The effectiveness of monetary reform under rational expectations

Automatic monetary stabilizers based on interest rate information are analyzed in a rational expectations framework. Their impact on price level variability is studied, and their effectiveness is compared to optimal decentralized monetary instruments.     

Reflexive Interdisciplinary Research: The Making of a Research Programme on the Rural Economy and Land Use

This paper provides an account of the origins and formation of the UK Research Councils’ Rural Economy and Land Use (RELU) programme and its approach to promoting interdisciplinary working between social and natural scientists. The programme is set in the context of broader developments in science policy, including a policy discourse centred upon sustainable development and the knowledge economy and associated demands for greater accountability in science. Interdisciplinarity promises research that will be more relevant and responsive to public needs and concerns. In describing the provenance of the RELU programme, therefore, the paper seeks to lay out the different stages in its initiation and design to show how, to varying degrees, these were open to external scrutiny and influence. The process of developing the programme illustrates that it is not straightforward to make research agendas and funding more transparent and accountable. It also provides insights into the challenges that interdisciplinarity and accountability present to established science institutions.     

Estimation of time-varying price elasticity in 1970–1997 Japanese raw milk supply by structural time-series model

The price elasticity of raw milk supply in Japan is estimated over time by a structural time-series model in state space form, and the changes in elasticity are tested by the diagnosing test of de John and Penzer in 1998. The supply function is modeled with a local linear trend and a strictly exogenous autoregressive distributed lag price. The seasonality in the data is adjusted by a structural time-series model. In the 1970–1997 period, there were major dairy policy changes in Japan: a production adjustment, related penalties, and two-tier pricing. Hokkaido is the region that mainly provides the supply of raw milk for milk products, while Tofuken is the region that mainly produces drinking milk. The estimated price elasticity in Hokkaido became stable after imposition of the production adjustment. On the other hand, price elasticity in Tofuken became stable after the inflation of the mid-1970s. Price elasticity is estimated to be more inelastic as well as more likely to converge in inelasticity in Hokkaido than in Tofuken. We discuss the relationship between changes in dairy policy and changes in price elasticity.     

Sustainable development and entrepreneurship: Past contributions and future directions

This article discusses the emerging research concerned with sustainable development and entrepreneurship, which is the focus of this special issue of the Journal of Business Venturing. Entrepreneurship has been recognized as a major conduit for sustainable products and processes, and new ventures are being held up as a panacea for many social and environmental concerns. However, there remains considerable uncertainty regarding the nature of entrepreneurship's role and how it may unfold. We begin with an overview of sustainable development and the role of entrepreneurship and outline recent contributions exploring this role. We then summarize the papers presented in this special issue and conclude with suggestions for further research.     

Consumer benefits and demand impacts of regular train timetables

This paper reports novel research into the benefits that rail travellers receive from more regular features of timetables over and above any benefits of improved frequency. A stated preference (SP) exercise amongst rail travellers was conducted to estimate these benefits and the generally plausible results have been used to enhance a rail demand model which in turn has been used to forecast the effect on demand of more regular timetables for a range of situations. Not surprisingly, the demand impacts are generally relatively small, although they would be welcome additional benefits in the evaluation of a regular timetable.     

Recognizing large donations to public goods: an experimental test

Private charities often publicise generous individual contributions or contributors, possibly to encourage others to give. In contrast, public good experiments used to study voluntary giving commonly tell participants only of total contributions. This paper reports an experimental test of the effect on contributions of supplying additional selective information. A control treatment is run that reveals only total contributions over ten one‐shot decision rounds. This is compared to a second treatment that also informs subjects of the maximum contribution made in their group after each round. In a third treatment, subjects are further given the opportunity to make costly rewards to the maximum contributor. Revealing generous contributions appears to raise average contributions slightly. Surprisingly, adding the ability to reward large contributors does little to generate further increases, though it significantly raises the variance of contributions. Copyright © 2002 John Wiley & Sons, Ltd.