critical reflections on the economic impact assessment of a mega event the case of 2002 fifa world cup abstract sport tourism has received growing attention as a source of generating significant revenue and contributing major economic benefits to host cities regions and countries however current methods for assessing economic impact have had variable success in estimating tourist numbers and expenditure directly attributable to a sport tourism mega event this paper reports on the assessment of one such event the 2002 fifa world cup in south korea using an estimation method that excluded tourists whose travel was non event related the survey research conducted during the event established that 57 7 of total tourist arrivals during the period of the event could be classified as either directly and indirectly attracted by the world cup using this data it was calculated that the world cup generated an economic impact of us 1 35 billion of output sales us 307 million of income and us 713 million of value added for south korea the results also showed that foreign world cup tourists provided a much higher yield compared with foreign leisure tourists spending an estimated 1 8 times as much inclusion of the expenditure by non world cup tourists 42 3 in the calculations of impact would have resulted in a significant overestimation due to the further multiplication of the expanded figures by an input output model misleading the net economic impact of the event the use of survey data to distinguish event from non event tourists and their respective expenditure clearly illustrates some of the methodological pitfalls associated with forecasting that is simply based on generic tourist data furthermore the data generated by this assessment of net direct expenditure and economic impact using the input output analysis can be used as a comparison point for other mega sport events in terms of further research it is evident that existing models of impact assessment have not adequately conceptualized aversion and diversion effects and this begs the future inclusion of these concepts in economic impact forecasting for mega events

are sustainable tourists a higher spending market abstract resistance to sustainability practices often stems from the industry s view that sustainable tourism requires a profitability tradeoff where the additional costs associated with sustainability do not pay off in increased economic returns yet few studies have been attempted to prove or disprove this viewpoint this study analyzed spending patterns and length of stay of visitors to montana usa to determine if strong geotravelers higher sustainable behaviors were different than those with less sustainable behaviors results found that total trip spending by strong geotravelers us 1164 was significantly higher than the overall spending of both moderate us 866 and minimal geotravelers us 668 these findings suggest that sustainable travelers are a travel market to be reckoned with in the tourism marketing and business world the combination of their pro sustainable behavior and increased spending provides evidence of a market segment in which destinations can benefit

liberalisation and r d in network industries the case of the electricity industry abstract electricity sector liberalisation has coincided with a significant decline in r d spending this paper reviews the industrial organisation literature on r d and innovation to explore the likely causes of the decline in r d spending in the electricity sector meanwhile r d productivity and innovative outputs in utilities and equipment suppliers appear to have improved however a lasting decline in r d expenditure can have a negative long term effect on technological progress and innovation in the sector we conclude that the decline in r d could have been predicted from the literature we also discuss the need to reorient the post liberalisation technology policy

the effects of regulation on research and development theory and evidence while other aspects of the effects of regulation on resource allocation have received considerable attention the impact of regulation on the innovative p ropensities of regulated firms has generated only limited and somewha t tenuous evidence accordingly this article investigates the effect s of regulation and firm structure on research and development r d expenditures a simple model of the behavior of a firm under a rate o f return regulation suggests that both the stringency of the allowed rate of return constraint and the inclusion or exclusion of r d in a firm s rate base will be key determinants of firm level r d expenditu res the empirical results strongly support the theoretical model copyright 1988 by the university of chicago

the speculative efficiency hypothesis the hypothesis that forward prices are the best unbiased forecast of future spot prices is often presented in the economic and financial analysis of futures markets this paper considers the hypothesis independently of its implications for rational expectations or market efficiency and in order to stress this fact the term speculative efficiency is used to characterize the state envisaged under the hypothesis if a market is subject to efficient speculation the supply of speculative funds is infinitely elastic at the forward price that is equal to the expected future spot price the expected future spot price is a market price determined as the solution to the underlying rational expectations macroeconomic model although the paper is primarily concerned with testing this hypothesis in the foreign exchange market the methodology introduced in the paper is of general application to all futures markets this abstract was borrowed from another version of this item

