A quantitative analysis of trade policy responses to higher world agricultural commodity prices

The worldwide spike in prices of agricultural commodities in 2007–2008 elevated food security and social stability issues to the forefront, especially in many food-deficit countries. In order to mitigate the global food commodity price pressure on domestic markets, several major exporting and importing countries, mostly developing economies, adopted trade policy changes such as export bans (or raising export restrictions) or reducing import tariffs during the same period. This paper estimates the potential impacts of these policies on the world prices and trade of major agricultural commodities using a set of multi-country, multi-commodity, and partial-equilibrium models. Our findings suggest that over all, the trade policy responses in various countries increased the prices of all agricultural commodities, although the impact on the total net trade varies by commodity. The simulation results show that the overall impact of trade policy distortions on the world rice price is most significant at 24%, followed by wheat (14%) and barley (9%). In general, the poorer food-deficit countries/regions, which have limited power to manipulate their trade policies, experienced higher price increases compared to those major trading countries that adopted policy interventions. Also, the developing countries that are net importers which did not implement trade policy interventions experienced significant welfare losses resulting from interventions implemented by other major trading countries.     

Affirmative action and redistributive ethics

Management faces complex race related issues in which groups arguing entitlement appear to claim benefits historically enjoyed by others. Thus many affirmative action issues provoke animosity because they are framed as zero sum problems. To some extent they are zero sum. Therefore, rationales for corporate policy must address that forthrightly. Up to now the corporate justification has been weak. The article describes a social debt owed interracially resulting from the accumulation of current class benefits from past discrimination, and asserts that affirmative action policies have a firm ethical basis inasmuch as they are affectively redistributing benefits to pay the social debt. Richard F. America is a program manager at the U.S. Small Business Administration and Research Associate at the Howard University, Institute for Urban Affairs. He has taught at the business schools at the University of California at Berkeley and at Stanford University, and was a consultant at Stanford Research Institute. He is coauthor (with Bernard E. Anderson) of Moving Ahead: Black Managers in American Business,McGraw Hill, New York, NY, 1978.     

Spatial allocation of forest recreation value

Non-market valuation methods and geographic information systems are useful planning and management tools for public land managers. Recent attention has been given to investigation and demonstration of methods for combining these tools to provide spatially-explicit representations of non-market value. Most of these efforts have focused on spatial allocation of ecosystem service values based on land cover types, but recreation value has yet to be considered. This article presents an objective method for spatially allocating forest recreation value that is based on readily available data, demonstrates the method for a Southern California study site, and discusses the policy relevance of the method and how it might be extended to other applications and tested with additional primary survey data.     

Model stability and forecast performance of Beta-t-EGARCH

We show that the model stability of the recent QAR(1) plus Beta-t-EGARCH(1,1) is superior to that of the well-known ARMA(1,1) plus t-GARCH(1,1) because QAR plus Beta-t-EGARCH discounts extreme observations, while ARMA plus t-GARCH accentuates them. Model stability of QAR plus Beta-t-EGARCH is an elegant property; however, we show that the out-of-sample density forecast performance of ARMA plus t-GARCH is superior to that of QAR plus Beta-t-EGARCH. We study model stability and density forecast performance for a set of rolling data windows. We use data on the S&P 500 index for the period 1990–2015. For robustness analysis, we also study Monte Carlo simulations of asset returns for the stochastic volatility model.     

日-美跨文化谈判研究及其对中国商务谈判的启发

经济全球化使得跨文化商务谈判在学术和实践领域都受到广泛关注。中国作为最大的发展中国家,跨文化谈判随着国际商务合作的增多而越来越频繁。由于中日文化存在很大的相似性,而东西方跨文化谈判研究主要以日美谈判居多,本文从谈判前准备、信息沟通方式和谈判过程的节奏三个角度回顾和总结了日美谈判的研究成果,归纳出文化差异下东西方谈判风格的区别,进而为中国跨文化谈判研究以及谈判实践提供借鉴和启示。     

Effective Enforcement of a Transferable Emissions Permit System with a Self-Reporting Requirement

We propose an enforcement strategy to achieve complete compliance in a transferable emissions permit system when firms are required to provide reports of their own emissions. Like the literature on self-reporting in the enforcement of standards, we find that self-reporting can conserve monitoring costs, but for a different reason. In addition, we show that targeted monitoring—the practice of monitoring some firms more closely than others—is not necessary in a competitive permit system. Furthermore, tying penalties to the equilibrium permit price can stabilize the monitoring effort necessary to maintain full compliance in the face of permit price fluctuations.     

Pushing subjects beyond rationality with more alternatives in experimental auctions

The use of experimental economics in valuation of market and nonmarket goods has grown over the past few years. The ability of experimental auctions (EUs) to reveal consumer preferences and their malleability has been praised in previous literature. Because of the high cost of conducting EUs, researchers usually present multiple products to participants, determining how many products to present has no clear guideline. The results of this study show that subjects do not value products the same way across different number of options offered to them. The main indicator is the increasing variance in responses for a benchmark product when more products are available. With an econometric specification allowing for heteroscedasticity as a function of the number of product offerings, the results indicate that the number of goods available for bidding is not to be taken as a trivial task in experimental design for value elicitation.     

The Hershey sugar mill in Cuba: from global industrial heritage to local sustainable tourism development

Although now abandoned, the Hershey sugar mill represents much of Cuba’s history, heritage, culture, and economy. The associated company town, nature gardens, and electric rail line remain in use to date, albeit in deteriorating condition. This paper presents the history of Hershey investment and significance in Cuba, the current state of the site, and the results of an evaluation of the potential for developing the Hershey complex as a sustainable tourism destination and source of local employment. The study concludes that conservation of the site is a cultural imperative for Cuba, but with many obstacles and challenges. Incremental steps toward development may be feasible – particularly with growing potential for open tourism from the US.