Do markets underprice natural - resource commodities?

The author examines the efficiency and equity of a market allocation of exhaustible resources and assesses the behavior of scarcity measures, such as relative price and rental rates. She finds little evidence of scarcity or impending shortage. Indeed, the evidence points to falling prices and rents for many commodities. Do markets send the wrong signals? Are resource commodities systematically underpriced? Her conclusions are not completely optimistic. The authors analysis reveals many market failures, any of which would result in inappropriate resource commodity pricing. But,with one exception, she finds no systematic tendency to underprice. The exception concerns the environmental externalities associated with the production and use of natural-resource commodities. Similar externalities lead to underpricing and overuse of all commodities. Mineral commodities, however, are responsible for a large fraction of the pollution that is currently generated, so their underpricing is particularly significant. The market failures associated with common-property and environmental resources can cause market prices to be lower than shadow prices or marginal values. They cannot, however, cause relative resource prices to fall. Falling prices would be associated with a relaxation of environmental standards and a move away from full-social-cost pricing. The tendency, however, is towards increased awareness of environmental damage and increased willingness to pay for its associated costs. Nevertheless, the prices of many natural-resource commodities have fallen in real terms. Factors causing prices to decrease are not associated with market failure, and therefore do not support interference with the market mechanism. Innovations that lower mining and processing costs, discoveries that increase resource stocks, and the provision of lower-cost substitutes are all features of efficiently operating markets.Environmental Economics&Policies,Economic Theory&Research,Access to Markets,Markets and Market Access,Health Economics&Finance

Environmental costs of natural resource commodities : magnitude and incidence

The carrying capacity of our natural environment is an important unpriced input to production. A consensus is growing that users should pay for the environmental damage that they cause. Although most people can accept this policy in principle, many are concerned with magnitude and incidence of its associated costs and the disruptions that would be created during a transition period. Of particular concern is the burden that might be placed on the economics of developing countries. When the industrial world was developing, it was able to benefit from cheap natural-resource commodities. It is fair to expect countries that are trying to imitate this pattern to pay more? Unfortunately there are not reliable estimates of the effects of environmental protection costs on production, consumption, revenues, and foreign exchange. The author explores these issues for the energy and nonfuel-mineral markets, sectors responsible for much of the current industrial pollution. Using a model, the author, examines the consequences of the developing world adopting the environmental standards of the industrialized world. The author assumes: all producers incur clean-up costs; most adjustment is made through changes in prices and quantities, not through altered trade patterns; and the industrialized world increases its environmental expenditures by the same fraction as the developing world. The author finds that increased revenue resources will more than compensate the average developing country for the costs of pollution control, so no assistance or intervention would be required. This assumes, however, that capital markets are perfect, which is far from the case in many developing countries. These imperfections constitute the greatest obstacle to successful environmental regulation. Loans of subsidies from North to South should be considered. Developing country producers should be given access to credit dollars, prices of imported pollution-abatement equipment could be reduced, or aid could be tied to the installation and maintenance of environmental capital. The author finds that environmental protection costs are small. Compliance costs of roughly three percent of product prices lead to changes in export revenues of less than one percent. The principal reason for this result is that mineral commodity demand and supply are inelastic in the long run. As for the incidence of environmental costs, an environmental"tax"is on average progressive, because low-income countries are typically net exporters of mineral commodities, where as high-income countries are net importers.Environmental Economics&Policies,Economic Theory&Research,Energy and Environment,Health Economics&Finance,Consumption

Standardised method for reporting exercise programmes : protocol for a modified Delphi study

Introduction Exercise is integral to health across the lifespan and important for people with chronic health conditions. A systematic review of exercise trials for chronic conditions reported suboptimal descriptions of the evaluated interventions and concluded that this hinders interpretation and replication. The aim of this project is to develop a standardised method for reporting essential exercise programme details being evaluated in clinical trials. Methods and analysis A modified Delphi technique will be used to gain consensus among international exercise experts. We will use three sequential rounds of anonymous online questionnaires to refine a standardised checklist. A draft checklist of potentially relevant items was developed based on the results of a systematic review of exercise systematic reviews. An international panel of experts was identified by exercise systematic review authorship, established international profile in exercise research and practice and by peer referral. In round 1, the international panel of experts will be asked to rate the importance of each draft item and provide additional suggestions for revisions or new items. Consensus will be considered reached if at least 70% of the panel strongly agree/disagree that an item should be included or excluded. Where agreement is not reached or there are suggestions for altered or new items, these will be taken to round 2 together with an aggregated summary of round 1 responses. Following the second round, a ranking of item importance will be made to rationalise the number of items. The final template will be distributed to panel members for approval. Ethics and dissemination Ethics approval was received from The Cabrini Institute Ethics Committee, Melbourne, Australia (HREC 02-07-04-14). We plan to use a stepwise process to develop and refine a standardised and internationally agreed template for explicit reporting of exercise programmes. The template will be generalisable across all types of exercise interventions. The findings will be disseminated through peer-reviewed publications and conference presentations

Mindfulness and other Buddhist-derived interventions in correctional settings: a systematic review