the eco efficiency of tourism the use of fossil energy is one of the major environmental problems associated with tourism and travel consequently the need to limit fossil energy use has been highlighted as a precondition for achieving sustainable tourism development however tourism is also one of the most important sectors of the world economy and fears have thus been expressed by the tourist industry and its organisations that increasing energy prices for example as a result of eco taxes could substantially decrease the economic welfare of countries and destinations in this article the interplay of environmental damage and economic gains is thus analysed within the context of tourism carbon dioxide equivalent emissions are assessed in relation to the revenues generated allowing for conclusions about the eco efficiency of tourism

sector choice multiple job holding and wage differentials evidence from poland this article uses data from poland to investigate the role played by wage differentials between the public and private sectors in influencing sector choice and the decision to moonlight standardising for worker characteristics and allowing for sector selection effects we find i a substantial private sector wage premium ii wage differentials are a significant determinant of sector choice and iii the desire to moonlight is particularly strong among those who face the greatest wage gap that is university educated employees

environmental regulation and competitiveness empirical evidence on the porter hypothesis from european manufacturing sectors abstract this paper investigates the weak and strong versions of porter hypothesis ph focusing on the manufacturing sectors of 17 european countries between 1997 and 2009 the hypothesis that well crafted and well enforced regulation would benefit both the environment and the firm was originally proposed by porter 1991 and porter and van der linde 1995 to date the literature has analyzed the impact of environmental regulation on innovation and on productivity mostly in separate analyses and focusing on the usa the few existing contributions on europe study the effect of environmental regulation either on green innovation or on performance indicators such as exports we instead look at overall innovation and productivity impacts first focusing on overall innovative activity allows us to account for potential opportunity costs of induced innovations second productivity impacts are arguably the most relevant indicators for the strong ph as a proxy of environmental policy stringency we use pollution abatement and control expenditures pace one of the few sectoral level indicators available we remedy upon its main drawback namely potential endogeneity by adopting an instrumental variable estimation approach we find evidence of a positive impact of environmental regulation on the output of innovation activity as proxied by patents thus providing support in favor of the weak ph this result is in line with most of the literature on the other front we find no evidence in favor of the strong ph as productivity appears to be unaffected by the degree of pollution control and abatement efforts

the statistical properties of daily foreign exchange rates 1974 1983 abstract this paper examines the statistical properties of daily rates of change of five foreign currencies from 1974 to 1983 the main purpose is to discriminate between two competing explanations for the observed heavy tails of the distribution that the data are independently drawn from a heavy tail distribution which remains fixed over time and that the data come from distributions which vary over time evidence point to the rejection of the first hypothesis further investigations show that the rejection can be attributed to changing means and variances in the data which can be described by a simple statistical model

the effect of taxation on labour supply the case of moonlighting the authors provide a simple test of supply side economics by estimating the responsiveness of moonlighting labour supply to changes in the marginal tax rate and the wage rate while standard theory teachers that changes in taxes and wage should have opposite and equal effects on labour supply taxes affect the entire asset position of the household in the short run an adjustment of hours in the second job may be the only option available to an individual in responding to a tax change thus analyses based on after tax wages may understate supply side effects to estimate these effects a tobit procedure is employed the empirical results suggest a backward bending supply curve over thet range of moonlighting hours data consist of a subsample of male blue collar workers from the 1978 cross section of the panel study of income dynamics

environmental regulations and productivity growth the case of fossil fueled electric power generation this paper measures and analyzes the effect of sulfur dioxide emission restrictions on the rate of productivity growth in the electric power industry over the 1973 79 business cycle a firm specific measure of regulatory intensity is developed which depends on the severity of the emission standard the extent of enforcement and the unconstrained emission rate relevant to each utility the results indicate that emission regulations result in significantly higher generating costs primarily from the increased use of low sulfur fuels the average rate of productivity growth was reduced by 0 59 percentage points per year for constrained utilities

