Implications of mandatory labeling of GM food in India: Evidence from the supply side

We assess the supply-side economic implications of introducing a strict mandatory labeling policy for genetically modified (GM) food in India as proposed in 2006. We apply our analysis to the case of cottonseed oil and soybean oil, two products that would be the first affected by such regulation. We find that GM food labeling would generate adjustment and implementation costs and consumer benefits would not always be visible and would highly depend on the degree of enforcement.     

Brand consistency and coherency at the London 2012 Olympic Games

Abstract

As brand management and brand perceptions attract more attention in both academia and in practice, examining the link or lack thereof between brand identity and image is becoming increasingly important. The existence of brand consistency and coherency is examined in this research, which aimed to evaluate whether the pre- or post-event brand image of the Olympic Games or the London 2012 Games, in the domestic UK population and media, were aligned with the brand identities of these objects. Online surveys and media content analysis revealed that both brands have yet to achieve consistency or coherency within these two key stakeholder groups, even though the brand image of the 2012 Games improved following the event. What this study suggests is that unless the brand owner takes key stakeholders’ perceptions into consideration, a coherent and consistent brand identity does not necessarily equate to these being a feature of the brand image, with the connection between perceptions requiring additional attention.     

Asymmetric information and imperfect competition in a continuous time multivariate security model

This paper deals with the problem of price formation in a market with asymmetric information and several risky assets. We then extend the multivariate security model of Caballé and Krishnan (1994) to a continuous time framework, and general utility function. Our model enables us to observe some results which are specific to multi security markets such as Giffen effect. An application of the main result will be the non trivial generalizations of the models of Back (1992) and Cho (1997).Mathematics Subject Classification (1991): 49L10, 60G44, 90A15JEL Classification: G11, G12The author would like to thank his supervisor H. Pham, K. Back and an anonymous referee for useful comments and discussions.     

General equilibrium with nonconvexities and money

In a general-equilibrium economy with nonconvexities, there are sunspot equilibria with good welfare properties; sunspots can ameliorate the effects of the nonconvexities. For these economies, we show that agents act as if they have quasi-linear utility functions. We use this result to construct a new model of monetary exchange along the lines of Lagos and Wright, where trade occurs in both centralized and decentralized markets, but instead of quasi-linear preferences we assume general preferences but with indivisible labor. This suggests that modern monetary theory is more robust than one might have thought. It also constitutes progress on the classic problem of integrating monetary economics and general-equilibrium theory.     

Exchange-rate pass-through at the product level

Abstract.  We use a detailed database to investigate exchange-rate pass-through at the product level for a large number of countries. The empirical analysis suggests that pricing behaviours are dichotomous, with complete pass-through in around 25% of sectors and significant pricing-to-market in the remaining ones. Average long-run pass-through coefficient is close to 80%; this result hides a strong heterogeneity of pass-through behaviours across sectors. Even when composition effects are controlled for, average pass-through varies across importing countries. The econometric analysis shows that pass-through tends to be higher in volatile environments; in less developed countries; in weakly integrated markets.     

DIRECT MULTI-STEP ESTIMATION AND FORECASTING

Abstract.  This paper surveys the literature on multi-step forecasting when the model or the estimation method focuses directly on the link between the forecast origin and the horizon of interest. Among diverse contributions, we show how the current consensual concepts have emerged. We present an exhaustive overview of the existing results, including a conclusive review of the circumstances favourable to direct multi-step forecasting, namely different forms of non-stationarity and appropriate model design. We also provide a unifying framework which allows us to analyse the sources of forecast errors and hence of accuracy improvements from direct over iterated multi-step forecasting.     

Assessing the Implementation Effects of the Biosafety Protocol's Proposed Stringent Information Requirements for Genetically Modified Commodities in Countries of the Asia Pacific Economic Cooperation

We analyze the potential effects of a generalized implementation of the Cartagena Protocol on Biosafety's proposed stringent information requirements on countries, members of the Asia Pacific Economic Cooperation (APEC). This rule would request all traded shipments containing living modified organisms intended for food, feed, or processing to carry a label with the list of precise genetically modified (GM) events in the shipments. We find that the benefits of such requirements are largely debatable and that this regulation would add significant implementation costs for importers of GM crops, for Protocol members adopting new GM crops, and for countries ratifying the Protocol.     

The life cycle of authenticity: neo-nomadic tourism culture in Kazakhstan

The paper presents the findings related to the stages of life cycle of authenticity where Kazakhstani nomadic culture in a post-Soviet heritage evolves towards tourist consumption. Using a qualitative case-study research approach, the analysis of data traces stakeholders’ perception of authenticity of various elements of Kazakhstani cultural tourism. The study intertwines inextricably with the processes of authenticity, commodification and cultural change as Kazakhstani traditions have evolved to a neo-nomadic tourism culture where authenticity becomes a currency at play and a point of differentiation from other tourism destinations. The findings offer an original approach to understand the transformation of authenticity at various stages of Kazakhstani tourism development and explore how authenticity is positioned in the influx of tourists and supporting roles from local governments and organisations.