the ethical challenge of management buy outs as a form of privatisation in central and eastern europe there has been a growing debate about the ethics of management buy outs mbos one possible criticism of the mbo is that it serves the interests of incumbent management at the expense of shareholders in this paper we develop the general arguments concerning the ethical aspects of the mbo to include other forms of buy out beyond going privates and apply the analysis to mbos as a mode of privatisation in central and eastern europe cee mbos are justified in this context postperestroika as a means of incentivising economic activity by giving managers an ownership stake in former state enterprises the actual mode of privatisation though raises issues of social justice and the criticism that mbos are at the expense of the broader social good the ethical problem for the cee is to balance the economic gains of a move to markets with the ethical risks to the agents of these markets

location and the multinational enterprise john dunning s thoughts on receiving the journal of international business studies 2008 decade award a retrospective by john h dunning on location and the mne written in the form of responses to questions posed by rajneesh narula in an interview recorded at the university of reading which was shown at the jibs decade award session at the aib annual meetings in milan june 2008

policy evaluation with combined actual and contingent response data the city of marietta georgia experimentally switched from flat fee financing to volume based pricing for its trash services in january 1994 both before and during the experiment detailed data on individuals observed responses to the actual introduction and contingent behavioral responses to a hypothetical introduction of volume based pricing were collected this study applies these data and investigates the methodology of collecting contingent behavior data and their use in policy analysis in particular this study empirically evaluates the effect of experience with the policy on responses to contingent behavior questions and tests for potential bias in the contingent behavior data

recycling in multifamily dwellings does convenience matter factors that decrease the the cost of recycling have significant positive correlations with recycling rates in multifamily dwellings mfds waste management experts have previously used anecdotes to infer a link between convenience and waste diversion rates in mfd recycling programs this article confirms and quantifies that link by applying probit and double censored to bit analysis to survey data from 214 households in urbana illinois we find a strong connection between recycling rates and the perceived presence of adequate interior space for processing recyclables and distance to recycling bins affects container recycling intensity the results have implications for cost effective design of mfd recycling programs jel di q2 i introduction statistics from the u s environmental protection agency epa show that from 1960 to 1997 u s recycling rates rose from 6 4 to 28 and 9 000 curbside recycling programs were established epa 1998 such programs have traditionally been geared toward single family dwellings sfds conventional doctrine has been that recycling activity is likely to be limited in multifamily dwellings mfds however as residential recycling rates for sfds plateau in the united states solid waste managers and policy makers are becoming increasingly interested in mfd recycling programs by now at least half of all mfds may have access to a curbside recycling program epa 2001 stevens 1999 and the epa 1999 2001 show that waste diversion rates the fraction of a household s waste that is recycled instead of discarded as refuse tend to be slightly lower in mfds than in sfds but some mfd recycling programs have yielded diversion rates as high as 60 what factors influence the recycling rates chosen by residents of mfds in a detailed nationwide study the epa 2001 found that successful 20 or higher diversion rate mfd recycling programs tended to have large and numerous containers provided by the recycling service waste management experts emphasize the importance of convenience in yielding high waste diversion rates in mfd recycling programs with some record setting programs using strategies like doorstep pickup of recyclables in high rise apartment buildings epa 1999 such anecdotes are intriguing however although much work has studied sfd recycling behavior little has been done to explore mfd recycling in a rigorous statistical fashion a number of economists have studied the sensitivity of recycling behavior to pricing policies that alter the costs and benefits of recycling relative to disposal 1 another body of work has investigated the influence of nonpecuniary policies and variables on recycling in sfds work by vining and ebreo 1990 and ebreo and vining 2000 supports the notion that convenience may increase the number of people that identify themselves as recyclers however their data are strictly qualitative the earlier study dates from a time when only community drop off recycling was available and the later study is focused on public attitudes toward and expectations regarding changes in recycling policy jakus et al 1996 1997 use economic models and rigorous empirical analysis to study the influence on actual recycling behavior of recycling promotional campaigns and policies to alter the time cost of recycling they find evidence that recycling participation is not a function of home ownership or renting status per se however these articles do not delve into the details of mfd recycling because the data were collected in the context of rural drop off recycling a few studies have turned their attention to mfd recycling stevens 1999 finds that programs with high aggregate diversion rates are likely to have a relatively large ratio of collection bins to households mcquaid and murdoch 1996 conduct a qualitative analysis of mfd recycling in edinburgh that suggests that housing characteristics such as floor level presence of an elevator and household size may influence recycling rates

