Explaining the Diversity of Southeast Asian Shrimp Aquaculture

Despite the large amount of academic attention that Southeast Asian shrimp farming has received since the 1980s, few attempts have been made to explain the remarkable variation in the industry's organization across countries and localities. This paper compares the development of shrimp farming in Indonesia, the Philippines and Thailand, arguing that differences can be traced to variations in the initial conditions under which shrimp farming was established, the different ways that national aquacultures are embedded in the regional political economy and the ways in which different countries have responded to the characteristic environmental problems the sector causes itself.     

Home Safe: No‐Trade Clauses and Player Salaries in Major League Baseball

In this study, we examine the wage effects of no‐trade clauses in Major League Baseball. Using an accepted player salary equation and data from the 2003–2008 seasons, we find evidence that there is a trade‐off between monetary compensation and the risk reduction provided by a no‐trade clause. The results suggest that players may be able to simultaneously negotiate for a no‐trade clause and higher salaries, but this is constrained when players also seek to guarantee their income stream with long‐term contracts.     

THE VALUE OF CLEANER AIR: AN INTEGRATED APPROACH

Policymakers in the legislative and regulatory arenas face increasing public expectations that authorities will both promulgate and implement strict environmental programs. At the same time, the aggregate cost of such programs is rising and is impacting economic sectors previously untouched. In this context, a major study used an integrated interdisciplinary perspective to determine what economic benefits would result from air pollution controls. Specifically, the study developed estimates for the health benefits of reducing ozone and fine particulate matter concentrations in the nation's most polluted region—the South Coast Air Basin centering on Los Angeles. This paper presents the economic methodologies and results of that study. It also discusses how health and atmospheric sciences informed the economic assessment.     

Knowledge and preference for aromatic rice by people in Britain

This study was undertaken to see if people in Britain have knowledge about aromatic rice and if they have a preference for the rice. They know of and have a high preference for aromatic rice and have a high frequency of eating the rice, although they do not usually buy or eat aromatic rice and/or ordinary rice. The sensory test showed that the preferences of aroma, taste and overallpalatability for plain cooked Basmati (aromatic) rice were almost the same as for long grain (ordinary bland) rice. The aroma and taste of the sushi made of Basmati, however, were given higher scores than those of the sushi made of ordinary bland rice. On the other hand, the Japanese panellists did not give higher scores to the plain rice cooked using aromatic rice and to the sushi made of the rice. However, the sushi made of aromatic rice may be found acceptable by Japanese people. This study shows a possible way of making use of aromatic rice in Japan as well as in Britain.     

The Potential for Growth of Consumer Cooperatives: A Comparison with Producer Cooperatives

Over the past decade, widespread interest has developed among consumers in the formation of cooperatives, raising the question of how economically viable these cooperatives will be over time. This paper presents an analysis which shows that the potential for growth of consumer cooperatives will depend on the success of cooperatives in increasing management efficiency and in developing a range of more sophisticated financial instruments, including reorganizing as capital stock cooperatives and using borrowed capital. In addition, federation, consolidation and vertical integration may be needed. These conclusions are derived from analysis of the cost functions of the cooperative firm and from comparative analysis of the structural evolution of producer marketing cooperatives and consumer cooperatives.     

SHOULD A MANDATORY SUBORDINATED DEBT POLICY BE INTRODUCED IN THE UNITED KINGDOM? EVIDENCE FROM THE ISSUANCE ACTIVITY OF BANKS AND BUILDING SOCIETIES

Current research is beginning to question the role and effectiveness of traditional rules‐based bank regulatory oversight in favor of incentive‐compatible regulatory design and market discipline and, in particular, mandatory subordinated debt market discipline. However, research on the suitability of a mandatory subordinated debt policy (MSNDP) has focused primarily on the United States. The primary aims of this article, therefore, are to examine the market for subordinated debt (SND) issued by UK credit institutions and to assess the suitability of introducing an MSNDP into UK banking regulation. A further contribution of this article is that it explores SND issuance and its characteristics at a bank level and, uniquely, considers them in relation to regulatory, structural, and economic events that either are specific to the UK or otherwise affect international banks. The article compares the UK findings with research on SND markets in the United States and Europe and, in so doing, raises concerns over whether an MSNDP for the largest global credit institutions would be feasible. Although the focus of this study is the UK banking industry, the country‐focused bank‐level approach provides conclusions that might be relevant to other countries considering the implementation of an MSNDP.(JEL G18, G28)     

VALUING HEALTH EFFECTS: THE CASE OF OZONE AND FINE PARTICLES IN SOUTHERN CALIFORNIA

This study presents a conservative estimate of the health benefits that would result from attainment of the federal ozone and fine particle (PM_2.5) standards in the South Coast Air Basin of southern California. A three‐stage approach is used that links pollution exposures to adverse health outcomes to economic values. The annual value of the aggregate health benefits approaches $500 million (with a range of $295–$646 million) for ozone and exceeds $21 billion (with a range of $12.85–$34.22 billion) for fine particles. Such results are useful to regulatory agencies and other policy makers when evaluating the merits of various air pollution reduction strategies. (JEL Q51, Q53)