Golf courses and residential house prices: An empirical examination

The importance of location is well known in the literature on real estate valuation. Our study extends this body of literature by being the first to examine empirically the effect on the selling price of single-family residential properties when they abut a golf course. We determine the incremental effect on the sales price of houses on the golf course by fitting a standard hedonic pricing model to a sample of 717 sales transactions drawn from a sub-urban area of a large city. We employ a matched-pair research design to hold constant the price effects of other location factors on these golf course properties. Our results indicate that a golf course location adds 7.6 percent to a property's sales price. We believe this finding is of interest to developers in their design of a golf course subdivision and to appraisers who wish to make location-specific value adjustments of golf course properties.     

Economic design of a two-stage screening procedure with a prescribed outgoing quality

Summary An economic two-stage screening procedure based on screening and performance variables is proposed. A screening variable is used first to decide whether an item should be accepted, rejected, or undecided. The performance variable is then used to classify the undecided items. The two variables are assumed to have a bivariate normal distribution. A cost model is constructed which involves costs due to screening and performance inspections and misclassification errors. Optimal cutoff values on the screening variable minimizing the expected cost are obtained subject to the constraint that the outgoint quality exceeds a prespecified level. Methods of finding the optimal cutoff values are presented for both parameters-known and parameters-unknown cases.     

Economic screening procedures based on correlated variables

Summary Economic screening procedures for improving outgoing product quality based on screening variables are presented for the cases of one- and two-sided specification limits. It is assumed that the performance and screening variables are jointly normally distributed and that costs are incurred by screening inspection and misclassification errors. When all parameters are known, a closed-form solution is obtained for the case of one-sided specification limit and an approximate closed-form solution is derived for the case of two-sided specification limits. Methods for finding optimal solutions based on normal conditioned ont-distribution are presented for the cases of unknown parameters.     

Success criteria and factors for international development projects: A life‐cycle‐based framework

The paper presents a new conceptual model for not‐for‐profit international development projects that identifies different sets of success criteria and factors in the project life‐cycle phases and then provides the dynamic linkages among these criteria and factors. The model can serve as a basis to evaluate the project status and to forecast the results progressively throughout the stages. Thus, it helps the project management team and the key stakeholders prioritize their attention and scarce development resources to ensure successful project completion. Empirical data from a field survey conducted in selected Southeast Asian countries confirm the model's validity and also illustrate important managerial implications.     

论越南社会主义定向市场经济体制——中越社会主义市场经济体制改革之比较

越南自引入市场机制进行社会主义经济体制改革以来,其社会经济发展取得了很大成效。本文在简要回顾越南市场经济改革进程的基础上,概括了越南社会主义定向市场经济体制的基本内容,并着重比较分析了中越两国社会主义市场经济体制模式的异同点。     

Translating Corporate Social Responsibility into Action: A Social Learning Perspective

Journal of Business Ethics - Interest in the microfoundations of corporate social responsibility (CSR) has grown over the past decade. In this study, we draw on social learning theory to examine...     

Greening Asia's Economic Development

Asia is facing serious environmental challenges including urban air pollution and the effects of global climate change. As a major source of greenhouse gases, what happens in Asia will play a crucial role in determining the extent to which the world warms over coming decades. This paper reviews key environmental challenges faced by the region and the growing opportunities for a transition to a cleaner economy powered by zero‐emission energy sources. Economic mechanisms – including emissions pricing, reverse auctions, and renewable portfolio standards with green certificate schemes – have the potential to underpin a much greener development model for the Asian Century.     

Ecological ideals,sustainable tourism and the heritage concept of an eco-village: the case of Arcosanti,USA

Arcosanti in Arizona, USA, is a yet-to-be completed ecological settlement which reflects the major ideas of Paolo Soleri, an Italian architect and philosopher, on an alternative type of city. Based on field research using interviews, participatory observation and the survey method it examines the relationship between tourism and eco-settlements, using Arcosanti as a case study, in order to discuss current approaches to sustainable tourism and to examine visitor profiles, perceptions, and attitudes. The data indicates that ecological settlements such as Arcosanti can be an attractive tourist destination and it is clear that although Arcosanti had started life as an urban experiment based on ecological and alternative ideas, today it is a place that attracts many visitors. Regardless of whether Arcosanti can be categorized as an eco-village or eco-city, its valuable attractiveness results from Paolo Soleri and his tangible/intangible heritage that contributes an income via sustainable tourism. The study concludes that Arcosanti is an excellent case which offers the promise that ecological settlements can have significant potential for sustainable tourism.     

Friend or foe? Social ties in bribery and corruption

Experimental Economics - This paper studies how social ties interact with bribery and corruption. In the laboratory, subjects are in triads where two ‘performers’ individually complete...     

The spillover effects of target interest rate news from the U.S. Fed and the European Central Bank on the Asia-Pacific stock markets

This paper provides comprehensive evidence on the spillover effects of the U.S. Fed's and the European Central Bank (ECB)’s target interest rate news on the market returns and return volatilities of 12 stock markets in the Asia-Pacific over the period 1999–2006. The news spillover effects on the returns are generally consistent with the literature where a majority of stock markets shows significant negative returns in response to unexpected rate rises. While the results of the speed of adjustment for the Fed's news are mixed across the markets, the ECB news was absorbed slowly, in general. The return volatilities were higher in response to the interest rate news from both sources. In addition, both the Fed and the ECB news elicited tardy or persisting volatility responses. These findings have important implications for all levels of market participants in the Asia-Pacific stock markets.