a critical evaluation of etzioni s socioeconomic theory implications for the field of business ethics given the pervasive influence of neoclassical economic theory on the field of business the opposition of the standard economists to the inclusion of moral factors in economic decisions provides an intellectual resistance to the ideas of many business ethicists etzioni 1988 offers a theoretical alternative to the neoclassical model an alternative that includes a moral dimension this article 1 highlights the differences between etzioni s proposed model and the neoclassical economic paradigm 2 describes and critically evaluates etzioni s proposed theory in view of his objective of synthesizing the neoclassical paradigm with a duty based morality and 3 discusses the implications of etzioni s proposed paradigm for the field of business ethics

expectation formation mechanisms profitability of foreign exchange trading and exchange rate volatility an attempt is made to identify the expectation formation mechanism dominating the foreign exchange market and to demonstrate that exchange rate volatility can be attributed to the heterogeneity of traders with respect to expectation formation the criterion used to identify the dominance of a particular mechanism is the profitability of trading based on that mechanism it is concluded that mixed and extrapolative expectations are the dominant mechanisms that market participants follow some sort of a herd behaviour and that they pay attention to the expectations of other participants it is also found that the heterogeneity of market participants with respect to expectation formation goes a long way towards explaining volatility

using survey data to test standard propositions regarding exchange rate expectations survey data provide a measure of exchange rate expectations superior to the forward rate in that no risk premium interferes we estimate extrapolative adaptive and regressive models of expectations static or random walk expectations and bandwagon expectations are rejected current appreciation generates the expectation of future depreciation because variables other than the contemporaneous spot rate receive weight in comparing expectations to the process governing the spot rate we find statistically significant bias no variable is as ubiquitous in international financial theory and yet as elusive empirically as investors expectations regarding exchange rates in the past expectations have been modeled in an ad hoc way often by using the forward exchange rate there is however a serious problem with using the forward discount as the measure of the expected change in the exchange rate in that the two may not be equal the gap that may separate the forward discount and expected depreciation is generally interpreted as a risk premium most of the large empirical literature testing the unbiasedness of the forward exchange rate for example has found it necessary either arbitrarily to assume away the existence of the risk premium if the aim

are survey forecasts trusted american trade account deficit and yen dollar rate abstract heterogenous expectations are considered to be reflected by strategic intention or wishful thinking and or by private information using survey data of the tokyo foreign exchange market tests are performed to determine whether heterogenous expectations contain private information

ethical aspects of investor behavior the neoclassical paradigm assumes that shareholders utility is solely a function of their wealth and prescribes that management should act in a manner consistent with share price maximization the stakeholder view also assumes that shareholders utility derives from wealth but prescribes that managers must balance the shareholder wealth maximization objective against the rights of other constituencies thus while neoclassicists and stakeholder theorists have different prescriptives for management behavior their definitions of the shareholders interest are consistent shareholders are self interested economic agents whose utility is best served by share price maximization however if shareholders are other interested and attack importance to ethical and moral values then both the neoclassical and stakeholder view derive from invalid assumptions in this paper i present evidence that much shareholder behavior is ethically motivated as a result the basis for both the neoclassical and the stakeholder view are weakened

