Economics Commons^™

Promoting Low Impact Development In Your Community, New England Environmental Finance Center

Planning

Low Impact Development (LID) is an approach to stormwater management and site development that is gaining popularity throughout the country. Its attractiveness lies in its potential to lessen off-site stormwater impacts, reduce costs to municipalities and developers, and promote development that is “softer on the land” compared with typical traditional development. The approach, which is applicable to residential, commercial and industrial projects, and in urban, suburban and rural settings, often is linked with efforts by governments and citizens to foster more sustainable communities.

A Class Of Nonlinear Stochastic Volatility Models, Jun Yu, Zhenlin Yang

Research Collection School Of Economics

This paper proposes a class of nonlinear stochastic volatility models based on the Box-Cox transformation which offers an alternative to the one introduced in Andersen (1994). The proposed class encompasses many parametric stochastic volatility models that have appeared in the literature, including the well known lognormal stochastic volatility model, and has an advantage in the ease with which different specifications on stochastic volatility can be tested. In addition, the functional form of transformation which induces marginal normality of volatility is obtained as a byproduct of this general way of modeling stochastic volatility. The efficient method of moments approach is used …

The Role Of Tibetan Buddhism And Culture In Sustainable Development (A Case Study Of Yubeng Village), Frazer Lanier

Independent Study Project (ISP) Collection

During a lecture by Li Bo, of CBIK (the Center for Biodiversity and Indigenous Knowledge a Chinese NGO), I was given a glimpse into the role that culture plays within poverty alleviation and environmental conservation. While poverty alleviation aims to develop community economies, this goal is usually seen as being in conflict with environmental conservation because it requires the use of environmental resources. This is a common misperception. According to Gou Jing’s article Gateway between Culture and Nature， “man’s touch bestows nature with culture” (Guo Jing 12). The interaction between nature and humans is the foundation for culture and the …

Coral Reef Tourism And Conservation In Bocas Del Toro: An Analysis Of Ecotourism And Its Tour Guide-Based Components, Rebecca Kayes

Independent Study Project (ISP) Collection

Tourism of the coral reefs in Bocas del Toro is an important economic activity but also potentially harmful to the environment, creating an ecologically and economically unsustainable situation and doubts that the region engages in “ecotourism.” Coral reef tourism was analyzed with a specific emphasis on tours, tour guides, tourist motivations, tourist education and conservation-related activities. Research methods included participant observation in the tourism world in Bocas, interviews with guides, tourists and community members, and a tourist survey. Though local popular opinion disagrees, data collected shows tourism in Bocas does not emphasize reefs or reef conservation, a potentially catastrophic situation …

The Role Of Malagasy Women In Community Development: Analyzing The Potential For The Creation Of A Women’S Association For Alternative Livelihoods In Ifaty, Amanda Fencl

Independent Study Project (ISP) Collection

Integrated Conservation and development projects (ICDPs) have increased in number worldwide as conservation organizations have to come to terms with the importance of involving and addressing the needs of local human populations to order to achieve their conservation goals. Madagascar’s unique biodiversity, environmental degradation, and plaguing poverty has made ICDPs crucial in achieving national goals of tripling the area of natural heritage conserved and poverty reduction through socially, economically, and ecologically sustainable development. In order to understand how such sustainable development can be achieved, it is essential to spend time enhancing one’s understanding of the local mentality and worldview. On …

Stormwater Utility Fees: Considerations & Options For Interlocal Stormwater Working Group (Iswg), New England Environmental Finance Center

Water

Stormwater utilities are a concept whose time seems to have arrived. Established by relatively few communities in the 1970s as a method of funding flood control measures, stormwater utilities now exist in over 400 municipalities and counties throughout the United States. During the next 10 years, their numbers are expected to swell dramatically – by one estimate to over 2,000 by the year 2014.

The reasons for this growth are multifold. Federal stormwater regulations passed in the 1980s (Phase I of the National Pollutant Discharge Elimination System Program, or NPDES), motivated many larger communities to seek alternative funding sources and …

Analysis Of Economic Models Through Calculus Of Variations, Raman Arora

Masters Theses & Specialist Projects

This thesis is a combination of two science fields: Mathematics and Economics. Mathematics is often used to formulate a clear and concise solution to economic problems. In my observation calculus of variation has often been used in various macroeconomic problems. This mathematical method deals with maximizing or minimizing of various objective functions given a set of constraints. This topic brings out one of the best ways to show the relationship between mathematics and economics. My thesis consists of three parts: The first chapter contains a review of the calculus of variations. Basic definitions and important conditions have been stated. The …