the economics of moonlighting a double self selection model the model proposed here for obtaining the labor supply functions of moonlighters uses a double self selection system to explore the husband s decision to moonlight together with his wife s decision to work subsequently the labor functions are classified under two regimes depending on whether the wife works the model is estimated based on a cross section of 4 448 married couples from the survey of income and program participation wave 2 i find that the household production time of husbands and wives are substitutes and that specific human capital deters moonlighting copyright 1990 by mit press

the foreign exchange market a random walk with a dragging anchor this paper explores some anomalies in the foreign exchange market it is hard to find evidence of either short term overshooting or of longer term reversion to an equilibrium the forward exchange rate contains virtually no information on future spot rates discussions with practitioners indicate that longer term speculation based on fundamentals is strictly limited and survey data and other evidence suggest that expectations and speculation are based on a variety of models the interplay between speculation based on fundamentals and on a random walk or chartist approach influences the outcome this endorses the prior model of j a frankel and k a froot copyright 1988 by the london school of economics and political science

regulatory delay and the timing of product innovation abstract this paper examines how regulatory delay affects innovation by a regulated firm when product introduction costs fall over time an extra day of regulatory delay increases time to introduction by more than a day when the uncertainty of regulatory delay increases a risk neutral firm responds by moving up the product introduction the model places testable restrictions on the empirical relationship between introduction delay and regulatory delay and is consistent with data gathered from a large u s telecommunications provider

cradle to cradle design creating healthy emissions a strategy for eco effective product and system design eco effectiveness and cradle to cradle design present an alternative design and production concept to the strategies of zero emission and ecoefficiency where eco efficiency and zero emission seek to reduce the unintended negative consequences of processes of production and consumption eco effectiveness is a positive agenda for the conception and production of goods and services that incorporate social economic and environmental benefit enabling triple top line growth eco effectiveness moves beyond zero emission approaches by focusing on the development of products and industrial systems that maintain or enhance the quality and productivity of materials through subsequent life cycles the concept of eco effectiveness also addresses the major shortcomings of eco efficiency approaches their inability to address the necessity for fundamental redesign of material flows their inherent antagonism towards long term economic growth and innovation and their insufficiency in addressing toxicity issues a central component of the eco effectiveness concept cradle to cradle design provides a practical design framework for creating products and industrial systems in a positive relationship with ecological health and abundance and long term economic growth against this background the transition to eco effective industrial systems is a five step process beginning with an elimination of undesirable substances and ultimately calling for a reinvention of products by reconsidering how they may optimally fulfill the need or needs for which they are actually intended while simultaneously being supportive of ecological and social systems this process necessitates the creation of an eco effective system of nutrient management to coordinate the material flows amongst actors in the product system the concept of intelligent materials pooling illustrates how such a system might take shape in reality 2006 published by elsevier ltd

measuring the immeasurable a survey of sustainability indices sustainability indices for countries provide a one dimensional metric to valuate country specific information on the three dimensions of sustainable development economic environmental and social conditions at the policy level they suggest an unambiguous yardstick against which a country s development can be measured and even a cross country comparison can be performed this paper reviews the explanatory power of various sustainability indices applied in policy practice we show that these indices fail to fulfill fundamental scientific requirements making them rather useless if not misleading with respect to policy advice

the supply of off farm labor a random coefficients approach a joint model of off farm labor decisions for farm operator and spouse is presented attention is given to operator and spouse participation decisions as well as associated problems of multiple sample selectivity biases two stage fixed and random coefficient methods corrected for possible selectivity biases are used to estimate supply function parameters results indicate that supply function parameters are random variation in important supply parameters is investigated results also illustrate the importance of spouse decisions on off farm labor supply function structure

secondary job holding in germany since 2003 the number and ratio of multiple jobholders has more than doubled although the german labour market has been experiencing a strong and sustained upswing this study analyses multiple j

innovation and imitation in an asymmetrically regulated industry abstract we model a game of innovation and imitation between a regulated firm and an unregulated firm although regulation may slow the industry wide pace of innovation it does not necessarily do so in fact by weakening the regulated firm s incentive to imitate a rival s successful new technology regulation may make the rival s innovation profitable thereby accelerating innovation by extension giving the regulated firm stronger incentives may backfire by producing either excessive or insufficient innovation these negative outcomes are more likely the greater is the cost reducing potential offered by the new technology