the business responsibility for wealth distribution in a globalized political economy merging moral economics and catholic social teaching if it is accepted that the real marketplace does not necessarily distribute wealth in the manner that the ideal market would have done and that societal institutions have an obligation to bring the real and ideal market distributions into accord then it can be argued that economic actors have a responsibility to consider the effects of their activities on the distribution of wealth in society this paper asserts that businesses have a responsibility to consider the wealth distribution effects of their wealth creating decisions we use arguments from moral economics and catholic social teaching to support this assertion deriving decision principles that we apply to the starbucks fair trade coffee case

assessing the causal effect of curbside collection on recycling behavior in a non randomized experiment with self reported outcome this paper aims at identifying the causal effect of reducing behavioral costs of participation in household waste recycling through curbside collection using propensity score matching and differences in differences estimation with individual level panel data we estimate the effect of curbside collection its variation between types of recyclables and sociodemographic background variables and its elasticity with regard to the distance to collection containers in the bring scheme condition we argue that in a quasi experimental setting dd may be systematically upward biased due to the outcome variable being self reported while ddd may be systematically downward biased in the presence of spillover effects accordingly both estimators can be combined to derive upper and lower bounds of the true effect we find that a curbside scheme has no effect on paper recycling but increases recycling participation by between 10 and 25 points for plastic and packaging moreover we find systematic treatment effect heterogeneity with regard to pre treatment distance to collection sites and individual environmental attitudes but not by socio demography the results of our analysis therefore have important implications for effective and cost efficient implementation of environmental protection policies in urban areas

crossvergence 10 years on impact and further potential the 1997 jibs paper by ralston holt terpstra and yu was instrumental in anchoring and extending the construct of crossvergence in cross cultural research ten years on the paper has lost none of its relevance and continues to offer important opportunities for further theory development and attendant empirical research scope for further work seems to exist especially in three areas the meaning of crossvergence national culture and economic ideology and processes of change

incorporating green purchasing into the frame of iso 14000 abstract more and more firms have begun to voluntarily adopt iso 14001 as a tool for continuous improvements to meet the goals of sustainability at the same time these firms have also encouraged their suppliers to apply for the certification of iso 14001 and to regulate the certification as a minimum requirement in selecting suppliers ind mark manage 4 1997 363 j qual manage 4 1999 111 renew energy 23 2001 579 by contrast green purchasing is increasingly being used as an effective tool to mitigate the environmental impacts of consumption and to promote the development of clean production technology am prospect 11 1992 71 it mainly focuses on product design and process improvement acad manage rev 20 1995 18 harv bus rev 75 1997 67 eventually bringing about a competitive advantage in international markets harv bus rev 75 1997 67 harv bus rev 73 1995 120 this paper highlights the role of iso 14000 and green purchasing in achieving sustainable development when firms focus their concerns on improving both financial and environmental performance and asserts the importance of the incorporation of green purchasing into the frame of iso 14000 we propose that 1 environmental purchasing is an effective tool in controlling pollution externalities and provides a positive effect on the implementation of iso 14001 environmental management and 2 with the incorporation of green purchasing into the framework of iso 14000 it can encourage firms to implement pollution prevention from the source and to educate the public to engage themselves in green consumption which leads to the attainments of both environmental and financial performance in this paper we also present a framework of guidelines for green purchasing and the related implementing procedures

effects of norms and opportunity cost of time on household recycling social and moral norms and the opportunity cost of time will affect household recycling efforts a model is developed to describe how norms affect the recycling decision through feelings of self respect guilty conscience and warm glow as well as respect in and sanctions from the community we find that the opportunity cost of time has a significant negative effect on household recycling all indicators of warm glow social and moral norms increase household recycling efforts we find no evidence of crowding out neither when recycling is perceived as mandatory nor when economic incentives are introduced in the form of a differentiated garbage fee

