Deciding with long-term environmental impacts: what role for discounting?

The problem of how to discount values in the far future is reviewed, and shown to lead down a blind alley. An alternative is proposed that allows long term consequences to be addressed by decisions using a relatively short term time horizon. A simple model investigating the optimal containment of radioactive waste in a deterministic world is used to show that current generations can indeed cater for the interests of the far future while optimising over the short term; however, this is not always possible. The proposed method seems to address most of the critiques of long term discounting found in the literature.Environmental Economics and Policy, Research Methods/ Statistical Methods,

The European VLBI network

The capabilities of the European very long baseline interferometry (VLBI) network are summarized. The range of baseline parameters, sensitivities, and recording and other equipment available are included. Plans for upgrading the recording facilities and the use of geostationary satellites for signal transfer and clock synchronization are discussed

Alternative Policies with Complementary Benefits: Targeting Greenhouse Emissions or Water Recharge on Farming Systems?

Policies introduced to address one environmental objective can often have the side-benefit of also addressing other environmental objectives. This analysis uses a whole farm bioeconomic model to explore the farm level implications, economic and environmental, of a policy initially designed to reduce greenhouse emissions. We model a regulatory policy which imposes an upper limit on farm greenhouse emissions but allows trees to be used as carbon sinks to offset emissions. The implementation of this policy causes a reduction in whole farm profit, but in addition to decreasing emissions it also decreases groundwater recharge from the farming system and therefore contributes to the prevention of dryland salinity. The analysis compares this approach with using a recharge restriction policy to achieve recharge and emissions reductions. The analysis finds that the position of trees in the landscape affects the extent to which groundwater recharge can be reduced for a given reduction in emissions and that there is a three-way trade-off between profit, emissions reduction and recharge.Environmental Economics and Policy,

Captive insurance companies and the management of non-conventional corporate risks

We examine under what conditions setting up a captive insurance company with reinsurance is an optimal solution for risk-averse firms when the insured firm, the insurer and the reinsurer do not know the probability distribution of some risks, and have conflicting estimates of this distribution.corporate insurance, reinsurance, uncertainty, ambiguity, non-conventional risks, captive insurance companies, Risk and Uncertainty, D81, G22, Q2,

Assessing the performance of conservation auctions: an experimental study

Building on available theory, this work uses controlled laboratory experiments to investigate the budgetary and the economic performance of competitive tenders for allocating conservation contracts to landholders. Experiments have been replicated in two different countries to check for robustness of results. We find that auctions outperform the more traditional fixed-price programs only in the one-shot setting. With repetition, the auctions quickly lose their edge. The budget-constrained auction performs similarly to the target-constrained in the one-shot setting but appears more robust to repetition. Our results suggest that previous estimates of conservation auction performance are too optimistic, and we propose a method for improving such estimates.Resource /Energy Economics and Policy,

QUANTIFYING THE BENEFITS OF CONSERVATION AUCTIONS: EVIDENCE FROM AN ECONOMIC EXPERIMENT

Building on available theory, this work uses controlled laboratory experiments to investigate the budgetary and the economic performance of competitive tenders for allocating conservation contracts to landholders. Experiments have been replicated in two different countries to check for robustness of results. We find that auctions outperform the more traditional fixed-price schemes only in the one-shot setting. With repetition, the auctions quickly lose their edge. Our results suggest that previous estimates of conservation auction performance are too optimistic.Conservation auctions, agri-environmental policy, experimental economics., Environmental Economics and Policy,

A Methodological Approach to the Spatial Aggregation of Values

A Choice Modelling (CM) experiment is developed with the purpose of gaining some insight on how to identify the relevant population for the valuation of an environmental asset. The experiment is based on a survey of Perth residents over the values they attach to Kings Park, the largest urban park in Western Australia, 4/5 of which is native bushland. We design the experiment in order to isolate NUVs form UVs so that trade-offs between attributes of the asset imply tradeoffs between Use Values, Non-Use Values and money. One can then estimate the coefficients for each attribute and analyse the effect of distance on patterns of use. Preliminary results are obtained using data from a pre-survey trial of the questionnaire.Environmental Economics and Policy,

Multi-frequency VLBI observations of faint gigahertz peaked spectrum sources

We present the data and analysis of VLBI observations at 1.6, 5 and 15 GHz of a sample of faint Gigahertz Peaked Spectrum (GPS) sources selected from the Westerbork Northern Sky Survey (WENSS). The 5 GHz observations involved a global array of 16 stations and yielded data on the total sample of 47 sources. A subsample of 26 GPS sources with peak frequencies > 5 GHz and/or peak flux densities > 125 mJy was observed with the VLBA at 15 GHz. A second subsample of 29 sources, with peak frequencies <5 GHz, was observed at 1.6 GHz using a 14 station global VLBI array. In this way, 44 of the 47 sources (94%) in the sample were observed above and at or below their spectral peak. Spectral decomposition allowed us to identify 3, 11, 7, and 2 objects as compact symmetric objects, compact doubles, core-jet and complex sources respectively. However, many of the sources classified as compact double or core-jet sources show only two components making their classification rather tentative. This may explain why the strong morphological dichotomy of GPS quasars and galaxies found for radio-bright GPS sources, is not as clear in this faint sample.Comment: Latex, 18 pages, 8 figures; MNRAS, accepted. The paper, with higher quality figures, may also be obtained from http://www.ast.cam.ac.uk/~snellen . Minor comments of referee incorporate