Miracle on Sixth Avenue: Information Externalities and Search

After a long dormant period, Lower Sixth Avenue in New York has under gone a rapid revitalisation. We show that a simple search theoretic model with information spillovers can explain both the period of underuse and the rapid turnaround. The model reduces to a simple equation, which allows us to do comparative statics on the duration of vacancies. We show how the solution reacts to changes in market structure and changes in search technology. The model is suggestive of difficulties that may occur in many markets in which there are changes over time in the optimal use of resources.     

LGBT Neighbourhoods and ‘New Mobilities’: Towards Understanding Transformations in Sexual and Gendered Urban Landscapes

In this article we apply insights from ‘new mobilities’ approaches to understand the shifting sexual and gendered landscapes of major cities in the global North. The empirical context is the purported ‘demise’ of traditional gay villages in Toronto, Canada and Sydney, Australia, and the emergence of ‘LGBT neighbourhoods’ elsewhere in the inner city. We reinterpret the historical geography of twentieth century LGBT lives and the associated ‘rise and fall’ of gay enclaves through the lens of the ‘politics of mobility’. In this reading, it is apparent that multifaceted movements — migration, physical and social mobility, and motility — underpin the formation of gay enclaves and recent transformations in sexual and gendered landscapes. After the second world war, LGBT communities in the global North were embedded in specific historical geographies of mobility and we trace these in the Canadian and Australian contexts. The ‘great gay migration’ from the 1960s to the 1980s has been joined by new LGBT constellations of mobility in the 2000s, and these have imprinted upon the sexual and gendered landscapes of Toronto and Sydney.     

One-stage estimation of the effects of operational conditions and practices on productive performance: asymptotically normal and efficient,root-<Emphasis Type="Italic">n</Emphasis> consistent StoNEZD method

Understanding the effects of operational conditions and practices on productive efficiency can provide valuable economic and managerial insights. The conventional approach is to use a two-stage method where the efficiency estimates are regressed on contextual variables representing the operational conditions. The main problem of the two-stage approach is that it ignores the correlations between inputs and contextual variables. To address this shortcoming, we build on the recently developed regression interpretation of data envelopment analysis (DEA) to develop a new one-stage semi-nonparametric estimator that combines the nonparametric DEA-style frontier with a regression model of the contextual variables. The new method is referred to as stochastic semi-nonparametric envelopment of z variables data (StoNEZD). The StoNEZD estimator for the contextual variables is shown to be statistically consistent under less restrictive assumptions than those required by the two-stage DEA estimator. Further, the StoNEZD estimator is shown to be unbiased, asymptotically efficient, asymptotically normally distributed, and converge at the standard parametric rate of order n ^−1/2. Therefore, the conventional methods of statistical testing and confidence intervals apply for asymptotic inference. Finite sample performance of the proposed estimators is examined through Monte Carlo simulations.     

Missionaries,Mercenaries Or Car Salesmen? MBA Teaching In Malaysia*

Increasing academic attention is being given to the role of management gurus, consultants, managers and academic researchers in the international diffusion of Western management ideas. This is part of wider debates on knowledge, power and globalization. Relatively little attention has been paid to the mechanisms through which diffusion takes place and, in particular, the role of academics as lecturers and business schools as disseminators of management knowledge at home and abroad. This paper draws on the authors' personal experiences and perceptions of teaching on an Executive MBA programme in Malaysia and those of their students.
Management education is growing rapidly in many regions of the world and has become highly commodified and commercialized, with Western universities competing in emerging markets for potentially lucrative local opportunities and foreign students or 'consumers'. Accordingly, the process of diffusion of Western management ideas is examined through a consumption perspective which treats the foreign MBA as a standardized commodity (much like the foreign car) with particular use, symbolic and exchange values. However, the limits of the consumption perspective in terms of both consumer sovereignty and subordination are also established in revealing deeper and more dynamic relations of power. Moreover, it is argued that while there are parallels with domestic consumption of MBAs, the teaching of MBAs in Malaysia generates added ambivalence among learners founded on global–local and development–imperialism dynamics and tensions.     

Where’s the Money? An Investigation into the Whereabouts and Uses of Australian Banknotes

The Reserve Bank of Australia is the sole issuer and redeemer of Australian banknotes, but between issuance and destruction there is little information about where banknotes go or what they are used for. We estimate the whereabouts and uses of Australian banknotes, and find that 15–35 per cent are used to facilitate legitimate transactions, 4–7 per cent are used for transactions in the shadow economy, while the remainder are non-transactional. The vast majority of non-transactional banknotes are likely to be hoarded, and we estimate that 5–10 per cent of outstanding banknotes are lost or collected.     

Optimal regulation under imperfect enforcement: Permits,tickets, or both?

Economic activity is often regulated through both permits and tickets (subsequent inspections). We study the effectiveness of such policies where corruption and an underground economy make enforcement imperfect. In the theoretical model, asymmetric information justifies regulatory action which is enforced by corruptible bureaucrats. We find that regulation through permits alone is useless when corruption exists, while tickets still offer some benefit. Surprisingly, we also find that a system with both permits and tickets achieves welfare that is higher than that which can be achieved with only tickets—that combining the two mechanisms has an effect that is greater than the “sum of the parts.”     

Will Labour’s Economic Programme Work?

If Labour is elected to government on 1 May, it will inherit the lowest inflation of any incoming government over the last fifty years but the highest unemployment. At the same time, public borrowing is running at an unsustainable high level. In this article, Andrew Sentance examines Labour's plans to expand employment while reducing public borrowing and containing inflation. He argues that Labour's economic programme could work but a number of pitfalls need to be avoided. Monetary policy will need to be tightened after the Election and the fiscal squeeze implied by Conservative spending plans maintained – if necessary through higher taxes. The benefits from Labour's employment policies could also be undermined by a high minimum wage, particularly if applied to young workers.     

Introducing ‘Journeys Home’

Homelessness, despite being a major social policy issue in Australia, is an area that is not well served by data. Most sorely lacking is any large‐scale panel study that follows a broad sample of persons with recent experience of homelessness and unstable housing histories. In 2010, the Australian Government set about rectifying this deficiency when it commissioned the Melbourne Institute to undertake a new panel study, now known as ‘Journeys Home’. This study draws its sample from the population of Centrelink income‐support recipients, targeting persons identified in the administrative data as having recent experience of homelessness, as well as others with similar characteristics who may be vulnerable to housing difficulties in the future. This article summarises the design of this new study and reports on fieldwork outcomes from the first two waves of data collection.