adam smith and the ethics of contemporary capitalism this paper presents a theoretical elaboration of the ethical framework of classical capitalism as formulated by adam smith in reaction to the dominant mercantilism of his day it is seen that smith s project was profoundly ethical and designed to emancipate the consumer from a producer and state dominated economy over time however the various dysfunctions of a capitalist economy e g concentration of wealth market power became manifest and the utilitarian ethical basis of the system eroded contemporary capitalism dominated as it is by large corporations entrenched political interests and persistent social pathologies bears little resemblance to the system which smith envisioned would serve the common man most critiques of capitalism are launched from a marxian based perspective we find however that by illustrating the wide gap between the reality of contemporary capitalism and the model of amoral political economy developed by smith the father of capitalism proves to be the most trenchant critic of the current order

explaining the variation in household recycling rates across the uk household waste recycling rates vary significantly both across and within regions of the uk this paper attempts to explain the variation by using a new data set of waste recycling rates and policy determinants for all of the uk s 434 local authorities over the period 2006q2 to 2008q4 our results suggest that the method of recycling collection chosen by policy makers is an important factor influencing the recycling rate we also find an inverse relationship between the frequency of the residual waste collection and the recycling rate

curbside recycling in the presence of alternatives we measure the extent to which curbside access affects quantity recycled we use novel data to distinguish between new recycling and material diverted from other recycling modes we find that the marginal impact of expanding curbside programs on total recycled quantities is small in part because curbside programs significantly cannibalize returns from drop off recycling centers failure to account for cannibalization from other modes may substantially over estimate the benefits of curbside programs we conclude with simple cost effectiveness comparisons results suggest that incremental expansion of curbside access may not be cost effective

exchange rate models and exchange rate expectations an empirical investigation a non parametrictest of popular modern exchange rate models under alternative expectation specifications is presented it is found that there is little difference in the predictive success of the alternative exchange rate models however there are significant differences in the performance of a model depending upon the expectations mechanism specified our most important finding is that the flexible price monetary model the portfolio balance model and a hybrid model under extrapolative and adaptive expectations mechanisms provide statistically significant information about the direction of exchange rate movements by contrast the same models when employing static regressive and rational expectation mechanisms do not provideany satistically significant information

an economic analysis of household recycling of solid wastes the case of portland oregon abstract solid waste is one of the residuals generated by economic activities faced with rising disposal costs communities are implementing programs to encourage recycling activities this paper investigates the role of price incentives and other socio economic factors in household recycling participation in recycling is modeled as an ordered probit choice using a large sample of households from the portland oregon metropolitan area demand for solid waste collection is estimated using two stage least squares results indicate that increases in disposal fees encourage recycling although demand for solid waste collection services is not reduced substantially

expectation formation in the foreign exchange market a time varying heterogeneity approach using survey data using consensus economics survey data on jpy usd and gbp usd exchange rate expectations for the 3 and 12 month horizons over the period november 1989 december 2012 we first show that expectations fail the conventional tests of unbiasedness and do not exhibit a learning process towards rationality our approach is consistent with the economically rational expectations theory feige and pearce 1976 which states that information costs and agents aversion to misestimating future exchange rates determine the optimal amounts of information on which they base their expectations the time variability of the cost aversion ratios justifies at the aggregate level a representation of expectations as a linear combination of the traditional extrapolative adaptive and regressive processes augmented by a forward market component whose parameters are allowed to change over time this mixed expectation model with unstable heterogeneity is validated by our kalman filter estimation results for the two currencies and

efficiency and formation of expectations evidence from the european investment survey the european commission conducts an annual survey regarding planned and realized business fixed investment across various manufacturing sectors in euroland in this study we investigate the predictive content of survey based expectations on investment in addition we empirically test the rationality of respondents both in a time series as well as in a panel context according to our results based on pooling the data efficiency is rejected since expectations are biased predictors of actual outcomes furthermore expectations revisions are found to be correlated with components of the information set known at the time of decision making finally our results qualify regressive expectations as the mechanism that more adequately describes the formation of expectations