regulation capital vintage and technical change in the electric utility industry this paper presents estimates of the rate of technical change in the electric power industry over the period 1951 78 the estimated model directly incorporates the effects of rate of return regulation and uses both a time trend and a vintage index to represent disembodied and embodied technical change respectively the results indicate that disembodied technical change was the primary source of cost reduction during 1951 70 and that tighter regulation as represented by a one point reduction in the rate of return would have reduced the rate of technical change by an average of 1 2 during 1951 78 34 references 18 footnotes 3 tables

multiple job holding among male workers in greece livanos i and zangelidis a multiple job holding among male workers in greece regional studies this paper studies the incidence of multiple job holding in greece and contributes to the literature by examining its determinants its variance across different regions and the effect of the business cycle on its occurrence the empirical analysis highlights the importance of both pecuniary and non pecuniary motives behind multiple job holding and reveals significant variations in its incidence across regions with areas that have a large primary sector having higher multiple job holding rates finally multiple job holding is found to be pro cyclical with the probability of holding a second job estimated to increase during economic expansion livanos i et zangelidis a les emplois multiples masculins en grece regional studies l article cherche a etudier la frequence des emplois multiples en grece et contribue a la documentation en examinant ses determinants sa variance a travers les diverses regions

environmental innovations and profitability how does it pay to be green an empirical analysis on the german innovation survey much of the empirical literature analysing the relation between environmental innovation and competitiveness has focused on the question whether it pays to be green we differentiate between different types of environmental innovations which will be disentangled in those aiming at reducing the negative externalities and those allowing for efficiency increases and cost savings what we analyze is at first the extent to which these two typologies have impacts on firms profitability with opposite signs and secondly whether the motivations driving the adoption of those innovations make the difference in terms of economic gains we find empirical evidence that both the typology of environmental innovation and the driver of their adoption affect the sign of the relationship between competitiveness and environmental performance the empirical strategy is based on a sample of german firms and makes use of a merge of two waves of the mannheim innovation panel in 2011 and 2009 that allow overcoming some endogeneity issues which may arise in a cross section setting

job amenity and the incidence of double work abstract the hypothesis that workers in jobs associated with an amenity are more prone to moonlighting is derived and tested if earnings fall for such jobs it is rational to have two jobs while for jobs with no amenity a fall in earnings causes a rational worker to leave the sector altogether an amenity can be expected for instance for workers in primary sectors and evidence that farmers at an increasing rate have double occupations are provided the comparative statics on the models shows among other things that wage increases outside the amenity sector may have different effects than wage decreases inside the sector the models are tested on data on farmers and to some extent the regressions support the theoretical models

anomalies foreign exchange most all behavior can be explained by assuming that agents have stable well defined preferences and make rational choices consistent with those preferences in markets that eventually clear an empirical result qualifies as an anomaly if it is difficult to rationalize or if implausible assumptions are necessary to explain it within the paradigm this column will present a series of such anomalies readers are invited to suggest topics for future columns by sending a note with some reference to or better yet copies of the relevant research comments on anomalies printed here are also welcome the address

risk aversion foreign exchange speculation and gambler s ruin the apparent persistence of unexploited opportunities for expected profits in foreign exchange markets suggests highly risk averse market participants financial institutions put tight limits on the foreign exchange positions they may have at risk at any time despite beliefs that the odds are favourable that the positions will be profitable this safety first practice is consistent with keeping the probability of ruin low enough to be of no practical concern the setting of a very low probability of ruin for prudential reasons provides a rationale for traders behaving as if they have a degree of risk aversion that might otherwise seem implausibly high