Climate Change In Metropolitan Boston, Paul Kirshen, Matthias Ruth, William Anderson

New England Journal of Public Policy

Even though urban infrastructure systems are important and are designed according to socioeconomic and environmental conditions that are very sensitive to climate, there have been few major integrated assessments of the impacts of climate change on metropolitan infrastructure systems and services and possible adaptations. An analysis of the Boston metro area found that adaptation actions taken before full climate-change impacts occur will result in fewer expected negative impacts to the region than waiting for major impacts to occur. Adaptation of infrastructure to climate change must also consider land use management, environmental and socioeconomic impacts, equity, and adaptation actors and institutions. …

Agenda: Introduction To The Legal Foundation Of Federal Land Management, University Of Colorado Boulder. Natural Resources Law Center

Introduction to the Legal Foundation of Federal Land Management (December 1-3)

Materials prepared for the course held at the National Center for Atmospheric Research in Boulder, Colorado on December 1-3, 2004

Course instructors: Charles Wilkinson; Sarah Krakoff; Kathryn Mutz; Ann Morgan; Maggie Fox

Contents:

Introduction -- Agenda -- Summaries of laws -- Case studies. Travel management; Oil and gas development; Timber/fuels reduction -- How to influence agency decision makers -- Natural resource related legal and policy resources for the non-legal professional

Introduction To The Legal Foundation Of Federal Land Management, University Of Colorado Boulder. Natural Resources Law Center

Introduction to the Legal Foundation of Federal Land Management (December 1-3)

1 v. (various pagings) : ill., maps ; 28 cm

Materials prepared for the course held at the National Center for Atmospheric Research in Boulder, Colorado on December 1-3, 2004

Course instructors: Charles Wilkinson; Sarah Krakoff; Kathryn Mutz; Ann Morgan; Maggie Fox

Contents:

Introduction -- Agenda -- Summaries of laws -- Case studies. Travel management; Oil and gas development; Timber/fuels reduction -- How to influence agency decision makers -- Natural resource related legal and policy resources for the non-legal professional

Multivariate Stochastic Volatility Models: Bayesian Estimation And Model Comparison, Jun Yu, Renate Meyer

Research Collection School Of Economics

In this paper we show that fully likelihood-based estimation and comparison of multivariate stochastic volatility (SV) models can be easily performed via a freely available Bayesian software called WinBUGS. Moreover, we introduce to the literature several new specifications which are natural extensions to certain existing models, one of which allows for time varying correlation coefficients. Ideas are illustrated by fitting, to a bivariate time series data of weekly exchange rates, nine multivariate SV models, including the specifications with Granger causality in volatility, time varying correlations, heavy-tailed error distributions, additive factor structure, and multiplicative factor structure. Empirical results suggest that the …

Full Cost Pricing: An Approach To Internalize The Full-Cost Of A Gallon Of Unleaded Gasoline In The U.S And The Feasibility Of Markets Sustaining This Result, Joseph Mack

Honors Capstones

Capstone submitted as a graduation requirement for the BSU Honors Program.

On Leverage In A Stochastic Volatility Model, Jun Yu

Research Collection School Of Economics

This paper is concerned with specification for modelling financial leverage effect in the context of stochastic volatility (SV) models. Two alternative specifications co-exist in the literature. One is the Euler approximation to the well known continuous time SV model with leverage effect and the other is the discrete time SV model of Jacquier, Polson and Rossi (2004, Journal of Econometrics, forthcoming). Using a Gaussian nonlinear state space form with uncorrelated measurement and transition errors, I show that it is easy to interpret the leverage effect in the conventional model whereas it is not clear how to obtain the leverage effect …

Land For Maine's Future Program: Increasing The Return On A Sound Public Investment, Richard Barringer, Hugh Coxe, Jack Kartez, Catherine Reilly, Jonathan Rubin

Economics and Finance

Maine is nowhere a more special place than in the quality of its landscape and the traditions of its land use. Among the mo st privately-owned of all the states, Maine’s natural diversity and beauty combine with its traditions of resource stewardship, open access, and appreciation of nature to distinguish it in the public mind and national imagination. In recent decades, however, these traditions have come under assault from the forces of economic and social change; and the people of Maine have responded. In 1986, Governor Joseph Brennan’s Special Commission on Outdoor Recreation recognized the growing threats to Maine’s natur …

Deviance Information Criterion For Comparing Stochastic Volatility Models, Andreas Berg, Renate Meyer, Jun Yu

