Private protection and public policing

This paper looks at situations in which public and private protection are complementary, that is, when private protection must be coordinated with public protection to be effective. For example, home alarms deter theft by being connected to a local police station: if the police do not respond to a home alarm, the home alarm on its own is virtually useless in halting a crime in action. We make a distinction between gross and net complementarity and substitution, where the latter takes into account the effect on the crime rate. We show that when public and private protection are complements, the optimal provision of public protection trades off the manipulation effect of encouraging private protection with the compensatory effect of providing protection to households that do not privately invest. We discuss the implications of our results for policy and empirical research in this area.     

危机处理之道

危机是无法彻底避免的,但企业可以预见危机,并且在危机发生后,有效管理、控制危机,最终让危机消弭于无形。如今,明智、负责的企业都建立了危机应对制度,以帮助自己未雨绸缪,并且在出现危机局势后更加有效地做出反应,这样的制度包含以下要素：     

Pricing collateralized derivatives with an arbitrary numeraire

Since the 2008 crisis collateralized derivatives have become commonplace in the market. There have been many papers in recent years on pricing collateralized derivatives but the topic has been surrounded by confusion with debate focusing on whether or not a risk‐free rate needs to be assumed. In addition, as pointed out by Bielecki and Rutkowski, several authors do not pay enough attention to the pricing measure they are working in when setting up their models. The contribution of this paper is to show the pricing formula for a collateralized derivative can be derived under the usual assumptions of an arbitrage‐free economy starting from any equivalent martingale measure and associated numeraire.     

Sustainable water storage by agricultural businesses: Strategic responses to institutional pressures

Management of water storage in agriculture is under increasing public scrutiny. In Australia, water is being stored unsustainably by agricultural businesses, putting communities downstream at risk. Yet, sustainable water storage management institutional policy mechanisms remain disjointed around the country. This study seeks to investigate the problem through application of Oliver's (1991) strategic response typology to a survey of 404 agribusiness managers in four different institutional environments. Findings highlight the importance of social aspects of water storage and sharing in agribusiness regions and industries, and suggest that increased manager connectedness could reduce resistance to water storage policy pressures. The results not only provide beneficial guidance for policymakers faced with potentially catastrophic flood and drought conditions exacerbated by poor water storage management practice, but also add support to those found by Clemens and Douglas (2005), indicating the robustness of this theoretical approach for solutions to modern problems faced by business, policymakers and society.     

The English Language Fluency And Earnings Of Ethnic Minorities In Britain

This study addresses two issues. First it estimates how much of the male and female ethnic earnings gap is the result of an advantage in the English language and whether there is an earnings penalty to non–whites, over and above this. Lack of fluency is shown to have a highly significant impact on the earnings of ethnic minorities in Britain, although the language penalty is much greater for women than it is for men. Moreover, only foreign born non–white males that have arrived in Britain between 1970 and 1994, exhibit lower earnings once language fluency is taken into consideration, whilst British born females exhibit higher earnings. So the evidence here suggests that non–white earnings are assimilating towards those of whites and that lower female non–white earnings are a direct result of a lack of fluency rather than ethnicity. Secondly, the study will try to measure any endogenous bias associated with the non–fluency earnings penalty. Controlling for the endogeneity between language fluency and earnings is shown to be problematic. Estimates suggest that single equation earnings functions slightly underestimate the true language fluency penalty for males, and slightly overestimate the fluency penalty for females. Finally, education and fluency are not surprisingly shown to be complementary.     

China's Free Trade Agreements Unlocking the "Hidden" Cost Savings

The China price is reshaping how and where products are manufactured in today’s global economy．With China’s abundant workforce and Iow cost structure,products with the Made in China IabeI can be produced for a fraction of the costs incurred in other countries．GIobaI consumers have come to expect lower prices as a result．     

Child hunger in the developing world: An analysis of environmental and social correlates

Using two complementary methods in a framework that allows incorporating both environmental and household-level factors, we explore the correlates of underweight status among children. We use individual children as the units of analysis in 19 African countries, and subnational survey strata in 43 African, Asian and Latin American countries. We consider the relationship between household-level demographic and health survey data, environmental factors from external geospatial data sets and two indicators of malnutrition among children aged 1–3, deviations from the international standards of weight-for-age and height-for-age. We discuss methods for data integration. In general, household determinants explain more variation than environmental factors, perhaps partly due to more error-prone measurement at the community level. Among individual children, some measures of agricultural capacity are related to lower incidence of child hunger, while among regions, measures relating to urbanness and population density show a stronger relationship. We give recommendations for further study, data collection and policy making.