national natural capital accounting with the ecological footprint concept abstract there is a growing consensus among natural and social scientists that sustainability depends on maintaining natural capital however progress to put this ecological condition to practice has been slow not least because of the inability of making these objectives measurable therefore to overcome this obstacle assessment frameworks for natural capital are needed this study presents a simple framework for national and global natural capital accounting it demonstrates using the example of italy an accounting framework which tracks national economies energy and resource throughput and translates them into biologically productive areas necessary to produce these flows this calculation has been applied to over 52 countries with this framework based on the ecological footprint concept human consumption can be compared with natural capital production at the global and national level using existing data

family composition and off farm participation decisions in israeli farm households this article studies the relationship between the off farm participation behavior of farm operators and their spouses and the demographic composition of the household we focus on farm families without parents siblings or partners and examine the effects of the existence of elderly children of the farm couple we find that both the father and the mother tend to reduce their participation in off farm work as the number of elderly children rises this result holds even after controlling for observed characteristics we also find that the effect of elderly children stems from considerations related to both farm production and household production

liquidity constraints as a cause of moonlighting an investigation of whether some workers respond to liquidity constraints by moonlighting is carried out using a unique large data set it is found that workers are more likely to moonlight if 1 they have low current incomes relative to their educational attainment and 2 they plan to purchase a house or a car during the next six months

multiple job holding in the united kingdom evidence from the british household panel survey this article examines the determinants of multiple job holding in the uk we address these issues using data from the first 11 waves of the british household panel survey bhps which covered the period from 1991 to 2001 evidence from the bhps does not support the hypotheses of main job hours constrained and main job insecurity we argue that the incentive for moonlighting in the uk is due to financial pressures and the desire for heterogeneous jobs the empirical work is carried out separately for men and women

the puzzling pattern of multiple job holding across u s labor markets multiple job holding mjh rates differ substantially across u s regions states and metropolitan areas rates decrease markedly with respect to labor market size these patterns have been largely overlooked despite being relatively fixed over at least the past 20 years this article explores explanations for these persistent differences we account for roughly two thirds of the mean absolute deviation in mjh across local labor markets msas the results suggest that variation in mjh across labor markets is driven by labor market differences in job opportunities and worker preferences most important in explaining variation in mjh are msa industry and occupation structure ancestry shares commute times and to a lesser extent labor market churn

multiple job holding the artist s labour supply approach this article analyses a labour supply model in which individuals maximize a utility function that depends on leisure time consumption and time devoted to an activity that is termed artistic this activity may generate income that depends nonlinearly on hours dedicated to it the individual can also work in the labour market an activity that does not increase utility by itself in exchange for an hourly wage and obtain income not related to hours conditions are obtained that sort individuals into two groups part time and full time artists deriving their labour supply functions in both activities the predictions of the model are tested empirically using a sample of musicians from a uruguayan performing rights society increases in outside wages drive part time artists out of the labour market but no significant increase in arts hours is detected higher nonlabour income also reduces nonarts work time of part time artists but does not have a significant impact in their arts hours conversely arts

using the concept of yield to assess the sustainability of different tourist types abstract sustainability assessments have become important tools for decision makers this research assesses the sustainability of different types of tourists in new zealand by using the concept of yield and by developing yield indicators in the areas of financial public sector and sustainable yield the concept and indicators have been developed in cooperation with the new zealand tourism sector and therefore provide a sector driven approach to implement a sustainability assessment the analysis shows that there are numerous trade offs between indicators when attempting to define the ideal visitor type coach tourists for example are the largest spenders and generate the greatest value added in tourism on a per day basis but they contribute less to the financial sustainability of tourism when the costs of capital are accounted for coach tourists are highly concentrated in a few key destinations and at the same time produce substantial amounts of co2 emissions due to their air travel component in contrast backpacker and camping tourists provide greater financial yield and are more dispersed but they are also the greatest user of publicly provided tourist attractions and therefore come at a higher cost to government than other tourist types camping tourists are also contributing considerably to co2 emissions the yield analysis proposed in this paper could be a valuable tool for complex policy decision making and identifying strategies that lead to high yield tourism

