The politics of water reform and environmental sustainability in the Murray–Darling Basin

This paper examines three actions by national and state governments – the role of the Cap, the Living Murray (TLM) and the National Action Plan for Water Security/Water for the Future, embodying the Murray–Darling Basin (MDB) Plan – in the Murray–Darling Basin over a 20-year period. The three actions sought to address declining environmental conditions through water policy reform. All were significant in their own way, but only the third offers the prospect of improving environmental outcomes. Taken together, the case studies illustrate that in real life and in complex, multilevelled policy-making, politics is central to water policy decision-making.     

Editorial

The essay attempts to provide a theoretical framework for leisure research by concentrating on the conception of adventure as a form of leisure. Adventure is presented as a multidimensional field of experience and investigation. Six dimensions of adventurous activity and experience are introduced: territoriality; duration; transcendence; risk; coping; and routinization. Routinization is a critical dimension which, in contrast to the romantic idealization of adventure, makes it impossible to see adventure as a sphere independent of society.     

Behavior of default-risk premiums for corporate bonds and commercial paper

The question addressed in this paper is whether default-risk premiums for short-term and for long-term securities behave differently over time. The question is important because it affects decisions by corporations and state and local governments as to the maturity structure of their debt. It also affects decisions by investors as to the maturity and the type and grade of security in which they invest. Several hypotheses have been advanced about the behavior of default-risk premiums for different maturities. The purpose of this paper is to test these hypotheses empirically with a set of data heretofore unused. In so doing, new insights are gained into the behavior of default-risk premiums for different maturities.     

Improving Supply Chain Efficiency Through Electronic Payments: The Case of Micro-Entrepreneurs in Kenya and Tanzania

Research suggests that one possible key to development may be the growth of micro-entrepreneurial firms. The current work suggests that improving supply chain efficiency may help these very small enterprises grow. Specifically, it examines the role played by the use of mobile payments to facilitate transactions with suppliers. The study contrasts Kenya, which has widespread adoption of mobile payments by both consumers and small business, with neighboring Tanzania, where adoption, although substantial, has occurred at a much slower rate and achieved far less penetration. Findings support the idea that positive business outcomes such as increased income and increased hiring are related to mobile payment usage.     

Limits to labels: The role of eco‐labels in the assessment of product sustainability and routes to sustainable consumption

There has been rapid development in the methods, data and protocols for the assessment of product sustainability over the past decade. Notwithstanding this welcome development, the widespread provision of sustainable products has not occurred. Moreover, indications from a myriad of surveys suggest that consumers remain full of intent to purchase sustainably, yet these stated preferences have not translated into a widespread uptake in the purchase of more sustainable products. Heightened interest in climate change over the past couple of years has led to rising calls for labelling to allow consumers to differentiate between more or less sustainable options. Such calls apparently assume that if consumers are presented with appropriate label information their purchases will change and more sustainable purchasing will result. For many observers these calls bring more than a ring of déjà vu as the failures (or at least unfulfilled expectations) of environmental labelling schemes of the past spring to mind. A review and assessment of eco‐labelling schemes is presented. Discussion focuses on the history, successes and failures of such schemes, and consideration of their potential role (or not) in future shifts towards sustainable consumption. Behavioural, social practice, institutional and infrastructure factors are considered and labelling, legislation and other options are explored. Conclusions are drawn regarding potential routes to sustainable consumption, with particular reference to eco‐labels.     

Mortgage Lending, Race, and Model Specification

This study examines the role of race in home mortgage lending by investigating the sensitivity of race estimates to variations in model specification. I compare parameter estimates based on a statistical model utilized by the Federal Reserve Bank of Boston, using a subset of the data that corresponds to FDIC-supervised institutions, with estimates obtained from several alternative variations specified to reflect information obtained from reviews of the mortgage loan application files. Estimates of the race effect are shown to be highly sensitive to the assumptions that underlie the model; minor modifications in model specification are sufficient to eliminate the race effect. The empirical results suggest that the statistical models used to evaluate the impact of race in mortgage lending may not provide reliable information about lending bias.     

The 2012 Murray-Darling Basin Plan – issues to watch

The Murray-Darling Basin Plan is now in place, marking a further significant step in water policy development and water reform in Australia's Murray-Darling Basin (MDB). While it is an important planning and regulatory framework in its own right, and one that should further enhance the efficiency and effectiveness of water markets in the MDB, implementation and enforcement of the plan and continued action by governments, communities and stakeholders on key reform commitments are required to ensure much-needed improvement in economic, social and environmental sustainability. This article outlines seven watch points that will affect whether the desired outcomes are achieved.