Modeling heterogeneity in consumer preferences for select food safety attributes in China

Food safety issues often arise from asymmetric information between consumers and suppliers with regards to product-specific attributes. Severe food safety scandals were observed recently in China. These events not only caused direct economic and life losses, but also created distrust in the Chinese food system domestically, as well as internationally. While much attention has focused on the problems plaguing the Chinese government’s food inspection system, little research has been dedicated to analyzing Chinese consumers’ concerns surrounding food safety. In this paper, we measure consumer preferences for select food safety attributes in pork and take food safety risk perceptions into account. Several choice experiment models, including latent class and random parameters logit, are constructed to capture heterogeneity in consumer preferences. Our results suggest that Chinese consumers have the highest willingness-to-pay for a government certification program, followed by third-party certification, a traceability system, and a product-specific information label. The results of this study call for the direct involvement of the Chinese government in the food safety system. A stricter monitoring system will not only improve consumer well-being in the short-run, but also restore consumers’ trust leading to a social welfare increase in the long run.     

Cotton market integration and the impact of China's new exchange rate regime

This article studies the integration of China's cotton market with the international market, especially the U.S. market. Investigating the futures prices from the Intercontinental Exchange (ICE) in the U.S. and the Zhengzhou Commodity Exchange (ZCE) in China with several time series models, we find that a long‐run cointegration relationship exists between these two series. The two markets share price transmissions, and based on results from an Autoregressive Conditional Heteroskedasticity (ARCH) model, we find their price volatilities are similar. We argue that China's recent exchange rate reform and its gradual liberalization in bilateral cotton trade since it joined World Trade Organization have had important impacts on these futures markets. Based on these findings, several important economic and policy implications are derived.     

Understanding conflicting views of endocrine disruptor experts: a pilot study using argumentation analysis

Abstract

To what extent do substances have the potential to cause adverse health effects through an endocrine mode of action? This question elicited intense debates between endocrine disrupting substances (EDS) experts. The pervasive nature of the underlying differences of opinion justifies a systematic analysis of the argumentation put forward by the experts involved. Two scientific publications pertaining to EDS science were analyzed using pragma-dialectical argumentation theory (PDAT). PDAT’s methodology allowed us to perform a maximally impartial and systematic analysis. Using PDAT, the structure of the argumentation put forward in both publications was reconstructed, main standpoints, and arguments were identified, underlying unexpressed premises were made explicit and major differences in starting points were uncovered. The five differences in starting points identified were subdivided into two categories: interpretative ambiguity about underlying scientific evidence and normative ambiguity about differences in broader norms and values. Accordingly, two differences in starting points were explored further using existing risk and expert role typologies. We emphasize that particularly the settlement of normative ambiguity, through the involvement of broader ethical, social or political values, inherently requires multi-stakeholder approaches. Extrapolation of our findings to the broader discussion on EDS science and further exploration of the roles of EDS experts in policy processes should follow from further research.     

Growing Economic Interdependence of China and the Gulf Cooperation Council

The six nations of the Gulf Cooperation Council （GCC） have approximately 40percent of total proven oil reserves as well as 23 percent of the world＇s gas reserves. Although rising oil revenues have led to greater outward investment flows, there is also a growing need for significant expansion of the domestic energy sector＇s capacity. Meanwhile, China＇s sustained economic boom has resulted in China emerging as the world＇s second largest consumer and importer o foil, with close to 40percent of its import demand presently sourced from the GCC. This share will grow significantly in the future. Commercial relations between the GCC and China have to date been dominated by energy-related bilateral investment flows and China＇s oil imports. Although this will continue to be a central feature, trade and investment links in non-energy areas will further broaden and deepen the relationship. China ＇s relationship with the USA in terms of energy is also emerging as a major issue. Rather than being competitors, a mutual dependence on stable and secure supplies from the GCC highlights the need for a cooperative relationship.     

African Poverty Reduction Strategy Programmes and the Fisheries Sector: Current Situation and Opportunities*

Abstract: The formulation of Poverty Reduction Strategy Papers (PRSPs) is one of the main conditions for concessional lending by the International Monetary Fund (IMF) and World Bank to developing countries. Nevertheless, while evidence indicates that the fisheries sector can contribute (often markedly at the local level) to improved livelihoods and the achievement of food security in Africa, the sector is often neglected in PRSPs. This article focuses on the 29 African states that have currently produced a PRSP, highlighting those nations for whom the fisheries sector has been a significant motor of economic growth or likely poverty refuge. It then analyses the extent to which the fisheries sector is incorporated into national PRSPs. Results of a mapping exercise demonstrate that while the sector is significant (in either growth or poverty terms) in 12 states, the sector was effectively mainstreamed in only three national PRSPs (Ghana, Guinea and Senegal).     

The (quantity) theory of money and credit

The Theory of Money and Credit (1912) is rightly regarded as a seminal book in the development of the Austrian school approach to monetary theory. We argue that Mises’ understanding of the equation of exchange differs from both of the conventional textbook versions, and warrants recognition as being a distinct contribution. After supporting this claim we discuss it in light of expectations, monetary regimes, and the microfoundations of the quantity theory.     

Are there asymmetries in UK Consumption? A time series analysis

In this paper we use time series techniques in order to test for asymmetric dynamics in UK consumption. The notion that fluctuation over the business cycle are asymmetric has been put forward at various times in the last century. Nevertheless, the most common representations of aggregate time series in macroeconomies are usually smooth and sluggish. The use of time series methods should be considered as only the first stage of an empirical investigation of asymmetries. It is also essential to develop economic models of asymmetric behaviour and to employ tests of asymmetric adjustment at the level structural realtionship.     

Narratives of Optimum Currency Area Theory and Eurozone Governance

Optimum Currency Area theory (OCA) is a body of research that has, since its inception in 1961, been highly influential for the discourse and design of Economic and Monetary Union, exercising a significant hermeneutical force. Nonetheless, there has been little acknowledgement that OCA is the subject of very significant internal disagreement, to the extent that economists writing within the field do not commonly agree upon the ontological foundations of the theory. This entails that the translation of the theory into political reality has been characterised by a series of often mutually contradictory narratives, which build upon schisms in the academic corpus. The political realisation of this can be seen during the negotiations over the 1992 process, where certain aspects of the theory concerning governance (of fiscal policy and preferences for conflict adjudication) have been notably suppressed, capitalising upon the fundamental uncertainty in the theory itself. The final part of the paper goes on to consider the financial crisis, and how OCA theory might aid policy-makers' attempts to induce ex-post convergence, demonstrating the continued relevance of the theory.     

Preparing for analysis: a practical guide for a critical step for procedural rigor in large-scale multisite qualitative research studies

Despite attention to technical aspects of conducting qualitative research, few studies describe procedures for managing pre-analysis activities in large-scale multisite qualitative projects. As part of the data collection for the Criminal Justice Drug Abuse Treatment Studies, a national multisite research cooperative with nine research centers (RCs) conducted 700 semi-structured interviews to evaluate interorganizational strategies in three protocols focused on improving addiction- and health related service delivery in criminal justice settings. Guided by the research cooperative, RCs collaborated on many aspects of the qualitative data activities (e.g., codebook development and coding activities), however, pre-analysis procedures, such as organizing and managing resources, were primarily managed at the RC level. The present study examines these various practices and describes two exemplary approaches to pre-analysis, with emphasis on lessons learned and recommendations for coordinating resources, managing data, and maintaining fidelity to the study procedures for large-scale qualitative projects.