A History of the D–Mark's Real External Value

An equilibrium time path of the real effective exchange rate of Germany's currency in the post Bretton Woods period is calculated. For this purpose, a NATREX model for the long–run determination of this specific variable is developed. A cointegration analysis gives evidence in favour of the model and provides the equilibrium values. The theoretical and empirical results are used to analyse in detail movements in the real exchange rate of the D–Mark. Estimation results suggest, among other things, that the D–Mark has mostly been overvalued and that it often adjusted with some delay to changes in the fundamentals.     

Einzelbesprechungen

Ohne Zusammenfassung     

A Bio-Economic Model of Community Incentives for Wildlife Management Under CAMPFIRE

This paper formulates a bio-economic model to analyze community incentives for wildlife management under benefit-sharing programs like the Communal Areas Management Programme for Indigenous Resources (CAMPFIRE) in Zimbabwe. Three agents influence the wildlife stock: a parks agency determines hunting quotas, outside poachers hunt illegally, and a local community may choose to protect wildlife by discouraging poaching. Wildlife generates revenues from hunting licenses and tourism; it also intrudes on local agriculture. We consider two benefit-sharing regimes: shares of wildlife tourism rents and shares of hunting licenses. Resource sharing does not necessarily improve community welfare or incentives for wildlife conservation. Results depend on the exact design of the benefit shares, the size of the benefits compared with agricultural losses, and the way in which the parks agency manages hunting quotas.     

Invasive species management in a spatially heterogeneous world: Effects of uniform policies

The spread of invasive species (IS) is an inherently spatial process, and management of invasive species occurs over spatially heterogeneous regions, but policy constraints can restrict management responses to be homogeneous across regions. Using a spatial bioeconomic model that includes a representation of invasive species ecology based on heterogeneous environments that are linked across space and time by human and ecological pathways, we compare optimal spatially heterogeneous policy to spatially uniform policy. We explore the magnitude and pattern of the policy differences with emphasis on the influence of different types of underlying heterogeneity across locations.     

Markorientierte Kernkompetenzen — Integrativer Ansatz nicht empfehlenswert

In der Wirtschaftsrise suchen Unternehme nach neuen strategischen Marketingns?tzen. So macht der Begriff der sogenannten „Marktorientierten Kernkompetenzen“ die Runde, ein Konzept, das die klassische marktbasierte Sicht und die ressourcenbasierte Sicht des Strategischen Managements integrieren will. Dieser Beitrag zeigt, warum ein solche Ansatz für die Wirtschaft wenig zielührend ist.     

Professor Dietrich Oppenberg verstorben

Ohne Zusammenfassung     

Managing Employee Compensation Risk

Review of Accounting Studies - We analyze a principal-agent model in which the principal (e.g., shareholders) and the agent (e.g., an employee) can personally trade securities tied to the outcome...     

The behavior of intra-daily exchange rates

The behavior of exchange rates is examined as they evolve continuously over time. The data consist of Swiss franc/U.S. dollar rates for nine days during the years 1978–1980 as quoted by a major Swiss dealer operating on the interbank market. Since this market is highly organized, the observations are market prices at the same time. The distributions of relative changes in exchange rates measured over one minute are highly leptokurtic. The normal distribution is rather rapidly approached when the measurement interval is lengthened from one up to ten minutes. Time series analysis reveals that the natural logarithms of exchange rates are adequately described by a random walk, the same stochastic process as has been found for daily, weekly, monthly and quarterly observations. For short time intervals, significant autocorrelations sometimes occur at the first few lags, which are, however, not stable enough over time to form a basis for reliable forecasts.     

城市化与畜产品生产预测:健康与环境风险调整法

集约化农业生产所带来的环境影响和健康危害已经使人们逐渐认识到建立可持续农业发展途径的必要性.随着人们收入的增长,城市化的迅速发展成为消费模式转变的最为显见的驱动力.揭示在考虑到可持续发展的风险和不确定性的情况下对未来农业生产规划的预测,和在决策过程中恰当的风险指标,而这些内容的引入将极可能改变与畜产品设备配置和集约化程度相关的未来政策.以中国为例,研究主要目标为:(1)阐明如何将风险指标引入到决策过程中从而避免健康风险带来的负面结果;(2)阐明如何在农业生产规划中明确风险和不确定性,以达到可持续农业发展.     

Über ein Theorem von Eckart und Young: „Eine Verallgemeinerung eines Transformationsverfahrens von Jacobi“

Ohne Zusammenfassung