Background: Throughout the last decade, there has been a growth of interest into the rehabilitative utility of Buddhist-derived interventions (BDIs) for incarcerated populations. The purpose of this study was to systematically review the evidence for BDIs in correctional settings. Method: MEDLINE, Science Direct, ISI Web of Knowledge, PsychInfo, and Google Scholar electronic databases were systematically searched. Reference lists of retrieved articles and review papers were also examined for any further studies. Controlled intervention studies of BDIs that utilised incarcerated samples were included. Jaded scoring was used to evaluate methodological quality. PRISMA (preferred reporting items for systematic reviews and meta-analysis) guidelines were followed. Results: The initial comprehensive literature search yielded 85 papers but only eight studies met all the inclusion criteria. The eight eligible studies comprised two mindfulness studies, four vipassana meditation studies, and two studies utilizing other BDIs. Intervention participants demonstrated significant improvements across five key criminogenic variables: (i) negative affective, (ii) substance use (and related attitudes), (iii) anger and hostility, (iv) relaxation capacity, and (v) self-esteem and optimism. There were a number of major quality issues. Conclusion: It is concluded that BDIs may be feasible and effective rehabilitative interventions for incarcerated populations. However, if the potential suitability and efficacy of BDIs for prisoner populations is to be evaluated in earnest, it is essential that methodological rigour is substantially improved. Studies that can overcome the ethical issues relating to randomisation in correctional settings and employ robust randomised controlled trial designs are favoured

Weather and Wethers: effects of wind, temperature and rain on sheep feedlot production

thermal stress, sheep, shelter, growth rates, bioeconomic model, Agribusiness, Environmental Economics and Policy, Farm Management, Livestock Production/Industries, Resource /Energy Economics and Policy,

Exercise and progressive supranuclear palsy : the need for explicit exercise reporting

Background Progressive Supranuclear Palsy (PSP) is the most frequent form of atypical Parkinsonism. Although there is preliminary evidence for the benefits of gait rehabilitation, balance training and oculomotor exercises in PSP, the quality of reporting of exercise therapies appears mixed. The current investigation aims to evaluate the comprehensiveness of reporting of exercise and physical activity interventions in the PSP literature. Methods Two independent reviewers used the Consensus on Exercise Reporting Template (CERT) to extract all exercise intervention data from 11 studies included in a systematic review. CERT items covered: ‘what’ (materials), ‘who’ (instructor qualifications), ‘how’ (delivery), ‘where’ (location), ‘when’, ‘how much’ (dosage), ‘tailoring’ (what, how), and ‘how well’ (fidelity) exercise delivery complied with the protocol. Each exercise item was scored ‘1’ (adequately reported) or ‘0’ (not adequately reported or unclear). The CERT score was calculated, as well as the percentage of studies that reported each CERT item. Results The CERT scores ranged from 3 to 12 out of 19. No PSP studies adequately described exercise elements that would allow exact replication of the interventions. Well-described items included exercise equipment, exercise settings, exercise therapy scheduling, frequency and duration. Poorly described items included decision rules for exercise progression, instructor qualifications, exercise adherence, motivation strategies, safety and adverse events associated with exercise therapies. Discussion The results revealed variability in the reporting of physical therapies for people living with PSP. Future exercise trials need to more comprehensively describe equipment, instructor qualifications, exercise and physical activity type, dosage, setting, individual tailoring of exercises, supervision, adherence, motivation strategies, progression decisions, safety and adverse events. Conclusion Although beneficial for people living with PSP, exercise and physical therapy interventions have been inadequately reported. It is recommended that evidence-based reporting templates be utilised to comprehensively document therapeutic exercise design, delivery and evaluation

Merger simulations of unilateral effects : what can we learn from the UK brewing industry?

I discuss the use of simulation techniques to evaluate unilateral effects of horizontal mergers and the pitfalls that one can encounter when using them. Simple econometric models are desirable because they can be implemented in a short period of time and can be understood by non experts. Unfortunately, their predictions are often misleading. Complex models are more reliable but they require more time to implement and are less transparent. The use of merger simulations and the sensitivity of predictions to modeling choices is illustrated with an application to mergers in the UK brewing industry. There have been a number of brewing mergers that have changed the structure of the UK market, as well as proposed but unconsummated mergers that would have had even more profound effects. I assess two of them: the successful merger between Scottish&Newcastle and Courage and the proposed merger between Bass and Carlsberg–Tetley

Attica State Correctional Facility: The Causes and Fallout of the Riot of 1971

Everyone has heard the rallying cry “Attica! Attica!” These are words shouted in protest by many in the 1970s including John Lennon in his song “Attica State” in 1971 and Al Pacino in the movie “Dog day Afternoon” in 1975. But what happened at Attica State Correctional Facility in the rural town of Attica, NY in 1971 to cause the bloodiest day in American history up to that time? A prison built to be escape proof and virtually riot proof in 1931 exploded just forty years later in a violent four day riot that ended in a bloody massacre of inmates and hostages by the State Police. In studying the different causes of the 1971 Attica Prison Riot it becomes clear why it happened and how it could have been prevented

Spillovers in Space: Does Geography Matter?

We simultaneously assess the contributions to productivity of three sources of research and development spillovers: geographic, technology and product- market proximity. To do this, we construct a new measure of geographic proximity that is based on the distribution of a firm's inventor locations rather than its headquarters, and we report both parametric and semiparametric estimates of our geographic-distance functions. We find that: i) Geographic space matters even after conditioning on horizontal and technological spillovers; ii) Technological proximity matters; iii) Product-market proximity is less important; iv) Locations of researchers are more important than headquarters but both have explanatory power; and v) Geographic markets are very local.geographic proximity, R&D spillovers, semiparametric and technological proximity