Research Collection School Of Economics

Bayesian methods have been efficient in estimating parameters of stochastic volatility models for analyzing financial time series. Recent advances made it possible to fit stochastic volatility models of increasing complexity, including covariates, leverage effects, jump components, and heavy-tailed distributions. However, a formal model comparison via Bayes factors remains difficult. The main objective of this article is to demonstrate that model selection is more easily performed using the deviance information criterion (DIC). It combines a Bayesian measure of fit with a measure of model complexity. We illustrate the performance of DIC in discriminating between various different stochastic volatility models using simulated …

Model State Land Use Legislation For New England, New England Environmental Finance Center, Muskie School Of Public Service

Legislation

Sprawl is neither the ordained nor the inevitable outcome upon the New England landscape. A coordinated response to sprawl by the public and private sectors is possible, and could dramatically improve land use patterns and reduce the cost of local government. For the New England states, such a response would include, among other elements, legislation to eliminate existing gaps in the land use laws of each state – gaps that presently encourage or sanction sprawling development. It would also include incentives for municipalities to think beyond their borders and to act with greater efficiency and effect. It is the purpose …

Comparative Standards For Intensive Livestock Operations In Canada, Mexico, And The United States, Jerry Speir, Marie-Ann Bowden, David E. Ervin, Jim Mcelfish, Rosario P. Espejo, Tim Whitehouse, Chantal L. Carpentier

Economics Faculty Publications and Presentations

Livestock farming has been transformed in the past twenty years from a business dominated by relatively small producers to one dominated by large facilities raising thousands of animals. A side effect of this development has been a new set of environmental concerns unique to this industry. While regulation of livestock agriculture has historically been a state/provincial and local matter, governments from the local to the federal level have found themselves grappling with the issues created by these new, concentrated facilities. This Report surveys the current environmental requirements for "intensive livestock operations" (ILOs) in the United States, Mexico and Canada. The …

The Kpss Test With Seasonal Dummies, Sainan Jin, Sainan Jin

Research Collection School Of Economics

It is shown that the KPSS test for stationarity may be applied without change to regressions with seasonal dummies. In particular, the limit distribution of the KPSS statistic is the same under both the null and alternative hypotheses whether or not seasonal dummies are used.

Asp -Pricing: A Black -Scholes Option Pricing Formulation, Chaitanya Singh

Doctoral Dissertations

The Applications Service Provider (ASP) arrangement has engendered a revolution in the area of corporate information technology (IT) by transforming software from a packaged off-the-shelf product to an on-line virtual service.

The focus of this study is to establish a sound mathematical foundation for evaluating software rental agreements (embedding exit flexibility) by incorporating a real options framework (based upon the Black-Scholes approach) into the traditional capital budgeting technique. The static discounted cash flow or net present value analysis may not adequately serve as a ‘barometer’ of outsourcing value due to its inherent weaknesses. On the other hand, the options approach …

Five-Hundred Life-Saving Interventions And Their Misuse In The Debate Over Regulatory Reform, Lisa Heinzerling

RISK: Health, Safety & Environment (1990-2002)

The author argues that John D. Graham, administrator of the Office of Information and Regulatory Affairs, holds strong anti-environmental biases and has perpetuated and encouraged a misrepresentation of his own research, which has largely influenced health, safety, and environmental regulation.

Mixed Signals: Rational-Choice Theories Of Social Norms And The Pragmatics Of Explanation, W. Bradley Wendel

Cornell Law Faculty Publications

The question of how societies secure cooperation and order in the absence of state enforced sanctions has long vexed law and economics scholars. Recently the concept of social norms--informally enforced rules of behavior--has occupied the attention of a large number of these theorists, who are concerned with understanding why economically rational actors would bother to follow rules whose costs seem to outweigh their benefits. Because of the prestige (or at least trendiness) of law and economics, it seems that now everyone in the legal academy is talking about social norms. This burgeoning scholarship is closely related to a wider concern …

Randomness And Optimal Estimation In Data Sampling, Florentin Smarandache, Mohammad Khosnevisan, Housila P. Singh, S Saxena, Sarjinder Singh

Branch Mathematics and Statistics Faculty and Staff Publications

The purpose of this book is to postulate some theories and test them numerically. Estimation is often a difficult task and it has wide application in social sciences and financial market. In order to obtain the optimum efficiency for some classes of estimators, we have devoted this book into three specialized sections: Part 1. In this section we have studied a class of shrinkage estimators for shape parameter beta in failure censored samples from two-parameter Weibull distribution when some 'apriori' or guessed interval containing the parameter beta is available in addition to sample information and analyses their properties. Some estimators …

