Do state trading exporters distort trade?

In this paper, we analyse the trade-distorting effects of state trading enterprises (STEs) which exist in some exporting countries. Because of these potential effects, several countries have raised the issue of state enterprises in the Doha Round negotiations in the WTO. The belief is that STEs in certain developed countries have trade effects which are equivalent to an export subsidy. STEs also exist in developing countries, though since the aim of government policy may differ from the developed country case, the trade distortion may be equivalent to an export tax. We present a theoretical model that is sufficiently general to allow us to consider the case of exporting STEs in developed and developing economies. The model is calibrated with data on two examples of STEs, one typical of an STE in a developed country, the other typical of an STE in a developing economy. In each case, we allow for differences in the nature of the STE's pay-off function. The overall conclusion is that STEs do distort trade and the trade distortion effect is potentially significant.     

Delegated Portfolio Management and Rational Prolonged Mispricing

This paper examines how information becomes reflected in prices when investment decisions are delegated to fund managers whose tenure may be shorter than the time it takes for their private information to become public. We consider a sequence of managers, where each subsequent manager inherits the portfolio of their predecessor. We show that the inherited portfolio distorts the subsequent manager's incentive to trade on long-term information. This allows erroneous past information to persist, causing mispricing similar to a bubble. We investigate the magnitude of the mispricing. In addition, we examine endogenous information quality. In some cases, information quality increases when the manager's expected tenure decreases.     

Defining,achieving, and evaluating collaborative outcomes: a theory of change approach

Governments have repeatedly claimed that collaboration improves public service outcomes. However, defining, achieving, and evaluating collaborative outcomes is often problematic. Analysis of multi-sectoral projects in Wales, which were supported by the European Social Fund, exemplifies these challenges. Shifts in policy discourses and the interplay between national and local agendas produced complex and contested understandings of outcomes which made difficult to evaluate the projects’ achievements. We argue that the pursuit of collaboration needs to be understood not simply as an attempt to improve public service effectiveness but also ‘cultural efficacy’. The conclusions offer reflections relevant for theory and practice.     

Environmental priorities in strategic product development

This paper reports some results from a major research project on the integration of environmental issues into design in the electrical and electronic industry. Product development practice and ecodesign methods were examined along with qualitative data from 19 manufacturers, using interviews and an action research methodology. A four‐stage framework for ecodesign practice resulted: first, to make an environmental assessment from a life cycle viewpoint; then to communicate the analysis and collect feedback; thirdly to prioritize the environmental issues and finally to complete the design using relevant tools and methods. This ‘ARPI’ framework (analyse, report, prioritize, improve) applies to both strategic and operational levels. Initial testing of the framework in collaborating companies highlighted difficulties with communication with design teams; the role of ‘ecodesign champions’ is explained. Other challenges are the development of customized tools and the training of designers. The study concludes that the prioritization step is critical, as it simplifies and clarifies the tasks in design that take place after formulation of the specification. Copyright © 2000 John Wiley & Sons, Ltd. and ERP Environment     

The development and appraisal of nuclear power. Part II. The role of technical change

The process of technology development is examined, the importance of learning-by-doing, economies of scale and standardization is assessed, and strategies for RD&D and technology transfer and diffusion are compared. A pragmatic view is adopted of what can be considered a product or a technology. As in Part I of this series, the nuclear power programmes of the U.S.A., Canada, France and F. R. G. are used to illustrate the arguments.