household responses to pricing garbage by the bag this paper estimates household reaction to the implementation of unit pricing for the collection of residential garbage we gather original data on weight and volume of weekly garbage and recycling of 75 households in charlottesville virginia both before and after the start of a program that requires an eighty cent sticker on each bag of garbage this data set is the first of its kind we estimate household demands for the collection of garbage and recyclable material the effect on density of household garbage and the amount of illegal dumping by households we also estimate the probability that a household chooses each method available to reduce its garbage in response to the implementation of this unit pricing program we find that households 1 reduced the weight of their garbage by 14 2 reduced the volume of garbage by 37 and 3 increased the weight of their recyclable materials by 16 we estimate that additional illegal or at least suspicious disposal accounts for 0 42 pounds per person per week or 28 of the reduction in garbage observed at the curb this abstract was borrowed from another version of this item

the impact of natural culture and economic ideology on managerial work values a study of the united states russia japan and china this study assesses the impact of economic ideology and national culture on the individual work values of managers in the united states russia japan and china the convergence divergence crossvergence cdc framework was used as theoretical framework for the study while the schwartz value survey svs was used to operationalize over investigation of managerial work values across these four countries the findings largely support the crossvergence prospective while also confirming the role of national culture implications from the findings are drawn for the convergence divergence crossvergence of values as well as for the feasibility of multidomestic or global strategies for a corporate culture

testing the rationality of exchange rate and interest rate expectations an empirical study of australian survey based expectations this paper examines the rationality of the australian survey based expectations 1 and 4 week ahead us a exchange rate and 2 and 4 week ahead australian 90 day bank bill and 10 year bond rates the actual and expected variables are found to be cointegrated indicating that the expected future values and the future realizations of the exchange rate and interest rates have long run equilibrium relationships ols estimations with the newey west corrections are employed for testing the unbiased expectations hypothesis ueh where the frequency of the expectations data is finer than the forecast horizons and the exponential garch models that take into account the time varying nature of the forecasterror variance are employed for testing the weak rational expectations hypothesis wreh the evidence shows that the wreh could not be rejected in any case except for the two week ahead forecast of the 90 day interest rate which indicates that all available information is used at the time of forming relevant

household responses to price incentives for recycling some further evidence this paper investigates the role of waste disposal service fees and household characteristics in determining recycling rates and waste generation using individual household data from portland oregon we model a multistage household decision process regarding waste generation and recycling effort under a block pricing system including the choice of container size and reduced form demand equations for recyclables non recyclables and recycling rate the choice of container size is not affected by the price of waste disposal services but within a given container size households respond to a price increase by increasing recycling to avoid charges for waste generation above contracted volumes

do dollar forecasters believe too much in ppp this article extends earlier studies on exchange rate expectations formation by using new data and adding information about forecasters reliance on fundamental analysis for the first time we replicate the conventional result of nonrational expectations moreover biases in expectations are identified as professionals significantly believe too much in mean reversion mean being represented by purchasing power parity ppp when respondents are grouped on their reliance to fundamental analysis fundamentalists reveal an even stronger bias those who rely the least on fundamentals preferring technical analysis instead show a significantly smaller bias towards ppp in lieu of expecting too much trend extrapolation biased beliefs will grow stronger when the us dollar is further away from ppp finally the accuracy of the expectations is poor for both groups however we find directional forecasting ability

are foreign exchange forecasts rational new evidence from survey data abstract tests of rationality in foreign exchange markets have been inconclusive because of disagreement over the relevant asset pricing model this paper uses a newly available set of data on foreign exchange expectations to directly test the rationality of four foreign currency markets overall the results reject the rational expectations hypothesis

the economics of household solid waste generation and disposal abstract we develop a household production model of waste management that explicitly incorporates many of the technical and behavioral elements germane to current regulatory and non regulatory solid waste policy initiatives examination of first order conditions shows the interaction among household preferences these production options and external prices and fees a simplified simulation of our model illustrates these relationships showing that household response elasticities can vary widely over common price ranges and that relatively large household welfare gains may be obtained by adopting curbside recycling and unit pricing programs

