such as value-added or sustainable agriculture. Overall, although there are marked differences in the ways in which policies are implemented, the coverage of these policies in the EU and US is rather similar.     

The coexistence of transaction and relational marketing: Insights from the Chinese business context

Transaction and relational approaches to marketing have been promoted as alternative forms but recent evidence suggests that they may coexist. We explore this in the context of China. If firms operating in a highly relational society, such as China, exhibit transactional behavior, these two approaches must be compatible. We argue that Chinese values give rise to business practices consistent with both transactional and relational perspectives. These are summarized in six propositions for research. Theory building and managerial practice could benefit from thinking in terms of how elements from the two perspectives can be brought together rather than remain as alternatives.     

Measures of Marketing Success: A Comparison Between China and the United Kingdom

Despite the importance of assessing business performance, there is little research on the measures used to evaluate marketing effectiveness. This paper replicates in China some UK research into the relative importance of categories of marketing metrics, e.g., financial and non-financial, customer and competitive. The Chinese results are compared with those from the UK. In China, respondents saw financial metrics as less important than their UK counterparts and they appeared to be more marketing oriented, but the difference of consumer orientation across departments of firms in China appears larger than in UK. In both countries the importance given to metrics categories were consistent with orientation, while in China there is no relationship between consumer orientation and the important of direct customer metrics as in UK, but the relationship between competition orientation and the measurement of direct customers was found in China.     

Value creation from the innovation environment: partnership strategies in university spin‐outs

University spin‐out (USO) companies play an increasingly important role in generating value from radical, generic technologies, but this translation requires significant resources from other players to reach the market. Seven case studies illuminate how relationships with each type of partner can be leveraged to help the firm create value. We find that most firms in the sample are aware of the importance of corporate partners and actively seek to cultivate these relationships, but may not be taking full advantage of the resources available through nonparent academic institutions and other USOs with similar or complementary technologies.     

Pre‐sale information and hammer prices for Australian Indigenous art

Using sales data from 1987–2011 we investigate the role that pre‐sale price information plays in determining hammer prices for Australian Indigenous artworks. Importantly, we control for the degree of market concentration as this might influence buyers’ perceptions of fairness in relation to price estimates which are provided by auction houses. Auction houses therefore act as important intermediaries between art sellers and art buyers. The results suggest that pre‐sale estimates and market concentration have a differential impact on hammer prices, depending on the point in the conditional realised price distribution under examination.     

Is a Policy of Free Movement of Workers Sustainable?

In this paper, we study the costs and benefits of the adoption of a policy of free movement of workers. For countries to agree on uncontrolled movements of workers, short‐run costs must be outweighed by the long‐term benefits of better labor‐market flexibility and income smoothing. We show that such a policy is less likely to be adopted when workers are more impatient and less risk‐averse, when production technologies display stronger decreasing returns, and when countries trade a significant share of their products.     

American step-up and step-down default swaps under Lévy models

This paper studies the valuation of a class of default swaps with the embedded option to switch to a different premium and notional principal anytime prior to a credit event. These are early exercisable contracts that give the protection buyer or seller the right to step-up, step-down, or cancel the swap position. The pricing problem is formulated under a structural credit risk model based on Lévy processes. This leads to the analytic and numerical studies of several optimal stopping problems subject to early termination due to default. In a general spectrally negative Lévy model, we rigorously derive the optimal exercise strategy. This allows for instant computation of the credit spread under various specifications. Numerical examples are provided to examine the impacts of default risk and contractual features on the credit spread and exercise strategy.