Coasean economics and the evolution of marine property in Hawaii

The standard view that the absence of property rights is inefficient contradicts the Coasean proposition that the relative efficiency of different institutions depends on their ability to economize on transaction costs. Moreover, the comparative theory of open access and private property institutions fails to recognize the intermediate institution of common property, finesses dynamic optimization, and provides an incomplete account of governance. We provide a comparative statics framework for alternative modes of resource management, albeit one that allows for dynamic optimization, and show that open access can be efficient under conditions of low population pressure. We show that the intensification of production with population pressure in Hawaii co- evolved with specialization and increased governance, in accordance with the efficiency theory. Instead of market-based specialization, however, economic organization in pre-contact Hawaii was hierarchically determined via top-down management of the ahupua´a.Demsetz, property rights, Hawaiian history, specialization, decentralization

From Rites to Rights: the Co-evolution of Political, Economic and Social Structures

It is the charge of economic history not only to explain the economic past, but to use it to enrich and develop economic theory (North, 1994). In paleoeconomics, theory plays the additional role of adding veracity of accounts based on sparse evidence through the demonstration of internal consistency. We synthesize pre-historical and historical evidence available from the settlement and modernization of the Hawaiian economy into a stylized picture of the co-evolution of production and governance structures called the governmental Kuznets curve. We explain the co-evolution with a theory of institutional change that includes the roles of resource scarcity and opportunities for internal and external economies of scale in the increasing intensification and specialization of production. These are facilitated first by a steeper and then by a flatter political organization.Paleoeconomics, governance, institutional change, Hawaiian economy, intensification, specialization

Coasean Economics and the Evolution of Marine Property in Hawaii

The standard view that the absence of property rights is inefficient contradicts the Coasean proposition that the relative efficiency of different institutions depends on their ability to economize on transaction costs. Moreover, the comparative theory of open access and private property institutions fails to recognize the intermediate institution of common property, finesses dynamic optimization, and provides an incomplete account of governance. We provide a comparative statics framework for alternative modes of resource management, albeit one that allows for dynamic optimization, and show that open access can be efficient under conditions of low population pressure. We show that the intensification of production with population pressure in Hawaii co-evolved with specialization and increased governance, in accordance with the efficiency theory. Instead of market-based specialization, however, economic organization in pre-contact Hawaii was hierarchically determined via top-down management of the ahupua´a.Demsetz, property rights, Hawaiian history, specialization, decentralization

Water Management and the Valuation of Indirect Environmental Services

Comprehensive water basin and watershed planning and management require valuation of the intermediate ecological services provided to the water resources themselves. Valuation of forest cover in the augmentation of water resources is discussed in the context of aggregate economic planning, water-basin or sectoral planning, and conservation project evaluation. The importance of valuing intermediate non-market goods is illustrated for each planning tool in the context of an illustrative example of the Pearl Harbor/Ko'olau watershed in Hawaii. In the context of water allocation and investment in waterworks, considerations of full income valuation imply that the value of water should incorporate the risk of watershed degradation contingent on the expected conservation effort. What appear to be new objectives of economic planning, such as sustainable development, do not require new criteria but rather the augmentation of existing methods of income accounting and project valuation to include the values on non-market goods. We also show that measurement of non-market valuation does not necessarily require the use of contingent-valuation methods, even when the usual alternatives (hedonics, household production, etc.) are not directly applicable.

The Future of Particle Physics

After a very brief review of twentieth century elementary particle physics, prospects for the next century are discussed. First and most important are technological limits of opportunities; next, the future experimental program, and finally the status of the theory, in particular its limitations as well as its opportunities.Comment: Invited talk given at the International Conference on Fundamental Sciences: Mathematics and Theoretical Physics, Singapore, 13-17 March 200

Control of Invasive Species: Lessons from Miconia in Hawaii

Once established, invasive species can rapidly and irreversibly alter ecosystems and degrade the value of ecosystem services. Optimal control of an exotic pest solves for a trajectory of removals that minimizes the present value of removal costs and residual damages from the remaining pest population. The shrubby tree, Miconia calvescens, is used to illustrate dynamic policy options for a forest invader. Potential damages to Hawaii's forest ecosystems are related to decreased aquifer recharge, biodiversity, and other ecosystem values. We find that population reduction is the optimal management policy for the islands of Oahu, Maui, and Hawaii. On the island of Kauai, where tree density is lower and search costs higher, optimal policy calls for deferring removal expenditures until the steady state population is reached.

Retrospective time perception of a long task: using music to distinguish between attention-based and memory-based models

There are two main models of time perception, attention-based models, and memorybased models. The aim of this study was to determine which model best explained retrospective time perception of a long and monotonous task. The monotonous task was a Sustained Attention to Response Task (SART) that lasted 1390s. The monotony of the task was altered by the addition of musical stimuli. Participants were randomly assigned to either a silent condition, or one of three music conditions that differed in song familiarity and performing instrument. Participants were 48 adults, primarily recruited from Edith Cowan University. The perceived duration of the task, the number of errors on the SART, and the number of songs remembered was measured. Difference in perceived duration between the conditions provided limited support for both attentionbased and memory-based models. However, from the non-significant results of the number of errors on the SART, and the number of songs remembered, neither model was able to explain how participants perceived the duration of the task. The presence of a ceiling effect on perceived duration may have limited the size of some of the effects. Overall, the results suggest that the relevance of attentional processes and memory may not be as significant as what is proposed by the current models in explaining retrospective time perception of long tasks, and this should be explored in future research