ECONOMIC IMPACTS OF REGULATIONS TO PRESERVE NATIVE WOODLAND ON PRIVATE PROPERTY: A CASE STUDY IN THE HUNTER VALLEY OF NEW SOUTH WALES

Australian policies to preserve native vegetation on farms rest on mandatory regulations without compensation, whereas policies in most OECD countries rest on voluntary conservation with compensation. In New South Wales, the Native Vegetation Conservation Act 1998 restricts farmers from clearing native vegetation on their own freehold land, and offers no compensation. The Act may therefore impose opportunity costs, or losses in income, on landholders. These opportunity costs are estimated for a case study property in the Hunter Valley of New South Wales, and these results are then generalised to assess the broad trade-offs between development and preservation. The losses in income appear to vary between 5 and 10 per cent of annual income, depending on livestock prices. The flow of these losses over time appears to total some $26m for all properties of this kind in the immediate region. In addition to imposition of these direct opportunity costs, the regulations hinder land sales and so hinder adjustment by landholders to changing conditions.Native vegetation, environmental preservation, opportunity cost., Land Economics/Use,

One-loop renormalisation of general N=1/2 supersymmetric gauge theory

We investigate the one-loop renormalisability of a general N=1/2 supersymmetric gauge theory coupled to chiral matter, and show the existence of an N=1/2 supersymmetric SU(N)xU(1) theory which is renormalisable at one loop.Comment: 30 pages, including 8 figures. Plain TeX. Uses Harvmac and eps

Entrepreneurship as nexus of change: the syncretistic production of the future

This paper deals with the issue of how the future is created and the mechanisms through which it is produced and conceived. Key to this process appears to be social interaction and how it is used to bring about change. Examining the entrepreneurial context by qualitative longitudinal research techniques, the study considers the situations of three entrepreneurs. It demonstrates that the web of relationships in which individuals are engaged provide the opportunity to enact the environment in new ways, thus producing organizations for the future. It further provides empirical evidence for a Heideggerian reading of strategy-as-practice, extending this conceptualization to account for the temporal dimension

COBRA Subsidies for Laid-Off Workers: An Initial Report Card

Reviews the implementation of the government subsidy of COBRA health insurance premiums for laid-off workers in the 2009 stimulus package and its effects on COBRA enrollment and medical spending. Considers policy implications for access and affordability

Federal Subsidy for Laid-Off Workers' Health Insurance: A First Year's Report Card for the New COBRA Premium Assistance

Analyzes how the subsidy for laid-off workers' costs to continue their health coverage, included in the 2009 stimulus bill, affected enrollment. Considers determining factors, implications of health reform for extending the subsidy, and lessons learned

Bootstrap and Higher-Order Expansion Validity When Instruments May Be Weak

It is well-known that size-adjustments based on Edgeworth expansions for the t-statistic perform poorly when instruments are weakly correlated with the endogenous explanatory variable. This paper shows, however, that the lack of Edgeworth expansions and bootstrap validity are not tied to the weak instrument framework, but instead depends on which test statistic is examined. In particular, Edgeworth expansions are valid for the score and conditional likelihood ratio approaches, even when the instruments are uncorrelated with the endogenous explanatory variable. Furthermore, there is a belief that the bootstrap method fails when instruments are weak, since it replaces parameters with inconsistent estimators. Contrary to this notion, we provide a theoretical proof that guarantees the validity of the bootstrap for the score test, as well as the validity of the conditional bootstrap for many conditional tests. Monte Carlo simulations show that the bootstrap actually decreases size distortions in both cases.