HETEROGENEITY IN WILLINGNESS‐TO‐PAY FOR THEATRE PRODUCTIONS: INDIVIDUAL SPECIFIC WILLINGNESS‐TO‐PAY ESTIMATES FOR THEATRES,SHOWS AND THEIR ATTRIBUTES

This paper investigates people's preferences for live theatre, and heterogeneity in willingness‐to‐pay (WTP). A stated preference discrete choice model estimates utility and WTP for different attributes of theatre productions. Previous studies assumed fixed coefficients across all theatre‐goers. This study allows coefficients of attributes to vary across individuals in the population, providing information on the heterogeneity of tastes. Theatre‐goers' choices are used to estimate individual‐based parameters for a person's tastes in theatre productions. The analysis reveals the heterogeneity of tastes for different types of plays and ticket price; and the significance of ‘reviews’ by critics and ‘word of mouth’ opinions as important variables determining choice.     

Broadband Demand Analysis for Network Building

An increase of broadband demand is forecasted by transitional methods that consider the effect of this increase through many factors, such as customer requirement diversification, and new service introduction and deployment under competition. Broadband demand forecasting has become important for closing the digital divide, promoting regional developments, and constructing networks economically; therefore, a demand forecast model that considers the mechanisms of market structure is necessary. In this paper, a demand analysis method for broadband access combining macro- and micro-data mining is proposed, and the service choice behaviour of customers is introduced as a customer model not only to express the macro trend of market structure, but also to consider area marketing. The proposed method can estimate the potential demand, determine the point at which broadband demand growth peaks in a specified area, and support a decision for ultra high-speed broadband access facility installation.     

Price elasticity of water allocations demand in the Goulburn–Murray Irrigation District*

Bid prices for the demand and supply of water allocations between 2001 and 2007, and average monthly prices paid for water allocations from 1997 to 2007 in the Goulburn–Murray Irrigation District are analysed to estimate price elasticities. Based on bid prices, the price elasticity of demand for water allocations appears highly elastic, with elasticities strongly influenced by the season and drought. The price elasticity of supply for water allocations is also elastic, albeit less elastic than demand. Using actual prices paid, water demand is negatively related to price and is inelastic, and appears to be most influenced by demand the previous month, drought and seasonality factors.     

Economic Targeting of Agricultural Beneficial Management Practices to Address Phosphorus Runoff in Manitoba

The mechanisms used to deliver agricultural beneficial management practices (BMPs) can influence the performance of these policies. Research has suggested that agri‐environmental instruments targeted based on specific economic or environmental characteristics can improve policy performance. Using a case study approach, we evaluate the relative performance of different mechanisms to target subsidized water retention pond BMPs to reduce phosphorus (P) runoff in an agriculture dominated subwatershed within the Lake Winnipeg watershed in southern Manitoba. The water retention pond BMPs were targeted based on estimated establishment costs (cost targeting), total phosphorus removal from surface water (benefit targeting), and pond‐specific benefit–cost ratios. The targeting was simulated using predictions of retention pond‐specific P removal from an adapted hydrology model and site‐specific pond construction and land opportunity costs assembled in a geographic information system database. Targeting of water retention pond BMPs has an impact on the cost effectiveness of the policy delivery with benefit–cost targeting being the most cost‐effective approach. Water retention ponds providing higher P removal at lower cost were smaller in size and on land previously used for the production of lower value crops. Le ciblage économique des pratiques de gestion bénéfiques en agriculture pour remédier au ruissellement du phosphore au Manitoba Les mécanismes utilisés pour livrer des pratiques de gestion bénéfiques (PGB) peuvent influencer la performance de ces politiques. Des études suggèrent que le ciblage d'instruments agroenvironnementaux basé sur des caractéristiques économiques ou environnementales précises peut améliorer la performance des politiques. Au moyen d'études de cas, nous évaluons la performance relative de divers mécanismes pour cibler les PGB des bassins de rétention d'eau subventionnés pour réduire le ruissellement de phosphore (P) dans un sous‐bassin du bassin du Lac Winnipeg au sud du Manitoba. Les PGB du bassin de rétention des eaux ont été ciblées en fonction des coûts estimés d'établissement (ciblage des coûts), de l′élimination totale du phosphore de la surface de l'eau (ciblage des bénéfices), et des ratios avantages‐coûts liés au bassin. Le ciblage fut simulé au moyen de prédictions du taux de suppression de P spécifique à chaque bassin de rétention obtenues à partir d'une adaptation d'un modèle hydrologique et d'une base de données d'un système d'information géographique (SIG) contenant les sites de chaque bassin de rétention et le coût d'opportunité du terrain. Le ciblage des PGB des bassins de rétention d'eau a un impact sur la rentabilité de la mise en ?uvre de politiques, le ciblage coût‐avantages étant l'approche la plus rentable. Les bassins de rétention d'eau ayant le plus haut taux d'élimination de P à moindre coût s'avéraient plus petits et sur des terrains ayant servi, auparavant, à la production de cultures de moindre valeur.     

Beach safety education for primary school children

Childhood drowning remains a serious public health problem worldwide. The Australian Water Safety Council has set as one of its highest priorities the reduction of drowning deaths in children aged 0–14 years. However, concerns have recently been raised that many students completing primary school still lack the ability to recognize potential aquatic risks, cope with emergencies or assist someone else in danger. In this study, 107 primary school children aged 11–12 completed a one day training programme led by surf lifesaving instructors. Pre, post and eight week follow-up measures showed statistically significant improvements in recognition of the red ‘beach closed’ flag, aquatic safety signs, how to identify a rip current and choosing the safest place to swim at a beach that included a rip current in the picture. Following training students were more willing to provide first aid assistance to family members and friends in an emergency situation. Findings reinforce the value of school-based training that provides a general foundation for aquatic safety, with the caveat that current programmes must be evaluated to ensure their content has a robust prevention focus.     

Multiperiod Optimal Investment-Consumption Strategies with Mortality Risk and Environment Uncertainty

Abstract

In this article we investigate three related investment-consumption problems for a risk-averse investor: (1) an investment-only problem that involves utility from only terminal wealth, (2) an investment-consumption problem that involves utility from only consumption, and (3) an extended investment-consumption problem that involves utility from both consumption and terminal wealth. Although these problems have been studied quite extensively in continuous-time frameworks, we focus on discrete time. Our contributions are (1) to model these investmentconsumption problems using a discrete model that incorporates the environment risk and mortality risk, in addition to the market risk that is typically considered, and (2) to derive explicit expressions of the optimal investment-consumption strategies to these modeled problems. Furthermore, economic implications of our results are presented. It is reassuring that many of our findings are consistent with the well-known results from the continuous-time models, even though our models have the additional features of modeling the environment uncertainty and the uncertain exit time.     

Strategy analysis in the health service

The operation of provider units, both NHS Trusts and Directly Managed Units, as competitive organizations in the market place, is as yet rudimentary. Although some have achieved notoriety through radical “business” behaviour, there is little evidence that they have adopted scientific business practices in order to strengthen or re‐orientate their position in the market place. Neither is there as yet any hard evidence that such behaviour would be beneficial in the long term.

This paper describes an exercise of strategic market analysis used as a device to lead and inform the business planning process for an NHS Trust. The primary objective of the analysis is to identify hitherto unrecognized strategies which would enhance the position of the organization in the market place and also to identify areas where business development is possible and desirable.