moonlighting multiple motives and gender differences this paper examines the incidence and reasons for moonlighting with a focus on gender differences the study specifies and estimates a bivariate probit model of labour supply and the decision to hold more than one job it is found that the factors leading men and women to moonlight are similar a wage decomposition analysis reveals that 93 percent of the differential between male and female moonlighters wages is not explained by differences in characteristics and little connection is found between an individual s human capital and their moonlighting wage finally it is found that moonlighters are less likely to report their income

utility based estimation of labour supply functions in the regular and irregular sectors recent theoretical work on labor supply has shown that the tax and transfer system can induce some individuals to work in the irregular labor market models designed to represent such behavior are unable to sign unambiguously the impact of the marginal tax rate as well as many key exogenous parameters on the hours supplied in the irregular market except under strong restrictions on preferences in this paper the authors estimate a simultaneous labor supply model that allows testing some of the more common assumptions found in the literature using a unique data set on the underground economy of the metropolitan area of quebec city canada estimates of elasticities with respect to predetermined variables are presented moreover they test and empirically reject the assumptions of perfect substitution between regular and irregular work activities as well as additive separability of the utility function copyright 1992 by royal economic society

a time series analysis of labour absence in australia the authors find evidence from australian time series data supporting two hypotheses about the determination of labor absence first labor absence modeled in a utility maximizing framework that stresses the opportunity cost of labor absence receives considerable support from the data variables that change the slope and or shift the budget constraint facing workers affect labor absence secondly the authors find tentative evidence that coercive or difficult work environments which apparently affect job satisfaction adversely affect labor absence in particular it appears that labor absence is a leading indicator of a deteriorating industrial relations environment characterized by increased industrial disputation copyright 1989 by mit press

does foreign exchange intervention matter the portfolio effect until recently there was an unusual degree of consensus among economists that intervention by central banks in the foreign exchange market did not offer an effective or lasting instrument for affecting the exchange rate at least not independently of monetary policy this consensus was largely shared among policymakers and participants in the financial markets as well the 1982 g 7 economic summit at versailles commissioned a study of intervention known as the jurgenson report which found that the effects were small and transitory at most we think that the time is ripe for new statistical testing of the question many policymakers and foreign exchange traders believe that the intervention operations that have taken place since the plaza agreement of september 1985 have had an effect especially when operations are coordinated moreover the theoretical case against the effectiveness of intervention is not as clear as a reading of the economics literature might suggest the academic literature is predicated on the distinction between intervention operations that are sterilized and those that are allowed to affect the money supply we study the intervention operations that actually took place between 1982 and 1988 regardless of whether they were sterilized however we do begin in section i with a review of the issues involved 2 there are two possible channels through which intervention whether sterilized or not can influence the foreign exchange rate the portfolio and the expectations channels intervention can even if sterilized influence exchange rates through the portfolio channel provided foreign and domestic bonds are considered imperfect substitutes in investors portfolios intervention operations that for example increase the current relative supply of mark to dollar assets which private investors are obliged to accept into their portfolios will force a decrease in the relative price of mark assets 3 intervention can also influence exchange rates regardless of whether foreign and domestic bonds are imperfect substitutes through the expectations channel the public information that central banks are intervening in support of a currency or are planning to intervene in the future may under certain conditions cause speculators to expect an increase in the price of that currency in the future speculators react to this information by buying the currency today bringing about the change in the exchange rate today in sections ii and iii we describe the econometric problems that arise in the standard portfolio balance estimation equation we derive an alternative portfolio balance dominguez kennedy school of government harvard university 79 j f kennedy street cambridge ma 02138 frankel department of economics university of california 787 evans hall berkeley ca 94720 we thank three anonymous referees for valuable comments and suggestions julia marsh and julia lowell for research assistance and franz scholl at the bundesbank jean pierre roth at the swiss national bank and officials at the u s treasury and the board of governors of the federal reserve system for making the daily intervention data available 1many of the econometric results finding little or no effect were reported in kenneth s rogoff 1984 and dale w henderson and stephanie sampson 1983 2for authoritative statements see henderson 1984 or maurice obstfeld 1990 3the exchange rate reaction to an increase in the relative supply of outside foreign assets may be reduced if there is an increase in their expected rate of return that induces a corresponding increase in demand

