Choice experiment adaptive design benefits: a case study*

Efficient experimental designs offer the potential to reduce required sample sizes, or to reduce confidence intervals for parameters of interest, in choice experiments. Choice experiment designs have typically addressed efficiency of utility function parameter estimates. The recently developed concept of C‐efficiency recognises the salience of willingness to pay estimates rather than utility function parameters in studies that seek to put money values on attributes. C‐efficiency design benefits have been illustrated in a theoretical context, but have not been tested in applied settings. This study reports a choice experiment field application that used initial responses to update statistical designs to maximise C‐efficiency. Consistent with theoretical predictions, the revised design delivered significant reductions in the variance of willingness to pay estimates, illustrating that C‐efficient designs can indeed decrease costs of choice experiments by reducing required sample sizes.     

Power and responsibility: Advertising self-regulation and consumer protection in a digital world

While advertising self-regulation is generally considered effective in a closed, largely country-based system, the digital world in which we now live is an open and global system. This raises challenges for consumer protection from national regulators trying to enforce compliance from global media platforms, advertisers, and consumers. Applying the power-responsibility equilibrium, this study explores who has the power and who has the responsibility for advertising self-regulation in a digital world. In doing so, it takes an ethnographic approach, eliciting insights from 18 key stakeholders in the self-regulatory process, across the three geographical areas of Europe, United States, and Asia-Pacific. The findings highlight the need for more collaboration and alignment of self-regulatory systems and build a framework for action through embedding responsibility, aligning standards, initiating processes, and improving outcomes. Six recommendations are offered to restore the balance of power and responsibility.     

President Biden's international trade agenda: Implications for the Canadian agrifood sector

The 4 years of the Trump administration was marked by a number of events and policies that affected the Canadian agrifood sector. Changes to preferential trade agreements, the collapse of the World Trade Organization's dispute settlement framework, increased domestic support for US farmers, and diplomatic tensions between the United States and China all shaped international trade flows and created an environment of policy uncertainty. The Biden administration will change course on several important trade policy issues. We discuss how these changes could affect the Canadian agrifood sector along a number of dimensions, including a return to multilateralism, (re)engagement in preferential trade agreements, and movements toward a less combative and more predictable trade policy agenda. We expect Canadian agrifood trade flows under the Biden administration to exceed what they would have been under a second Trump administration.     

Evaluating off‐site environmental mitigation using choice modelling*

Evaluation of off‐site mitigation entails comparison of utility changes between two sites. Choice modelling has been used to identify community willingness to trade‐off attributes for two different types of stream in New Zealand. Estimated utility functions are used to derive marginal rates of substitution and stream attribute part worths which can be used to design or evaluate both on‐site and off‐site mitigation policy. Latent class multinomial logit models identified classes of citizens who valued stream attributes quite differently. Significant differences in values for some attributes on different stream types imply heterogeneous mitigation ratios across environmental attributes.     

A Cross-National Study of Government Social Insurance as an Alternative to Tort Liability Compensation

Litigation rates in the United States have long been considered out of proportion with the remainder of the world, leading to a good deal of economic research trying to understand the causes. Much of that literature has focused on lawyer compensation rules and availability of general damage awards. Another possible reason for differences in national litigation rates is the relative generosity of government social programs. Using a sample of 24 countries over a 12-year period, we test the relationship between the size of government social program payments and liability costs as measured by liability insurance premiums, and find a strong negative relationship, controlling for income, accident rates, and a variety of other factors.     

Democratizing entry: Banking deregulations,financing constraints,and entrepreneurship

We examine entrepreneurship and creative destruction following US banking deregulations using US Census Bureau data. US banking reforms brought about exceptional growth in both entrepreneurship and business closures. Most of the closures, however, were the new ventures themselves. Although we find evidence for the standard story of creative destruction, the most pronounced impact was a massive increase in churning among new entrants. We argue that creative destruction requires many business failures along with the few great successes. The successes are difficult to identify ex ante, which is why democratizing entry is an important trait of well-functioning capital markets.     

Dumping: Trade Policy in Need of a Theoretical Make Over*

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Genetically Modified Organisms and Trade Rules: Identifying Important Challenges for the WTO

Controversial debates associated with the establishment of international market access rules for genetically modified organisms (GMOs) illustrate a more general challenge facing the World Trade Organisation (WTO); to acceptably accommodate growing consumer concerns regarding a product's production and processing methods (PPM). This paper aims to clarify the debates by examining the foundations of and the procedures for the WTO's decision–making on PPM–based market access rules. To illustrate this, both an import embargo and a mandatory labelling regulation for GMOs are examined. The strengths and weaknesses of the current decision–making procedure are discussed and options for future negotiations are proposed.