Estimation of a Social Rate of Interest for India

This paper estimates a social discount rate in India for the purpose of economic evaluation of investment projects, such as those aimed at improving the nation's agricultural performance. The component parameters of this rate are: the growth rate of per capita consumption in real terms, the elasticity of the marginal utility of consumption and the mortality‐based discount rate. Based upon time series data, the overall figure turns out to be 5.2 percent. This, it is contended, is reasonable and may be used in cost benefit analysis in that country.     

Mining History of Gamification Towards Finding Expertise in Question and Answering Communities: Experience and Practice with Stack Exchange

Recently, an online Q&A tool has become an essential part of individual communities and organizations of experts on specific topics. Using the answers to questions about specific topics will help such communities work more efficiently in their fields. Currently, Q&A online communities are adopting gamification to engage users by granting awards to successful users. In this paper, we investigate how to mine award achievement histories to find expertise. We propose the use of sequence analysis and clustering techniques. Specifically, we study the history of Stack Exchange, a large Q&A community that employs gamification. To the best of our knowledge, this is the first study of using award achievement history to find expertise in Q&A communities.     

Misconceptions emerging in mathematics student teachers’ limit instruction and their reflections

The purpose of this study is to investigate the misconceptions emerging in mathematics student teachers’ limit instruction and the reflections of these misconceptions on their teaching. In this study, which used the case study design, regarding the limit concept, four senior mathematics student teachers’ four-hour limit instruction was examined within the context of misconceptions as described in the literature. Mathematics student teachers’ lesson plans, video recordings of the participants’ lessons in which they taught the concept of limit and audio recordings of semi-structured interviews were used to gather data. Participants carried their instruction mostly by demonstrating that the function’s limit is different than the function’s value at \(x=a\) . However, since mathematics student teachers did not have adequate knowledge of misconceptions regarding the limit concept, some misconceptions emerged in their teaching process. Three of the participants made illustrations by making use of the meaning attributed to limit in daily language, and this situation caused students to perceive the limit concept as the maximum value to be reached and as a boundary not to be exceeded.     

THE DEVELOPING FRAMEWORK FOR THE ECONOMIC EVALUATION OF FORESTRY IN THE UNITED KINGDOM*

This paper evaluates the economic worth of forestry projects in the United Kingdom by using two different public sector investment appraisal criteria; the traditional discounted cash flows and the recently-established sum of discounted consumption flows. In the latter, in view of the intergenerational distribution aspect of government projects, the conventional rules are modified, enabling the decision-maker to treat all generations, present and future, in an equitable manner. Forestry is an excellent example to highlight the issue that many public sector investment projects re-distribute income between generations. Its long gestation periods make it obvious that there is more than one generation involved in the venture. In this analysis a one hectare plantation of Sitka spruce, class 20, is considered for a single 50-year rotation. Three different interest rates, 10 per cent test rate of discount, 5 per cent required rate of return, and 3 per cent forestry target rate are used under 4 different assumptions regarding the future price of timber.     

A PLANTING FUNCTION FOR PRIVATE AFFORESTATION IN NORTHERN IRELAND

Due to food surpluses, farming throughout the EEC has been put under increasing pressure to diversify. In line with this general trend, the Forest Service of the Department of Agriculture in Northern Ireland has endeavoured to increase the acreage under private afforestation. A knowledge of the responsiveness of private plantation to changes in grant aid and the time-scale involved in the reallocation of land towards afforestation is essential. This paper constructs a planting function, based on distributed lag structures, for private afforestation projects in Northern Ireland in an attempt to provide the relevant information.     

Income Inequality,Taxation, and Growth

Much recent theoretical and empirical research has focused on the relationship between income distribution and economic growth. The fiscal policy approach argues that inequality is linked to pressure for redistributionary taxation, leading to low capital investment and, therefore, growth. Empirical analyses are consonant with this view in that the long-run relationship between inequality and growth is negative. However, several empirical inconsistencies with the fiscal policy approach do emerge: (a) there exists a short-run, positive relationship between income inequality and growth and (b) the relationship between inequality and taxation is mixed, at best. This paper presents a simple theoretical model that reconciles the intuitively appealing fiscal policy approach with the empirical findings.     

Afforestation with carbon sequestration and land use policy in Northern Ireland

In forestry Northern Ireland is one of the most impoverished parts of the European Union as well as the United Kingdom. During the last 10–15 years as afforestation projects gathered speed in many parts of the British Isles there has been no notable change in Ulster. One main contributor to this problem was the political uncertainty and violence which has now largely been remedied since the establishment of the devolved government in 2007.     

U.S. States,the Medicaid Program,and Tax Smoothing

This paper tests the tax smoothing theory by focusing on its implication that a change in permanent government spending should result in an equal sized change in the tax rate. The effect of Medicaid, a state administered, federal and state funded medical insurance program for the poor, on state tax rates is investigated. The Medicaid program provides a natural experiment for this test as states are required to cover certain groups in order to receive federal matching money. Additionally, during the 1980s, a series of federal mandates greatly increased state Medicaid expenditures. Two stage least squares is used on a panel of U.S. states (1978-1994) to test whether changes in permanent state Medicaid expenditures resulted in equal sized tax rate changes. Tax smoothing as a positive theory of state government behavior is rejected. Additionally, it is found that this rejection cannot be attributed to the stringency of balanced budget rules.     

Credit market discipline: Theory and evidence

Popular in the academic literature and financial press, the credit market discipline hypothesis holds that credit markets, through risk premia increasing in debt level, constrain governments from borrowing and thus, impose fiscal discipline on sovereign borrowers. While several papers document rising risk premia, none have investigated the consumption response. This paper fills this gap by using data on U.S. states' risk premia from 1973–98. An optimizing model is formulated, whereby states intertemporally smooth consumption in the face of interest rates which increase with debt. Deviations from optimality are considered by allowing for governments which consume out of contemporaneous resources. In both cases, credit market discipline is rejected. Rejection is robust to sample splits based on ideology and the stringency of balanced budget requirments.