a general index of technical change this paper outlines a procedure for estimating a general index of technical change within the context of a quite general production technology specifically when panel data are available for firms in an industry time specific dummies can be combined in a nonlinear estimation procedure to yield a general index of technical change that may be both nonneutral and scale augmenting this approach offers numerous advantages over the traditional time trend representation of technical change for example the general index can serve as the basis for analysis of the determinants of technical change results for a sample of 30 electric utilities over the period 1951 78 show that the productivity decline of the 1970s can be attributed primarily to sulphur oxide restrictions and secularly declining capacity utilization due to rapidly increasing peak load demands

wage differentials and moonlighting by civil servants evidence from cote d ivoire and peru as part of their efforts to reduce fiscal deficits many governments have allowed public sector salaries to erode often on the assumption that government workers are overpaid vis a vis those in the private sector that assumption is tested by analyzing public private pay differentials in cote d ivoire and peru switching regressions models are estimated using full information maximum likelihood fiml and the results are compared to those obtained using ordinary least squares ols techniques the ols yields seriously biased estimates of the pay structure suggesting that public wages are higher than private wages the fiml estimates show the opposite our probit analysis also shows that the wage disadvantage of civil servants is a determinant of the greater prevalence of moonlighting among public than private employees the evidence suggests that reductions in employment rather than pay while being less palatable in the short term will be more effective in the long run

is it all about money an examination of the motives behind moonlighting multiple job holding is an important labour market phenomenon in this article we examine individuals motives for multiple job holding specifically we estimate an empirical model of the motivation for moonlighting assuming that individuals hold a second job for either financial or for nonpecuniary motives our results contribute to a better understanding of multiple job holding we find that multiple job holding is used by individuals as a way to deal with the financial difficulties or the increased financial commitments in their household individuals are more likely to moonlight for money in the early stages of their adult life finally individuals with more labour market experience are more likely to moonlight for pecuniary than nonpecuniary reasons

accounting for the carbon associated with regional tourism consumption this paper examines the carbon footprint associated with tourism spending in a regional economy using an input output framework the method adopted permits an analysis of the carbon embodied in both domestically produced and imported goods and services consequent on tourism consumption in the region in this way the analysis comprises a statement of environmental externalities which can be set beside a developing tourism satellite account tsa framework and which also provides useful information on selected externalities associated with tourism consumption

standard incentive regulation hinders the integration of renewable energy generation the connection and distribution of growing decentralized electricity generation from renewable energy sources res e is leading tomassive investment needs besides investing in additional conventional assets e g cables grid operators can also invest in innovative smart solutions like local storage capacities or voltage regulation appliances which may be a more suitable way of integrating res e this paper investigates the influence of incentive regulation on the investment decision of grid operators to integrate res e we describe the technical and regulatory background explain the advantages of smart solutions and present an approach for comparing investment scenarios as an example we calculate the profitability of investments in a case study of the german electricity market we apply data envelopment analysis dea and stochastic frontier analysis sfa to show the influence of the investment alternatives on grid operator efficiency objectives we demonstrate that under current standard incentive regulation the grid operators gain profitability by avoiding investments and if they are forced to invest by not implementing smart solutions the results highlight the need to consider innovation in the regulation design further research should investigate specific instruments that can be used to account for innovation our brief discussion of such instruments provides a starting point

the shadow margins of labor market slack we use a mix of new and existing data to develop the aggregate hours gap ahg a novel measure of labor market underutilization our measure differentiates individuals by detailed categories of labor market participation and uses data on their desired work hours as a measure of their potential labor supply we show that desired hours vary widely by demographics and detailed labor force status and that the gap between desired and actual work hours is strongly positively correlated with reported search effort the aggregate hours gap suggests a more sluggish labor market recovery since the great recession than either the official unemployment rate or alternative measures of labor market underutilization modest amounts of underutilization among the part time employed and a substantial degree of underutilization among those out of the labor force account for the disparity the aggregate hours gap also does well in accounting for wage movements over our sample period

