The determinants of farm investment and residential construction in post-reform China

The objective of this paper is to clarify, on the basis of detailed farm level data derived from recent surveys,the importance of factors related to tenure security, farm size and credit availability in constraining farmers'agricultural investment. In particular, a direct measure of farmers'perceptions regarding tenure security will be utilized, as well as information on transactions in the credit market. The next section provides a description of the study areas. It is followed by a discussion of factors affecting farm investment and a description of investment patterns in the study areas. A formal model of farmers'consumption and investment decisions, and an econometric analysis are then presented and results are interpreted. The last section summarizes the paper.Environmental Economics&Policies,Economic Theory&Research,Banks&Banking Reform,International Terrorism&Counterterrorism,Agricultural Knowledge&Information Systems

Survey on economics of information security

Economics of information security has recently become a rapidly growing field of research that is vitally important for managing the decisions and behaviors in cyberspace security. This field provides valuable insights not only for security experts, but also for policy makers, business managers, economists and psychologists.In this paper, we are going to discuss the emergence and evolution of economics of information security; where it came from, where it is today and its future directions. Research conducted for this survey explores the literature on economic issues in information security and review the advantages, drawbacks, and future research directions to set the scene that the assessment and analysis of the economics of information security publications followed it. Furthermore, we provide a structured discussion and overview of selected sets of works and highlight the models and theories in this field by organizing the presented works into six main categories namely information security investment, trust and privacy, network security, malicious program and malware economics, penetration testing and digital forensics and software security. Additionally, this survey aims to familiarize readers with major areas of this field already in hand to indicate the gaps and overlooked issues in the economics of security

Framing Information Security Budget Requests to Influence Investment Decisions

Researchers studying the economics of information security have traditionally focused on the use of rational choice decision models for evaluating investment alternatives. Security investment decisions involve risk, and several researchers have noted that risk-related decisions often violate the fundamental principles of rational choice decision models. This study tests the prevailing presumption in published research that information security investment decisions are made in an entirely rational manner. We empirically validated our hypothesis that information security investment decision makers in fact exhibit preference reversals when faced with competing budget alternatives involving risk. Specifically, we observed the framing effect under prospect theory, which suggests that individuals exhibit unique risk attitudes when evaluating gain-related and loss-related risk decisions. Accordingly, we argue that existing, widely accepted rational choice and economic models for information security investments need to be supplemented with risk perception measurement and account for individual level decision biases

The composition of public expenditure and growth : a small-scale intertemporal model for low-income countries

This paper presents a small-scale intertemporal model of endogenous growth that accounts for the composition of public expenditure and externalities associated with public capital. Government spending is disaggregated into various components, including maintenance, security, and investment in education, health, and core infrastructure. After studying its long-run properties, the model is calibrated for Haiti, using country-specific information as well as parameter estimates from the literature. A variety of policy experiments are then reported, including a reallocation of spending aimed at creating fiscal space to promote public investment; an improvement in fiscal management that leads to a reduction in tax collection costs; higher spending on security; and a composite fiscal package.,Debt Markets,Economic Theory&Research,Public Sector Economics&Finance,Public Sector Expenditure Analysis&Management

Popular Attitudes, Globalization, and Risk

Popular opposition to globalization may be interpreted as xenophobia or hostility to market economics and signal country risk, including the degree of security risk - the possibility that local staff of facilities could be subject to discriminatory treatment, harassment, or attack. This paper integrates the Pew Global Attitudes data into a series of economic models on foreign direct investment (FDI), sovereign ratings, and local entrepreneurship and finds that some responses correlate with economic variables of interest, conveying information beyond what can be explained through standard models. More tolerant countries attract more FDI, obtain better ratings, and exhibit more entrepreneurship.Globalization, risk, foreign direct investment, sovereign ratings, entrepreneurship

The effects of land registration on financial development and economic growth - a theoretical and conceptual framework

The author develops a theoretical framework to guide empirical analysis of how land registration affects financial development and economic growth. Most conceptual approaches investigate the effects of land registration on only one sector, nut land registration is commonly observed to affect not only other sectors but the economy as a whole. The author builds on the well-tested link between secure land ownership and farm productivity, adding to the framework theory about positive information and transaction costs. To map the relationship between land registration and financial development and economic growth, the framework links: 1) Land tenure security and investment incentives. 2) Land title, collateral, and credit. 3) Land markets, transactions, and efficiency. 4) Labor mobility and efficiency. 5) Land liquidity, deposit mobilization, and investment. Empirical results from applying the framework to a single case study - of Thailand, described in a separate paper - suggest that the framework is sound.Labor Policies,Environmental Economics&Policies,Banks&Banking Reform,Economic Theory&Research,Payment Systems&Infrastructure,Economic Theory&Research,Municipal Financial Management,Rural Land Policies for Poverty Reduction,Environmental Economics&Policies,Banks&Banking Reform

Impacts of land certification on tenure security, investment, and land markets : evidence from Ethiopia

