The barriers and drivers of seafood consumption in Australia: A narrative literature review

Although seafood is considered to be an important part of a healthy and balanced diet, many Australians still do not consume the recommended amounts for good health. Fish is an excellent source of protein, omega‐3 fatty acids and other nutrients, and studies have shown that seafood‐rich diets can have a lower impact on the environment than diets high in other animal proteins. Concerns about health and sustainability have led to an increased interest in understanding consumers' attitudes toward seafood. This review aims to assess the current knowledge on drivers and barriers to seafood consumption in the Australian context. Systematic search strategies were used to identify relevant peer‐reviewed journal articles from three electronic databases (SCOPUS, Web of Science and Science Direct) and grey literature reports from targeted government and industry websites. Accepted studies investigated drivers and/or barriers to seafood consumption in Australia through qualitative, quantitative, or mixed method designs. Initial searches identified 504 publications from which fourteen met the criteria for the review process. The reviewed studies revealed that influences on seafood consumption in Australia are similar to those identified in other developed countries. The leading drivers of seafood consumption are health, taste, and convenience, while the main barriers are price, availability, concerns about quality, and a lack of confidence in selecting and preparing seafood. Some possible intervention strategies targeted toward these factors are explored in the discussion. Future research should focus on designing and implementing specific interventions so that their effectiveness in increasing seafood consumption in Australia can be assessed.     

COMPETITION AND CROWDING OUT IN THE MARKET FOR OUTPATIENT SUBSTANCE ABUSE TREATMENT*

U.S. markets for outpatient substance abuse treatment (OSAT) include for‐profit, nonprofit, and public clinics. We study OSAT provision using new methods on equilibrium market structure in differentiated product markets. This allows us to describe clinics as heterogeneous in their objectives, their responses to exogenous market characteristics, and their responses to one another. Consistent with crowding out of private treatment, we find that markets with public clinics are less likely to have private clinics. In markets with low insurance coverage, low incomes, or high shares of nonwhite addicts, however, public clinics are relatively likely to be the sole willing providers of OSAT.     

The State of Leadership Studies

This article begins a symposium in the Journal of Leadership Studies on the subject of a formal review process for academic programs in leadership studies. The authors argue that such a process would be a way for the field to achieve more legitimacy in higher education, establish itself as a discipline, and delineate parameters of its intellectual distinctiveness. In so doing, the authors present a brief history of the development of leadership studies literature, a central question to theory building and program development, and common goals pursued by academic programs in leadership studies. Finally, the authors call for the development of standards that can help leadership programs expand their curricular and cocurricular initiatives to reflect the intellectual maturity of the field.     

Residential Mortgage Credit Derivatives

As the fallout from subprime losses clearly demonstrates, the credit risk in residential mortgages is large and economically significant. To manage this risk, this article proposes the creation of derivative instruments based on the credit losses of a reference mortgage pool. We argue that these derivatives would enable banks to retain whole loans while also enjoying the capital benefits of hedging the credit risk in their mortgage portfolios. In comparisons of hedging effectiveness, the analysis shows that instruments based on credit losses outperform contracts based on house price appreciation.     

CHARITY AUCTIONS*

In a charity auction the public‐goods nature of auction revenue affects bidding incentives. We compare equilibrium bidding and revenue in first‐price, second‐price, and all‐pay charity auctions. Bidding revenue typically varies by selling format. First‐price auctions are less lucrative than second‐price and all‐pay auctions, and with sufficiently many bidders the all‐pay auction has the highest bidding revenue. However, revenue equivalence applies when the auctioneer can set a reserve price and fees plus threaten to cancel the auction. If the auctioneer cannot threaten cancellation, a reserve and bidding fee can augment revenue but again revenue varies by auction format     

Expansionary Contractions and Fiscal Free Lunches: Too Good To Be True?

This paper builds a framework to jointly examine the possibilities of both expansionary fiscal contractions (austerity increasing output) and fiscal free lunches (expansions reducing government debt), arguments which in recent debates have been supported by the austerity and stimulus camps, respectively. We propose a new metric quantifying the budgetary implications of fiscal action, a key aspect of fiscal policy particularly at the monetary zero lower bound. We find that austerity needs to be highly persistent and credible in order to be expansionary, and stimulus needs to be temporary, responsive, and well‐targeted in order to lower debt. We conclude that neither is likely, especially during periods of economic distress.     

The Effect of Mortgage Payment Reduction on Default: Evidence from the Home Affordable Refinance Program

This article evaluates the effect of payment reduction on mortgage default within the context of the Home Affordable Refinance Program. We find that mortgage default is sensitive to payment reduction using univariate, duration and hazard modeling approaches. A relative risk Cox model of default with time‐varying covariates estimates that a 10% reduction in mortgage payment is associated with about a 10–11% reduction in monthly default hazard for loans. This finding is robust to the inclusion of empirically important mortgage risk drivers (such as current loan‐to‐value and FICO score) as well as controlling for selection effects based on observables.     

Refinance and Mortgage Default: A Regression Discontinuity Analysis of HARP’s Impact on Default Rates

This paper examines the impact of refinancing on mortgage defaults based on an empirical investigation of the Home Affordable Refinance Program (HARP). We study a unique dataset from Freddie Mac which includes loans funded right before and after the HARP eligibility cutoff date, an exogenous event. Using a Fuzzy Regression Discontinuity Design method, we show that receiving a HARP refinance decreases the expected monthly default rate by about 48–62 percent using different bandwidth specifications.     

Horse racing and gambling: comparing attitudes and preferences of racetrack patrons and residents of Sydney,Australia

Thoroughbred breeding and racing has survived on the ability of racing administrators to capture gambling revenue, whether it is proximal, remote or virtual. Given this relationship, there is surprisingly little academic work on the perceptions of gambling, preferences for different forms of gambling, preferences for different types of thoroughbred races that may facilitate gambling, and the relationships between viewing thoroughbred races and gambling on these events. We address this important gap in the literature through a study involving racing patrons at two Sydney racecourses, including midweek and weekend racing meetings, and a corresponding study of four Sydney suburbs, with differing socio-economic characteristics. Our research highlights the variety of attitudes to gambling and the diversity of gambling experiences among participants. It situates contemporary technological innovations such as internet gambling within a longer history of approaches to revenue capture that address the impermanence of existing borders and revenue arrangements based on the control of defined space.     

On the Consequences of Pro‐Cyclical Fiscal Policy

There is widespread evidence that pro‐cyclical fiscal policies have been prevalent in developing countries and often in some industrial nations. It is therefore surprising that, in contrast to the wealth of studies on the sources of pro‐cyclical policy, potential consequences of such seemingly suboptimal policies have been largely ignored in the existing literature. By utilising a comprehensive set of indicators from 114 countries for 1950–2010, we aim to address the following important question: does it matter whether a country adopts a pro‐cyclical fiscal policy stance rather than a counter‐cyclical one? Our results produce a resounding ‘yes’ to this question. We find that fiscally pro‐cyclical countries have lower rates of economic growth, higher rates of output volatility and higher rates of inflation.