demand elasticity estimates for new zealand tourism demand elasticities for new zealand tourism are estimated for 16 different international visitor segments segments are differentiated by origin purpose of visit and travel style elasticities for both international visitor arrivals and on the ground expenditure per arrival are estimated for each segment using time series data in general on the ground consumption per arrival is more price sensitive than number of arrivals and asian market segments are found to be more price sensitive both in terms of arrivals and on the ground expenditure compared to international visitors from other regions an application of the results is presented giving the total effect of exchange rate changes on expenditure by international visitors in new zealand and management implications are discussed

tanzanian formal sector workers participation in informal production a theoretical model is developed explaining formal sector workers participation in the informal sector a reduced form informal sector participation function is derived from a specific utility function a specific informal sector production function and a specific informal sector earnings function the participation function can be estimated consistently and provides a solution to the problem that informal sector wages in developing countries are hard to observe a sample of tanzanian formal sector workers is used to estimate the participation function a majority of tanzanian formal sector workers participate in informal production participation in informal production is inversely related to household income to living in dar es salaam and to being a mother with small children participation is positively related to age and multiple job holding seems to play a very different role in the transition from work to retirement in tanzania compared to industrialized countries

adoption of cost saving innovations by a regulated firm regulatory lag is generally credited with providing monetary incentives for the adoption of cost saving technological changes by regulated firms because regulators can not instantaneously adjust price ceilings in response to cost changes these incentives are inherent to the process of price regulation in a dynamic world a firm which decreases production costs through technological innovation will enjoy excess profits until the regulators lower price to a level consistent with the new conditions the longer the delay before regulatory response to a decrease in cost the greater are the profits which can be derived from a cost reduction and therefore the greater is the incentive for adoption of technological change 2 the passive nature of this incentive mechanism is an important characteristic although regulatory agencies typically have authority to force price decreases upon firms which do not take advantage of potential cost savings this power is limited by the difficulty of proving that a firm is laggard rather than the victim of unfortunate circumstances thus the regulated firm which foregoes potential profit from adopting a costsaving innovation today may generally reap that profit at some convenient time tomorrow indeed it is the main contention of this paper that in many circumstances a regulated monopolist can maximize the present value of profits only by delaying adoption of an innovation that is rather than completely adopting a cost saving innovation when it becomes available a profit maximizing regulated firm will choose to adopt the innovation only gradually through time the profitability of such delaying procedure may be illustrated by a simple example consider a situation in which the price of a firm s product is fixed by a regulatory authority but periodically adjusted according to the following cost plus markup scheme at each review price for the following period is set equal to average cost of the previous period plus an allowed markup that is price in period i 1 is set equal to m times average cost in period i m 1 this situation is illustrated in figure 1 a firm is initially producing output qo at cost co qo with price set by the regulators at mco qo qo suppose a cost saving innovation is discovered which if employed would decrease average production cost to c1 q q if the firm were to adopt this innovation immediately it would earn a profit equal to the area of the rectangle abcd in figure ia at the next regulatory review price would be lowered to the level m times the new average cost i e to p1 and profit would fall to that amount represented by the area aefg this amount of profit would be earned each period thereafter however suppose that the firm were to adopt this innovation in two steps rather than completely adopting the innovation when it first becomes available this option is sketched in figure lb in the initial period the firm adopts the innovation throughout approximately half its operations thereby lowering average cost only to oh in the next period the firm completes the adoption process lowering average cost to the final level oa although this procedure would yield profit equal only to hicd in the initial period it would result in a price in the next period equal to p1 i e equal to m times oh since average cost in that period would fall to oa profit would equal ajkl in the next period price would be at the new equilibrium level og and profit would equal aefg this amount of profit would be earned each period thereafter given the demand and cost functions illustrated in figure 1 the second alternative assistant professor of economics vanderbilt university see william baumol and alfred kahn ch 2 2see elizabeth bailey