Intertemporal and spatial location of disposal facilities

The optimal capacities and locations of a sequence of landfills are studied, and the interactions between these characteristics are considered. Deciding the capacity of a landfill has some spatial implications since it affects the feasible region for the remaining landfills, and some temporal implications because the capacity determines the lifetime of the landfill and hence the moment of time when the next landfills should be constructed. Some general mathematical properties of the solution are provided and interpreted from an economic point of view. The resulting problem turns out to be non-convex and, therefore, it cannot be solved by conventional optimization techniques. Some global optimization methods are used to solve the problem in a particular case in order to illustrate how the solution depends on the parameter values.      

Financial crisis,structure and reform

In this study, we examine the relationship between the structure of financial systems and financial crises. Using cross-country data on financial structures and crises, we find that there is a significant short-term reversal in development of the banking sector and the stock market during both bank crises and market crashes, with the corporate bond market moving in the same direction as bank credit. However, the results are significant for countries with market-based financial systems but not for countries with bank-based financial systems. Emerging markets have mainly bank-based financial systems, which may explain why these markets require more time to recover from economic downturns after a financial crisis. Therefore, we argue that governments should emphasize a balanced financial system structure as it helps countries to recover from financial crises more quickly compared with countries that lack such balanced structures.     

Multiproduct Outputs and Scale Economies in Electric Power Production: Some New Estimates

The present study offers an argument, through a technical exposition, which suggests that there are cost differences inherent in serving different types of buyers in the electric utilities industry. To this end, we employ a translog joint cost function (for electricity production) with three outputs, which allows for the examination of the cost differences between wholesale and retail trade for vertically integrated, investor-owned companies in the industry. The regression estimates suggest different costs at the means, however the estimated marginal cost curve for wholesale power is not as robust as those for low-voltage and industrial power.     

The influence of proximity to market on bean producer prices in Nicaragua

Transport costs are an important determinant of smallholder welfare in developing countries. In particular, transport costs influence the prices that smallholders receive for their produce. We propose a simple way of quantifying this influence. Taking the example of bean producers in Nicaragua, we employ a hedonic price model to estimate the effects of a smallholder's proximity to markets on the prices that he/she receives, while controlling for other factors such as the volume and quality of beans sold. We find that on average each additional minute of travel time reduces farm gate prices by 2.5 cents per quintal. Based on these results, the annual income from bean sales of the average smallholder in our sample would increase by between 24 and 110 USD if travel time to markets were reduced by 25%. Estimates of this nature can make an important contribution to cost–benefit assessments of infrastructure investments.     

Does having women managers lead to increased gender equality practices in corporate social responsibility?

There is increasing interest in determining what impact having women in management positions may have on corporate social responsibility (CSR) initiatives. Various authors suggest that gender equality practices should be factored into the broader framework of CSR. This paper examines how the presence of women on corporate boards, in top and middle management and as heads of CSR departments, influences gender equality practices in the field of CSR. Using information collected from companies that have signed up to Women's Empowerment Principles in Spain, we show that the presence of women in the aforesaid posts has a positive impact on CSR activities with gender equality objectives. We thus supplement the justice, business and moral arguments with further arguments in support of the incorporation of women into not only corporate boards but all management positions. Finally, we provide a view of how gender equality can be included in the broader framework of CSR.     

Human capital and life satisfaction in economic transition

This study explores the life satisfaction of Egyptians – with a particular focus on the impact of higher education on happiness – both before and after that country's Arab Spring of 2011. Ordered logit results point to positive and significant relationships between life satisfaction and both perceived high incomes and the human capital variable, good health, for the pre- and post-Arab Spring periods in Egypt, thus confirming prior studies of transition economies. For a second human capital variable – secondary education – the results indicate a positive and significant relationship with happiness in pre-Arab Spring Egypt, while that relationship for post-Arab Spring Egypt is negative and significant. This particular finding is probably the result of the failure of educated Egyptians to achieve a better life despite their investments in human capital – due to the lack of opportunity that accompanied the failure of the country's Arab Spring to change the political and social environment.     

Resilience and Dynamism of Embedded Financial Transactions in Cameroon

Following the recent financial crisis, institutional economists have issued a “call” for institutionalist research on alternative financial systems. While suggestions have been forthcoming, (for example, in Volume 48, Issue 4 of the Journal of Economic Issues), most have centered on national-level innovations in advanced capitalist countries, prompting further calls for “community” and individual level anti-capitalist financial relations. With this article, we respond to such calls. We show how networks of finance in Cameroon bridge the formal/informal dualisms in lending/savings activities. We demonstrate that any debates about whether to formalize informal financial institutions or leave them alone weaken in Cameroon because, through networks, people access both formal and informal financial institutions for different purposes and at various stages in the life of these institutions. This dynamism explains why, in spite of the growth of money markets in Cameroon, informal financial institutions have not disappeared, nor declined. In fact, they have expanded, contrary to predictions in existing new institutional economics research. While informal institutions have evolved, they have not necessarily become formal banks, microfinance, or stock markets. Rather, the informal financial institutions have adopted and adapted in terms of both lending and saving practices in a country where growing formal financialization has become the norm. Our findings challenge neoclassical and new institutional economics theories about money, credit, and the actors in the money market.     

Candidate quality and US Senate elections

We find that candidate quality is a key determinant of US Senate election outcomes. We model the results for the last 10 US Senate election cycles, from 2012 back to 1994, for a total of 345 election contests. For the contests where an incumbent seeks re-election, a quality challenger can significantly diminish the advantage that usually attaches to incumbency. For the open-seat contests, which tend to be more competitive, candidate quality can swing a close election. Governors who seek election to the US Senate receive the largest boost, as indicated by our candidate-quality variables vector. Wave effects and presidential coattail effects are also shown to be contributing factors in certain cases.     

Organizational AIDS policies: Aiming at a moving target

This article examines the effect that theArline decision is likely to have on organizational policies regarding terminations when such actions involve AIDS-afflicted employees working in organizations that are subject to the provisions of the Vocational Rehabilitation Act of 1973. Certain criteria that must be considered when an organization is contemplating terminations involving this class of employees are defined. In addition, a systematic analysis technique which may provide insights in arriving at such employment decisions is specified. Finally, the authors identify several elements which have yet to be adequately addressed by existing legislation or court decisions that serve to impede the establishment of effective policies in this area.     

Price convergence in contestable market structures: The impact of time and price-caps on intercity telecommunications rates

In this study, we tested if long-distance rates among AT&T, MCI, and US Sprint between New York City and six major SMSAs during 1980–91 have converged. Empirical findings show that rates have converged over time, that rate ratios or differences increased under price cap, and that distance does not have any impact on rate convergence. The variables of TIME and price cap (CAP) have greater impacts on rate convergence for AT&T/US Sprint than AT&T/MCI. Regression results based on pooled cross-section and time-series data yield better results.