BOLIVIA AND SOUTH AMERICAN FREE TRADE

The pending merger between the Andean Pact and Mercosur will advance South American free trade. Each member country will have to adjust to free trade and the various sectors of each economy will adjust differently. This article uses a specific factor model of production to predict output changes and income redistribution in Bolivia with South American free trade. Adjustments in outputs and factor prices in the model are substantial.     

“Business and Government” Then and Now

Socio-environmental conflicts are widespread, and global economic growth will likely increase them in the coming decades. While political ecology, the analysis of common pool resources, and ecological economics, among others, have provided praiseworthy insights into such conflicts, institutional approaches to these phenomena are still scarce. Classical institutional economics has occasionally been put to work on environmental issues, but proposed frameworks remain relatively underdeveloped. We wish to contribute to institutional research on environmental issues by building upon Bruno Théret’s interpretation of John R. Commons’s transactional model and applying the framework to a case of socio-environmental conflicts. First, we briefly sketch the landscape of institutional contributions (especially those that follow the classical institutionalist tradition) to the analysis of environmental issues. We explain why Commons has largely been ignored on these issues. Then, we analyze some of the key concepts of Commonsian economics that are of particular interest to our theoretical elaboration. Following this, we depict Commons’s transactional scheme and propose an application to a case of socioenvironmental mining conflict in Peru. Our framework could complement existing ones and shed light on the institutional dynamics of natural-resource management through conflict.     

Exchange traded contracts for difference: Design,pricing, and effects

Contracts for Difference (CFDs) are a significant financial innovation in the design of futures contracts. Over‐the‐counter trading in the UK is significant and has created controversy, but there is no published academic research into the design, pricing, and effects of CFDs. This study analyzes CFD contract design and pricing. It uses a unique database of trades and quotes on exchange traded equity CFDs introduced by the Australian Securities Exchange to test theoretical pricing relationships, and draws out implications for successful design and trading arrangements for the introduction of new derivative contracts. © 2010 Wiley Periodicals, Inc. Jrl Fut Mark     

Tariff equivalents of nontariff measures: the case of European horticultural and fish imports from African countries

In the context of the Partnership Agreements between the European Union (EU) and the African, Caribbean, and Pacific countries, this study estimates ad valorem tariff equivalents of European food safety standards on imports of key horticultural and fish products from Kenya, Tanzania, Uganda, and Zambia. The study uses an extension of the price‐wedge method to account for imperfect substitution and factor endowment in monopolistic competition. The estimated tariff equivalents are 55% and 98% for imports of fresh peas from Zambia to the Netherlands and the U.K., respectively. They range from 39% to 64% for imports of green beans and avocados from Kenya and from 63% to 270% for imports of frozen fish fillets in EU countries from the East African Community. We also observe large variations in tariff equivalents for the horticultural and fish products over time and EU importing countries.     

“现在大家都是民主派了……”

"民主,欢迎归来!"——2008年11月6日《海狸》(伦敦政治经济学院校报)关于奥巴马当选的头条标题作为空洞能指的民主时至今日,民主在全球范围内拥有了空前的声望;然而,同样史无前例的是,民主也变得概念随意、内涵空洞。或许,民主现在的人气,恰恰依赖于其意义与实践的开放性、甚至空虚性(如同巴拉克·奥巴马)。这是一个空洞的能指,任何人都可以向它投射自己的梦想与愿望。作为现     

Schooling in a Corporate Society

This article defines a measure of the quality of life in the regional capitals of Poland and compares the results. This taxonomic measure is based on a set of diagnostic traits, including housing conditions, state of the natural environment, labor market, personal safety, and range of cultural services available. For this purpose, a set of variables from 2011 was observed for each regional capital. This research is important in defining the difference between our target cities from the standpoint of social development. It also allows us to classify the cities into groups based on the quality of life of their inhabitants.     

Merit pay preferences among public sector employees

Organisations have choices about methods of pay, and employee pay adjustment preferences are an important consideration in this decision‐making process. Of particular organisational interest currently are pay systems that seek to link increases with individual performance, usually referred to as merit pay. Researchers have shown that pay adjustment systems that are incompatible with employee preferences can be costly for organisations, and have identified a range of demographic factors that predict support for merit adjustments. This article extends this line of research by investigating the impact of a performance appraisal system and a range of situational factors on the level of support for merit pay in a large public sector research organisation in Australia. The study finds that higher levels of perceived job security are associated with support for merit pay, while good promotional opportunities are associated with lower levels of support. Those who saw the outcomes of the current performance appraisal system as fair were unlikely to support merit pay.     

On Choosing Among House Price Index Methodologies

This paper compares housing price indices estimated using three models with several sets of property transaction data. The commonly used hedonic price model suffers from potential specification bias and inefficiency, while the weighted repeat-sales model presents potentially more serious bias and inefficiency problems. A hybrid model combining hedonic and repeat-sales equations avoids most of these sources of bias and inefficiency. This paper evaluates the performance of each type of model using a particularly rich local housing market database. The results, though ambiguous, appear to confirm the problems with the repeat sales model but suggest that systematic differences between repeat-transacting and single-transacting properties lead to bias in the hedonic and hybrid models as well.