A modified production possibility frontier for efficient forestry management under the New Zealand Emissions Trading Scheme

Carbon sequestered through increased forest biomass provides a low cost means to curb emissions and has become a major focus of New Zealand's Emissions Trading Scheme. We present a forest planning optimisation model where land use is governed by forest owners maximising the returns to both timber harvest and carbon sequestration. By varying carbon prices, we model efficient trade‐offs between the two forest activities along a modified production possibility frontier for four distinct wood supply regions in New Zealand. Results show that while more productive regions such as the Central North Island (CNI) and Northland have a greater capacity as a carbon sink, it is the less productive regions that have a comparative advantage in carbon sequestration in terms of a lower cost of wood production revenue foregone. However, moderate increases in carbon uptake can be achieved in the CNI at low opportunity cost by subtle changes in forestry management. The implication for policy‐makers is that initial increases in carbon sequestration will be achieved at the lowest cost to society by favouring high volume timber production in some productive woodland areas and/or by more carbon farming in less productive areas.     

Toward sustainable educational travel

In the past decade, sustainability and global citizenship have emerged as two of the most prominent themes in contemporary higher education. Literature that specifically merges the two themes has, however, lagged behind. This paper integrates the literature from the fields of sustainable tourism and educational travel in order to articulate relevant concepts and to summarize theoretical and empirical approaches for improving the sustainability of educational travel programs. While most of the literature focuses upon carbon-related issues, a more comprehensive assessment and implementation would focus on the three dimensions of sustainability: economic, environmental, and socio-cultural. This paper advocates several practical measures, such as the incorporation of sustainability into program mission statements, the training of travel leaders in all three dimensions of sustainability, and the implementation of sustainability-related assessment measures for educational travel programs. Further, we argue that maintaining critical scholarly engagement with broader theoretical frameworks is necessary to contextualize these practical and empirical approaches, and to reassess the potential benefits and negative impacts associated with educational travel.     

The Euro Crisis in the Mirror of the EMS: How Tying Odysseus to the Mast Avoided the Sirens but Led Him to Charybdis

Open Economies Review - Why was recovery from the euro area crisis delayed for a decade? The explanation lies in the absence of credible and timely policies to backstop financial intermediaries and...     

An examination of cost management behavior in small restaurant firms

The purpose of this study is to test cost management behavior of small restaurant firms and identify whether managers of these small restaurants behave differently depending on their management and ownership structure. The sample was comprised of 87 small restaurant firms identified from the 1998 Survey of Small Business Finances (SSBF). Cost of doing business, size of staff, and five performance measures were used as dependent variables. Independent variables included management and ownership type. Study findings identified significant differences in the profit margin depending on management type and ownership percentage of the primary owner. We also find that the cost of doing business (total expenses) varies depending upon single-family majority/minority ownership and the ownership percentage of the primary owner. The results support the notion that small restaurant firms are operated differently depending on their management and ownership structure.     

Copula-based nonlinear modeling of the law of one price for lumber products

This paper proposes an alternative and potentially novel approach to analyzing the law of one price in a nonlinear fashion. Copula-based models that consider the joint distribution of prices separated by space are developed and applied to weekly prices for lumber products. The copulas capture nonlinearities that arise in the extremes of the joint distributions of price differentials and suggest faster equilibrating adjustments when deviations from parity are extreme.     

Evaluation of the organizational personalities of the tourism schools in Cyprus: a comparative case study

The aim of this study is to compare the organizational personalities of the tourism schools in two universities in North and South Cyprus. The data were collected by means of an interview schedule and were examined using content analysis. The results showed that the tourism schools of both countries had distinct personalities due to the differences in the higher education systems, management styles, organizational structure and administrative behaviors of their universities. For both parts of the island, the results showed that international accreditations, collaborations, and dual programs with international bodies and different universities will enhance student satisfaction and the success of the current universities. The researchers suggest that both institutions should take into account the needs of the industry and improve their cooperation with the stakeholders of the tourism sector in order to promote their curricula.