Electrification and Regional Economic Development in the Philippines

This article empirically tests for the positive effects of household electrification on the Philippine provincial income levels. Results indicate that the economic overhead capital type of investment in intermediate regions and social overhead capital type of investments in lagging regions can spearhead decisionmakers in allocating scarce resources.electricity and power

Economic Growth and Defense Spending: Evidence on Causality for Selected Asian Countries

An earlier version of this paper has been presented in 1989 at the Institute for Strategic and International Studies in Kuala Lumpur. This paper tests the causality issue between defense spending and economic growth in the Philippines. The results of the tests are used to provide implications for Philippine policy development.economic growth, defense sector, causality

Economic Growth and Defense Spending: Evidence on Causality for Selected Asian Countries

An earlier version of this paper has been presented in 1989 at the Institute for Strategic and International Studies in Kuala Lumpur. This paper tests the causality issue between defense spending and economic growth in the Philippines. The results of the tests are used to provide implications for Philippine policy development.economic growth, defense sector, causality

Electrification and Regional Economic Development in the Philippines

This article empirically tests for the positive effects of household electrification on the Philippine provincial income levels. Results indicate that the economic overhead capital type of investment in intermediate regions and social overhead capital type of investments in lagging regions can spearhead decisionmakers in allocating scarce resources.electricity and power

LIVELIHOOD STRATEGIES ON DANISH ORGANIC FARMS AND THEIR CONTRIBUTION TO FARM BASED RURAL DEVELOPMENT

Household livelihood strategies among Danish organic farmers are identified using combinations of off-farm income levels, time used for farming, and farm size. This is based on interviews carried out in 2002 with 10 % of the Danish organic farmers representing the national distribution of organic farm types as well as major landscape systems. The relationship between these strategies and farm-based rural development is investigated in terms of engagement in other farm-based activities and landscape management, and it is discussed how different strategies may be interpreted and the questions it raises to the further development of the organic farming

Density, structure and management of landscape elements on Danish organic farms

Density and management of landscape elements on organic farms were investigated for 345 organic farms in Denmark in 2001, representing approximately 10% of the total number of organic farms. The density of hedgerows, area habitats and ponds was estimated and related to various aspects of farm character, such as size, type and lifestyle/part time/full time farms, as well as region and biophysical context. A large variation in the densities was found, the highest densities were found on the smallest farms. Farm size was the farm parameter that was closest related to the density of landscape elements as well as landscape structural variables. Farm size was related to the other farm characteristics

Diversity as a key concept for organic agriculture

Diversity is a key concept of organic agriculture and is intuitively perceived as having positive, but not always explicit, consequences for the internal functioning of the farm as well as for the impact on environment and farmland nature. In two groups of specialised organic farms (arable and dairy) and a group of mixed farms, links between production diversity and diversity at the scales above and below, as well as relations to potential farmland biodiversity, are examined. Results show that diversity in different scales are not consistently correlated, i.e. neither high diversity in farm household on-farm activities, nor diversity in agricultural production are linked to high crop and land use diversity. Furthermore, there are no simple relations between diversity measures and potential benefits for farmland biodiversity

The Fractional OU Process: Term Structure Theory and Application

The paper revisits dynamic term structure models (DTSMs) and proposes a new way in dealing with the limitation of the classical affine models. In particular, this paper expands the flexibility of the DTSMs by applying a fractional Brownian motion as the governing force of the state variable instead of the standard Brownian motion. This is a new direction in pricing non defaultable bonds with offspring in the arbitrage free pricing of weather derivatives based on fractional Brownian motions. By applying fractional Ito calculus and a fractional version of the Girsanov transform, a no arbitrage price of the bond is recovered by solving a fractional version of the fundamental bond pricing equation. Besides this theoretical contribution, the paper proposes an estimation methodology based on the Kalman filter approach, which is applied to the US term structure of interest ratesFractional bond pricing equation, fractional Brownian motion, fractional Ornstein-Uhlenbeck process, long memory, Kalman Filter

Optimal incentive mix of performance pay and efficiency wage

Firms use a rich set of incentives including fixed wages, bonuses, threat of firing and promise of promotion. Yet, we do not have a theoretical understanding of how such a mix of incentives can arise. This paper aims to build a theoretical model which describes the incentive mix as the solution to an optimal contracting problem and provides broader testable implications. The basic model has a principal-agent relationship with unobservable effort. The integrative model includes the basic model and three building blocks: job-assignment, learning and human capital. The derived incentive mix is a consequence of the dual role of firing. It is both an incentive and a sorting decive. The model's predictions are tested on firm-level data from a large pharmaceutical company. The broader testable implications beyond the incentive mix are also confirmed by the data.