Although early attempts at land titling in Africa were often unsuccessful, the need to secure rights in view of increased demand for land, options for registration of a continuum of individual or communal rights under new laws, and the scope for reducing costs by combining information technology with participatory methods have led to renewed interest. This paper uses a difference-in-difference approach to assess economic impacts of a low-cost registration program in Ethiopia that, over 5 years, covered some 20 million parcels. Despite policy constraints, the program increased tenure security, land-related investment, and rental market participation and yielded benefits significantly above the cost of implementation.Environmental Economics&Policies,Urban Housing,Climate Change and Environment,Common Property Resource Development,Rural Land Policies for Poverty Reduction

Group life insurance in Kuwait : problems and prospects

The Kuwaiti government obliged firms to cover part of employee's risks through legislation in 1965 and 1977. Employers should cover risks as death or job injury due to or during work. This had affected the group life insurance (GLI) market. The thesis examines the economics of this market. Problem of choosing the right life table with respect to Kuwaiti mortality rates is tested. The efficiency of using English life tables to estimate mortality rates in Kuwait GLI market is examined. The effects of GLI underwriters on the market are investigated. The Social Security Services (SSS) are offered for Kuwaitis only, Non-Kuwaitis face more economical insecurity than Kuwaitis do. Therefore, the demand for employees' group investment plan to cover future security facing Kuwaiti and non-Kuwaiti workers, in particular, is also considered. The thesis suggests several methods to solve the problems facing the Kuwait GLI market. Kuwaiti Mortality rates are estimated using data from both the Social Security Association (SSA) and a sample of term group life insurees to be compared with English and American life tables. Methods of avoiding lack of information, adverse selection, and moral hazard in Kuwait GLI market are proposed. Finally, the advantages of introducing group investment plan are examined, and it was shown that these could alleviate SSS problems. Use of group investment plan should reduce the cost of the SSS for Kuwaitis, secure part of Non-Kuwaitis risks, and assist insurers to avoid or reduce their economic problems

Group life insurance in Kuwait : problems and prospects

The Kuwaiti government obliged firms to cover part of employee's risks through legislation in 1965 and 1977. Employers should cover risks as death or job injury due to or during work. This had affected the group life insurance (GLI) market. The thesis examines the economics of this market. Problem of choosing the right life table with respect to Kuwaiti mortality rates is tested. The efficiency of using English life tables to estimate mortality rates in Kuwait GLI market is examined. The effects of GLI underwriters on the market are investigated. The Social Security Services (SSS) are offered for Kuwaitis only, Non-Kuwaitis face more economical insecurity than Kuwaitis do. Therefore, the demand for employees' group investment plan to cover future security facing Kuwaiti and non-Kuwaiti workers, in particular, is also considered. The thesis suggests several methods to solve the problems facing the Kuwait GLI market. Kuwaiti Mortality rates are estimated using data from both the Social Security Association (SSA) and a sample of term group life insurees to be compared with English and American life tables. Methods of avoiding lack of information, adverse selection, and moral hazard in Kuwait GLI market are proposed. Finally, the advantages of introducing group investment plan are examined, and it was shown that these could alleviate SSS problems. Use of group investment plan should reduce the cost of the SSS for Kuwaitis, secure part of Non-Kuwaitis risks, and assist insurers to avoid or reduce their economic problems

Small-scale irrigation dams, agricultural production, and health - theory and evidence from Ethiopia

The author looks at the feasibility and potential of instituting small-scale irrigation dams to reduce Ethiopia’s dependence on rainfed agriculture and the associated food insecurity. He develops a theoretical framework to assess the welfare implications of irrigation development programs and provides empirical evidence from microdam construction and reforestation projects in northern Ethiopia. The author pays particular attention to health-related costs of establishing small-scale irrigation dams in areas prone to waterborne diseases. While the theoretical analyses imply that the net welfare impacts of irrigation dams cannot be known a priori due to potential health costs, the empirical evidence shows that current agricultural yield and farm profit have increased in villages with closer proximity to the dams than in those more distant. The increased disease incidence due to standing pools of water has, however, led to significant declines in the returns from investment in irrigation water. Households with poor health are less likely to adopt productivity-enhancing as well as resource-conserving technologies, which are crucial for achieving the ultimate goal of sustainable agricultural development. The ensuing sickness has also led to reduction in labor allocation to off-farm activities. The findings underline the importance of weighing beforehand the magnitude of potential economic benefits against health costs of water development programs. The overall evidence, however, suggests that carefully designed irrigation dams could significantly improve agricultural production and food security, particularly in areas where waterborne diseases pose negligible risk to health or can be cost-effectively controlled.Water Conservation,Economic Theory&Research,Labor Policies,Environmental Economics&Policies,Agricultural Knowledge&Information Systems,Environmental Economics&Policies,Agricultural Knowledge&Information Systems,Economic Theory&Research,Housing&Human Habitats,Regional Rural Development