Walking accessibility to bus rapid transit: Does it affect property values? The case of Bogotá, Colombia

This research sheds light on the relation of bus rapid transit and residential property values within walking distance to the system. The case study was Bogotá’s Transmilenio (Colombia). This research conducted a city-wide econometric hedonic analysis with 2000 to 2004 Department of Housing Control data across different walking distances, subsystems (trunk, feeder), socio-economic strata and time. The main results showed that, with respect to the value of properties in relation to proximity, the housing market places value premiums on the properties in the immediate walking proximity of feeder lines. The analysis by socio-economic strata showed that middle-income properties were valued more if they fell closer to the system, while there were opposite results for low-income housing. Finally, analysis across time reflects slight average annual increases in property values correlated with the implementation of the system in two specific areas analyzed. Throughout the paper, the author acknowledges some of the challenges of using hedonic modeling for property value impact assessments and emphasizes that the interpretation of the results are case specific.     

Dimensions of cosmopolitanism and their influence on political consumption: an analysis focused on Spanish consumers

The purpose of this study was to confirm the hypothesis that political consumption – a form of consumerism whose importance has increased during the past few years – can be considered a form of critical action, and that cosmopolitanism contributes to its development. The main objective was, first, to analyse an unexplored dimension of political consumption and, second, to obtain a measurement proposal for what some authors have called ordinary cosmopolitanism. The study, based on a survey, was divided into three sections. The first section offers a theoretical introduction to the study proposal. The second describes the hypothesis and the data analysis strategy, and proposes an operationalization of cosmopolitanism in three dimensions – symbolic cosmopolitanism, experiential cosmopolitanism and moral cosmopolitanism – which have been obtained by means of the application of categorical principal components analysis. By applying one‐way analysis of variance and Tukey's test, the third section shows the existence of significantly higher scores in these three dimensions for those individuals who have bought or boycotted products for ethical, political or environmental reasons. Finally, an ordinary least squares regression analysis was performed to test the association between cosmopolitanism and political consumerism, controlling the effect of the main socio‐demographic variables. The study confirms the initial hypothesis; therefore, political consumption could be considered a type of consumerism that is clearly related to cosmopolitanism.     

Takeover Waves

Horizontal takeovers often occur in waves. A sequence of takeovers is obtained in a Cournot setting with cost asymmetries. They are motivated by two different reasons: (1) a low realization of demand increases the profitability of takeovers; (2) takeovers raise the profitability of future takeovers. A possible explanation of merger races is also obtained by showing that firms buying in the first place pay a lower price for their targets.     

From precautionary inadequacy to participatory risk management

This paper examines the case of mobile telephone infrastructure as an example of a contemporary risk defined by a lack of scientific evidence and consensus as regards potential or future harm. This uncertainty has led to recourse to the precautionary principle at the European, national, regional and local level of EMF risk management. Local risk governance of mobile telephone infrastructures in Catalonia can be seen as an example of a socio-technical complex system linked to risk perception which highlights the limitations of the precautionary principle in a scientifically uncertain context. Active participation of stakeholders and the public in risk management arenas is required if current technocratic risk management strategies are to be superseded by transparent processes of decision-making in risk management spheres.     

THE GRAPE PHYLLOXERA PLAGUE AS A NATURAL EXPERIMENT: THE UPKEEP OF VINEYARDS IN CATALONIA (SPAIN), 1858–1935

This paper analyses the impact in Catalonia of the grape Phylloxera plague in Europe (1865–90). A statistical model is used to analyse the economic resilience of 35 districts in Catalonia to this external ecological and economic shock, and to explain why districts in the provinces of Barcelona and Tarragona resumed growing wine grapes after the plague, in contrast to districts in Girona and Lleida provinces. The opportunity cost of labour, the demand pull of Barcelona's commercial growth, and the agro-climatic suitability of land for growing grapes are used to explain the differing capacities of districts to endure the Phylloxera plague in Catalonia.     

VALUE-AT-RISK AND CORPORATE VALUATION

Although first used mainly by financial institutions to evaluate their trading risks, Value-at-Risk (VAR) can also be used to enhance an industrial corporation's understanding and management of its market risks. To illustrate this broader application of VAR analysis, the authors present a simple example focusing on the valuation of a closely held company. In this case, VAR is used to analyze the sensitivity of the firm's value to movements in uncertain exchange rates, commodity prices, and interest rates.     

Optimal seigniorage and financial liberalization

This paper analyzes the effect of financial integration for countries relying on the taxation of their domestic financial system. A two-country model with overlapping generations and explicit financial intermediation is used. Goverments derive revenues from seigniorage and set optimally, but non-cooperatively, the rate of inflation and the level of required reserves on bank deposits. A financial liberalizations leads to lower reserve ratios, higher inflation rates, and larger stocks of government debt. When the liberalization is anticipated, governments may temporarily increase the reserve ratios before the liberalization occurs. (JEL F30, E60)     

MEASURING OLIGOPOLY POWER AND PRODUCTION RESPONSES OF THE CANADIAN FOOD PROCESSING INDUSTRY

This study is concerned with the measurement of factor demand responses and other production characteristics of the food processing industry in Canada. An important feature of the study is that it allows for non-competitive behaviour of the industry and thus permits an estimation of the degree of oligopoly power. The major results of the study are that the hypothesis of (output) price-taking behaviour is statistically rejected and that the average degree of oligopoly power is significant. Moreover, the industry appears to be quite responsive to changes in the factor price structure. Labour and energy are the most responsive inputs while raw food materials and capital show substantially less sensitivity to price variations.