foreign exchange rate expectations micro survey data this paper analyzes the panel data of biweekly surveys on the yen dollar exchange rate expectations of forty four institutions for two years and contains four major findings first market participants are heterogeneous that is significant individual effects exist in their expectation formation second the individual effects have a characteristic of wishful expectations exporters expect yen depreciation and importers expect yen appreciation relative to others third many violate the rational expectations hypothesis fourth forecasts with long horizons show less yen appreciation than those with short horizons cross equation constraints implied by the consistency of the forecast term structure are strongly rejected in the data copyright 1990 by american economic association

realizing the spirit and impact of adam smith s capitalism through entrepreneurship adam smith argued in the wealth of nations and the theory of moral sentiments that in order to create an effective and productive capitalist system individuals must pursue interests of both the self and society despite this assertion modern economic theory has become tightly focused on the pursuit of economic self interests at the expense of other higher order motives this paper will argue that the tendency to employ such an egocentric strategy often generates externalities and inequalities that serve to detract from the greater welfare of society however by tempering these economic self interests with non economically motivated considerations this paper will suggest that individuals may create tremendous benefits to society precisely as smith outlined more than two centuries ago in defense of this assertion this paper will review an array of theoretical arguments and empirical findings that suggest that today s entrepreneurs are not only seeking to satisfy both selfish and ethical motivations but in so doing they are also contributing substantially to the overall welfare of society through job creation wealth redistribution and a lack of discrimination as such it appears that spirit and impact of the capitalist system that smith envisioned is being realized through entrepreneurship

environmental regulation of households an empirical review of economic and psychological factors abstract the literature on sustainable consumption and environmental regulation of household behavior is dominated by conceptual and normative approaches as a result many suggestions lack a firm empirical basis to overcome this deficiency econometric studies in three areas of environmentally relevant activities of households are reviewed residential use of energy generation of solid waste and recycling and residential use of water next to price and income elasticities attention is devoted to individual socio economic features and psychological factors such as attitudes knowledge perceptions and values potential psychological determinants and related insights are further examined by discussing a range of representative and illustrative statistical psychological studies of environmental behavior one important general finding is that there are very few empirical studies that systematically combine socio economic and psychological determinants a range of insights for environmental policy is derived and research recommendations are offered

patterns in exchange rate forecasts for twenty five currencies the properties of exchange rate forecasts are investigated with a data set encompassing a broad cross section of currencies over the entire sample expectations appear to be biased this result is robust to the possibility of random measurement error in the survey measures there appear to be statistically significant differences in the degree of bias in subgroupings of the data the bias is lower for the high inflation countries the bias is greater for the major currencies studied in earlier papers and the bias is also greater for the ems currencies copyright 1994 by ohio state university press

further evidence on exchange rate expectations abstract this paper considers a previously unexploited survey data set of exchange rate expectations which allows us to focus on differences between ems and dollar exchange rates we corroborate the earlier finding in the literature that exchange rate forecasts are not rational and that agents do not use all available information efficiently although extrapolative and adaptive expectations formation mechanisms describe non ems exchange rate expectations to a certain extent ems exchange rates forecasts seem to follow long run fundamentals more closely and would suggest that agents believe that ems exchange rate expectations undershoot their long run equilibrium values jel f31

if homo economicus could choose his own utility function would he want one with a conscience reply in my model of the evolution of honesty 1 i assumed the existence of a signal a blush perhaps extreme values of which served to identify some individuals as being honest with certainty joseph harrington notes that without this assumption honest individuals have difficulty invading a population initially dominated by defectors for readers who do not wish to work through the algebra in his comment the argument is easily summarized in nontechnical terms suppose two honest mutants a and b arrive in an uncountably large population consisting entirely of dishonest persons and suppose that the probability that an honest person exhibits an intense blush is say 0 999 while the corresponding probability for everyone else is only 0 001 when a sees an intense blush on the face of b what will then be his estimate of the probability that b is honest assuming that a knows the laws of elementary probability and corrects for the base rate of honest persons in the population it will be zero when virtually everyone in the population is dishonest even a person with an intense blush will be pegged as dishonest provided that even the smallest fraction of dishonest persons also shows an intense blush with

