Investigating the Potential of Fee-Based Recreation on Private Lands in the Lower Mississippi River Delta

Private landowners may be willing to allow public access for fee-based wildlife-associated recreation. A survey and econometric techniques are proposed to determine what characteristics may influence the probability to decide to offer recreation, what organizational form landowners may prefer to manage and market fee-based recreation, and how liability concerns and other possible disincentives collectively influence landowners' access decisions.wildlife-associated recreation, liability perceptions, Resource /Energy Economics and Policy,

Executive stock option exercise with full and partial information on a drift change point

We analyse the optimal exercise of an executive stock option (ESO) written on a stock whose drift parameter falls to a lower value at a change point, an exponentially distributed random time independent of the Brownian motion driving the stock. Two agents, who do not trade the stock, have differing information on the change point, and seek to optimally exercise the option by maximising its discounted payoff under the physical measure. The first agent has full information, and observes the change point. The second agent has partial information and filters the change point from price observations. This scenario is designed to mimic the positions of two employees of varying seniority, a fully informed executive and a partially informed less senior employee, each of whom receives an ESO. The partial information scenario yields a model under the observation filtration $\widehat{\mathbb{F}}$ in which the stock drift becomes a diffusion driven by the innovations process, an $\widehat{\mathbb{F}}$-Brownian motion also driving the stock under $\widehat{\mathbb{F}}$, and the partial information optimal stopping value function has two spatial dimensions. We rigorously characterise the free boundary PDEs for both agents, establish shape and regularity properties of the associated optimal exercise boundaries, and prove the smooth pasting property in both information scenarios, exploiting some stochastic flow ideas to do so in the partial information case. We develop finite difference algorithms to numerically solve both agents' exercise and valuation problems and illustrate that the additional information of the fully informed agent can result in exercise patterns which exploit the information on the change point, lending credence to empirical studies which suggest that privileged information of bad news is a factor leading to early exercise of ESOs prior to poor stock price performance.Comment: 48 pages, final version, accepted for publication in SIAM Journal on Financial Mathematic

Cayamo - A case study of a music themed cruise

Purpose - This paper aims to provide a look at an unusual emerging market though its main aim is to provide a rich and colourful exercise for teaching marketing. Rich in that the teacher has a variety of options, colourful in that the student will be engaged by the language and content. Design/methodology/approach - The case study focuses on an unusual and relatively new leisure product that combines two growing areas: cruise tourism and music festivals. The case is written in a narrative style to allow student interpretation of the material and application to a range of marketing concepts. The information within the case is derived from a number of published sources including market data, internet chatrooms, blogs and an interview with a customer. Findings - The case builds to provide a picture of an innovative niche product in an emerging growth market. In the introduction, it demonstrates that popular music is no longer limited to low-income youth. The sections that follow the introduction set the scene for a (variable) market definition. Next, the experiences revealed in the Sixthman Blog show their lack of understanding of this "new product". Whilst, the personal experience that follows highlights typical customer demographics and needs. The research from Mintel pulls much of this together before leaving some thoughts for the future in the final section. Originality/value - The case can be used for teaching in a number of ways, for example, relating to market development, segmentation, targeting and marketing communications. © Emerald Group Publishing Limited

The geochemistry of the Marangudzi complex, Southern Rhodesia

Imperial Users onl

THE LOCATIONAL PATTERNS AND SOCIOECONOMIC EFFECTS OF THE NEW MARKETS TAX CREDIT AND LOW INCOME HOUSING TAX CREDIT IN DISTRESSED METROPOLITAN CENSUS TRACTS

This dissertation investigates the role of two federal place-based programs, the New Markets Tax Credit (NMTC) and Low Income Housing Tax Credit (LIHTC), as tools for revitalizing distressed communities. The first empirical chapter organizes low-income, high-poverty metropolitan census tracts into a typology based on their demographic, class status, built environment, and location characteristics in 2000. Principal components analysis uncovered three prominent neighborhood dimensions: class status, urbanization, and black socioeconomic isolation. These dimensions were entered into a cluster analysis, which identified ten distinct types of poor metropolitan neighborhoods. NMTC investment, LIHTC investment, and socioeconomic ascent were highly correlated across neighborhood types. This finding supports an assumption made in previous studies that developers, who play an important role in determining where subsidized projects are located, are motivated to seek out areas primed to undergo socioeconomic ascent. The neighborhood dimension describing the degree of urbanization was only baseline variable consistently related to both sources of place-based investment and future socioeconomic ascent, suggesting that developer preferences are informed by observable urbanization-related factors. These findings were then applied to the development of a model for estimating the effects of place-based investment on a neighborhood’s socioeconomic trajectory. I use a variation of propensity score matching allowing for multiple treatment conditions to compare 2000 to 2010 changes in income, poverty, unemployment, and home values between census tracts that received different combinations of investment through (a) both NMTC and LIHTC, (b) NMTC alone, (c) LIHTC alone, and (d) neither program. Findings revealed that the addition of NMTC had a positive impact on socioeconomic trajectories, while adding LIHTC-subsidized housing into a census tract could have a positive, negligible, or negative impact, depending on the comparison condition. Overall, this dissertation contributes to a better understanding of why certain types of poor places may be more likely to benefit from these types of market-driven place-based initiatives than others, and introduces a more integrated and nuanced approach for evaluating programs that operate within shared geographic space to address different facets of neighborhood poverty

Remembrances of things past and future: memory and its significance for politics in Nietzsche, Sophocles, and Isaiah

This thesis is an inquiry into memory and its significance for politics as described in three sources. Part of its task is to grasp Nietzsche’s phenomenology of memory thought and to inquire into what understanding about politics emerges. Nietszche speaks about memory with respect to the self, yet he offers little elaboration about intersubjectivity or transcendence for linking memory to justice. To further investigate his approach, this essay examines two other texts, Philoctetes, by Sophocles, and Isaiah, which set this discussion on a political stage. What emerges is an approach to how memory can have an impact on self, community, and politics in the search for justice

European Option Pricing with Liquidity Shocks

We study the valuation and hedging problem of European options in a market subject to liquidity shocks. Working within a Markovian regime-switching setting, we model illiquidity as the inability to trade. To isolate the impact of such liquidity constraints, we focus on the case where the market is completely static in the illiquid regime. We then consider derivative pricing using either equivalent martingale measures or exponential indifference mechanisms. Our main results concern the analysis of the semi-linear coupled HJB equation satisfied by the indifference price, as well as its asymptotics when the probability of a liquidity shock is small. We then present several numerical studies of the liquidity risk premia obtained in our models leading to practical guidelines on how to adjust for liquidity risk in option valuation and hedging.Comment: 25 pages, 6 figure

Civic Contributions: Taxes Paid by Immigrants in the Washington, DC, Metropolitan Area

This report estimates the taxes paid by immigrants in the Washington, D.C., area in 1999-2000 and documents their demographics, household composition, income, and dispersal across jurisdictions in the region. The findings in this report are based mostly on analysis of 2000 U.S. Census data, because the census provides the most recent comprehensive data that allow disaggregation by country of origin groups and by many of the region's local jurisdictions. The demographic data in the report are updated through 2004 using the U.S. Current Population Survey. We calculate taxes at both the individual level (e.g., income and payroll taxes) and the household level (e.g., property taxes), but aggregate them up to the household level. Throughout the report we refer to households headed by immigrants (whether citizens, legal immigrants, or unauthorized migrants) as "immigrant households" and compare their incomes and tax payments to households headed by native-born U.S. citizens