Weakening Water Rights and Efficient Transfers 1

For more than half a century, in nearly all western states, the regulatory agencies (the State Engineer or equivalent) used impairment of other water rights as the primary criterion for approving or rejecting change applications to move water to higher-valued uses. In recent years, however, protests to change applications have been brought by 'stakeholders' who do not own water rights, but who argue that they are affected by water transfers. Under the impairment rule, these parties do not have statutory standing to protest successfully. But they have brought legal suits to block transfers, and the courts have considered whether additional criteria involving 'impacts on social welfare' are needed to evaluate transfers. State Supreme Court rulings on such suits in Utah and Nevada are reviewed as prototype cases. The Utah court held that additional 'social welfare' criteria must be utilized by the State Engineer in evaluating change applications, whereas the Nevada court held that such criteria were already incorporated in existing water statutes and administrative practice. The critical question raised in the paper is whether existing state regulatory agencies can effectively implement a real 'social welfare' criterion to evaluate change applications. The conclusion is that they probably cannot, and that if they try, water allocations will be politicized to a much greater extent than they are now, and efficient market transfers will be impeded if not completely prevented.     

Estimation of sons' intergenerational earnings mobility in the presence of censoring

Based on intergenerational data from the Panel Study of Income Dynamics, I provide estimates of income mobility across generations for men. Special attention is paid to issues of censoring caused by a son's unemployment. Employing non‐parametric bounds estimates, I illustrate that previous income mobility estimates rely heavily on (unjustified) assumptions of exogenous selection. Assuming a son's potential income is instead a function of his reason for unemployment and work history, I re‐estimate mobility. Allowing for sampling variability, the range of feasible slopes consistent with these modified bounds restrictions is 0.27 to 0.55. Copyright © 2002 John Wiley & Sons, Ltd.     

Gender and Piece Rates, Commissions, and Bonuses

Previous work shows that establishments with higher proportions of women are more likely to use piece rates but that individual women are less likely to receive performance pay. We present a model in which lower expected tenure and labor force attachment are positively associated with piece rates but are negatively associated with other forms of performance pay. Analysis of the National Longitudinal Survey of Youth (NLSY) confirms that women are more likely to be paid piece rates and simultaneously less likely to be paid commissions and bonuses.     

Using Industry-Sponsored Game Nights to Educate About Risk and Insurance

As educators in the field of risk management and insurance, we see know- ledge of risk management and insurance as a core business function. However, some colleagues and students see insurance as cold-call sales or companies with a lot of money that continue to raise their prices. So we have to find ways to make our public aware of the usefulness of risk management and insurance in the business world and in private life and of the opportunities that having such knowledge presents to all business majors and business people. One method that is beginning to show dramatic improvements in at least our students' perceptions of the field and the major involves industry-sponsored game nights. While not an academic endeavor nor strictly risk management education, we believe the idea provides a useful tool for opening students' eyes to the need for knowledge of risk management and insurance and of the opportunities that are available in the insurance industry and its related fields. This article discusses the history of such an event at Appalachian State Univer- sity, the current status of the North Carolina Surplus Lines Association (NCSLA) event, and the benefits of the event.     

Ownership of Cross–Listed Equities: An Investigation of Turnover, Diversification, and Risk

Using data for a sample of Malaysian stocks that are traded in both Malaysia and Singapore, we show that the turnover rate (trading volume relative to shares held) is significantly higher in the foreign market than in the domestic market. We also find that ownership of cross–listed shares by foreign investors is not motivated by diversification benefits. Instead, we find that the proportion of a firm's shares held in Singapore is directly related to the firm's level of systematic risk.     

Self‐help in housing and chengzhongcun in China's urbanization

This article focuses on the housing issues of rural migrants arising from urbanization, with particular reference to chengzhongcun, a topic with considerable impact on policymaking. An attempt is made to understand the underlying rationale of self‐help in housing and the important role of chengzhongcun in sheltering rural migrants in the context of China's rural‐urban dichotomy. As demonstrated in this study, chengzhongcun accommodate, with little in the way of government resources and assistance, millions of rural migrants because of their social accessibility and affordability. While not denying their social problems, we argue that chengzhongcun in fact act as an innovative and positive agent to promote urbanization in present day China by housing massive numbers of rural migrants and assimilating them into cities. Current government policies towards chengzhongcun have generated a wide range of interest conflicts and confrontations. The consequences of such conflicts show that the government policies were problematic and unworkable, as they violated basic market principles as well as citizen rights. Policy strategy towards the redevelopment of chengzhongcun must acknowledge their credibility in the Chinese road to urbanization and requires more thoughtful and prudent consideration of migrants' demands for affordable housing.     

Optimised anaerobic treatment of house-sorted biodegradable waste and slaughterhouse waste in a high loaded half technical scale digester.

Anaerobic co-digestion of organic wastes from households, slaughterhouses and meat processing industries was optimised in a half technical scale plant. The plant was operated for 130 days using two different substrates under organic loading rates of 10 and 12 kgCOD.m(-3).d(-1). Since the substrates were rich in fat and protein components (TKN: 12 g.kg(-1) the treatment was challenging. The process was monitored on-line and in the laboratory. It was demonstrated that an intensive and stable co-digestion of partly hydrolysed organic waste and protein rich slaughterhouse waste can be achieved in the balance of inconsistent pH and buffering NH4-N. In the first experimental period the reduction of the substrate COD was almost complete in an overall stable process (COD reduction >82%). In the second period methane productivity increased, but certain intermediate products accumulated constantly. Process design options for a second digestion phase for advanced degradation were investigated. Potential causes for slow and reduced propionic and valeric acid degradation were assessed. Recommendations for full-scale process implementation can be made from the experimental results reported. The highly loaded and stable codigestion of these substrates may be a good technical and economic treatment alternative.     

Battles in the costing war: UK debates, 1950-75

In the UK, 1950-75 was a lively period in the long-running debates between proponents of absorption and marginal costing. In the nexus of competing interests, management accountants advocated and defended rival costing systems with much vigour and passion. Expressed in the language of the times, these debates were 'battles' in the costing 'war'. We focus on these battles, analysing the various forces that operated upon the combatants, and locate them in the wider costing war. We conclude that no final resolution of the conflict was achieved in the twentieth century, nor is one likely in the foreseeable future.     

Management gaps analysis: a case study of groundwater resource management in New Zealand

The primary objective of this project is to identify gaps, whether real or perceived, that hinder effective groundwater management in New Zealand. These gaps show as gaps in information, gaps in implementation, gaps in technological and management tools, and gaps in understanding of fundamental processes. The secondary objective is to propose a management strategy to close the identified gaps. Several methods are used to meet these objectives: surveys distributed to selected staff in each regional council; the review of various written reports; the analysis of land-use databases; and private consultation within each regional council. Results show that groundwater management in New Zealand is generally reactionary with the main gaps being in strategic planning and national guidelines. Most gaps appear to be predominantly information and implementation issues. In some cases there are gaps in the understanding of fundamental processes within an aquifer system, including the long-term effects of land-use on groundwater quality. An adaptive management approach is suggested as a means of closing these gaps.