garbage and recycling with endogenous local policy abstract this paper estimates the impact of garbage fees and curbside recycling programs on garbage and recycling amounts without correction for endogenous policy a price per bag of garbage has a negative effect on garbage and a positive cross price effect on recycling correction for endogenous local policy increases the effect of the user fee on garbage and the effect of curbside recycling collection on recycling introducing a fee of 1 per bag is estimated to reduce garbage by 412 pounds per person per year 44 but to increase recycling by only 30 pounds per person per year

productivity changes of asian economies by taking into account software piracy for the past two decades the fast developing asia has emerged as one of the most important economic regions however its economic growth is accompanied with severe software piracy this paper analyzes productivity changes of 11 asian economies and 4 non asian industrialized economies by taking into account software piracy using the malmquist productivity index and its two components efficiency change and technical change over the period 1994 2002 the results indicate that when software piracy is included productivity growth in asian developing economies regresses while productivity growth in the four non asian industrialized economies improves interpretation and implications are provided jel l86 o34

determinants of participation versus consumption in the nordic swan eco labeled market abstract this paper analyzes the determinants of demand for nordic swan eco labeled paper products and whether the factors determining the discrete decision to buy a swan labeled product are different from those that determine the quantity purchased using observed consumer purchase data from denmark we find that prices and socio demographic characteristics have a strong impact on the decision to purchase a swan labeled good the quantity consumed of swan labeled goods on the other hand is strongly affected by the availability of swan goods discounts and household size

household behavior under alternative pay as you throw systems for solid waste disposal in 1994 residents of marietta georgia participated in a pay as you throw solid waste demonstration project rather than pay a fixed monthly fee for collection half of the resi dents paid a fee per reusable trash can and half paid for each nonreusable trash bag collected data from both a sample of households and city wide totals indicate that the programs signifi cantly reduced waste set outs even after account ingfor increases in unpriced recycling the bag program caused larger reductions 36 than the subscription can program 14 rough esti mates of the program indicate both savings for residents and social welfare increases jel q20

the ethical wealth of nations michael porter argues that some nations manifest a competitive advantage deriving from key elements of their economic structure some nations are thus disposed by structure to possess what porter calls a competitive advantage of nations porter 1990 in this paper i examine the prospect of an ethical advantage of nations and in particular of a set of advantages that extend far beyond the simple dimension of trust so often discussed i consider further how such a range of ethical features would be structured and what the implications of those features would be three conclusions are reached 1 morality may create economic advantages for nations in ways that extend beyond the notion of an idealized market 2 in order for ethics to drive economic advantage ethical concepts must rise to the status of intrinsic value and 3 if claims for national ethical success factors are true then nations should attend to the issue of moral education

the displacement effect of convenience the case of recycling in light of increasingly ambitious recycling targets it is important to analyse the potential displacement effect of improving access to kerbside provision on other forms of recycling do households view the different modes of recycling as substitutes or complements of each other does this perceived relationship depend on the type of material recycled using data for all of the uk s local governments from 2004q2 to 2013q3 we analyse the nature of the relationship between the two main channels of recycling in the case of dry recycling the empirical findings are ambiguous on the trade off between kerbside and non kerbside recycling on the one hand the findings suggest that there is no trade off when considering the effect of expanding kerbside provision on the other hand the findings also suggest that there is a trade off when we focus on the effect of expanding non kerbside provision however putting together the empirical findings with theory in particular the symmetry property of the hicksian substitution effect suggests that there is a trade off irrespective of whether we consider expansion of kerbside or non kerbside provision in the case of green compost recycling the empirical findings on their own or together with theory unambiguously suggest that there is a trade off