Endogenizing the Reservation Value in Models of Land Development Over Time and Under Uncertainty

The notion of a reservation value is a key feature of most contemporary dynamic and stochastic models of land development. It is clear that the magnitude of the reservation value has a fundamental bearing on the decision to develop or preserve land. This notwithstanding, many papers that analyze land development in a dynamic and stochastic setting treat a landowner’s reservation value as an exogenous variable. Therefore, the purpose of this paper is to endogenize the reservation value in the context of a model of land development over time and under uncertainty. Our analysis shows that the optimal reservation value is the solution to a specific maximization problem. In addition, we also show that there exist theoretical circumstances in which the optimal reservation value is unique.

Alternate Strategies for Managing Resistance to Antibiotics and Pesticides

How should one manage the problem of resistance to antibiotics and pesticides? Although the salience of this question has now been recognized, the formal modeling of this question is very much in its infancy. Consequently, we have three objectives in this paper. First, we construct a dynamic and stochastic model of antibiotic or pesticide use. Second, we analyze two different strategies (interventionist and non-interventionist) for overseeing the problem of resistance. Finally, we identify a specific probability function and we show that whether the problem of resistance is best addressed with an interventionist strategy or a non-interventionist strategy depends fundamentally on this probability function.

On Container Versus Time Based Inspection Policies in Invasive Species Management

We study the problem of precluding biological invasions caused by ships transporting internationally traded goods in containers between different regions of the world. Using the long run expected net cost (LRENC) of inspections as the apposite managerial objective, we address the following important question: Given that inspection is a cyclical activity, is the LRENC lower when a port manager’s inspector inspects cargo upon the arrival of a specified number of containers (container policy) or is this LRENC lower when this inspector inspects cargo at fixed points in time (temporal policy)? We construct a queuing theoretic model and show that in an inspection cycle, irrespective of whether the inspection policy choice is made on the basis of an explicit optimization exercise or on the basis of rules of thumb, the container policy is superior to the temporal policy because the container policy results in lower LRENC from inspection activities.

Maritime Trade, Biological Invasions, and the Properties of Alternate Inspection Regimes

We analyze the problem of preventing biological invasions caused by ships transporting internationally traded goods between countries and continents. Specifically, we ask the following question: Should a port manager have a small number of inspectors inspect arriving ships less stringently or should this manager have a large number of inspectors inspect the same ships more stringently? We use a simple queuing-theoretic framework and show that if decreasing the economic cost of regulation is very important then it makes more sense for the port manager to choose the less stringent inspection regime. In contrast, if reducing the damage from biological invasions is more salient then the port manager ought to pick the more stringent inspection regime.

Tax Policy and Interregional Competition for Mobile Venture Capital by the Creative Class

We study how tax policy affects the competition for venture capital by the creative class in two regions A and B. The creative class in each region produces a final good with venture capital and creative capital. Venture capital moves freely between the two regions and the representative creative class member in each region has access to an initial amount of venture capital. Each region taxes venture capital at a particular rate and the tax revenue is paid out as a transfer to the representative creative class member. In this setting, we perform five tasks. We begin by determining the first-best tax rates in the two regions. Second, we solve for the net price of venture capital and then express the objective function that is to be maximized in each region as a function of this price. Third, we compute the first-order necessary conditions that describe the optimal tax rates in the two regions and show that the sign of the tax rate depends on the net exporting position of the region. Fourth, for specific parameter values, we calculate the two tax response functions and discuss their properties. Finally, we compute the two equilibrium taxes as a function of the model’s key parameters and show that these taxes must be of opposite signs

An Outcome Analysis of Endoscopic Sinus Surgery in Chronic Sinusitis with Chronic Rhinitis Non-responsive to Medical Therapy

