Accountability,maps and inter-generational equity: evaluating the Nigerian oil spill monitor

The Oil Spill Monitor (OSM) is an innovative public sector accounting system intended to improve the regulation of oil pollution in the Niger Delta through greater transparency and stakeholders’ engagement. The Nigerian OSM, an online accounting and geographic information system, was set up by non-governmental organizations before becoming part of the regulator’s accountability system. Problems with data quality, regulatory enforcement and remediating practices meant that improved accountability and stakeholder engagement were necessary but not sufficient in this case.     

Pricing Commodity Spread Options with Stochastic Term Structure of Convenience Yields and Interest Rates

The purpose of this research is to provide a valuation formula for commodity spread options. Commodity spread options are options written on the difference of the prices (spread) of two commodities. From the aspect of commodity contingent claims, it is considered that commodity spread options are difficult to evaluate with accuracy because of the existence of the convenience yield. Hence, the model of the convenience yield is the key factor to price commodity spread options. We use the concept of future convenience yields to develop the model that enriches the stochastic behavior of convenience yield. We also introduce Heath-Jarrow-Morton interest rate model to the valuation framework. This general model not only captures the mean reverting feature of the convenience yield, but also allows us to handle a very wide range of shape that the term structure of convenience yield can take. Therefore our model provides various types of models. The numerical analysis presented in this paper provides some unique features of commodity spread options in contrast to normal options. These characteristics have never been addressed in previous studies. Moreover, it suggests that the existing model overprice commodity spread options through neglecting the effect of interest rates.     

Walras degrees and probability of a blocking coalition at pareto allocations

We attempt to determine the probability of a blocking coalition from a notion of being non- Walrasian which does not rely on the explicit use of norms. The key concept introduced is that of Walras degrees. Theorem 1 gives the bounds of the probability of blocking in terms of these degrees. Theorem 2 gives the asymptotic conditional probability of a blocking coalition given that coalitions are losing. The relationship between the degrees of the conventional norms on allocations is also investigated.     

On blocking coalitions: Linking Mas-Colell with Grodal–Schmeidler–Vind

In this paper we investigate the question of how many coalitions of a given relative size would block a non-Warlasian allocation in large finite economies. It is shown that in finite economies, if a Pareto optimal allocation is bounded away from being Walrasian, then, for any two numbers α$\alpha$ and β$\beta$ between 0 and 1, the proportion of blocking coalitions in the set of all coalitions with relative size between α$\alpha$ and β$\beta$, is arbitrarily close to 1/2, as the number of individuals in the economy becomes large.     

ARE FISCAL SUSTAINABILITY AND STABLE BALANCED GROWTH EQUILIBRIUM SIMULTANEOUSLY ATTAINABLE?

This paper presents an examination of the sustainability of national debt and economic growth, and the growth effects of government debt and income taxation. Results show sustainability of national debt and economic growth under the primary surplus rule. Fiscal policy and balanced growth are compatibly sustainable if and only if the government sets a long‐run target debt/GDP (gross domestic product) ratio within a reasonable range. Results also show that a rise in the long‐run debt/GDP ratio reduces the balanced growth rate. Based on these two results, the long‐run debt/GDP ratio is greater than zero if the government aims to maximize the balanced growth rate.