Bond Rating Of Upgrades And Downgrades : The Impact On Stock Returns, C. Thaneswary Chelliah

Student Works (2000-2009)

This paper examines the share market reactions to bond rating changes of upgrades and downgrades. In term of analysis the upgrade and the downgrade category has been divided into changes based on the investment and speculative groups. The market model was used in determining abnormal returns for the study. This research provides the relation of changes taken place within the group and across the group. In addition, this paper is also examining the impact of rating changes due to financial prospect and the companies' leverage. All the analysis is based in Malaysian scenario . The result suggests that there were …

The Relationship Between Selected Economic Indicators And The Malaysian Stock Index Futures, Irwaan Iskandar Abrahim

Student Works (2000-2009)

This research examines the relationship between selected economics indicators and Malaysian Stock Index Futures. It also focusses on the relevancy of the Efficient Market Hypothesis (EMH) in a developing derivatives market in South East Asia, namely the Malaysian Stock Index Futures market. The relationship analysis between selected economic indicators and Malaysian Stock Index Futures may give better understanding the degree our derivatives market grasp economics factors in determining market change and movements. In an efficient market, the relevant signal to be used in trading is the futures price. The relative forecasting power of futures price is applied with the various …

A Study Of Ship Scrapping Economics, Environmental Problems In South Asia And Solutions, Pradeep Chhabra

World Maritime University Dissertations

This dissertation is a study of economic concepts of ship scrapping, various toxic substances available on ships, their adverse effects on the environment in south Asian ship scrapping countries and possible solutions to raise the standards of ship scrapping to make it safe for the environment and human health. Ships, after the end of their economic life, are scrapped to recover many valuable materials, which are either recycled or reused. Ship scrapping is labour intensive. It is an economic activity, which has the tendency to be located in developing countries. A brief look has been taken at the economics of …

Challenges For The New West: Economic Impacts Of Wilderness In Nevada's Rural Counties, Lesley Regina Argo

UNLV Theses, Dissertations, Professional Papers, and Capstones

Public lands designated as part of the National Wilderness Preservation System are removed from multiple-use management for protection of their natural condition. Opponents argue that "locking up" the natural resources on these lands through designation will undermine the rural economies in the west that are dependent upon extractive industries such as mining and logging. Proponents argue that the "Old West" reliance on extractive industries is declining and, in the "New West", wilderness promotes economic development in rural communities by preserving the amenity values that draw population and employment to the region. Characteristics of Nevada's economy, population and land challenge the …

Quantile Regression, Kevin F. Hallock, Roger Koenker

Economics Faculty Publications

Quantile regression as introduced by Koenker and Bassett seeks to extend ideas of quantiles to the estimation of conditional quantile functions--models in which quantiles of the conditional distribution of the response variable are expressed as functions of observed covariates.

Trends. Cognitive Dissonance And Conflation Of Patriotism And Political Advocacy: On The Secrecy Of The Intelligence Budget, Ibpp Editor

International Bulletin of Political Psychology

This article discusses the views of the Federation of American Scientists (FAS) regarding the budgeting practices of the U.S. Central Intelligence Agency (CIA).

Evolving Tenure Rights And Agricultural Intensification In Southwestern Burkina Faso, Michael Kevane, Leslie C. Gray

Economics

Popular and official representations of the environment in Burkina Faso present soils as fragile and potentially subject to catastrophic collapse in fertility. In the cotton growing zone of southwestern Burkina Faso, researchers and policy makers attribute changes in land cover and land quality to population growth. This paper presents evidence questioning the dominant "population-degradation narrative" as applied to Burkina. We find that farmers are intensifying their production systems. While population has led to land scarcity, farmers are responding to both the resulting uncertainty in land rights and reductions in soil quality by intensifying the production process. Investments are used both …

Preliminary Assessment Of Client Interest In And Needs Of The New England Environmental Finance Center, New England Environmental Finance Center, University Of Southern Maine

Planning

The New England Environmental Finance Center (NE/EFC) has been conceived as a knowledge-based clearinghouse, training, and change-agent program aimed at helping EPA's constituencies find financially successful approaches to environmental improvements. The NE/EFC will develop approaches to needs of particular priority in New England and potentially useful throughout the nation; share such approaches through the EFC national network; and help make tools from that network accessible throughout New England. In 1999 we began exploring with potential users how this ninth of the nation's EFCs might best address the region's needs. The assessment continued through the Muskie School's EFC proposal to EPA …