Introduction   Chronic sinusitis with chronic rhinitis affect the patients’ quality of life significantly. Aim of this study is to assess the outcome of Endoscopic Sinus Surgery (ESS) in terms of Quality of Life (QoL) in patient with Chronic Sinusitis with Chronic Rhinitis (CSCR), non-responsive to medical therapy.     Materials and Methods Prospective study was conducted among 75 patients of CSCR non responsive to medical therapy in the age group of 15 to 80 years over a period of 18 months (January 2018 to June 2019). The subjects were randomly grouped into two, namely Group 1- CSCR with Polyp and Group 2- CSCR without Polyp. Subjects were asked to complete SNOT-22 score and Visual analogue scale (VAS) and conventional medical treatment was given for 2 weeks. Those failed to respond as per EPOS guideline were subjected to ESS and followed up at 6 weeks and 12 weeks, re-assessed by SNOT-22 questionnaire and VAS. Data was analyzed by using Paired t- test.   Results Statistically significant (p-value <0.05) improvement in symptom score assessing QoL after Endoscopic sinus surgery.   Conclusion Patients with CRS non- responsive to medical treatment, the decision for surgery should be guided by their pre-operative QoL impairment, as measured by SNOT-22 and VAS

Introduction and overview of the economics of international environmental agreements

I describe the theoretical and empirical contributions that rigorous economic analysis can make in improving our understanding of the causes of and the solutions to a variety of international environmental problems. I do this by analyzing and summarizing the intellectual contributions of fourteen papers about the design and the implementation of international environmental agreements (IEAs).Economic theory, game theory, international environmental agreement

An interdisciplinary research agenda for the study of ecological-economic systems in the American West

Increased public awareness of resource management issues and new attitudes toward resource conservation have led to great interest in the subject of the apposite use and management of natural and environmental resources in the American west. This paper analyzes this subject from an interdisciplinary ecological-economic perspective. The paper first identifies and then discusses four salient issues concerning the study of the west’s ecological-economic systems that remain inadequately understood. Next, the paper proposes a research agenda that will enable us to shed light on some key questions concerning the functioning, health, and management of the west’s ecological-economic systems.American West, ecological-economic system, interdisciplinary research agenda

Contemporary research in ecological economics: five outstanding issues

In recent times, ecologists and economists have drawn attention to the fact ecological and economic systems are jointly determined. Once this is recognized, it seems rather obvious that ecological-economic systems ought to be studied as one system. However, because this recognition has been very recent, a number of important issues in ecological economics remain poorly understood. Consequently, the purpose of this paper is to identify and discuss five of these outstanding issues.Ecological-economic system, keystone species, natural capital, optimal management, persistence, resilience, substitutability

An Outcome Analysis of Endoscopic Sinus Surgery in Chronic Sinusitis with Chronic Rhinitis Non-responsive to Medical Therapy

Introduction   Chronic sinusitis with chronic rhinitis affect the patients’ quality of life significantly. Aim of this study is to assess the outcome of Endoscopic Sinus Surgery (ESS) in terms of Quality of Life (QoL) in patient with Chronic Sinusitis with Chronic Rhinitis (CSCR), non-responsive to medical therapy.     Materials and Methods Prospective study was conducted among 75 patients of CSCR non responsive to medical therapy in the age group of 15 to 80 years over a period of 18 months (January 2018 to June 2019). The subjects were randomly grouped into two, namely Group 1- CSCR with Polyp and Group 2- CSCR without Polyp. Subjects were asked to complete SNOT-22 score and Visual analogue scale (VAS) and conventional medical treatment was given for 2 weeks. Those failed to respond as per EPOS guideline were subjected to ESS and followed up at 6 weeks and 12 weeks, re-assessed by SNOT-22 questionnaire and VAS. Data was analyzed by using Paired t- test.   Results Statistically significant (p-value <0.05) improvement in symptom score assessing QoL after Endoscopic sinus surgery.   Conclusion Patients with CRS non- responsive to medical treatment, the decision for surgery should be guided by their pre-operative QoL impairment, as measured by SNOT-22 and VAS